Portfolio Update - April 2025

Moat Mind Holds Steady in April, Outperforming SPY and RSP—but ACWI Continues to Lead YTD

April 2025 was a mixed month for global equities, marked by persistent volatility and divergent performance across regions. The Moat Mind portfolio managed to hold steady with a 0.1% return, outperforming the S&P 500 (SPY) at -0.9% and the equal-weighted RSP at -2.4%, but trailing the global ACWI index, which posted a 0.5% gain.

Year-to-date, Moat Mind sits at -3.2%, ahead of SPY (-5.1%) but narrowly behind RSP (-3.0%) and well off ACWI’s relatively modest -0.4% decline. Amid tightening financial conditions and uneven earnings across sectors, the portfolio’s emphasis on competitively advantaged, capital-efficient businesses continues to provide relative downside protection.

Moat Mind April 2025

This month we increased our holdings in Flow Traders significantly to profit from increasing volatility in markets (1) and later to take advantage of sharp sell off (2).

Moat Mind April 2025

Moat Mind April 2025

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.