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FX Impact

The ingruc portfolio is priced in USD — but around 28% of it is held in other currencies. When those move against the dollar, it creates a tailwind or headwind for the portfolio. Below: exactly where that money sits, then what the currency moves did to the returns — stock by stock.

Currency mix — where the money sits right now

28% in non-USD currencies

  • USD72%
  • EUR23%TMV.DETEP.PAPRX.NVVOW3.DELIGHT.NVTEF.MCDOU.DE
  • GBP5%IMB.LKIE.L

What the FX-moves did to the returns

Pick a period to see, stock by stock, how much of the dollar result came from the currency rather than the company.

Showing 1 Jan 2026 – 19 Sep 2026

Stock performance vs FX-impact

KIE.LGBP
Total+48.1%FX+0.00%
TEP.PAEUR
Total+23.0%FX-1.07%
TMV.DEEUR
Total+13.9%FX-0.77%
TEF.MCEUR
Total0.0%FX-1.98%
IMB.LGBP
Total-20.3%FX+0.00%
PRX.NVEUR
Total-25.5%FX-0.90%
VOW3.DEEUR
Total-27.8%FX-1.43%
LIGHT.NVEUR
Total-30.4%FX-1.38%
DOU.DEEUR
Total-42.5%FX-1.14%

Each bar is the stock's own return this period, in two parts:

  • Stock performance — its move in its own currency; where the indigo ends is where the stock alone would have landed.
  • FX-impact — green if the currency helped the dollar result, red if it hurt.
  • Line — the final result, with FX included.

What the currencies did

2026-01-01 → 2026-09-19

Across every non-USD holding, currency was a headwind this period — it took off -0.3% from the portfolio's dollar return.

    Which way helps isn't obvious: because I own assets priced in these currencies, a currency getting stronger than the dollar lifts their dollar value (a tailwind); when it weakens, that's a drag. I don't hedge, so I carry this either way.

    For each non-dollar holding, I split the return into the stock's own move (in its local currency, at the exchange rate when the period began) and the currency effect (what the exchange-rate move did to the position). Add the two back together and you get the stock's whole dollar result — worked out over the same periods, and matching the Performance Drivers page. I don't hedge currency, so I carry these moves either way.

    How this is measured

    For each non-dollar holding, the stock's move is measured in its own currency at the exchange rate when the period began, and the currency effect is what the exchange-rate move did to the position. Add the two back together and you get the stock's whole result — worked out the same way, over the same periods, as the Performance Drivers page. I don't hedge currency: the FX effect you see here is one I actually carry, and over long holding periods it has largely washed out — but in any single year it can be the difference between a position looking brilliant or ordinary in USD. That's worth seeing plainly.

    Not financial advice.

    This portfolio is shown for transparency, not as a recommendation. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. Always do your own research and consider seeking independent advice.