03 April 2024
By Maynard Paton
Happy Wednesday! I trust your shares have enjoyed a positive start to 2024.
A summary of my portfolio’s first quarter:
- Q1 return: +8.2%* (FTSE 100: +4.0%**).
- Q1 trades: None.
- Q1 winners/losers: 4 winners vs 6 losers.
(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, account fees, paid dividends and cash interest **Total return)
The year has started with my best Q1 since I commenced this blog at the beginning of 2015.
As I predicted within my 2023 review, System1 has dictated proceedings and an upbeat statement from the advert-testing specialist has caused its large weighting to become even larger. My portfolio now requires only a further 5% advance to match its all-time high of December 2021.
Other RNSs from my portfolio were somewhat mixed. Bioventix and Tristel both issued record H1 figures and provided useful increases to their dividends. But S & U warned of lower collections and cut its interim payout, which feels unnerving. I can’t recall the last time a holding of mine reduced its dividend for non-pandemic reasons.
The rest of my shares seem to be marooned, with the stock market generally circumspect about their prospects given their flat-at-best earnings. Small market caps and limited liquidity due to significant director (and ex-director) holdings have not helped matters.
But I remain convinced the owner-orientated managers — backed by respectable competitive positions and asset-rich balance sheets — will eventually reward shareholders for their patience.