Newsletters 2010 Newsletters Mid-Year Scorecard
Friday, 13 August 2010 18:09
The chart below illustrates how our core equities performed relative to the S&P 500 Composite, comparative sectors within the S&P 500 and the composite of all equities managed by Osher Van de Voorde Investment Management for the year-to-date period through July. We have assigned color codes for economic sectors and corresponding companies within those sectors to highlight how our core holdings fared on a relative basis.
| Company | Ticker | Sector | YTD % (+/-) |
| Berkshire Hathaway | BRK.B | Financials | 18.9% |
| Emerson Electric | EMR | Industrials | 16.3% |
| NYSE Euronext | NYX | Financials | 14.5% |
| McDonald’s | MCD | Discretionary | 11.7% |
| S&P Industrials Sector | 8.2% | ||
| Pepsico | PEP | Staples | 6.8% |
| S&P Discretionary Sector | 5.3% | ||
| Linear Technology | LLTC | Technology | 4.3% |
| 3M Company | MMM | Industrials | 3.5% |
| United Technologies | UTX | Industrials | 2.4% |
| S&P Financials Sector | 2.1% | ||
| Vodafone | VOD | Telecom | 1.7% |
| Nestle | NSRGY | Staples | 1.4% |
| S&P Staples Sector | 1.3% | ||
| Osher Van de Voorde Equity Composite | -1.00% | ||
| S&P 500 Index | -1.21% | ||
| Automatic Data | ADP | Technology | -3.6% |
| Oracle | ORCL | Technology | -3.6% |
| Cisco Systems | CSCO | Technology | -3.6% |
| Colgate Palmolive | CL | Staples | -3.9% |
| S&P Telecommunications Sector | -3.9% | ||
| Wal-Mart | WMT | Staples | -4.2% |
| S&P Technology Sector | -4.6% | ||
| S&P Energy Sector | -6.2% | ||
| S&P Health Care Sector | -8.6% | ||
| Abbott Labs | ABT | Health Care | -9.1% |
| Johnson & Johnson | JNJ | Health Care | -9.8% |
| Novartis | NVS | Health Care | -10.5% |
| Exxon Mobil | XOM | Energy | -12.5% |
| Teva Pharmaceuticals | TEVA | Health Care | -13% |
| L-3 Communications | LLL | Industrials | -16% |
| Qualcomm | QCOM | Technology | -17.7% |
It is interesting to us that we managed to top the overall market despite remaining underweighted in two of this year’s top performing sectors, Financials and Discretionary. Clearly, our picks within these underweighted sectors (BRK.B, NYX and MCD) boosted our performance. Our decision to overweight both Industrials and Staples while underweighting Energy contributed to portfolio performance, while our overweight investment in Health Care proved to be a drag. Four of our five picks within Technology topped the performance of the overall sector. While not shown on the chart, our non-core investments in Emerging Markets made positive contributions to performance. As you might expect, to better position portfolios for the rest of 2010 and beyond, we have added to most of the holdings that underperformed during the first part of the year, especially Qualcomm, Exxon Mobil and Teva Pharmaceuticals.
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