by Tom Konrad Ph.D., CFA
Sorry I did not have time to write the usual monthly update article this weekend, but I hope to get to it in the next couple weeks.
Until then, here is how the stocks were doing through the end of September (click for larger version):
The recent market downturn continues to make my relatively conservative picks (especially the income stocks) generally outperform. For the year, the model portfolio is down only 6% in dollar terms compared to its clean energy benchmark, which is down 30%, and almost matching its broad market benchmark, which is down 4%.
The income sub-portfolio shines brightest, with a 7% gain for the year to date, despite a 35% decline in its benchmark. The Growth/Value subprotfolio continues to drag, down 26% for the year to date, but now its benchmark has fallen nearly as much, down 23%.
On the buying/selling side, I’ve been trimming some winners (New Flyer [TSX:NFI/NFYEF] and Accell Group [Amsterdam:ACCEL / ACGPF]) in order to buy a number of yeildcos which are now very attractively priced after the yieldco bubble burst and is now over correcting.