My Portfolio

01 July 2025
By Maynard Paton

Happy Tuesday! I hope the first six months of 2025 have been positive for your shares.

A summary of my portfolio’s first half and Q2 trading:

• H1 return: -11.1%*
• Q2 trades: 2 Top-ups (Bioventix at £24.08 and S & U at £14.64).

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

What a difference a year makes. Twelve months ago I was trumpeting “my best-ever H1 [+20%] since I commenced this blog at the beginning of 2015“.

Today I am staring at my weakest relative six-month performance since I commenced this blog at the beginning of 2015! Year to date my portfolio is down 11.1% while the FTSE 100 has powered 9.5% higher. I will now have to re-read whether I am a good investor :-(

This year’s underperformance follows the rollercoaster share price at System1, in which I have an oversized position because of its multi-bagger potential. That potential took a knock during April following an ominous Q4 update that implied a slowing of key revenue streams and talked of a “downside risk” to client budgets.

Let’s just say System1‘s FY results and Q1 update next week are likely to prove pivotal to my portfolio’s 2025 performance.

Newsflow from my other holdings has been mixed, with a 10% dividend lift from M Winkworth somewhat counterbalancing flat payouts at Andrews Sykes and Mountview Estates. And despite a dividend cut at S & U, the specialist moneylender has been my best performer this year!

Possibly the most intriguing announcement during the last three months was the sudden and unexplained departure of the chief executive of City of London Investment.

Abrupt exits do not occur if all is going well and I am braced for unfavourable short-term news. But I welcome the board’s decision to seek fresh leadership to help find new clients, as this fund manager’s investing style is commendable and its cash/bond returns have been impressive.

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02 April 2025
By Maynard Paton

Happy Wednesday! I trust your shares have performed better than mine since the start of the year. 

A summary of my portfolio’s first quarter:

• Q1 return: -6.5%*
• Q1 trades: 1 Top-up (Bioventix at £30) and 1 Sell (Tristel at 352p).

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

I will do well to catch up with the FTSE 100 during 2025. The blue-chip index has powered 6% higher during this Q1, outperforming every one of my holdings. Indeed, seven of my shares declined despite the rising market.

Newsflow from my holdings has been mostly unremarkable, as demonstrated by the modest dividend improvements or unchanged payouts at Bioventix, City of London Investment, Mincon, FW Thorpe and M Winkworth. S & U has meanwhile continued to trim its dividend following adverse regulatory matters. 

The subdued progress has left most of my holdings trading at prices first seen during 2017 or before, with their ratings the lowest for years. I am not short of top-up ideas.

Picking winners has certainly become harder. A quick check on ShareScope reveals only 191 of the 552 FTSE All-Share constituents — 35% — delivered share-price gains during this Q1. Over the last three years, the proportion is a woeful 33%.

You may not be surprised to learn that picking AIM winners has been even harder. During the last three years, just 20% of AIM-traded shares have moved higher. 

Nonetheless, buyers remain out there for the right opportunities. I wrote about Filtronic recently, mostly to remind myself that multi-baggers do still exist!

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03 January 2025
By Maynard Paton

Happy 2025! I hope your shares prospered last year and you continue to find my blog useful.

A summary of my portfolio’s 2024:

• Total return of +22.4%*;
• Individual returns ranged from up 120% for System1 to down 28% for Mincon;
• Three shares were topped-up: City of London Investment, Mountview Estates and S & U;
• No shares were top-sliced or sold entirely, and;
• No new shares were purchased.

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

I publish a portfolio review after every quarter (Q1, Q2 and Q3), and this post recaps my October/November/December activity as well as my 2024 performance.

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03 October 2024
By Maynard Paton

Happy Thursday! I trust your shares have been keeping up with this year’s rising FTSE.

A summary of my portfolio’s progress:

• Q3 return: +7.9%*
• Q3 trades: None.
• YTD return: +29.4%*
• YTD winners/losers: 3 winners vs. 7 losers.

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

Famous last words, but my portfolio seems on course for its best annual performance since I commenced this blog at the beginning of 2015.

As I predicted within my 2023 review, System1 has dominated my returns and what was a very large weighting has become even larger. July’s positive results from the ad-testing specialist helped push my portfolio to a record high and the question now is how far do I run this winner?

Away from System1, my portfolio’s Q3 newsflow was not perfect and some profit setbacks have started to influence my dividends.

In particular, Mincon published a terrible H1 that could not even confess its payout had been paused. As I noted in my last write-up, I can only hope the group’s family directors quickly take decisive action to revive the drill manufacturer now their €2.5m annual dividend income has ceased.

Elsewhere, S & U has admitted to further bad loans following new FCA ‘forbearance’ rules. I suspect the lender’s 17% final-dividend cut earlier this year will be followed by a similar reduction within its forthcoming H1.

Other shares not improving my income during 2024 are Andrews Sykes and City of London Investment, both of which held their latest payouts following unchanged earnings. I have also enjoyed 5%-or-less dividend increases from Mountview Estates, FW Thorpe and M Winkworth.

Only Bioventix (+10%), Tristel (+100%) and System1 (payout reintroduced) have supplied very positive dividend news during the first nine months of the year. My end-of-year returns could therefore reveal a disappointing total income.

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30 June 2024
By Maynard Paton

Happy Sunday! I trust the first half of 2024 has been positive for your shares.

A summary of my portfolio’s progress:

• Q2 return: +10.8%*
• Q2 trades: 3 top-ups (City of London Investment, Mountview Estates and S & U).
• YTD return: +20.0%*
• YTD winners/losers: 5 winners vs. 5 losers.

