Q3 Update

Q3 Returns:

Voo: -3.31%

Portfolio: +2.53%

I was looking at the monthly breakdown of the portfolios performance and compared it to the SP500 (benchmark) and it really stands out to me, how valuable it is to do better than the SP during the months/quarters where it is negative. A large part of the over performance came from this.

1Regarding portfolio construction, one existing position was cut this summer and a few others were strengthened. I also sold the VLTO 0.00%↑ shares given from the DHR 0.00%↑ spin off. The cash went straight back into DHR. Right now the top holding currently represents 30% of the portfolio, which is significantly higher than the target allocation. However, it has been the best-performing stock of the year, and I believe there's still more room for growth. Unless significant events occur, I don't plan on making any changes to the portfolio for the remainder of 2023. I do anticipate a small rebalance at the beginning of 2024.

Holding “Demographics”

No. Holdings: 8
Geography:

81% Foreign (Canadian)

19% Domestic

Ideally it should be 70/30 but for right now that is the breakup.

Until next time,

Anshul.

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