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.

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).

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.

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.

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. 

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.

Continue reading →

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.

Continue reading →

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.

Continue reading →

01 January 2018
By Maynard Paton

Happy 2018! I trust you have enjoyed a successful year’s investing and that you continue to find my Blog useful.

I’m currently celebrating my third anniversary as a full-time investor — and I am reasonably satisfied with how things have turned out so far.

Indeed, with no income other than my capital gains and dividends, I am pleased my portfolio has recorded a positive performance during each of the last three years.

However, the three years have not been all plain sailing. In particular, I did wonder whether foregoing an annual salary was such a bright idea during the mid-2016 Brexit lows. Still, a recovery eventually emerged that has continued throughout 2017.

All that said, I’m disappointed to have under-performed the market for the second consecutive year. Unfortunately for me, a decent collection of 2017 portfolio winners was counterbalanced by one big loser.

Let me explain what happened.

Continue reading →

29 September 2017
By Maynard Paton

Happy Friday! I hope you continue to enjoy my Blog… and that your shares have fared well during the summer.

After experiencing positive first and second quarters, my portfolio has maintained its gains and its performance has improved to 14.0% for the year so far.

Furthermore, following an inactive second quarter, I have since dusted off my share-dealing account and executed a few buys and sells.

I have top-sliced one holding and added to two existing holdings. More on those trades a bit later.

Sadly, I have to admit that — once again! — a lot of my time of late has been absorbed by matters outside of investing.

While I’ve managed to keep on top of the news from my own portfolio, I’ve still not had the chance to study other companies and publish fresh watch-list reviews. Continue reading →

30 June 2017
By Maynard Paton

Happy Friday! I hope you continue to find my Blog useful… and that your portfolio is still performing well during 2017.

After experiencing a buoyant start to the year, I am pleased my investments have generally held on to their value during the last few months.

All in all, the recent news from my portfolio has not been too bad, with a few minor share-price gains helping my performance improve to 9.5% for the year so far. Continue reading →

31 March 2017
By Maynard Paton

Happy Friday! I hope you continue to find my Blog useful… and that your portfolio has started 2017 in good shape!

After experiencing a somewhat mixed performance during 2016, I am pleased my investments have generally performed well during the last few months.

Certainly the two new holdings I acquired last year — BrainJuicer and Bioventix — have helped powered my portfolio higher of late. And up until the other day at least, this full-time investing lark was becoming quite comfortable…

But then came another reality check.

Sadly I’ve been humbled yet again by a profit warning — on this occasion from Tasty.

Still, I have survived various ups and downs before…  and I need no reminding that it was only nine months ago that my entire portfolio was looking rather sorry.

Anyway, I’m up 7.4% so far for 2017, and my portfolio has not witnessed too much trading during the last three months. I bought one brand-new holding and sold another holding entirely. Continue reading →

01 January 2017
By Maynard Paton

Happy 2017! I trust you have enjoyed a successful year’s investing and that you continue to find my Blog useful.

I’m currently celebrating my second anniversary as a full-time investor — and I must admit to mixed feelings about how things have turned out so far.

True, I enjoyed a successful 2015 with my portfolio gaining 18%. But 2016 saw my investments collectively languish against a market buoyed by rebounding miners and post-Brexit USD-earners.

I have to confess, watching my portfolio slide 10% during the first six months of 2016 was not a happy experience. Still, a recovery eventually emerged and at least I can enjoy a positive — if hardly spectacular — full-year performance. Continue reading →

30 September 2016
By Maynard Paton

Happy Friday! I hope you continue to find my Blog useful… and that your portfolio has recovered following the Brexit turmoil!

I wrote in my last portfolio update that 2016 was fast becoming a somewhat grim year for me. I was down 5% at the end of March and then 10% down at the end of June…

…but the ‘Brexit bounce’ has since brought me back to break-even. That’s hardly a fantastic performance given what the wider market has achieved, but it’s a much better position than just three months ago.

Anyway, during the third quarter I bought a new share, topped-up an existing holding, top-sliced another existing position, and sold out completely of a further existing position.

Furthermore, I’ve spent some time evaluating my longer-term record of stock-picking… just to make sure that I have actually done reasonably well at this investing lark! Continue reading →

30 June 2016
By Maynard Paton

Happy Thursday! I hope you continue to find my Blog useful… and that your portfolio has fared much better than mine during the Brexit turmoil!

Yes… a few of my shares have been thumped of late and, for me at least, 2016 is fast becoming a somewhat grim year. At the end of March I was down 5% and by today’s close I was down 10%.

I must confess, the decent gain I enjoyed during 2015 now seems like a lifetime ago :-(

Still, markets never go up — or down — for ever.

