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I resigned a tenured professorship to focus on investing in the summer of 2013. Since then the stock market has travelled up a bit, but the Footsie is now back where it started in 2013.
But note the FTSE100 index does not take into account dividends received over the period, and it only represents large international companies.
We can turn to the total return index of the FTSE AllShare index which both includes dividends and includes over 600 companies. At the end of July 2013 it had a value of 3,510. Today it stands at 3,675, a percentage return of 4.7% over five and a half years, less than 1% per year.
During those five and half years I’ve made quite a few mistakes, but while it is important to learn from them, we should not to dwell on them too much, but rather make a judgement on the overall portfolio performance over many years.
Below you’ll find the performances of my share buying decisions. The comments I made at the time explaining the rationale for the investment are available for you to read in older newsletters – there is nowhere for me to hide from my appraisals made three, four or five years ago.
In the tables I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread.
(Some of you have joined us recently so, in case you are not familiar with them, I briefly describe the criteria for my portfolios following the portfolio performance tables.)
The 2013 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 31 Dec 2018 | Price 31 Dec 2018 | Return to 31 Dec 2018 | ||||
| French Con. | 25.7.13 | £0.3047 | zero | Sold July 2015 £0.4378 | 44% | ||||
| Caledonian T | 25.7.13 | £0.70 | zero | £1.80 | 157% | ||||
| Fletcher King | 6.8.13 | £0.30 | 14.25p | Sold June 2016 for 46p | 101% | ||||
| Northamber | 22.8.13 | £0.287 | 1.6p | Sold Oct 2016 £0.303 | 11% | ||||
| Titon | 5.9.13 | £0.379 | 6.5p | Sold May 2016 £1.06 | 197% | ||||
| Mallett | 12.11.13 | £0.7682 | 12.7p | Sold Nov 2014 £0.60 | -5% | ||||
| AVERAGE | 84% |
The 2014 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 31 Dec 2018 | Price 31 Dec 2018 | Return to 31 Dec 2018 | ||||
| Holders Tech | 10.10.14 & 3.11.14 | £0.47 | 1p | Sold March 2017 £0.33 | -28% | ||||
| Airea | 4.11.14 | £0.1195 | 0.9p | Sold Sept 2016 £0.309 | 166% | ||||
| Northamber | 17.11.14 | £0.4265 | 0.7p | Sold Oct 2016 £0.303 | -27% | ||||
| Caledonian T | 30.12.14 | £1.39 | zero | £1.80 | 29% | ||||
| AVERAGE | 35% |
The 2015 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 31 Dec 2018 | Price 31 Dec 2018 | Return to 31 Dec 2018 | ||||
| PV Crystalox | 15.1.15 | £0.122 | zero | Sold Dec 2016 £0.237 | 94% | ||||
| Arden Partners | 1.9.15 | £0.422 | 1p | Sold May 2018 £0.364 | -11% | ||||
| Northamber | 4.9.15 | £0.443 | 0.4p | Sold Dec 2016 £0.303 | -31% | ||||
| AVERAGE | 17% |
The Buffett-style portfolio
This type of share is rarer than the others, and so I will combine all years. Unfortunately I have only one company so far – I’m working on it though.
| Company | Purchase date | Purchase price | Divs to 31 Dec 2018 | Price 31 Dec 2018 | Return to 31 Dec 2018 | ||||
| Dewhurst | 9.4.14 | £3.18 | 48.5p | £5.00 | 72% | ||||
| AVERAGE | 72% |
(I bought some more of Dewhurst in June 2014 at £3.11, December 2014 at £3.75 and November 2017 at £5.46).
Modified price earnings ratio portfolio 2015/16
| Company | Purchase date | Purchase price | Divs to 31 Dec 2018 | Price 31 Dec 2018 | Return to 31 Dec 2018 | ||||
| Haynes | 11.2.15 | £1.159 | 30p | £1.69 | 72% | ||||
| AGA | 11.3.15 | £1.002 | zero |
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