The quarter has closed, and it’s a good moment to share Portico’s performance (a fancy name for my personal account) since inception.
Portico has returned 69% in less than two years, with an average cash level of 30% since May 2025. I have invested in only 12 companies, two of which I sold on valuation. No leverage, no options. Just stock picking.
Year to date, performance is 22% vs 12% for the S&P 500. Please don’t get confused: Portico has no benchmark, and any index mentioned is only a point of reference.
While I’m satisfied with the results so far, I can’t help wondering how much is “luck” and how much is “skill”. Time will tell. Less than 24 months is far too short a period to draw any conclusion. Still, it’s always good to start on the right foot.
Let’s look at what has driven returns, what hasn’t, and how Portico is positioned today.