Portfolio review: Q3 2021

2021 has been a pretty good year so far for the UK stock market.

The FTSE 100 is up around 10%, the FTSE 250 is up around 18% and my portfolio of dividend stocks has also performed quite well.

To read the full performance review, along with some of the major tweaks I’ve made to the portfolio and my general outlook for the UK stock market, please head on over to my new website at UK Dividend Stocks.

How the UK Value Investor portfolio performed in 2020

With 2020 finally over (good riddance) now is the traditional time for an annual performance review, and who am I to argue with tradition?

In this review I will:

  1. measure my portfolio’s short, medium and long-term performance against an appropriate benchmark and 
  2. think about what went right and what went wrong, and how that knowledge can be used to improve future performance
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These are my best and worst performing stocks through the pandemic (so far)

The world has been turned upside down by this pandemic, along with the prospects of many companies.

Perhaps some of your own holdings have soared to unexpected highs, or collapsed to unexpected lows.

Several of my holdings certainly have.

However, don’t pat yourself on the back or don a dunce cap too soon.

In most cases, these dramatic moves are mostly down to luck, both good and bad.

As an example let’s take Dunelm and WH Smith.

Respectively these are the best and worst performing retailers in my portfolio so far in 2020 (ignoring Ted Baker, which I’ve already sold).

Before the pandemic I thought they had broadly similar prospects, with Dunelm performing well as the UK’s leading homewares retailer and WH Smith with an impressive travel retail business.

But since the pandemic began their fortunes have gone in wildly different directions.

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2019 Value investing portfolio review

2019 value investing portfolio review

Welcome to the annual UK Value Investor portfolio review, in which I either a) bask in the glory of my investing genius or b) role out a long list of excuses as to why I underperformed the market again.

In this review I’ll briefly touch on a range of topics including performance (of course), what went wrong, what went right, what I bought or sold and what returns I expect from the market over the next few years.

But first I want to provide some context, so here’s a quick review of my investment goals and overall strategy.

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2018 Performance review and lessons learned

It’s a new year and so once again it’s time to dust off my model portfolio and review (and then try to improve) its performance.

This year I’m going to look at performance, sales, purchases, mistakes made and lessons learned.

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Reviewing your portfolio’s returns and riskiness

The third quarter of 2018 is over, so it’s time for another quarterly portfolio review.

There are quite a few things to look at, so I’ve structured this review as a series of questions which you may want to ask yourself on a regular basis.

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Defensive value performance review: 2018 Q1

Although I don’t think it’s a good idea to look at the value of your investments too often, I do think it’s a good idea to carry out regular but infrequent portfolio reviews.

In my case I do these reviews at the end of each quarter and, as you’ve probably guessed, this is the first quarterly review for 2018.

Every good portfolio review needs some targets, so here are the targets I’ve set for my defensive value portfolio.

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My investment performance in 2017

2017 was another year of above-average investment returns in what is now a very old bull market.

As with previous year-end reviews, I’ll review my model portfolio’s performance against its various goals as well as the performance of the individual stocks I sold in 2017.

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Portfolio review: 100% return over 6 years (high yield, low risk)

Here’s a quick update on my high-yield, low-risk portfolio, which has now doubled in value over the last six years.

Hopefully, this review will give you some ideas about how you can perform your own portfolio review, which is a critical part of being a good investor.

The first thing is to review your investment goals.

My goals for this portfolio are:

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Defensive value portfolio review: 2017 Q1

Another quarter has flown by and so it’s time again for a review of the defensive value portfolio’s progress against its primary goals.

As well as just talking about performance, I’ll try to highlight areas of my approach to investing that you might find useful, especially if you’re interested in dividends and relatively defensive investments.

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2016 Portfolio review: Steady progress and still on target

The end of 2016 was an important milestone for the UK Value Investor model portfolio. It marked the end of the portfolio’s fifth full calendar year and so at last it is beginning to build up a meaningful performance track record.

I say “meaningful” because stock market returns over periods of less than five years are little more than random noise. In fact, I think an investment manager or methodology really needs a track record of ten years or more before you can say anything robust about its performance.

And so with five calendar years in the bag, the end of 2016 is a good point to look back and review the portfolio’s toddler years.

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Defensive value portfolio review: 2016 Q3

In this review of the UKVI portfolio, I’m going to look at three things: Setting appropriate performance goals, tracking performance and lowering risk.

But first, a few general points:

  • The portfolio holds 30 stocks, split about 50/50 between the FTSE 100 and FTSE 250, with one or two incidental small-cap companies
  • I use the Aberdeen UK Tracker Trust (a FTSE All-Share tracker) as a benchmark
  • Although the UKVI portfolio is a virtual portfolio it does take account of all real-world costs such as broker fees
  • More than 90% of my personal savings are invested in the same shares as the UKVI portfolio
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Model Portfolio update: 2016 Q1

The dividend-focused model portfolio which I have been running since March 2011 has beaten the market over its first five years, producing double the market’s growth rate with less risk and a higher yield.

In some ways, I’m amazed that the portfolio has even reached its fifth birthday. It certainly hasn’t been easy, having left my career in software to focus full-time on developing a defensive value investing strategy, publishing a monthly investment newsletter and even writing my first book.

But that critical five-year period is in the bag and the results so far are encouraging.

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The UKVI defensive value portfolio returned 14.3% in 2015

With 2015 almost in the bag, this is a good time to sit back and review your investment performance for the year.

For me there are a few things I’m most interested in checking: 1) Total returns, 2) dividend yield and 3) what I learned this year that may help improve my approach and returns in the future.

But first, a little background info.

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UKVI Portfolio review for 2015 Q2

How time flies. Another quarter of a year has passed and so it’s time for me to review the UKVI Portfolio once again. That makes me happy because portfolio construction is one of my favourite topics.

Note that while this is a virtual portfolio it effectively contains my “best ideas” and so I have basically all of my net worth invested in the same stocks.

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