My Portfolio

01 January 2021
By Maynard Paton

Happy 2021! I hope you survived last year’s volatile market and you continue to find my blog useful.

A summary of my portfolio’s 2020:

• Total return of 16.9%*;
• Eleven holdings recorded a gain while one holding recorded a loss;
• Returns ranged from Daejan, up 43.5%, to System1, down 9.6%;
• Two shares were topped-up: S&U and System1, and;
• One share was sold entirely: Daejan.

(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, broker-account fees and paid dividends)

I publish a portfolio review after every quarter (Q1, Q2 and Q3), and this post recaps my October/November/December activity and my 2020 performance.

Read moreQ4 2020: 2 Top-Ups And Up 16.9% For 2020

01 October 2020
By Maynard Paton

I trust your shares have performed well during the last three months.

A quick summary of my portfolio’s third-quarter and year-to-date progress:

• Q3 gain: +4.4%*
• Q3 trades: None.
• YTD gain: +3.4%* (FTSE 100: -20.2%**)
• YTD winners/losers: 4 winners vs 8 losers 

(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, broker-account fees and paid dividends. **Includes reinvested dividends.)

The news from my shares during Q3 was generally satisfactory in the circumstances. 

Among my holdings releasing results during the quarter, two reported lockdown-lowered profits that were complemented with promising director recovery talk. One holding meanwhile lifted its dividend 11% and another announced a very unexpected special payout.

After making no trades during the second quarter, I did not buy or sell during this latest quarter either. Never before since starting this blog during 2015 have I refrained from adjusting my portfolio for six months.

How companies will fare as the pandemic continues is still impossible to predict. I remain 25% in cash and hope a few obvious bargains may one day appear. 

Read moreQ3 2020: Up To 85% Returns From Boring Old Dividends

31 March 2020
By Maynard Paton

I always like to start my quarterly portfolio reviews with a happy welcome. But not this time.

The country faces a national emergency. Lives are at risk, supermarkets have empty shelves, jobs are being lost…and the finer points of individual shares no longer seem that important.

I have nonetheless decided to maintain this blog through these difficult times — although future posts may be sporadic.

I hope you will find my updates useful. One day I will look back at what I have published to remember how I coped (or not!) with the crisis. I may even emerge from these events a much wiser investor.

Read moreQ1 2020: 1 Sell, 1 Top-Up And An Emergency Portfolio Review

02 January 2020
By Maynard Paton

Happy 2020! I hope you enjoyed last year’s positive market and that you continue to find my blog useful.

A quick summary of my portfolio’s 2019:

• Overall gain: 13.1%*;
• Nine shares went up and six shares went down;
• Performances ranged from Tristel, up 61%, to Tasty, down 74%;
• Three shares were topped-up: Daejan, Mountview Estates and S&U, and;
• Three shares were sold entirely: Castings, Getech and Oleeo.

(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, broker-account fees and paid dividends)

Before I review my 2019 performance, let me first outline what happened during the final quarter of the year.

Read moreQ4 2019: 2 Sells And Up 13.1% For 2019

01 October 2019
By Maynard Paton

Happy Tuesday! I hope you continue to find my Blog useful… and that your shares are coping well in the current market.

My portfolio continues to lag the FTSE 100. Since the start of the year, I am up a measly 3.6% while the index with dividends reinvested is up 14.3%.

I remain on the wrong side of what has become a two-tier market. While global ‘quality’ large-caps continue to charge higher, my portfolio is still full of smaller UK companies…

…many of which are undergoing potential recoveries (e.g. Getech, Tasty), experiencing standstill earnings (e.g. FW Thorpe, M Winkworth) or operating in an unloved sector (e.g. Daejan, Mountview Estates).

Read moreQ3 2019: 1 Top-Up, 3 AGMs And Obscure But Important Annual Report Small-Print

28 June 2019
By Maynard Paton

Happy Friday! I hope you continue to find my Blog useful… and that your shares are performing well in the current market.

I am pleased my portfolio remains in positive territory this year — although I am still trailing the FTSE 100. So far during 2019, I am up 7.7% while the index is up 13.1%.

My underperformance is due in part to owning companies that are:

• undergoing potential recoveries (Getech, Oleeo, System1 and Tasty);

• experiencing flat earnings (Mincon and M Winkworth), or;

• operating in an unloved sector (Daejan and Mountview Estates).

