Six Recent Stock Picks: Performance, Lessons, and Kinsale's Latest Results
Reviewing my six recent investments and reassessing the newest pick after its latest earnings report
I regularly report my investment performance, and you are welcome to check my latest update. Naturally, these posts tend to focus on my largest positions, most of which I have held for many years. This time, however, I want to review how six of my most recent stock picks have performed and post updates on them. One of them — Kinsale — has just reported its Q2 and deserves more attention.
I typically add one or two new equity positions each year, choosing either value or GARP stocks. I rarely, if ever, invest in pure growth companies, except for the index exposure. Most of my selections are intended to be held either “forever” or for many years. Buffett’s two rules (Rule No. 1: never lose money; Rule No. 2: never forget Rule No. 1) remain central.
Results
A few explanations may help readers better understand the table:
Holding period starts with the first purchase of stock. Accumulation often lasts for years.
IRR is reported in USD and includes dividends.
I begin measuring IRR only after one year of holding. Even so, NRP is close to break-even, HHH is in the red, while KNSL is in the black.
Capital invested is indexed to WES at 100, which has been the biggest investment in the table.
When you buy a value stock, it is unclear when it starts delivering. As Prem Watsa puts it,
“We expect to make significant profits from our common stock positions—but we don’t know when!”
It means that an investor can estimate a stock’s value and potential downside but cannot predict when, why, or how the market will recognize either. My table supports this view: it has taken more than two years for WES and LGEN to reveal their potential. What happens to a value stock several months — or even a year — after it is purchased often says little about its eventual return.
Legal & General
I last wrote about LGEN in March, after it reported its 2025 results. When I initiated the position, I expected to collect generous dividends — at a yield of about 9.5% — and did not anticipate meaningful share appreciation until after reporting the 2025 results. My timing proved almost perfect, although I did not guess the reason!