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. The current calendar month is shown month-to-date and refreshes daily. 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. See the Letters tab for the full monthly notes. All figures are in AUD. Risk and portfolio-composition statistics are explained under Metrics below.

These are contributions, not standalone returns. Each month, a position's contribution is its share of that month's portfolio gain — its P&L (price move, sales and dividends received) divided by the month's total deployed capital — so the contributions sum to that month's return in the monthly series behind the growth chart. Months are then linked with Carino (log-return) scaling, which distributes the effect of compounding so the contributions sum exactly to the period's cumulative time-weighted return, and finally converted to the annualised rate for periods beyond a year — so the TOTAL bar matches the growth chart's figure for the same window. Hover any bar for the position's own standalone IRR and its average share of capital over the period. 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. The current month enters these statistics month-to-date (portfolio and VGS at their live month-to-date returns, the risk-free rate carried forward from the last published FRED month). 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).

Pulled from an official/authoritative filing source per exchange (ASX, LSE/Investegate, SEC EDGAR, TDnet via Kabutan, Bursa Malaysia via i3investor, Euronext, EQS-News for Frankfurt/Xetra, and Sylogist's own investor-news page for its Toronto listing) — no news-search fallback. An LLM tags each item's category from its title and, where fetchable, its full text, and writes the summary shown; Japanese titles are machine-translated and flagged. Coverage builds up daily rather than all at once, since each source only exposes its most recent ~10-15 items per company.