My Quality Company Portfolio
Top 10 holdings as of end of December 2023
Blackrock
Novo Nordisk
Microsoft
Lam Research
Alphabet
NVIDIA
Applied Materials
Qualys
ASML
Meta
Quarterly top 5 contributors
Idexx Laboratories
Align Technology
Masimo
ASML
Texas Instruments
Quarterly top 5 detractors
Tencent
Adobe
Microsoft
Nike
Clorox
Performance Track Record
Returns of my Quality Company Equity Portfolio (QCEP) as of end of December 2023 vs The MSCI All Country World Index (ACWI)
All data from Interactive Brokers and since inception date of 18th July 2018
Past Holdings...
“No longer updating as of March 2021. Only the above details on Quality stocks I hold in my Quality Company Equity Portfolio will be updated from now on”
Global X Autonomous & Electric Vehicles ETF
Date Sold: February 19th, 2021
Holding period: 4 months 18 days
Profit and Loss: +47.09%
Commentary: Nice and fast profits. A sector I very much believe is the future, however valuations are getting crazy. I also sold most of my Tesla, XPev and Nio shares, and had already sold nearly all my Nikola shares. Let’s see if there’s a good opportunity to beef up these positions again soon.
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Tencent
Date Sold: October 27th, 2020
Holding period: 3 months 26 days
Profit and Loss: +12.21%
Commentary: A quick profit take on this with too much geo-political pressure surrounding them for my liking. Throw in the usual COVID and election stories and I think I'll take this and wait for another time to get back into this inevitable major player of the future.
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Date Sold: October 22nd, 2020
Holding period: 2 months 19 days
Profit and Loss: +4.93%
Commentary: The plan was to hold this for longer, but I don't understand the coming stock split and voting rights rammifications. With the US election coming and potential controversy story I'd rather take a step back and wait to reinvest in this quality company.
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Amundi CPR Climate Action
Date Sold: October 22nd, 2020
Holding period: 8 months 2 days
Profit and Loss: +1.83%
Commentary: Realigning my ESG and sustainable investing strategy with MSCI ETFs and my own stock screening and research.
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Amundi CPR Food for generations
Date Sold: October 13th, 2020
Holding period: 7 months 7 days
Profit and Loss: -2.66%
Commentary: Realigning my ESG and sustainable investing strategy with MSCI ETFs and my own stock screening and research.
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Hong Kong Exchanges & Clearing Limited
Date Sold: September 18th, 2020
Holding period: 1 year 4 months
Profit and Loss: +42.93%
Commentary: A great one year return, and given the current markets and the fact I’m trying to consolidate to have less holdings and only the best of the best (and majority Quality and / or Sustainable), I am profit taking on this now. It remains on my watchlist though and may re-enter in the future.
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3M
Date Sold: September 3rd, 2020
Holding period: 6 months 12 days
Profit and Loss: +10.80%
Commentary: Too cyclical for my liking and didn’t have the COVID-19 boost I thought it would. Quality company so will revisit when valuations are more normal and/or we're beginning a new cycle.
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Henkel AG
Date Sold: June 15th, 2020
Holding period: 7 months 1 day
Profit and Loss: -0.50%
Commentary: The least favourite of my quality companies and whilst rebounded from lows, I feel there are better places to have my money out there. I don’t mind taking a loss if I feel there are better companies to invest in instead. Will continue to watch the company and may revisit in the future.
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Airbus SE
Date Sold: June 3rd, 2020
Holding period: 2 months 9 days
Profit and Loss: +23.64%
Commentary: High profits, short time frame and this COVID related crisis isn’t over. Taking some nice quick profit and will potentially buy in again as the COVID situation improves and/or there’s another bargain price entry point.
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United Asian High Yield Bond Fund
Date Sold: March 11th, 2020
Holding period: 2 years 1 months 1 day
Profit and Loss: +7.69%
Commentary: This is profit taking and reallocating more to equities, more than a worry for the fund/asset class itself. Whilst global high yield is certainly now a concern due to the large weighting in the energy sector, Asian high yield has a relatively low weighting here.
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Schroder Asian Growth
Date Sold: January 17th, 2020
Holding period: 1 years 10 months 2 days
Profit and Loss: +10.54%
Commentary: Taking profits on my smallest Asian equity fund holding. I still see long term investment potential in the area, but I want to reduce the number of different holdings I have and after a +20% zoom upwards in the past 5 months, I think this is a good time. Future investment top ups will be focused on First State Dividend Advantage and timing China.
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JP Morgan US Value
Date Sold: July 23rd, 2019
Holding period: 3 months
Profit and Loss: +2.65%
Commentary: I still think the Value-Growth rotation will take place, however my general pessimism on the US economy means I would rather take this small profit and sit back and wait for now. I want to keep my focus on real late cycle plays (like consumer staples) and of course Quality companies which I will buy and hold for the very long term.
