April 2022 portfolio update

 Portfolio activity - April 2022:

Buy	Add	Sell
None	JP Morgan Asia Growth & Income	None
None	Duke Royalty	None

Portfolio performance - April 2022:

The portfolio: +2.5% 

Benchmark: +0.3%

Chosen benchmark: Vanguard FTSE All Share Accumulation

Rolling 12 month portfolio dividend yield: 3%

Benchmark dividend yield: 3.02%

Portfolio valuation change since start - April 2022:

Portfolio: +40.5%

Benchmark: +16%

Portfolio

company	% of portfolio
unilever	6.1%
computacenter	5.8%
impact healthcare	5.7%
glaxosmithkline	4.4%
telecom plus	4.1%
anglo pacific	4.0%
tritax big box	3.5%
national grid	3.5%
hend. far east income	3.3%
relx	3.2%
jpm asia income & growth	3.2%
duke royalty	3.1%
diageo	2.7%
somero enterprises	2.6%
compass	2.6%
schroders	2.5%
tate & lyle	2.4%
british american tobacco	2.4%
reckitt benckiser	2.3%
qinetiq	2.2%
abcam	2.1%
euromoney	2.1%
legal and general	2.0%
nichols	1.9%
ag barr	1.8%
smith & nephew	1.8%
rws holdings	1.6%
homeserve	1.3%
hargreaves lansdown	1.3%
eleco	1.3%
jersey electricity	1.1%
life sciences reit	1.0%
888 holdings	1.0%
blackbird	0.8%
craneware	0.8%
lancashire holdings	0.7%
ab dynamics	0.6%

March 2022 portfolio update

Portfolio activity - March 2022:

Buy	Add	Sell
Legal & General	None	None
Life Sciences REIT

Portfolio performance - March 2022

The portfolio: +1.6% 

Benchmark: +1.4%

Chosen benchmark: Vanguard FTSE All Share Accumulation

Rolling 12 month portfolio dividend yield: 3.2%

Benchmark dividend yield: 3.06%

Portfolio valuation change since start - March 2022

Portfolio: +37%

Benchmark: +15.7%

Portfolio

company	% of portfolio
computacenter	6.7%
unilever	6.0%
impact healthcare	5.8%
glaxosmithkline	4.2%
anglo pacific	4.1%
telecom plus	3.9%
tritax big box	3.6%
national grid	3.5%
hend. far east income	3.4%
relx	3.3%
somero enterprises	3.1%
diageo	2.8%
compass	2.5%
jpm asia income & growth	2.4%
abcam	2.4%
british american tobacco	2.4%
tate & lyle	2.3%
reckitt benckiser	2.3%
legal and general	2.3%
euromoney	2.2%
schroders	2.1%
qinetiq	2.0%
duke royalty	2.0%
nichols	2.0%
ag barr	1.8%
smith & nephew	1.8%
hargreaves lansdown	1.5%
rws holdings	1.3%
eleco	1.3%
jersey electricity	1.2%
homeserve	1.2%
888 holdings	1.1%
life sciences reit	1.1%
blackbird	0.8%
craneware	0.8%
lancashire holdings	0.7%
ab dynamics	0.5%

February 2022 portfolio update

I didn't believe Putin would invade Ukraine. Utter madness. Can only hope for a swift end to the fighting and support where we can.

I bought a slice of Schroders during February, their C class or non-voting shares, as these were at a significantly lower price than the voting shares and therefore offered a higher dividend. Schroders is a large financial services business, but also 48% family owned. They have been shrewdly snaffling smaller finance businesses for a while, but it was their purchase of 75% of Greencoat that caught me attention. Not their first ESG investment by a long stretch but since I'd been following Greencoat for a while it prompted further investigation into Schroders.

Impact Healthcare was  also topped up again as I took advanced of a placing to raise funds.

Markets were understandably volatile and I was surprised not be be down more during the month. Defence stocks were up, as were those of a defensive nature. The portfolio has it's fair share of lower volatility holdings, so it's doing what it's supposed to.

Portfolio performance

The portfolio was down -1.4% in January, behind my chosen benchmark (Vanguard FTSE All Share Accumulation) which was flat  over the same period.

