In short: The non-American min-vol sleeve, at 14.6% of that portfolio and its weakest position at roughly +14% — the same last-place ranking USMV holds on the American side, though a few points better. Bought on 30 July at €76.91; not added to and not discussed here.
The non-US twin of USMV: the calmest shares from around the developed world, in a European wrapper, bought on 30 July at €76.91 on the same "widest spread since 2006" reasoning.
It occupies 14.6% of the non-American portfolio and, like its American counterpart, sits last on performance at roughly +14%. Neither is added to this month, and neither is discussed — the whole transaction budget goes into the wide-moat sleeve instead.
In short: Bought — €500 at a stated price of €76.91, the non-American twin of the USMV purchase. Same trigger, same reasoning; it is also the weakest performer in the non-American book at roughly +12%. The pairing exists because of the regulatory split the post explains: "if you live in the US, you can't buy non-US ETFs. And if you live outside the US, you can't buy US ETFs."
MVOL.L is the same idea as USMV built for investors outside the United States — a global rather than purely American basket of low-volatility shares, in a European fund wrapper, bought with €500 at €76.91.
It exists as a separate line only because of regulation. Americans generally cannot buy European-domiciled funds and Europeans generally cannot buy American-domiciled ones, so the newsletter runs two parallel portfolios that pursue the same strategy through whichever funds each audience can actually access.
The reasoning is identical to the American purchase: low-volatility shares are at their cheapest relative to high-volatility shares since 2006, so the case is a valuation gap rather than a market forecast. As with USMV, this is the weakest performer in its portfolio at roughly 12%, and it is being added to for that reason.
In short: Held, not transacted. The non-American minimum-volatility sleeve, and the source of the only loss in either portfolio: the 30 March 2026 purchase at €75.72 is -2.95%. Two earlier purchases (April and August 2025 at ~€62.5) are +17.34% and +17.92%.
In short: BOUGHT — €500 at Monday's open, stated price €72.57. The non-American twin of the USMV purchase; the split exists purely for access ("If you live in the US, you can't buy non-US ETFs. And if you live outside the US, you can't buy US ETFs"). Unlike its American counterpart it is not the laggard — the paired chart shows it at roughly +16% against USMV's +1%, the widest divergence between the two books.
The non-American twin of the USMV purchase: €500 at €72.57, buying the same low-volatility idea across developed markets worldwide rather than just the US.
The interesting detail is that the two have behaved completely differently. The global version is up around 16% while the American one is up about 1% — the widest gap between any paired holdings in the two books. Same factor, same manager, same month; the only difference is where the shares are listed. That divergence is the strongest evidence in the issue for the geographic argument it is making.
In short: Disclosed holding, not re-rated. Two purchases: April 2025 at €62.63 (+19.91%) and August 2025 at €62.32 (+20.51%), marked at €75.10. The non-American twin of USMV — and notably far ahead of it, the widest divergence between the paired books.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.