Key facts
- The portfolio increased by 2.05% in May.
- May was a quiet month for the portfolio after a strong April recovery.
- Businesses in the portfolio continued to compound earnings and gain market share.
- Stock prices for portfolio holdings mostly moved sideways to slightly up.
The portfolio experienced a gain of 2.05% in May, described as a quiet month following a strong recovery in April. The manager noted that the underlying businesses continued their performance trends of compounding earnings, increasing market share, and strengthening their competitive advantages (moats). Stock prices for these businesses generally moved sideways or saw slight increases, which was deemed acceptable by the manager. No new positions were added during the month.