Tristan Waine Investment Journal

Each month's return is the portfolio's money-weighted (XIRR) return on that month's capital — start value, intra-month buys/sells/dividends, end value — de-annualised to the month. A few months that began with the book fully in cash (the inception stub and re-entries after a full exit) are measured as return on capital deployed, since a money-weighted rate is undefined on a zero base. Compounding that monthly series gives both the growth-of-$100 line and the monthly table; the cumulative figure on the chart is the total compounded return. Hover any month for a summary of that month's company-level commentary from the investor letters (available May 2023 onward). All figures are in AUD. Risk and portfolio-composition statistics are explained under Metrics below.

IRR is not additive across positions, so these are contributions, not standalone returns. The overall XIRR is the rate at which every cashflow (incl. current market value of open positions) nets to zero. Each position is weighted by its present-value dollar-duration — how much capital it tied up and for how long — and its bar splits into a base (the headline rate shared out by that weight) plus value added vs the rate (positions that beat the blended IRR add, laggards subtract). By construction the bars sum exactly to the overall XIRR. Hover any bar for its own IRR and weight. The largest contributors and detractors that fit the screen are shown individually; the rest are pooled into one bar per side.

The risk statistics are built from the monthly money-weighted return series above. Sortino ratio is the annualised excess return over the Australian 10-year government bond (the risk-free rate, OECD/FRED monthly series) divided by the downside deviation — only months falling below that rate are penalised, so upside volatility doesn't count against it. Beta vs VGS is the slope from regressing the portfolio's monthly excess return on VGS's (Vanguard MSCI International Shares ETF, total return from its dividend-adjusted close); near zero means the book moves largely independently of global equities. Max drawdown is the worst peak-to-trough fall in the growth-of-$100 line.

The composition statistics span every position ever held (held names valued at the latest cached or live IBKR prices), excluding the cash account. Holdings counts live positions versus every name ever owned; top 5 / 10 weight is the share of current market value in the largest holdings; avg holding period is capital-weighted; hit rate is winners ÷ decided positions and slugging % the average win ÷ average loss; above 25% hurdle is the share of positions whose IRR cleared 25%; near wipeouts are positions returning ≤ 0.5× capital; and median position IRR sits alongside the money-weighted overall IRR (where money-weighted being higher means sizing added value).