Portfolio Update August 2025
Focus on value because most investors focus on outlooks and trends.
Dear reader,
It has been another active month in the markets, during which we have taken the opportunity to add several new positions to the portfolio.
As the portfolio develops, our focus remains on building stakes in companies we believe can deliver sustainable long-term returns. The process is not static: we continually review the overall shape of the portfolio to ensure it reflects our core objectives. Central to this is the balance between income and growth. We want to dampen volatility where we can, while maintaining and steadily enhancing the dividend stream.
At present, the portfolio generates an average yield of roughly 8% across all holdings. Yet income is only part of the equation. We are equally focused on growth, backed by strong balance sheets and durable business models.
“Focus on value because most investors focus on outlooks and trends.”
— Sir John Templeton, Founder of Templeton Mutual Funds
As at 29 August, the portfolio consists of:
