As Biznews founder Alec Hogg said in his daily newsletter earlier, ‘you could have blown me over with the proverbial feather’ when prepping for the global portfolio webinar. Why? Well given Mr Market’s shrill disciples and their predictions of doom and gloom, the portfolio has been extremely resilient. Despite the 30% fall in US markets, and a more than repeat on South African markets, the portfolio barely moved. The US stocks mostly held their ground while a sharp drop in the rand shielded those that did fall. And on the local holdings, Naspers was unchanged while Richemont’s drop was relatively modest. The webinar reflects on the month that was, but also looks at a shift in the holdings, as changes were made. – Stuart Lowman
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