The first half of 2025 was a reminder that staying invested through volatility can pay off. After a weak first quarter, the Moat Mind Portfolio recovered strongly in May and June, ending the period up 9.7%. This puts it just behind the ACWI(+10.3%, MSCI All Country World Index – a global benchmark covering both developed and emerging markets) and ahead of both the S&P 500 ETF (SPY) (+6.1%) and the Equal-Weight S&P 500 ETF (RSP) (+4.6%).
As the chart below shows, the portfolio faced similar headwinds as the broader market early in the year but rebounded as fundamentals reasserted themselves.
This month, we exited our positions in semiconductor names X-FAB and ACLS, while increasing our holdings in B&M European Value Retail and Century Communities Inc. We also received a dividend payout from B&M during the period.
Disclaimer: The views expressed on Moat Mind are solely for informational and educational purposes and do not constitute financial or investment advice, nor an investment recommendation. The author is not acting as an investment adviser and does not provide personalized financial guidance. This content is not a comprehensive analysis of any security and is not a substitute for independent research—including review of SEC filings and consultation with a qualified financial professional. Although the information is based on sources believed to be reliable, its accuracy and completeness are not guaranteed, and opinions are subject to change without notice.
Disclosure: The author may hold positions in, or trade, the securities discussed without further notice. Example portfolio performance is not a promise of future returns, and past performance does not guarantee future results. You are solely responsible for your investment decisions, and Moat Mind disclaims any liability for losses incurred. Always consult a qualified financial advisor before making any investment decisions.
