Five new kids

As promised, this week we are adding five new titles to our portfolio : COP, UTX, PX, IBM and EMR. They join the latest newcomers, GD and AZN. All are listed on the NYSE and are considered by our algorithm as stocks to watch or keep if you already own some. We would have liked to be able to add more European or Swiss stocks but The most attractive payers of growing dividends are currently located on the other side of the Atlantic.

Of course, this does not make us rich, because we would always like to be able to diversify a little more in terms of currencies. We are still too dependent on the fluctuations of the dollar, even if this week it worked in our favor. Our performance is thus gradually rising and is "only" 5% behind that of the SMI since February 2010, while the dollar lost almost 13% against the CHF during the same period ! Our investment strategy in international companies that are less sensitive to variations in the greenback has therefore made it possible to limit the damage somewhat.

We are always exploring new possibilities to diversify our portfolio, but it is very difficult to arbitrate between the quality of the security and the underlying currency. Even if we have been taking into account for several months the volatility of positions in relation to the CHF (and no longer in relation to their original currency), the intrinsic quality of the securities remains more important in our eyes. We invest in fact in the long term, and, with such investment horizons, the weight of the currency loses importance compared to the profitability of the title.