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Reckitt Benckiser
Date Sold: July 15th, 2019
Holding period: 1 years 3 months 20 days
Profit and Loss: +20.39%
Commentary: Profit taking on my penultimate legacy trading holdings. Note I still hold this in my portfolio of Quality company shares and will continue to do so for as long as it remains a Quality company!
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United Global Healthcare
Date Sold: March 27th, 2019
Holding period: 11 months 2 days
Profit and Loss: +7.86%
Commentary: I still like selective stocks in the sector, but have an overweight with other holdings. Whilst a great late cycle play traditionally I’m also cautious given the sector volatility in US election years. Decent returns given 2018’s challenges so am taking my profits here!
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Merian GEAR
Date Sold: March 25th, 2019
Holding period: 1 years 2 months 1 day
Profit and Loss: +7.86%
Commentary: Helped diversify my portfolio over 2018, especially when it was up in December! But disappointing performance since the re-branding (any coincidence!?!) and very poor in the recent market recovery means for me enough is enough. I would personally prefer to buy and hold Quality stocks for the long term and ride it out, or if really scared hold cash for a while instead of using this. There are hedge funds that could provide better non-correlation I believe. After all that happened last year in the markets, I’m happy to take just under 5% annualised return from this.
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Softcat
Date Sold: March 19th, 2019
Holding period: 5 months 15 days
Profit and Loss: +15.35%
Commentary: Not quite as fast a profit as previous trades with this stock, but nonetheless a pleasing return in the timeframe. I still have a positive outlook on the company, but as this hit my original price target, I’m sticking to my guns and trying to maintain discipline. Any short term dips and I will look to re-enter, all things being equal.
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Threadneedle Pan European Small Caps
Date Sold: February 15th, 2019
Holding period: 1 years 9 months 20 days
Profit and Loss: +11.39%
Commentary: I’m worried with the ongoing debacle of Brexit, but also Europe generally what with Italy’s recent problems and Germany narrowly avoiding recession. With some profit in the bag, I’m selling this position and avoiding Europe completely until things are clearer later this year. There is still some deep value in the region, but too many uncertainties for me. Only exception will be individual “quality” companies.
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Johnson and Johnson
Date Sold: November 20th, 2018
Holding period: 8 months
Profit and Loss: +16.87%
Commentary: This was a pure profit taking exercise after a difficult 2018 and the rest of the year looking uncertain. As one of the last holdings in a brokerage account I don’t use any more, and having run up a lot in a short space of time, this sell was done on that basis. It is still a “quality” company I love, and hold elsewhere as it is one of the “magic 5” (more on this via a “Quality Investing” whitepaper this year, I PROMISE!). Healthcare is also a sector I like for the later cycles and I will continue to hold and buy this stock for many more years to come I’m sure! Follow me on Twitter (@ianjamespryor) to see when I buy more.
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Microsoft
Date Sold: July 30th, 2018
Holding period: 4 months 8 days
Profit and Loss: +13.01%
Commentary: A feel a tech breather coming this next week or so with the crashes of FB and TWTR. Also, Microsoft has just recently hit all time highs. However, the main reason for selling this for liquidity to pile into FB again. What a massive overreaction and golden opportunity to make some easy money on a great long term stock. Microsoft, as with RB below, is also one of the “magic 5”. I know, I know – but you’ll have to wait to learn more from me about “Quality Investing”!!!
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Reckitt Benckiser
Date Sold: July 30th, 2018
Holding period: 2 months and 21 days
Profit and Loss: +18.59%
Commentary: A sudden and sharp rise of late. I believe there is much much more to come from this stock, however nearly 20% in under 3 months from a mega cap – too good to not lock in. I also still have a small holding which I’ll keep for a few more percentage points I think. Anyway RB is one of my “magic 5” which is the core part of a wider strategy I’ve started with 9 stocks I recently bought. I will continue to buy and hold these 9 for as long as my criteria is met. Want to know more? You’ll have to wait for my whitepaper on “Quality Investing”….!
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Softcat
Date Sold: July 18th, 2018
Holding period: 9 days
Profit and Loss: +15.86%
Commentary: Having gone up so much so quickly following a statement indicating sales were even better than expected, I decided to profit take. I am still bullish on the stock and will look to re-enter again with any near term price correction.
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Date Sold: June 1st, 2018
Holding period: 2 months and 4 days
Profit and Loss: +26.36%
Commentary: Originally purchased as the Cambridge Analytica case brought about a large and sudden drawdown that I believed was an overreaction to something that, in my opinion, would not impact the Company’s earnings or actual business, in isolation. It was bought as an opportunistic play, even though I do believe in the long term prospects of the Company. It is a successful business with a sustained high return on operating capital employed. I sold it due to my original thoughts that a fast price recovery would happen. Now it has, I have stuck to my guns, and profit taken. As a high “quality” business I will buy again as a long term hold. I’m sure there will be another dip soon, or a similar Cambridge Analytica scenario, in which case, all things being even, I will re-enter.