Monthly Performance Review #5
December 2024
Tax-loss selling season has come to an end, closing out a bloody month for markets. FTCI, however, helped turn things around, contributing to a 1,570bps outperformance relative to the Russell 2000 in December. Since my first write-up in late April, an equal-weighted $10,000 investment in my ideas, rebalanced monthly, would now be worth $14,384, outpacing both the S&P 500 ($11,582) and the Russell 2000 ($11,140). For what it’s worth (though it doesn’t matter to me), this performance has been achieved with superior risk-adjusted returns.
To self-audit these figures, refer to the performance evaluation spreadsheet below, which is structured in what I believe to be the most transparent way to present unaudited performance.
As Nick Sleep used to say, “we still have much to learn.” May we look back a year from now and see our 2024 work as lackluster, knowing how much better our 2025 efforts have been. Happy New Year!
Scroll down to download the full performance review and its accompanying evaluation spreadsheet.
