National Grid switch on.

National Grid @ 864.10, +31.60 (+3.80%) as at close 17 May 18.

After months of drip drip deterioration, its nice to see a notable rise in National Grid shares following full year results.
After adjusting for the Ofgem driven change, which saw a £13bn sale and the establishment of Cadent, formerly (National Grid Gas Distribution), the company, National Grid, reported (https://uk.webfg.com/news/news-and-announcements/national-grid-posts-decent-full-year-performance-after-cadent-split--3298600.html):

• mid single digit percentage increases to profits (headline eps of 59.5p, +5%),
• a better than targeted performance from US operations
• medium term growth in the range 5-7%

No rush to upgrade National Grid yet though, particularly with an ongoing political threat to renationalise, but perhaps the company's recent underperformance has turned a corner.
The company has been a mainstay in my portfolio since I started charting its performance some 9 years since and delivered returns to the tune of 84% in share price gains and a further 90% in dividends/returns of capital, making 174% in total.

HSBC performs the first trade finance transaction using blockchain.

Intriguing to hear that HSBC has performed the first trade finance transaction using blockchain technology: https://uk.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUKKCN1IF01X .

In many narratives it has been suggested that the blockchain technology is the real potential behind the crypto-currency smokescreen so it will be interesting to see if this has a dampening effect on crypto-currencies, by putting a new spotlight back onto the technology that makes them viable, and the technology becomes more widely available in the mainstream along with umbrella of branded users such as HSBC.

A quandary of a quagmire or quagmired in quandaries.

OK, so where do we go from here, in bringing things up to date, it feels like my portfolio has stagnated a little to the point where I seem to be tracking the FTSE's performance.
But, this is probably more a case of patience required and continuing to play the same long game that I have tried to follow this last 9 years.
That being said, some changes have been required and that step has made me a little more impatient and drawn into looking at my portfolio through a different set of eyes.

There are a few candidates that I have alluded to and, in turn these have opened up fresh channels with more candidate but as things stand, I need to divest some holdings in order to invest in anything new.

I've managed to start a small holding in a recovery share though, Galliford Try.

Companies like Standard Chartered also come to mind which in some respects is following a similar path to recovery that Lloyds has followed, but it is a little further behind.
I think it also has greater prospects than Lloyds given its extended international presence particularly in the Far East where it has historically been very strong.
I seem to have been an onlooker to Standard Chartered over the last 10 years or so without ever feeling the opportunity to invest has presented itself.

In looking at banking and finance, Barclays is also receiving a lot of analyst coverage for a similar turning point on its road to recovery.

Lloyds and Aviva hold a substantial and influential part of my portfolio with no plans to change.

Across the pond, I have long had a hankering for Disney shares given the ongoing ability to recycle existing content to new generations whilst also producing new content. The addition of Marvel and potentially Fox only adds to this content arsenal. In turn, all of this vast library or content is recycled in a different way through its theme parks, and potential new streaming service.

Amongst current holdings, I have been adding to Imperial Brands and National Grid, and it seems a missed opportunity not to have added to Imperial Brands more substantially.

BAT has also pulled back with Imperial Brands and Phillip Morris, but after its own big purchase last year of Reynolds, it still has lots of opportunity to increase margins and profits.

I also wonder if there should be a future proof scenario, which can now be much more focused than the tech bubble of 2000 in that the surviving giants are amongst us. What will a list of technology shares like Alphabet (Google), Amazon, Facebook, Netflix, Tesla, Apple etc. etc. look like in another 10, 20. 30 years and more?
I have already successfully held Apple, and Microsoft. Cisco was less successful though.

I have considered offloading Vodafone to raise funds. For me its transformation isn't clear or fast enough. But, the sudden rush by brokers to reiterate forecasts of 20-30% share price gains, and the Liberty global asset purchases, has given me pause, so I will wait a little longer.

A further sale of Apple has also crossed my mind with the dollar strengthening again. Whilst dividends and cash piles continue to grow, the company is heavily dependent on a possibly maturing smartphone market (which it transformed), but, if it is maturing, I'm not sure where Apple can go next. It seems not to have brought many new things to market when so much has been hinted and promised e.g. Apple TV.
Instead it continues to play cat and mouse with analysts over quarterly sales and estimates but with the recent chapter revealing a record Q2 and new share price highs, I'm still holding. Perhaps the repatriation of profits held abroad will trigger something more. 
I would like to see Apple rated on a multiple at least on a par with Google (renamed Alphabet), which is only moderately higher but would see a substantially higher share price.

SSE remains a small holding in my portfolio, weakened by political uncertainty but still delivering strongly on its dividend.

