Q3 2020 Review +12%, + 39% YTD

A very quiet quarter for me. I have made very few changes. This is being written a few days before the end of September so figures may differ slightly, but baring an unexpected disaster / triumph this is roughly where I will be…

  • Got rid of EOS Russia – no real reason – it just hadn’t performed well and a realized loss is good to manage my CGT position. I may well re-enter.
  • Sold some Beximco on a ridiculous spike buying some of it back lower down – I will refill my position again lower down.
  • Sold a bit of CMC Markets – as my position was a bit big and wanted to buy other things.
  • Sold half my SERE on a dip – this was an unwise panicking out on something of a headfake. Could be summer ‘silly season’ low volume move. I am noticing more stocks than usual falling with no reason.
  • Sold half GPSS to take some profit.
  • Most impactful change was buying 4D Pharma in the placement. This has done brilliantly for me – more later.

My portfolio is below:

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Q1 Portfolio/Performance update (+11%) Coronavirus and thoughts on where to go from here

Lots going on in the portfolio so I thought I would give a quick update.

At the end of Q1 I was +4% ytd, now (14/4/2020) I am c+11%.  This should be compared to the index which is -c22% now, at the low I was down c5% for the year. I feel a little bad posting this as lots of this is from non-usual (for me) trades… Many of these, I put on Twitter, unfortunately, I can’t post everything as it may move prices against me, particularly where I only sell half.  I know many of you are not twitter followers.  If you would like an e-mail when I tweet there is a service for that here.

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Porfolio Review Q1 2019

Quick Portfolio Review – Q1 has been pretty poor for me – up 1.3%. vs 9% for the FTSE All share.

This is despite being up at various points.  My general policy of not runing a stop loss has hurt me.  It might be time on my more liquid holdings to consider putting stop losses in.  This is very much a function of where we are in the cycle – likely near the top / end and not a general policy.  Whilst some people would say that not having stop losses is irredemably reckless I would disagree.

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CMC Markets – Cheap opportunity ?

I have bought into this at 105 the other day, only 2.5% portfolio weight, trading small given volatility, should possibly be in for more.

CMC Markets is a Spreadbetting / CFD firm, basically a brokerage. In the UK this has some advantages, no stamp duty (0.5% acquisition price) and no Capital Gains Tax (CGT). The inland revenue allows spreadbetting to be tax-free as it is classed as gambling and most lose. I think its good value at the current price as the balance sheet is very strong, relative to the market cap and the regulatory risk which has caused the fall in the share price is mostly priced in.

You can buy this for zero comission via the broker on this link.

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