In calendar year 2020, the MM International Equities Portfolio returned 16.54% before brokerage, the main winner being The Trade Desk (TTD US) which rallied 161% for the 12 months followed by Apple (AAPL US) which was up by 65%. US bank Wells Fargo (WFC US) was the weakest link down 46% over the period while Bank of America (BAC US) also struggled, down 30%, a tough year for banks around the world and the US was not exception, although we’re seeing tangible signs that things are improving for the sector.
We are fully invested in our MM International Equities Portfolio with a cash position of just 6%, while we remain bullish at MM and the portfolios enjoying a reasonable start to 2021 today MM is looking at 3 positions that we are considering tweaking for various reasons. While we remain bullish and have already skewed this portfolio more towards the value end of town complacency is a dangerous emotion for investors, especially when we expect volatility and plenty of opportunities for the Active Investor over the next 12-months.
We often quote something along the lines of “look after the losers and the winners will look after themselves” today we’ve focused on positions that at the forefronts of our mind with regard to future tweaks as opposed to ones we simply believe look good and have further to run.
