Previous posts: [One Year PSX Journey](https://www.reddit.com/r/FIREPakistan/comments/1fsxfl9/one_year_psx_journey/) | [Two-Year PSX Journey](https://www.reddit.com/r/FIREPakistan/comments/1mus3wu/twoyear_psx_journey_update/)

Three years ago, I started my investing journey with **Rs 21,500** in August 2023 with IPO in SYM.

Today, the portfolio stands at >!**Rs 3.34 M**!< as of 31st August.

This year was very different from the previous two. My annualized return is about **14.5% (XIRR)** compared to 60% last year. Overall IRR since I started is about **28%**.

I contributed at roughly the same monthly rate as last year and reinvested all dividends. In February, I withdrew \~**Rs 600,000**. So the net addition for the year was almost nothing. 

The withdrawal was for Hajj. I went with my wife this year, Alhamdulillah, and sold part of my holdings in February to cover the expenses.

I was expecting to feel bad about selling a chunk of the portfolio, but I didn't. This is what the money was being built for. Selling investments for Hajj is not a setback to the FIRE plan. It is farz as soon as you are eligible, and I would encourage anyone here who can afford it to not delay it.

The chart shows portfolio value against invested amount. The drop in February is the withdrawal.

It looks worse on the chart than it actually is. The portfolio peaked in January at \~**Rs 3.8 M** on \~**Rs 2.19 M** of invested capital. Today it is at >!\~**Rs 3.34 M**!< on \~**Rs 1.92 M** invested. That is \~1.74x in both cases. So the drop is only the capital I took out; the returns on what is left are the same.

**ATLH** and **BWCL** were the star performers at \~**101%** and \~**79%** CAGR. I exited both fully when they went non-Sharia.

Others I still hold: **DCR** at \~**56%** CAGR and still my largest dividend contributor, **MEBL** at \~**66%,** **FABL** at \~**73%**.

FABL is the one I am most happy with. Bought at 29 and sold at 96. I have taken out my principal amount completely, and what is left is a free carry that still gives dividends on none of my own money. I now have three of these: **EFERT**, **FABL,** and **HUBC**.

Also exited **DOL** (\~56%) and **NML** (\~75%). **BFAGRO** and **HALEON** were cut completely while trimming down the holding count.

I am down to **12 holdings** now, not counting the free carries above. In my first post, I said I wanted to come down from 40+ to 10-15 companies that I understand. **Took three years, but I got there.**

New additions this year: FFC, HINOON and NATF.

I have also started rebalancing every month. When I add money, I buy whatever is furthest below its target allocation by current market value instead of buying whatever looks good that week. 

**Emergency fund:** Last year I said this comes before any new capital into PSX. I did stick to that but not in the order I planned. Hajj came first and then the fund. It is still not where I want it to be.

The long-term plan is the same: continue holding (10+ years) to build a passive stream of dividend income and buy on dips when possible. For now, new capital goes to the emergency fund and sinking funds first; PSX gets the dividends and a smaller SIP until that buffer is done.

**Stay patient, stay consistent** — compounding rewards those who keep showing up.

P.S. Dividends this year were \~**159k**, up from \~110k last year, all reinvested. My passive income now covers 100% of my monthly bills. 🎉

Three Year PSX Journey - Update