I mean, Warren Buffett always reckons we should “be greedy when others are fearful”…

…and all that me, you and every other private investor can do in times like these is to simply find decent companies at attractive valuations and just hold them for the long haul. Continue reading →

31 March 2016
By Maynard Paton

Happy Thursday! I hope you continue to find my Blog useful… and that your portfolio has started 2016 better than mine!

After enjoying a decent gain for 2015, I suppose it was inevitable I’d soon endure a rough time. And sure enough, some of my larger winners of last year succumbed to the market’s sharp falls during January and February.

That said, my portfolio has not been a total disaster — I’m down 5% so far this year. It’s not a great performance, but I am generally happy with the shares I own and I look forward to some sort of recovery!  Continue reading →

01 January 2016
By Maynard Paton

Happy 2016! I trust you have enjoyed a successful year’s investing and that you continue to find my Blog useful.

I’m currently celebrating my first anniversary as a full-time investor — and I must admit I am quite pleased (and relieved!) how things have turned out so far.

True, 2015 has seen some market ups and downs. I have to confess, August and September were not easy months for me. I watched my portfolio shrink as shares in general fell heavily… and I suddenly discovered what it was like not to have a regular salary to average down! I guess that was an experience I will just have to get used to.

Anyway, I’m thankful the final three months of the year saw my shares mostly recover. So finding paid employment is still not on the cards just yet :-)

Continue reading →

30 September 2015
By Maynard Paton

Happy Wednesday! I trust you have not lost too much money in this choppy market and that you continue to find my Blog useful.

I’ve been in this full-time investment lark for nine months now — and I must admit the last few weeks have been somewhat testing.

Sure, I have invested through corrections and bear markets before — but such downturns are far easier to cope with when I could use my regular salary to average down!

Now without a salary, I’ve come to appreciate why so many private investors ‘panic sell’. They too are living off their portfolios and wish to preserve their capital… because they do not want to go back to work!

All that said, my portfolio of late has not been a total disaster and I think I am still up on the year so far. So finding paid employment is not on the cards just yet!

Recent market movements have meant that I have become a little more active with my portfolio. I have top-sliced a few positions in order to free up some cash for reinvestment, and bought a brand-new holding.

Continue reading →

30 June 2015
By Maynard Paton

Happy Tuesday! I trust your shares are holding up in this tricky market and that you continue to find my Blog useful.

I’ve been in this full-time investment lark for six months now — and I am pleased to say that I have still not lost everything just yet!

Indeed, my portfolio has witnessed further gains of late — so much so that I reckon I am now beating the market so far this year. Nonetheless, I continue to hold a few standstill shares that I would love to see move higher! Continue reading →

31 March 2015
By Maynard Paton

Happy Tuesday! I trust your shares are doing well and that you are finding my Blog useful.

It’s now been three months since I started this full-time investment lark — and I am pleased to confirm that I have not gone broke just yet!

On the contrary, my portfolio has registered a small gain since the start of the year — although I must admit it has lagged what’s generally been a strong market. I just hope some buyers will soon alight on my marooned holdings!

Anyway, during the last three months I have found writing this Blog very helpful. This quote from Warren Buffett sums up why:

“There is nothing like writing to force you to think and get your thoughts straight.”

Continue reading →

05 January 2015
By Maynard Paton

So it’s early January and the time of year when we all resolve (once again!) to improve our stock-picking for the forthcoming twelve months.

But for me — starting out as a full-time investor — I really do need to ensure my portfolio does not fall apart during 2015.

I mean, my future wealth is now entirely dependent on my investing skills, and I certainly do not want to end up broke by Easter!

As such, I’ve decided to bypass the usual New Year resolutions to instead go for some serious-sounding commandments — which I hope I can strictly obey to avoid financial ruin!

Sadly I do not have any spare stone tablets lying around at home, so I’ve made do with this Blog post for the inscribing: Continue reading →

02 January 2015
By Maynard Paton

Today I’m going to follow-up my Year In Review 2014 by evaluating my portfolio’s 2014 performance in a bit more detail.

This evaluation is another useful exercise I like to perform at the start of every year. It’s just that I always want to know where all my gains (and losses!) occurred during the previous twelve months, and to see whether my portfolio decisions were consistently good, bad or indifferent! Continue reading →

01 January 2015
By Maynard Paton

Happy New Year!

I trust you enjoyed the festive break and are now raring to do battle with the market for another twelve months!

This first Blog post of 2015 provides a short ‘year-in-review’ for each of my current portfolio holdings.

I find writing such reviews extremely useful, not least because it encourages me to double-check my investment logic to ensure I am still invested for all the right reasons. Continue reading →