Those eight shares represent approximately 40% of my portfolio. Add in cash of 7.5% as well, and almost half of my portfolio is marooned far away from the high-flying ‘quality’ growth shares that (seemingly) keep leading the market higher.

Read moreQ2 2019: 1 Sell, 3 Top-Ups And Portfolio Analysis The Fundsmith Way

31 March 2019
By Maynard Paton

Happy Sunday! I hope you continue to find my Blog useful… and that your shares have rebounded following last year’s rough market.

My portfolio has advanced during the last three months — although not as much as the wider indices.

Notable price gains from Bioventix and FW Thorpe have been sadly offset by the ongoing collapse at Tasty and sluggish performances from many of my other holdings.  

The swings and roundabouts have meant that, for the first quarter, I am up only 3.9% versus a 9.5% gain enjoyed by the FTSE 100. 

Let me now explain what has happened within my portfolio during January, February and March.

Read moreQ1 2019: 1 Top-Up And Update On Plan For 2019

01 January 2019
By Maynard Paton

Happy 2019! I hope you coped well with last year’s rough market and that you continue to find my Blog useful.

The major development for me during 2018 was starting to write articles for SharePad. No longer can I call myself a full-time investor who has no other income than capital gains and dividends!

Nevertheless, I do continue to depend upon my dividends — so I am still a full-time-ish investor.

For the time being at least, I do not have to think too much about capital gains… which is just as well given the recent market downturn. 

Read moreQ4 2018: 2 Top-Ups And Down 6.6% For 2018

03 October 2018
By Maynard Paton

Happy Wednesday! I hope you continue to find my Blog useful… and that your shares served you well during the summer.

Unfortunately, my portfolio has not exactly sizzled during the last three months.

In particular, notable price advances from Andrews Sykes and Mincon were offset by further declines at System1 and Tasty. Elsewhere, highly rated holdings FW Thorpe and Tristel have come off the boil, while stagnant positions Mountview Estates and Oleeo remain, well, stagnant.

It has all meant that, nine months into the year, I am up 4.4% versus a 1.0% total return produced by the FTSE 100*. No doubt about it, my gains this year have been far from stellar. But following two years of lagging the index, I will happily take my current outperformance for 2018.

Recent RNSs from my shares have been broadly positive. Once again there was a mix of satisfactory to lacklustre statements, and I am glad no major horror stories emerged.

And I did venture to one AGM, which helped prompt my portfolio’s only Q3 trading.

Read moreQ3 2018: 1 Top-Up And My SharePad Side-Income

30 June 2018
By Maynard Paton

Happy Saturday! I hope you continue to enjoy my Blog… and that your shares have been sizzling higher during the recent hot weather!

My portfolio has been simmering nicely throughout the last three months. In particular, positive second-quarter contributions from Bioventix and Getech have now added to the decent first-quarter efforts of M Winkworth, Mincon and Tristel. However, System1 has sadly joined Tasty as a notable 2018 loser.

It has all meant that, half way through the year, I am up 6.7% versus the FTSE 100 returning 1.7%. I am glad to be in positive territory following a tricky Q1, and I trust I can maintain a gap to the market during the second half.

Recent RNSs from my shares have been broadly positive. Once again there was a mix of statements, ranging from very satisfactory to rather lacklustre, and I am very happy that no major horror stories emerged!

There was one underwhelming update, though, which prompted a disposal and my portfolio’s only Q2 activity. Let me explain what has happened.

Read moreQ2 2018: 1 Sell And Some Thoughts On Pension Deficits

30 March 2018
By Maynard Paton

Happy Easter! I hope you continue to find my Blog useful… and that your portfolio has coped well with the sliding 2018 market!

So far this year, my portfolio has extended its behaviour from 2017. In short, positive contributions from a number of holdings (notably M Winkworth, Mincon and Tristel) have been offset by one substantial loser (Tasty).

It has all meant I have started 2018 down 0.3% versus a 7.2% drop suffered by the FTSE 100. I suppose losing less money than a falling market is not too bad, although I think I would prefer to be thrashed by a rising market — and actually make money.

Anyway, I am glad the RNSs from my shares have been broadly positive. There has been a mix of impressive to acceptable-in-the-circumstances results, with only my smallest holding — System1 — issuing fresh disappointing news.

My portfolio activity has been limited to just one top-up. Let me outline what has occurred.

Read moreQ1 2018: 1 Top-Up And 3 Blog Enhancements