Annual Portfolio Performance Review

## Annual Portfolio Performance Review

**Portfolio**: {PORTFOLIO} | **Review Period**: {YEAR}

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**SECTION 1 — TOTAL RETURN vs. BENCHMARKS**
| Metric                    | Your Portfolio | S&P 500 | Benchmark 2 (___)|
|---|---|---|---|
| Total Return (%)          |                |         |                  |
| Annualized Return (3yr)   |                |         |                  |
| Max Drawdown              |                |         |                  |
| Sharpe Ratio              |                |         |                  |
| Alpha (vs S&P 500)        |                |         |                  |

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**SECTION 2 — POSITION ATTRIBUTION**
Top 5 winners and bottom 5 losers:

| Position | Entry Price | Exit/Current | Return % | Weight % | Contribution |
|---|---|---|---|---|---|
| Winner 1 |             |              |          |          |              |
| Winner 2 |             |              |          |          |              |
| Winner 3 |             |              |          |          |              |
| Loser 1  |             |              |          |          |              |
| Loser 2  |             |              |          |          |              |
| Loser 3  |             |              |          |          |              |

**Total gain from top 3 winners**: ___pts | **Total drag from top 3 losers**: ___pts

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**SECTION 3 — THESIS VALIDATION CHECK**
For each current holding, answer:

| Ticker | Thesis stated at purchase | Still valid? | Evidence | Action |
|---|---|---|---|---|
|        |                           | Yes/No/Partial |        |        |
|        |                           | Yes/No/Partial |        |        |
|        |                           | Yes/No/Partial |        |        |

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**SECTION 4 — BEHAVIORAL AUDIT**
Honest self-assessment:
[ ] Did I sell any position due to short-term price volatility (not fundamentals)?
[ ] Did I hold a losing position too long hoping to break even?
[ ] Did I chase a stock after a big run-up?
[ ] Did I deviate from my pre-defined position sizing rules?
[ ] Did I trade based on macro predictions that didn't pan out?
[ ] Did I ignore a red flag that I noticed but rationalized away?

Behavioral flags triggered: ___ / 6
Most important behavioral lesson this year: ___

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**SECTION 5 — GOALS FOR NEXT YEAR**
1. **Process goal** (behavior): ___
2. **Learning goal**: ___
3. **Portfolio construction goal**: ___
4. **Return/risk target**: ___% return with max ___% drawdown
5. **Positions to add/initiate**: ___
6. **Positions to exit/trim**: ___

**Review this document**: _____ (set a calendar reminder)