Markets decided to resume their upward trend in October after a wobble previously. The portfolio has pretty much gone sideways for 6 months after a little sprint earlier in the year, maybe we're due a santa rally going into the final couple of months. Or maybe we get what feels like an overdue correction...
Plenty of good updates across the portfolio, with a few companies such as Unilever, GSK and Reckitt showing a bit of a recovery, Tate & Lyle progressing with their company split, and Anglo Pacific selling off their remaining thermal coal position. QinetiQ were the only real fly in the ointment as they warned on the impact of complications to one of their programmes. Overall I'm pleased with the news flow, although the share prices didn't necessarily react as positively. The absence of financials and energy continue to leave me in the dust of the FTSE, but I'm happy enough with the portfolio
I've added to the dividend flow with a few shares in British American Tobacco. I don't imagine it's shares are going to see too much capital growth in the short term, but they have very appealing cash flows. I find it difficult to believe that they will see any significant impact from inflation, should it decide to hang around. ESG risks are clear enough and the regulatory risks seem to be priced in. It's hardly a sleep at night stock, but I don't think tobacco is disappearing any time soon
The portfolio was down -0.3% in October, behind my chosen benchmark (Vanguard FTSE All Share Accumulation) which was up 1.8% over the same period.
Abcam +11%
QinetiQ -16%