Rolling 12 month portfolio dividend yield: 3.2%

Benchmark dividend yield: 3.06%

Best performers this month:

QinetiQ +9%

Nichols +7%

National Grid +5%

Worst performers this month:
AB Dynamics -24%

Hargreaves Lansdown -15%

Lancashire Holdings -13%

January 2022 portfolio update

January saw the portfolio take a backward step or two. despite positive updates from most of the holdings. Unilever did an impressive acquisition hokey-cokey with their bid for the GSK consumer arm in and out again. It looked like the kind of large take-over that tends to cause a business indigestion, and the fact that they would need to considerably increase their debt to do so, left me thankful that they decided against. Other news included Somero, Eleco and Computacenter ahead of expectations, Anglo-Pacific reporting on a record quarter and all others reporting solid trading. But Mr Market was in a grumpy mood so the market sold off on concerns over inflation and central banks threatening to take away their punch bowl.

This month SAGE Group was sold - nothing wrong with the business, in fact I would rather have held onto it based on the business. However, the valuation was starting to feel expensive, and at a PE of 30, seemed to be pricing in an awful lot of growth. I would happily buy back at a lower valuation, but for the moment I've taken profit with a 38% gain.

Two top ups this month: Hargreaves Lansdown (HL.) and Impact Healthcare REIT (IHR). HL had sold off a little, with the share price having been under pressure for a while. Recent trading had been respectable and they generate bags of cash so added a few more. IHR provide properties for care homes, so unlikely to set pulses racing, but a nice steady dividend payer, which in the current market environment I'm quite happy with.

Portfolio performance

The portfolio was down -4.6% in January, behind my chosen benchmark (Vanguard FTSE All Share Accumulation) which was down -0.3% over the same period.

Rolling 12 month portfolio dividend yield: 3.3%

Benchmark dividend yield: 3.05%

Best performers this month:

British American Tobacco +16%

Tate & Lyle +7%

Eleco +4%

Worst performers this month:
Blackbird -28%

Abcam -23%

Craneware -22%

December 2021 portfolio update

A month of progress from the portfolio despite relatively little news. Santa delivered double digit increases from 5 holdings, with no double digit fallers. The highlight being another upgrade to expected returns from Somero - it had been pretty well flagged that business was good but the market appreciated the update nonetheless. British American Tobacco released interims that indicated cost savings kicking in ahead of schedule and increased sales of their cigarette alternatives leading to bags of cash supporting debt repayments, a hefty dividend and potential for buybacks.

Two top ups this month: Euromoney Institutional Investor (ERM) and JP Morgan Asia Growth & Income (JAGI). Both had sold off a little so I decided to end the year shopping in the pre-xmas sales. With ERM having some of their revenues drawn from organising events, fears over another COVID wave/ lockdown would justifiably hit their performance, so if this was the reason for selling it would be understandable. There are any number of reasons for selling a holding such as JAGI given that 35% of it's portfolio is based in China, and another 16% in Taiwan .It's hardly a recipe for sleeping easily at night, but assuming Mr Xi and chums don't do anything too daft and provide a softish landing for the Evergrande fall-out, China, and therefore Asia, should do just fine.

Drawing the arbitrary line under the annual performance shows the portfolio up 13.8% versus a gain of 18.2% for my benchmark. I'll take that. However, my Vanguard global tracker is up 26% - so double the gain for bugger all effort. Still I've made a decent return, increased dividends, yield and all for much less volatility than the UK indices.

Portfolio performance

The portfolio was up 4.2% in December, equal to my chosen benchmark (Vanguard FTSE All Share Accumulation) which was also up 4.2% over the same period.

Rolling 12 month portfolio dividend yield: 3.3%

Benchmark dividend yield: 3.17%

Best performers this month:

Nichols +14%

Somero Enterprises +14

Compass Group +13%

Worst performers this month:
Eleco -9%

Craneware -5%

888 Holdings -3%

2021 performance:

Portfolio: +13.8%

Benchmark: +18.2%

November 2021 portfolio update

A sudden flirtation with hawkish comms from the Federal Reserve and omicron making itself known to the world caused markets to get a bit choppy in November. The portfolio decided to ignore this and chug a little higher over the past month. Is it too late for Santa to turn up before the correction?

Pretty decent updates being offered across the portfolio throughout the Month, with Craneware, Nichols and Telecom Plus all moving up by double digit %. 888 is down considerably from it's highs, with investors obviously nervous about it's William Hill acquisition which involves a placing yet to happen. However, they have a massive potential market to crack in the states and they seem to be performing well so I'm happy staying invested.

