Portfolio year-to-date

As of 30 October 2026, the portfolio is +16.9% year-to-date, which brings its total return since inception in August 2020 to +208% — or 19.8% a year compounded. It is currently ahead of the S&P 500 by 6.2 points for the year, and ahead of the EURO STOXX 50 by 16.6 points. Currency has been roughly neutral, moving the portfolio by about 0 pts. Every figure here updates from the live portfolio and carries the date above, so it is a dated snapshot rather than a claim.

Where the portfolio stands

The portfolio is +16.9% year-to-date as of 30 October 2026, against +10.7% for the S&P 500 and +0.3% for the EURO STOXX 50 over the same period. Since inception in August 2020 the cumulative return is +208%, a compound 19.8% a year across 6 years, and every full calendar year since inception has closed in profit. The portfolio currently holds 25 positions with 5% in cash. These are the same figures shown on the performance page; this is the plain-language version of them.

What’s holding it back

Year-to-date there is no meaningful detractor to call out — the positions have broadly pulled in the same direction. That is unusual, not permanent: a concentrated portfolio will always have something working against it at some point, and the number that matters is the net.

What currency did

Currency moved the portfolio by about 0 pts year-to-date — roughly neutral. The portfolio holds companies reporting in several currencies, so the dollar’s move against the euro, pound and krona feeds through to returns measured in dollars, independently of how the underlying businesses performed. It is a real effect on the reported number and a mostly reversible one over the holding periods this portfolio works in, which are measured in years rather than months.

How to read this page

This is a dated snapshot that updates as the portfolio does, not a forecast. Past performance is not a promise of future results, and a single year — strong or weak — says little about the next one. What the page is for is letting you see the numbers, dated and benchmarked, rather than being told about them. If you want the checks behind the record, how to verify a track record sets them out, and the portfolio that more than 4,700 people copy is public in full.