Ticker | Name | | | 2016 | 2015
| | | | |
| Fundsmith | 18.1% | | 16% | 15%
AMS | Advanced Medical Solutions | 12.4% | | 10% | 8%
BATS | British American Tobacco | 5.6% | Top sliced | 6% | 7%
JHD | James Halstead | 4.6% | | 5% | 4%
MCGN | Microgen | 4.2% | | 2% | 2%
FEET | Fundsmith Emerging Equities Trust | 4.2% | Topped Up | 3% | 4%
DPLM | Diploma | 4.2% | | 3% | 4%
| CASH | 3.5% | | 6% | 3%
BVXP | Bioventix | 3.4% | Topped Up | 1% |
ZYT | Zytronic | 3.3% | Topped Up | 2% |
| Standard Life Funds | 3.2% | | 3% | 3%
SSE | SSE | 3.1% | | 4% | 4%
LGEN | Legal & General | 2.8% | | 3% | 4%
ZTF | Zotefoams | 2.7% | | 3% | 3%
CGS | Castings | 2.6% | Topped Up | 3% |
RDSB | Royal Dutch Shell | 2.5% | | 2% | 3%
| Newton Funds | 2.2% | | 2% | 2%
TRCS | Tracsis | 2.1% | Topped Up | 3% | 2%
FGT | Finsbury Growth & Income Trust | 2.0% | Topped Up | 1% |
SOM | Somero Enterprises Inc | 1.8% | New | |
PAF | Pan African Resources | 1.7% | Topped Up | 1% | 1%
AZN | AstraZeneca | 1.6% | | 2% | 2%
WPCT | Woodford Patient Capital Trust | 1.6% | | 2% | 2%
| CF Woodford Equity Income | 1.5% | | 2% | 2%
EAT | European Assets Trust | 1.4% | Topped Up | 1% |
| MFM Slater Growth | 1.0% | | 1% | 1%
XPP | XP Power | 0.8% | New | |
NXT | Next | 0.8% | | 1% |
THAL | Thalassa Holdings | 0.5% | New | |
LLOY | Lloyds Banking | 0.4% | | 1% | 1%
TET | Treatt | 0.2% | New | |
| | | | |
| | | | |
| Sold | | | |
| Regus | | | |
| Vodafone | | | |
| BT | | | |
| Sepura | | | |
| Goodwin | | | |
| TrakM8 | | | |
| Rolls Royce | | | |
Overall up about 22% total return. Nothing to shout about, slightly below the All share TR which was 23.8%
TrakM8 dragged me down a bit. Ironically I was on holiday when trouble hit, and I read the stockopedia guide to profit warning while relaxing by the pool. By the time I was home the damage was done.
I can live with this but expect to outperform most of the time, otherwise what’s the point? Historically I have done better than my benchmark almost every year so a slight underperformance won’t stress me.
I spent ages working out my tax cost as I’ve held these since privatisation, but in a couple of tranches with top slicing and B & ISA’ing along the way. I realised I didn’t need to know what I’d sold any for just what the total tax cost was and I managed to work this out. Plan a was to sell off within tax gain limits to avoid reporting it but plan b, actually finding out what they cost and getting rid of them all pleases me more. Main reason for selling was the pension deficit (and size). Also woeful customer service must at some point cost them dearly. Since selling they’ve hit the skids which is always pleasing!
Things got so volatile I just thought I’d get out of a couple of low confidence positions (BT and Regus) and hold some cash. I’d like to see Regus stop expanding for a while and strengthen it’s balance sheet.
Thankfully got out at a profit at 125p after the first warnings. I never thought it would sink so low subsequently. Once things stabilize I would consider it again. (written in october for a half year review on the old fool)
It was a small position and I thought I should top up or sell, and sold.
Sold on a tough outlook and so far looks like the correct thing, but I’d be tempted back in if it fell further.
Enough said. Didn’t get out quick enough after the profit warning and (probably) sold at the bottom.
Too hard to value, it’s too complicated for me and I sold on an uncertain outlook. It was also a long term holding that I’d built up by converting c shares and the record keeping was annoying me.
It looked interesting and was the closest thing to a true value share I’d seen in a while. No sooner had I bought them and management started blowing all the cash on non core investments. I had only taken a small nibble planning to top up as I got to know the company better, and see how results were going. I doubt I’ll do that now but I’ll let it run for a while and see what happens.
TrakM8 (written at the half year stage!!!)
I think it looks okay but I bought too early. Worryingly it has been sold off quite badly in a rising market. Results are due soon so I’ll see what they say. With hindsight I’ll probably end up wishing I’d filled my boots at 160p, or sold the lot! It wasn’t long ago there was a placing at 330p, ouch.
I was a bit late to the party (I was worried it was too cheap!!!!) but eventually gave in because the value was too great to ignore. I missed some good gains but still made some.
I really like this company and bought an ‘opening’ position since when it has gone above what I’m prepared to pay. What do I do now? I think I’ll keep it and pounce on any weakness.
Again I really liked it and was determined to buy some but struggled with the valuation. In a weak moment I bought a very small holding and don’t know what to do now. Probably the same as XPP above.
I must take larger opening positions. If I’ve done my research I should have more courage in my convictions. It’s hard when valuations are generally high though. Especially when there is so much uncertainty on the horizon.
Still need to work on my long tail of small holdings.
Due to the two largest holdings also being about the best performing they are dominating and are becoming ever bigger as a percentage of the portfolio. I can’t help their outperformance, and will let my winners run. Risk wise I can accept a 50% drop in either. If it happens to both I would guess there will be wider market issues.
Compounding is magical and I’m beginning to really see it working. A couple of years ago CGT was not an issue for me, now I harvest my tax free allowance every year and can’t keep pace with growth. The increase in portfolio value year on year is very pleasing and growing. Cue bad year.
For the second year in a row I’ve swapped brokers. It never seems to go right and throws my paperwork into disarray. I hope that’s me settled now for many years.
My recordkeeping is becoming cumbersome and I’m going to keep better cashflow records and use XIRR to get a performance result at the years end. After 10 years investing my XIRR is 12.2% although there’s been so many changes along the way this figure may be compromised. I’m trying to simplify my record keeping from now on.
Top slice BATS again if I have CGT headroom at the end of the year.
Top up some smaller holding on any weakness, particularly SOM, XPP and TET.
Any comments welcome!