Below is the Case Research Portfolio, designed to mimick our real portfolio (keeping real amounts private for regulatory reasons)

Results indexed to: 100 GBP

We feel this should be done for three reasons:

1. ‍ ‍Show Conviction: it’s not genuine, or intelligent, to find great opportunities and forego owning them, yet suggest or imply you should

2. ‍ ‍Education: as a research firm, we don’t cover portfolio management. However, after torrents of questions, this is our penance.

3. Retrospective Use: arbitration investing is a new area, with 50% of ICSID cases initiated in the last decade, despite a 60 year history. So, there no reliably documented performance, like we have with e.g. Graham’s net-net approach. One-day, this may be a useful thing to look back on.
   
   

Note: due to IBKR’s API, you can’t do time-weighted returns in the chart. However, it is the transactions that are of value to you.


Setting Expectations: These are largely multi-year plays, as our research makes known. If a stock we have owned for two months goes down 30%, and we have the cash to buy more, and it’s to put the holding at a weight we are comfortable with, we will buy more.

Disclaimer: For information only. Not investment advice or a recommendation. Holdings may change without notice. Past performance is not indicative of future results.