My only activity this month was to add a few more Unilever shares. It's not one to get the pulse racing, which is why I like it. They have just finished a chunky buyback programme and have cash following a sales of their tea business. I imagine we will all be happy to pay up a few pence extra for our Dove, Marmite or Magnums if inflation kicks in, and I'm happy taking the dividend if the share price goes sideways.

Portfolio performance

The portfolio was up 1.1% in November, ahead of my chosen benchmark (Vanguard FTSE All Share Accumulation) which was down -2.2% over the same period.

Rolling 12 month portfolio dividend yield: 3.4%

Benchmark dividend yield: 3.1%

Best performers this month:

Telecom Plus +15%

Craneware +12%

Nichols +11%

Worst performers this month:
888 Holdings -19%

Blackbird -15%

Hargreaves Lansdown -13%

October 2021 portfolio update

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

Portfolio performance
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.

Rolling 12 month portfolio dividend yield: 3.4%

Benchmark dividend yield: 2.56%

Best performers this month:
Abcam +11%

GlaxoSmithKline +8%

JP Morgan Asia Growth & Income +7%

Worst performers this month:
QinetiQ -16%

Nichols -10%

Lancashire Holdings -10%

September 2021 portfolio update

Crazy busy seems to be the new normal at work. Not that I'm complaining too much as I'm rather enjoying myself. A little choppiness returning to the markets this month, a welcome relief for those of us with cash held aside. Evergrande, inflation, energy price surges, broken supply chains are taking the place of Covid as the predominant concerns for the market. 

Lots going on across the portfolio, with lots of them reporting over the course of the month. 888 have gone shopping for William Hill, Blackbird have signed a great looking licensing deal, Tate & Lyle have agreed to sell half of the business, Elco speeding up their licensing pivot, Computacenter and Abcam both putting in a good set of updates. Pretty pleasing bunch really, nothing of particular concern, but many have drifted down as sentiment has soured. Since I don't have much exposure to oil, it's price changes won't affect the portfolio, but if it surges I'll get left behind. Ho Hum.

I've kept a little cash to one side over the last few months as prices have increased, but added to Duke Royalty as I like the look of the business. They also chip in a decent yield to the dividend pot.

Portfolio performance
The portfolio was down -2.1% in September, behind my chosen benchmark (Vanguard FTSE All Share Accumulation) which was down -0.5% over the same period.

Rolling 12 month portfolio dividend yield: 3%

Benchmark dividend yield: 2.55%

Best performers this month:
Telecom Plus +17%

AB Dynamics +5%

888 Holdings +5%

Worst performers this month:
Tritax Big Box -11%

Nichols -11%

Smith & Nephew  -10%

August 2021 portfolio update

Not a lot of action from me this month as work volumes stay high. Markets chugged higher despite various worrying indicators. The Chinese government continued to provide "guidance" to it's business communities and COVID in the form of Delta continues to rumble on.

I've taken a small position in another royalty company, Duke Royalty. I rather like the Royalty model and they provide a decent dividend so I thought I'd have a little nibble whilst keeping an eye on them. 

Much like the previous month, half the portfolio holdings were up and the other half down. Hargreaves Lansdown ended up down 8% after their final results informed, unsurprisingly, that the crazy speculative activity of 2020 is at an end, but they picked up new business. Anglo Pacific processed their first Cobalt deliveries from their Canadian investment. AG Barr continued it's recovery as the country slowly gets back to it's feet. BBOX carries on surfing the wave of demand in large scale warehousing.

My favourite update was from Computacenter, whose analyst forecasts are rather behind events. The business gave an amusingly prickly swipe at the naughty analysts: "After our 21 July 2021 Statement, current market forecasts have remained below the Board's expectations. This is because less than half of the analysts covering Computacenter have upgraded their forecast subsequent to the 21 July Statement."

So a rather uneventful month, not that I'm complaining as the portfolio ended up in the green, and my investments returned a record dividend yield. Here's hoping for a similarly uneventful September.

Portfolio performance
The portfolio was up +2.3% in August, ahead of my chosen benchmark (Vanguard FTSE All Share Accumulation) which was up +2.2% over the same period.

Best performers this month:
RWS Holdings +15%

Abcam +14%

Tritax Big Box +13%

Worst performers this month:
Nichols -10%

Hargreaves Lansdown -8%

Eleco  -6%