In December the portfolio gained 7.53% for the month, 16.1% for the quarter and 16.98% for the calendar year of 2023. So all the gains came in the final quarter. In perspective the ASX200TR index achieved only a 7% performance for the year.

Considering the portfolio was defensively positioned for most of the year, and included a few recovery value stocks, despite “growth” ruling, it was a pleasing result.

Some of the best performers included James Hardie, RWC, FMG and Bellevue Gold.