Merry Christmas!

Our portfolio is not celebrating this week. We are indeed falling to -4.37%, while the SMI has moved into the positive zone, at 0.19%. Two reasons can explain this drop. First of all, the portfolio's securities are not very volatile and not very correlated with the market (beta less than 1). This means that When sentiment is bullish, buyers flock to riskier stocks to the detriment of less sexy stocks, such as Wal-Mart, which lost ground last week.

Let us remember that these comings and goings, these feelings of euphoria and panic, have no place here. We invest for the long term and do not claim to be better than the market. We are only looking for a solid income via the growing dividends paid by the companies selected in our portfolio.

The second factor that weighed on our portfolio is of course the dollar, despite our selection of international companies. Or perhaps we should rather talk about the strength of the CHF which plays its role as a safe haven currency, also with regard to the fall of the euro. For this reason, it is important to diversify currencies and types of investments made. We also note that if we take the euro as the reference currency, our figures are good, with a return of 8.73% and a Sharpe ratio of 0.62%.

Merry Christmas and happy shopping,

chrome