What’s the Boon Fund?
Hi there. I'm Boon. I’ve been investing for more 10 years, although only got more serious since 2021. In this Substack, I aim to be fully transparent; to share my entire portfolio, every single one of my buys and sells, and share my thinking and research on each share I track or hold.
Right now, my Substack is free to subscribe. I publish about 3-4 times a month.
Why am I doing this? Two reasons. The first is that I believe having that public scrutiny will force me to make better, justified choices. By having to write out convincing arguments why I’m buying or selling or holding, I hold myself accountable that I am making the best decision.
The second is I value different opinions and viewpoints, so I encourage everyone to comment or message me with your own views on the shares I write about!
What are my returns?
My ambition is to achieve a 5-10% outperformance of the FTSE All-Share every year, consistently, so that I can live off that amount while letting my capital base grow.
So far in 2025 (to June), my YTD gain is +12.7% vs 6.8% for the FTSE All-Share.
My yearly IRR since inception in 2021 is 14.7%.
Between 2021-2024, I’ve achieved a +67% performance gain over 4 years compared to the FTSE All-Share of +22% over that same period.
In addition, I have outperformed the FTSE All-Share every year. Learn more in my 2024 Review post.
What’s my investment universe?
I invest only in UK shares. Within that universe, mainly mid-cap and small-cap shares, with a few large-caps as well. Typically anything from £10m market cap to £2bn is my universe. My portfolio is long-only. I do not have a sector preference, but I tend to avoid pharmaceuticals and “complex” tech given my lack of knowledge in either.
What’s my style?
My investment style is easy for any other amateur private investor to follow, because it is low maintenance. I myself work an intense full-time job, and The Boon Fund is something I spend time in the evenings and weekends. In 2023, only 27 tickers touched my portfolios. Some months, I make no trades at all.
If I had to describe what shares attract me, it would be the combination of the following:
Under the radar companies. When a share has lots of investors swarming all over it, I avoid it.
Poor sentiment due to recent disappointments. I’m looking for shares that have burned and disappointed shareholders. Ones where investors “bargepole” and vow never ever to buy.
Tangible catalysts for growth & operational leverage. I’m looking not just where the top-line can grow, but also where the gross or net margin can grow.
Decent balance sheet. Ones that allow me to sleep at night, no risk of a sudden “zero”. Gives management time to turn things around, and working capital to grow the top-line.
Why the four above? Because it translates to amazing returns through:
When a share has an increased following by investors, typically there’s more buying demand, and thus creates price momentum.
Prices often irrationally go so low, below intrinsic NTAV value even, because too many investors bargepole it and won’t consider it even at ridiculous prices.
As top-line growth starts to show as well as margin growth, future PE expansion follows shortly, boosting share price appreciation.
My buys are cheap usually because the company isn’t doing well; so having a decent balance sheet minimises the risk of an equity fundraising. Which is usually very, very bad for private investors who can’t get into the preferential terms of an institutional bookbuild.
Why subscribe?
Here is my promise to you, as a subscriber to my Substack:
I am an amateur investor myself. I am not here to sell you anything to buy, or serve you lots of ads, unlike professional finance content writers. This Substack is not how I pay my bills. Just my honest thoughts and writings on the portfolios and shares.
Pure motivation. Why am I showing my portfolio to everyone? It helps to keep me accountable - so I take buy/sell decisions seriously. Drives me to be invested to deliver the best return I can in front of an audience. Holds me accountable to do detailed research that can stand up to the scrutiny of others. And makes this less of a lonely endeavour; hopefully I get some illuminating comments.
No frequent spam. I don’t have time anyways, working a full-time job. You’ll typically get up to 4 new posts a month from me.
Upfront on what you’ll get. Monthly performance reviews, posts on each buy and sell I do, and my commentary and analysis on shares that are on my watchlist that I find fascinating.
It’s free - nothing to lose. Free for now. Maybe I’ll start charging one day, maybe not. Un-subscription is just a simple click.
