[This is a fairly long piece. nbsp;If you do want to print and read offline I have prepared a PDF version that is linked to at the bottom of this piece]Introduction
It’s quite surprising that it’s already been 5 years since the start of the NAPS Portfolio. I remember being in Australia at the time of its inception and, as ever, feeling really anxious that markets were a bit hairy and had already had a good run. Well now, 5 years later, they’ve continued to have a good run and I’m still feeling anxious. I guess anxiety is a good thing – bull markets are built on walls of worry after all.
Well I’m delighted to report that the NAPS Portfolio has doubled over this time period – a 102% return at the close, which is 15% annualised. To be fair, I haven’t factored in transaction costs, but the average dividend yield over this period has been about 3.5% which more than covers stamp duty (lt;0.5%), bid-ask spreads (lt;2%) and platform dealing fees.
It’s been a bit of a bumpy ride over the last couple of years, and I’ll go into this in a bit more detail shortly,…
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