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Our portfolios performed very well in what was a challenging and volatile first quarter for the stock and bond markets. Our composite total return through March 31, 2022, was 1.37%, vs. a -4.62% return for the S&P 500 Index and a -4.14% return for the DJIA. The Nasdaq was -9.10%. Our equity positions achieved a total return of 1.92%. Our average cash position of 23% helped protect against the stock market downside while also allowing us to be opportunistic buyers during periods of significant market volatility. We are accomplishing our stated goals of achieving a reasonable return with protection of principal and have done so since the inception of the Firm.

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Our conservative equity portfolios performed very well in 2021, having achieved most of the upside of the stock market along with significantly less volatility and reduced risk to principal. Our composite total return through December 31st, 2021, was 22.70%, while our equity positions, which represented 80% of our total portfolios for much of the year, achieved a 29.90% total return. The total returns on the S&P 500 and DJIA were 28.67% and 20.83%, respectively. Download Commentary

Our conservative equity portfolios have performed well this year, having achieved much of the upside of the market along with significantly less volatility and reduced risk to principal. Our goal is to achieve excellent risk-adjusted returns, every year.

Our composite total return through September 30th was 11.25%. Our equity position achieved a 15.11% total return. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 15.92%, 12.12%, and 16.14%.
respectively. Download Commentary

Dear Clients of Kondracki Advisory,

Our composite total return through June 30th was 12.01%. Our equity positions achieved a 15.34% total return. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 15.25%, 13.79%, and 17.05%, respectively.

We have maintained an average cash position of approximately 20% this year. Although this decision has held back our total returns relative to the market, our cash position provides us with considerable downside protection, and the ability to be opportunistic buyers – we recently added three new positions to our portfolios, Oracle, Home Depot and Visa. Our conservative approach to investing in equities has been successful, and, I believe, a very prudent approach to growing and protecting our wealth. We have achieved much of the upside of the market, but
with far less risk and greatly reduced volatility.

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Our composite total return for the first quarter was 6.6%. We exceeded the performance of the S&P 500 Index and did so with significantly less investment risk and portfolio volatility. Our equity positions achieved an 8.58% total return. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 6.17%, 8.29%, and 11.6%, respectively. Our year-to-date composite total return through April 8th is 8.16% and our equity positions total return is 10.60%. Download Commentary

Our composite total return for 2020 was 11.35%, and our equity position total return was 15.61%. The total returns on the S&P 500, DJIA, and Russell 1000 Value Index were 18.40%, 9.72%, and 2.8%, respectively. Importantly, our portfolios were far less volatile than the market in 2020 – and we significantly outperformed during the extremely challenging first quarter.Download Commentary

Our year-to-date composite total return through September 30th was 4.05%, and our equity position total return was 5.48%. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were 5.57%, -.91%, and -11.58%, respectively. Importantly, our portfolios have been far less volatile than the market this year while still achieving much of the return of the S&P 500 and significantly outperforming our other performance benchmarks. Download PDF

Our year-to-date composite total return through June 30th was -1.99%. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were -3.08%, -8.43%, and -16.26%, respectively.

The stock market’s dramatic rise from the first quarter’s lows seems to be a reaction to unprecedented Federal Reserve asset buying, and its stated commitment to keep interest rates near zero for the foreseeable future in support of financial markets and the economy. The near-term market benefit of this activity has been clear, but the real and sustainable economic benefit of these actions is not so clear. All this, against the backdrop of the coronavirus, and the reaction to the virus, continues to cause great concern and economic hardship for very many hard-working American families and businesses – whose future prospects for good health, wealth and employment are far from certain. Recently, there have been some positive indications on the health, economic and employment fronts as the U.S. economy works to reopen, but the longer term market, societal and economic effects of the Fed’s intervention and the coronavirus, presents us with a higher risk environment indicating a more cautious investment approach is warranted.Download PDF

Markets have been extremely volatile and challenging during the first quarter. The total returns on the S&P 500, DJIA and Russell 1000 Value Index were -19.76%, -22.73%, -26.73%, respectively. Our portfolios have significantly outperformed the market during this difficult period, with a composite total return of -12.23%. Moreover, our performance has improved since the end of the quarter: through April 6, 2020, our composite total return is -9.8%. Importantly, from the market’s January peak, through April 6, 2020, we have outperformed the S&P 500 by nearly 14%, net of fees. As a result, our YTD, 1 yr. and 3 yr. annualized total returns as of 4/6/2020 have exceeded market returns, with just one half the volatility of the S&P 500. In addition, our portfolio performance, when measured against the Large Cap Value investing universe, including Mutual Funds, Index Funds and ETFs, would rank us in the top 1% for every measurable time frame since the inception of our firm in December of 2012.Download PDF

We have achieved very solid returns in 2019. Our composite total return was a positive 18.20%, which includes our 70% equity position, cash and U.S. Treasury Notes of approximately 26%, along with gold and platinum positions of approximately 4%. Our equity position returned a positive 24.46%. The total returns on the DJIA and S&P 500 were 31.49% and 25.34%, respectively. Download PDF