Portfolio Performance
Our long-only “Librarian Capital” portfolio gained 5.1% in USD in July, but a 5.5% appreciation of GBP against USD meant our reported performance was a loss of 0.4%. This represented an outperformance over the MSCI World index, our chosen benchmark, which lost 1.4%; our year-to-date gain of 0.6% in GBP is similarly ahead of MSCI World’s loss of 0.3%, as we continue to outperform materially since inception, including in 3 of the last 4 years:
Our performance since we started managing our portfolio full-time in 2019, as compared with MSCI World, other key