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. You can see the impact per stock in the chart below.
Showing 1 Jan 2026 – 5 Aug 2026
Stock performance vs FX-impact
HBR.LGBP
VPK.NVEUR
0992.HKHKD
TEP.PAEUR
KIE.LGBP
JST.DEEUR
TMV.DEEUR
VOD.LGBP
EMG.LGBP
FGR.PAEUR
TEF.MCEUR
CA.PAEUR
SHEL.LGBP
IMB.LGBP
PRX.NVEUR
VOW3.DEEUR
LIGHT.NVEUR
DOU.DEEUREach bar is the stock's own return this window, 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 → 2026-08-05Across every non-USD holding, currency was a headwind this window — it took off -0.2% from the portfolio's dollar return.
- The euro weakened 1.6% against the dollar — a headwind worth -0.20%.
- The pound strengthened 0.0% against the dollar — a headwind worth -0.01%.
- The HKD strengthened 0.0% against the dollar — a tailwind worth +0.00%.
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.
Each non-USD position's USD result is split into the stock's move in its own currency (measured at the window-start exchange rate) and the currency effect (what the exchange-rate move did to the position's end value). The two parts sum exactly to the position's total contribution — same windows, same lot-level ledger, same reconciliation as the Contribution tab. Currency is not hedged.
How this is measured
For each non-USD position, the stock's move is measured in its own currency at the window-start exchange rate, and the currency effect is what the exchange-rate move did to the position's end value. The two parts sum exactly to the position's total contribution — same windows, same trade-by-trade ledger, same reconciliation as the Performance Drivers tab. 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.
The portfolio below 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.