Outperforming the market consistently over prolonged periods of time is a rare and valuable attribute. To achieve it, a company is likely to have inherent advantages – such as superior technology, robust barriers to entry or benefit from a favourable regulatory environment. Plain luck is unlikely to be a factor.
For each of the past 20 years, we have compiled a mechanically selected portfolio of proven outperformers for the following next 12 months. These 'once-a-year' Pan-European equity portfolios have beaten the index 16 times and lagged it on just three occasions - with one tie. Since we started compiling the 'Ten-Year Oscars' in March 2001, the portfolio, which is rebased just once a year, has risen 447% in euro terms - which represents an 8.9% CAGR, excluding dividends and dealing costs. That represents a thorough thrashing of the FTSEurofirst 300, which has grown at a CAGR of just 1.3%...
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