Doom, gloom and trouble
Another volatile month for the market leaves the EV Fund on more or less the same footing as last review. The market has swung around, but ends the month down 1.9%. EV Fund ends the month down 0.8% - disappointingly down, but at least better than the market performance. Since inception, the fund is down 5.6%. In the same period, the market is down 12.3%, giving an outperformance of 6.7%.
As ever, I take little from the month-by-month statistics except a chance to logically reflect on my positions, their price movements, and any steps I need to take. The four biggest movers have moved on essentially no news, and haven't moved significantly enough to warrant me reconsidering their positions in the portfolio. September looks to be a news-filled month, though, with RSM Tenon and Barratt (off the top of my head) releasing statements. Barratt will be especially interesting - given their steep decline since my purchase, I'll be crossing my fingers that nothing too unexpected comes up. I suspect most of the drop is simply due to the high-beta nature of the stock and nothing company specific, so I keep a relaxed view on their price movements. (more…)