Responsible Investor Portfolio Update, September 5th, 2020 | $TCEHY $NEM $BK $SYF $CLIX $GRUB $PCG $LVMUY $LRLCY $PEUGF $WBD.MI

At the beginning of the week the stock markets kept going higher as if there was no tomorrow but on Thursday they came to a screeching halt. More importantly, the Friday morning rally did not last long and the week ended with a second consecutive down day. I cannot even remember when we had two red days in a row last time !

While nobody knows what happens next, with the upcoming US presidential election and economies around the world still struggling to pick up, I cannot see governments stopping the support of the stock markets with more “propping” policies. Analysts are raising S&P500 quarterly earnings estimates for the first time since Q2 2018, Factset reports. Only time will tell and we will be quick in raising cash if the downtrend continues.

Despite the end of week selloff the Dow and the S&P500 managed to pull off a nominal increase of 0.24 and 0.16%, respectively, whereas the Nasdaq fell 1.6%. The European stock markets had a similar decline with the Stoxx down by 1.25%; the FTSEMIB retraced by 1.49% and the Copenhagen Nasdaq fell by 2.5%. The Danish stock market currently has a whopping P/E of 32.8 which is even higher than that of the S&P500 which stands at 30.5.

No changes to our portfolio this week. For the second week in a row our best performer was $SYF which is up 23.2% since we bought it and has now overtaken $GRUB. Car-maker UG.PA had a great week and was up 3.8%. Our other tech stock $TCEHY fell 4.7% but the fundamentals remain intact.

On my watchlist there are stocks like $VEEV, $QCOM and $GOOG. This recent selloff can present an opportunity for shopping at more reasonable prices.

The table below summarises the portfolio performance since inception.

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