As a result my Top-up table now looks like this:
Top-up Income Cost
Rank EPIC Rank EPIC % Income Rank Epic % Cost
1 VOD 1 TW. 5.80% 1 MARS 4.99%
2 WMH 2 SSE 4.62% 2 LLOY 4.51%
3 SSE 3 MARS 4.58% 3 WMH 4.32%
4 IMB 4 VOD 4.55% 4 GSK 4.26%
5 NG. 5 AV. 4.27% 5 AV. 4.22%
6 BLND 6 IMB 4.16% 6 SSE 4.21%
7 S32 7 RDSB 4.05% 7 MKS 4.11%
8 BA. 8 BATS 3.93% 8 PSON 3.89%
9 BT.A 9 ADM 3.70% 9 RDSB 3.88%
10 KGF 10 BT.A 3.68% 10 BT.A 3.63%
11 SMDS 11 BP. 3.67% 11 BATS 3.45%
12 MARS 12 WMH 3.61% 12 BHP 3.43%
As I have explained previously, I disqualify any share which, if topped up by 20% would then exceed 5% either as share of dividend income or of portfolio cost. This means that 4.2% is the effective cut-off point for both those factors.
This means that the first 5 in the income rank and the first 6 in the cost rank are disqualified. Hence Imperial Brands (IMB) are currently the top ranked share for topping up. That is probably going to be in about a month's time, during which much can happen. No share looks likely to need trimming, since RIO was cut back two weeks ago.
The portfolio now looks like this:
Value
Rank EPIC Weight
1 RDSB 3.60%
2 DGE 3.56%
3 GSK 3.55%
4 BP. 3.47%
5 CPG 3.43%
6 SGRO 3.38%
7 ADM 3.33%
8 TW. 3.30%
9 UU. 3.23%
10 LGEN 3.20%
11 RIO 3.17%
12 MARS 3.10%
13 AV. 3.07%
14 BATS 3.03%
15 ULVR 2.96%
16 AZN 2.85%
17 BT.A 2.79%
18 LLOY 2.78%
19 BHP 2.78%
20 IMB 2.78%
21 SSE 2.76%
22 PSON 2.75%
23 TATE 2.73%
24 MKS 2.70%
25 NG. 2.67%
26 S32 2.65%
27 WMH 2.54%
28 VOD 2.44%
29 BLND 2.44%
30 IMI 2.28%
31 SMDS 2.27%
32 KGF 2.26%
33 BA. 2.19%
34 RB. 2.16%
35 TSCO 1.81%
Shell (RDSB) is the highest valued holding, at about 130% of the median value, so has a long way to go. Diageo (DGE) and Glaxo (GSK) are not far behind, but it needs something drastic to push a share up by the amount required.
TJH