The first nine months of 2022 was a nightmare for investors. When they review their third-quarter’s brokerage statements, they may see their U.S. stock portfolios down about 24% in line with the S&P 500 (including reinvested dividends). My “Sleeping Soundly Portfolio’s” performance was disappointingly similar.

The $120,000, 12-stock, equally dollar weighted portfolio was designed to have both lower volatility and total returns (capital appreciation plus non-reinvested dividends) that are in line but may slightly lag the S&P 500 when it rises but perhaps outperform it when it falls significantly.

I track this portfolio on a quarterly basis assuming no reinvestment of dividends and no voluntary changes. The stocks were “purchased” at their 2021 closing prices. Caveat: Investors should do their own due diligence before selecting any security.

Through the third quarter the portfolio was down 24% to $91,003. This included $2,016 of non-reinvested dividends.

The portfolio:

• American Tower (AMT) is a real estate investment trust in the communications area. Its 2021 closing price was $292.50 and its third quarter’s was $214.70. Its indicated dividend is $5.88.

• Apple (AAPL) is a company that manufactures electronics and provides services. Its 2021 closing price was $177.57 and its third quarter’s was $138.20. Its indicated dividend is $0.92.

• Blackrock (BLK) is an investment manager. Its 2021 closing price was $915.56 and its third quarter’s was $550.28. It’s indicated dividend is $19.52.

• Caterpillar (CAT) sells construction and mining equipment. Its 2021 closing price was $206.74 and its third quarter’s was $164.08. Its indicated dividend is $4.80.

• Cisco Systems (CSCO) designs and sell internet networking systems. Its 2021 closing price was $63.37 and its third quarter’s was $40.00. Its indicated dividend is $1.52.

• General Dynamics (GD) is an aerospace and defense company. Its 2021 closing price was $208.47 and its third quarter’s was $212.17. Its indicated dividend is $5.04.

• Intel (INTC) develops and manufactures computer chips and related technologies. Its 2021 closing price was $51.50 and its third quarter’s was $25.86. Its indicated dividend is $1.46.

• JPMorgan Chase (JPM) is a worldwide financial services company. Its 2021 closing price was $158.35 and its third quarter’s was $104.50. Its indicated dividend is $4.00.

• Packaging Corporation of America (PKG) makes container products. Its 2021 closing price was $136.15 and its third quarter’s was $112.29. Its indicated dividend is $5.00.

• Penske Automotive Group (PAG) is a diversified transportation services company. Its 2021 closing price was $107.22 and its third quarter’s was $98.43. It’s indicated dividend is $2.12.

• Pfizer (PFE) is in the biopharmaceutical business. Its 2021 closing price was $59.05 and its third quarter’s was $43.76. Its indicated dividend is $1.60.

• Williams Sonoma (WSM) is a retailer in the specialty home business. Its 2021 closing price was $169.13 and its third quarter’s was $117.85. Its indicated dividend is $3.12.

(Disclosure: My family owns AAPL, AMT, BLK.)

Note to Readers: I will be presenting a free seminar titled “Facing Inflation with Investing Fundamentals” at the Sarasota Yacht Club on Oct. 13, from 1:30-3:30 p.m. For reservations call 800-734-7171.

All data and forecasts are for illustrative purposes only and not an inducement to buy or sell any security. Past performance is not indicative of future results. If you have a financial issue that you would like to see discussed in this column or have other comments or questions, Robert Stepleman can be reached c/o Dow Wealth Management, 8205 Nature’s Way, Lakewood Ranch, FL 34202 or at rsstepl@tampabay.rr.com. He offers advisory services through Bolton Global Asset Management, an SEC-registered investment adviser and is associated Dow Wealth Management, LLC.

This article originally appeared on Sarasota Herald-Tribune: ROBERT STEPLEMAN: 'Sleeping Soundly Portfolio' is way off the mark