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

This year has witnessed my best-ever H1 since I commenced this blog at the beginning of 2015. As I predicted within my 2023 review, System1 has dominated my returns and what was a large weighting has become even larger. April’s positive statement from the advert-testing specialist helped push my portfolio to new a record high.

My portfolio’s Q2 newsflow has also included some intriguing boardroom changes. 

In particular, the odd management set-up at FW Thorpe has taken another twist: out go the roles of joint chief executives and in comes the combined role of chief executive and finance director! I hope to attend Thorpe’s AGM later this year to understand how this appointment was decided (in the meantime, more thoughts can be found here). 

Elsewhere, Tristel has recruited its forthcoming new chief executive who, on paper at least, seems as if he could make a real go of the group’s United States potential. The outgoing chief exec is married to the current finance director, which I suspect/hope means a new finance director will be hired in due course.

Finally, M Winkworth has recruited two non-execs from corporate-finance consultancies with M&A knowledge. Could the estate-agent franchisor be soon erecting its own ‘for sale’ sign? Sector rivals Property Franchise and Belvoir recently merged and maybe Winkworth now feels susceptible to a bid.

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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.

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02 January 2024
By Maynard Paton

Happy 2024! I hope your shares prospered last year and you continue to find my blog useful.

A summary of my portfolio’s 2023:

• Total return of +15.3% (Q4: +5.4%)*;
• Individual returns ranged from up 115% for System1 to down 50% for Tasty;
• One share was topped-up: City of London Investment;
• One share was sold: Tasty, and;
• No new shares were purchased and no shares were top-sliced.

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

I publish a portfolio review after every quarter (Q1, Q2 and Q3), and this post recaps my October/November/December activity as well as my 2023 performance.

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08 October 2023
By Maynard Paton

Happy Sunday! I trust your shares are coping well during this lacklustre market.

A summary of my portfolio’s progress:

• Q3 return: +8.0%* (FTSE 100: +2.2%).
• Q3 trades: 1 Sell (Tasty).
• YTD return:  +9.4%* (FTSE 100: +5.5%).
• YTD winners/losers: 5 winners vs 6 losers.

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

My year-to-date performance has improved as I slowly recover from last year’s 23% drubbing. This Q3 was in fact my portfolio’s strongest three months since June, July and August 2021 (+8.7%), and I now need ‘only’ a 19% advance to revisit my all-time high of December 2021. 

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11 July 2023
By Maynard Paton

Happy Tuesday! I trust your shares are faring well during this underwhelming time for the market. 

A summary of my portfolio’s progress:

• Q2 return: -0.6%* (FTSE 100: -0.3%).
• Q2 trades: None.
• YTD return:  +1.3% (FTSE 100: +3.2%).
• YTD winners/losers: 6 winners vs 5 losers.

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

My year-to-date performance has not been fantastic as I look to recover from last year’s 23% drubbing. My portfolio currently requires a 29% advance to revisit its all-time high of December 2021. 

Still, company RNSs from my portfolio were very acceptable during Q2. Dividends were held or raised and thankfully no surprise warnings emerged. As always, I am hopeful a mix of respectable competitive positions, capable managers and asset-rich balance sheets will steer my portfolio through whatever the economy has in store.

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09 April 2023
By Maynard Paton

Happy Easter! I trust your shares have enjoyed a positive start to the year following the rough conditions of 2022. 

A summary of my portfolio’s first quarter:

• Q1 return: +1.9% gain* (FTSE 100: +3.6% gain).
• Q1 trades: None.
• Q1 winners/losers: 6 winners vs 4 losers (1 unchanged).

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

I will gladly take a 1.9% gain for this Q1 after the 23% mauling I suffered last year. My portfolio now requires ‘only’ a further 28% advance to revisit its all-time high from December 2021. 

Company RNSs were generally very acceptable during the quarter. Dividends were held or raised and thankfully no profit warnings emerged. As always I am hopeful a mix of respectable competitive positions, capable managers and asset-rich balance sheets will steer my portfolio through whatever the markets may bring.

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01 January 2023
By Maynard Paton

Happy 2023! I hope you survived last year’s tough market and continue to find my blog useful.

A summary of my portfolio’s 2022:

• Total return of -23.3% (Q4: +0.2%)*;
• 2 holdings recorded a gain while 9 holdings recorded a loss;
• Returns ranged from up 23%, for Bioventix, to down 67%, for System1;
• One share was topped-up: City of London Investment, and;
• No new shares were purchased and no shares were sold.

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

I publish a portfolio review after every quarter (Q1, Q2 and Q3), and this post recaps my October/November/December activity as well as my 2022 performance.

Read more

02 October 2022
By Maynard Paton

Happy Sunday! I trust your shares continue to perform better than mine during 2022.

A summary of my portfolio’s progress:

• Q3 return: -9.2%*.
• Q3 trades: None.
• YTD return: -23.4%* (FTSE 100: -3.9%).
• YTD winners/losers: 2 winners vs 9 losers.

(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, custody fees, paid dividends and cash interest)

I am heading for my worst annual performance for at least two decades after my portfolio fell 9.2% during Q3 to leave my shares down 23.4% for the year so far.

Yet despite another miserable quarter of negative returns, the Q3 newsflow did not seem particularly awful. 

Special dividends were in fact declared by Andrews Sykes and Tristel, which takes one-off payments for me this year to six and cements 2022 as my best-ever year for extra income. The quarter also witnessed higher payouts from M Winkworth and S & U.

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