This took too long to get around to doing. But I’ve got a new baby and am studying for Level 3 CFA as well as working full time.
Anyway, here are the numbers:
As you can see, a disappointing 2014, and total underperformance since 2012. Cash balances in my NZ portfolio dragged me down, and great recent performance from Tower (TWR) isn’t in the data yet.
My USA portfolio is just mislabelled now, as the largest position is in GVAL, a global value ETF and a poor performer in 2014 (but well performing in 2015 so far).
I am disappointed in the underperformance relative to the benchmark, but obviously very happy with the absolute performance. To me, it reinforces how difficult it is to both outperform with security selections, and to time the market. I don’t actively try to time the market, but cash balances are a function of how many good opportunities I see, and so I implicitly am timing the market relative to a passive portfolio that is 100% invested.
I have moved a lot of my portfolio to value-tilted ETFs. If I see particular opportunities I will still post, but as I noted above, I’m pretty busy these days. I’ll continue to update performance numbers to see if my value ETFs + individual stocks outperform the broader market.
Edit: Originally I understated my 2014 NZ performance because I misread my spreadsheet and substituted second half 2014 performance for total 2014 performance. The numbers above are now corrected.