Q3 2017

Portfolio Performance – Q3 2017

It’s been another fine quarter for the portfolio.  Total return year-to-date now stands at 35.98%, representing an increase of 14.86% for Q3 2017.  By comparison, the FTSE All-Share Total Return index has returned 7.75% in 2017 so far.  Since inception in August 2015, the portfolio is up 57.47%, against 17.9% for the FTSE All-Share.  A healthy 39.57% premium to my designated benchmark.  You can view the current portfolio here.

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Happy Second Anniversary to the Portfolio

Second Anniversary

If you’re a fan of British comedy Only Fools and Horses, you’ll likely be familiar with the character of Trigger, and his infamous broom.  Trigger was a road sweeper, and a man very proud of the fact he’d had the same broom for 20 years.

Trigger: This old broom’s had 17 new heads and 14 new handles in its time.

Sid: How the hell can it be the same bloody broom then?

Trigger: There’s the picture. What more proof do you need?

This little exchange perfectly illustrates the concept known as Theseus’s Paradox.  Can an object that has had all of its component pieces replaced still be considered the same object?

We are coming up on the second anniversary of the inception of my portfolio, during which time the constituent parts have changed somewhat.  Performance has changed, too.

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Portfolio Performance – Q2 2017

In the Q2 2017 update, performance has again been more than satisfactory.  The portfolio has returned 21.12% year-to-date against 5.50% for my designated benchmark, the FTSE All-Share Total Return Index.  Total return since inception in August 2015 therefore is now 39.96%.  You can view the current portfolio here.  For the (almost) two years this portfolio has been running there has been an annualised return of 20.52%.

It’s been a slower quarter compared to Q1, which returned just under 17.5% for the first three months of the year.  Most of the performance change has been down to large movements in a few positions, namely Wizz Air and Creightons to the upside, and Dialog Semiconductor to the downside.

Q2 2017
Source: Morningstar.co.uk

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The Evolution of an Investing Philosophy

This morning I sold Gattaca PLC (GATC) for a 53% loss, following a trading update suggesting profits will be 10-15% below expectation.  This for me was a final straw in what has been a bit of a mess from start to finish.  I am obviously disappointed, but I’m also taking the opportunity to both learn from my mistakes and look back at how my investing philosophy has changed since I began.


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Portfolio Performance – Q1 2017

In starting off my first of four portfolio updates for 2017, I have to say things could scarcely have gone better.  Performance year-to-date has been 17.44%, against 3.56% for my designated benchmark, the FTSE All-Share.  This brings my overall performance since inception in August 2015 to 29.76%.  Things are going well, however with each day I remain aware of the fact that the steady march upward can only continue for so long.  I am also beginning to find that it is getting harder and harder to find what I would deem “value” opportunities.  View my portfolio here.

Q1 2017

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The Case for Somero: Why I Bought

Somewhat fortuitously, the past ten days have seen both my purchase of Somero Enterprises Inc. (LSE: SOM) and the publication of their final results.  As hoped, the results were good and I am therefore sitting on a 6.5% profit, but there’s little chance of me selling any time soon.  This is my first purchase in a good few months, and so I wanted to outline the rationale.


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