July 2013: Portfolio Update.

Well the immediate bounce of 6.53% in the FTSE and 5.14% in my portfolio saw June's losses reversed.

Handsome YTD gains of 12.26% and 21.08%, in the FTSE and my portfolio make for very satisfying reading in spite of the uncertainty around central bank stimulus.

With Europe cautiously emerging from recession it still seems a little premature to call time on the last few years but as with these things generally we don't know we have recovered until we are looking back at them and they become a blip in the historic timeline.

But, by that stage it is often too late to re-enter the market as a general investment strategy as much of the share price discounts will already have been removed.

At 99.13%, my portfolio is back in sight of that magic 100% milestone which it briefly touched in May (20 May 2013: Portfolio milestone.).

Hopefully, by keeping my eye on the long prize I can ride out these blips and remain invested in companies that will continue to come through these blips.

Looking at my portfolio's components this month's gains were led by BAE, Apple, William Hill, Tesco, and Morrison which all managed double digit gains.

Unfortunately, Microsoft (missed forecasts), IG, and Imperial Tobacco headed into negative territory.

One of my heavy dividend hitters, Rolls-Royce also delivered in the month, along with Tesco and General Electric.

Merchant Adventurer's Index
			Forecast	1 month	YTD	31 mth
	Price	% holding	Div. yield	% gain	% gain	% gain
R-R	1175.00p	35.72%	1.87%	3.62%	34.52%	88.60%
National Grid	787.00p	15.92%	5.40%	5.50%	11.95%	42.31%
Aviva	371.00p	10.02%	4.30%	9.12%	-0.54%	9.81%
William Hill	487.00p	5.10%	2.43%	10.43%	47.84%	164.42%
Apple **	$452.53	4.81%	2.14%	14.30%	-9.55%	22.39%
IG Group	578.00p	4.78%	4.11%	-0.34%	28.44%	21.12%
BP	455.00p	4.57%	5.21%	0.00%	7.11%	-0.59%
General Electric **	$24.37	2.40%	2.68%	5.25%	23.70%	64.16%
Centrica	391.00p	2.26%	4.43%	8.61%	17.21%	17.91%
BAE Systems	446.00p	2.05%	4.56%	16.45%	32.38%	35.15%
SSE	1575.00p	2.00%	5.58%	3.41%	11.07%	28.57%
Microsoft **	$31.84	1.98%	2.41%	-7.70%	26.91%	17.18%
Vodafone	198.00p	1.76%	5.20%	5.32%	28.20%	22.88%
Morrisons	289.00p	1.67%	4.43%	10.31%	9.89%	8.00%
BG Group	1187.00p	1.59%	1.54%	6.08%	17.23%	-8.41%
Imperial Tobacco	2206.00p	1.41%	5.28%	-3.25%	-3.81%	-3.81%
Tesco	367.00p	1.35%	4.13%	10.88%	9.23%	-8.00%
Cash		0.59%	0.00%
		100.00%	3.36%
				1 Month	YTD	31 mth
Virtual Portfolio gain (incl. Dividends)
- 1 month gain   1893.90 -	1991.29			5.14%
- YTD gain         1644.62 -	1991.29				21.58%
- 31 month gain 1264.20 -	1991.29					58.16%
- 43 month gain 1000.00 -	1991.29					99.95%
FTSE gain (excl. Dividends)
- 1 month gain   6215.47 -	6621.06			6.53%
- YTD gain         5897.81 -	6621.06				12.26%
- 31 month gain 5971.01 -	6621.06					10.89%
- 43 month gain 5412.88 -	6621.06					22.32%
Transactions:
03/07/2013	Div	Rolls-Royce @ 11.9p per share
05/07/2013	Div	Tesco @ 10.13p per share
29/07/2013	Div	General Electric @ 10.48p per share
Notes:
*     US Dividends are adjusted for exchange rate and 15% withholding tax
**   Sterling : Dollar exchange rate = £1: $1.51787 as at 31/07/13

An almost whiplash inducing bounce back in July marks a turnaround on the chart which if it follows the pattern of previous years suggests a shallow increase as the year continues to unfold.

Click to enlarge, close to return

So steady as she goes and with National Grid due to tip up soon, another nice cash injection will soon drop into my portfolio keeping the wheels greased so to speak.

Earlier related posts:
- June 2013: Portfolio Update.
- Markets pause for breath!
- FTSE's fragile confidence
- May 2013: Portfolio Update.
- 20 May 2013: Portfolio milestone.
- April 2013: Portfolio Update.March 2013: Portfolio Update.
- February 2013: Portfolio update.
- January 2013: Portfolio Update.
- December 2012: Portfolio Update (2012 Year-end).