The numbers:


2014 was a year in which a lack of exposure to the American market (despite Warren Buffet's Berkshire Hathaway being one of my biggest holdings) resulted in underperformance relative to the world index so for the second year in a row I gave back some of the exceptional relative performance of 2012. I am however still happy to report good relative performance since the fund commenced seven years ago.
My overweight position in European markets is purely driven by the fact that I have found more companies in Europe than I have in America. I continue to hope that significant holdings in European headquartered companies like Pfeiffer Vacuum and Glaxo will generate good performance in the future.
Two new holdings were added to the portfolio, one in Hong Kong and one in Japan (my first individual holding in the Japanese market) which brings me close to the forty holdings that I believe is close to the maximum that I can monitor properly.

Killeevan Investment Consultants Ltd, trading as KIC, is regulated by the Financial Regulator as an Authorised Advisor.
VAT No IE 6415351U Registered Number 395351
Directors: Kenneth Power (Managing) B.Comm, MBS, ASIP, Regular Member of the CFA Institute.
Siobhan Power