Portfolio Factsheet
FCF Value
The signal from our free-cash-flow study, put to work. Holds the ten S&P 500 companies cheapest on free cash flow relative to enterprise value (the most cash generated per pound of company), recomputed once a year from primary SEC filings, equal-weighted. Our research found the cheap-on-cash 'value tail' is where the return is — and that it gets stronger the more you concentrate it (the full ~196-name basket returned about 19%/yr, the top ten about 33%). Financials and property are excluded — free cash flow isn't a meaningful measure for banks, insurers or REITs. We hold ten rather than the whole basket so it is a portfolio a person could actually own and afford the dealing costs on, while keeping most of the edge. Concentrated and higher-risk — expect a deeper drawdown than the all-weather products. Long-only, annual rebalance, walk-forward out-of-sample. Hypothetical and forward-tracked: the historical leg is flattered by survivorship, so the live record from here is the real test.
Final Value
£166,030
vs benchmark: £62,263
Annual Return
34.72%
vs benchmark: 16.35%
Volatility
26.9%
vs benchmark: 16.0%
Max Drawdown
-28.9%
vs benchmark: -25.5%
Equity Curve
HL Retail ISA is shown net of all costs and is genuinely tax-free. IB Pro is shown net of dealing/spread/FX costs but gross of UK tax — a higher-rate taxpayer would face dividend tax, CGT and interest tax that add ~80-150 bps/yr of further drag. See Methodology for full details.
Monthly Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total |
|---|
Performance Metrics
| Metric | HL ISA | IB Pro | Benchmark |
|---|