Swan Select Portfolio - Month 5 Update (+9.69% vs +2.02% S&P 500 YTD)
Sustained recovery or a temporary reprieve
Dear readers, welcome to the Month 5 update of our Swan Select Portfolio. This month, we’ve seen a relief rally as the market seems to have gotten over the uncertainty of tariffs. Let’s take the opportunity to review some key news to positions in the portfolio this month as well as some new positions I have been reviewing this past month.
As always, paid subscribers can follow along with these portfolio changes in real time using the subscribers chat.
Portfolio Overview
This month has been most strongly characterized with a recovery in the markets as investors become less and less responsive to policy news regarding tariffs. In general, the consensus seems to be that these tariffs plans are transient and likely to be reversed in short order. The S&P 500 is again approaching all time highs this month. Personally, I believe the truth is likely somewhere between the extremes from these last 2 months. While the tariffs are not as devastating as initially feared, I continue to believe that there will be long term impacts we have not yet observed due to uncertainty that was imposed. As a result, I continue to look for positions of opportunity not directly tied to the US economy and reliant on imports/exports.
As always, we first review overall performance. We continue to maintain outperformance of the S&P 500 and the NASDAQ indices. Notably, the Swan Select Portfolio is up 9.69% YTD as compared to 2.02% for the S&P500 and 1,13% for the NASDAQ. While we are still handily beating the indices, from an overall portfolio perspective, our performance this most recent month did not do as well as the prior month due to several specific near term catalysts. We review these in more detail in the individual stocks section.
