Home life is starting to return to normal but work remains hectic. Still feels like I'm not left with sufficient brain power at the end of the day to have much left to think about investing. The big news over the last few weeks seems to be China deciding to self-harm it's own stock markets. I wonder if this will be contained to the Chinese or if it will prove to be the catalyst to a wider significant correction.
I've recycled the cash from selling PZ Cussons into Homeserve, on the basis that people might be more inclined to spend on services related to their property if we have a greater bias towards working from home post COVID. In addition I've added to Telecom Plus, it's results seemed steady but the shares have sold off, and they provide a decent dividend.
Over July half the portfolio holdings were up, the other half down, leaving it pretty much flat on the month, much like the wider UK market. Most of the portfolio reported updates during the month, making for a lot of reading. Those businesses damaged by COVID lockdowns wobbled with concern over Delta, and inflation started to find it's way into reports of increased costs for a few holdings.
Reckitts was the worst performer after it revealed the cost of it's exit from the child nutrition business in China. It is also lapping a strong set of results from last year. However it has a decent set of brands and there were positive signs in the results too. Excluding the China IFCN numbers, revenues were up 3.6% and ecommerce has grown. Telecom Plus shares suffered for no obvious reason, perhaps on concerns that Delta is going to prevent it's members from finding new TEP customers, and JAGI sold off, presumably over concerns with China.
Top performers included Blackbird, which continues to expand it's customer base and listed in the US. AG Barr continued to recover, without any news, so presumably on increased optimism of a return to pre-pandemic socialising. RELX put in a good performance too, with solid growth expected from it's 3 analytics and publishing segments. It's 4th segment - exhibitions - didn't get a mention so I guess it's still pretty much shut down.
Aside from the above, GSK and Tate & Lyle gave more detail on the breakup of their respective businesses. I think both sound like positive moves and am tempted to add a little to both if prices fall.
The portfolio was up +0.3% in July, behind my chosen benchmark (Vanguard FTSE All Share Accumulation) which was up +0.5% over the same period.
Blackbird +13%
Reckitt Benckiser -13%
Vanguard FTSE All Share Tracker yield: 2.62%
Portfolio 2020 yield: 2.5%
Portfolio July 2021 trailing 12 month yield: 2.7%
Portfolio total yield from January 2018: 5.3%
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