A strengthening oil price is working wonders on a recovering BP and Royal Dutch Shell

Berkeley is my current consideration, having delivered a 76% share price gain and a further 8.26% from dividends it has become a strong substantial component of my portfolio, supported by a goodly number of hold forecasts.
However, do those hold forecasts combined with an uncertain and cyclical housing market give me enough conviction to sell some or all my holding to recycle elsewhere.
Does Berkeley's concentration on London and the South create its own niche, or does this exposure to London have its potential pitfalls given the recent climate?

So that is the conundrum, a sale of Berkeley could allow me to add to my Galliford Try holding to keep a construction and housing exposure with a potentially better opportunity in recovery, and/or give me the funds to add a stakes in other companies currently attracting me with Standard Chartered, Barclays or Imperial Brands leading my list.

May 2018: Dividend pipeline

So where do we sit with dividends in the pipeline at the moment?

Looking ahead:

                                              xD               Paid
National Grid @ 15.49p       23 Nov         10 Jan
Vodafone @ 4.84p               23 Nov         02 Feb
BAT @ 48.80p                      27 Dec         07 Feb 
SSE @ 28.4p                       18 Jan         16 Mar
Apple @ 63c                        12 Feb        15 Feb
Berkeley Group @ 56.75p  01 Mar        23 Mar
RDS 'B' @ 47c                     15 Feb        26 Mar
Imperial Brands @ 59.51p  22 Feb        29 Mar
BP @ 10c                             15 Feb        29 Mar
Galliford Try @ 28p             15 Mar        06 Apr
BAT @ 48.80p                      22 Mar        09 May
Aviva @ 19p                         05 Apr        17 May
Apple @ 73c                         14 May      17 May
Lloyds @ 2.05p                    19 Apr        29 May  
BP @ 10c                              10 May       22 Jun    
Imperial Brands @ 28.43p   24 May       29 Jun

I've retrospectively added the remainder of this year's payments received to complete the picture for 2018 so far.

With BAT, Aviva, Apple, and Lloyds due to pay out in May, May is shaping up to be a good month for dividends.
And June follows along nicely with BP and Imperial Brands.

Noticeable is the short turnaround, just 3 days, between ex dividend and paid dates for Apple shareholders v. the rest of my holdings in UK plc.

April 2018: Portfolio Update.

Markets bounced back in April with the FTSE putting on a useful 6.42% in the month ahead of my own portfolio's 4.5%.

YTD remains close (both are negative), between these 2 metrics with my own portfolio still marginally ahead with -2.05%.

With the oil price rising and steady reports back to the market from Shell and more impressive one from BP, the 2 oil majors led the risers for me with gains of 14.25% and 12.32%.

These two were trailed by good high single digit gains elsewhere plus a few stragglers: Lloyds, Apple, and BAT, that continued to be negative for the month. 

Apple in the headwind of various suppliers' volume downgrades and speculation thats its own numbers would reflect a similar slowdown, as it is Apple came back to the market in May with record Q2 numbers.

Imperial Brands looks to have started its fightback and at £26.01 sits around 10% above its lows of £23.25.

Elsewhere, Galliford Try contributed a maiden dividend to my portfolio, which was closely followed by a successful completion of its rights issue, which I used to add to my holding and average down.

A couple of small monthly buys were also recorded in Imperial Brands and National Grid as I continue to try to take advantage of what I see as temporary pullbacks in the prices of both of these holdings. In effect, buying opportunities.

I continue to have itchy fingers but more on that later.

Merchant Adventurer's Index
			Forecast	1 month	YTD	All time
	Price	% holding	Div. yield	% gain	% gain	% gain
Lloyds	64.66p	26.53%	5.92%	-0.52%	-5.00%	4.72%
Aviva	529.00p	13.84%	5.51%	6.65%	4.44%	47.90%
Berkeley Group	4072.00p	11.98%	4.42%	7.47%	-2.98%	73.59%
National Grid	842.80p	12.65%	5.41%	5.09%	-3.29%	77.07%
BP	538.00p	12.10%	5.37%	12.32%	2.93%	29.31%
Apple **	$162.11	8.89%	1.42%	-1.59%	-5.98%	305.96%
BAT	3999.00p	2.74%	5.08%	-3.20%	-20.31%	19.22%
Imperial Brands	2604.50p	3.07%	7.22%	7.36%	-24.35%	12.85%
Royal Dutch Shell	2601.50p	2.91%	5.18%	14.25%	3.71%	1.06%
Vodafone	211.60p	2.09%	6.25%	9.07%	-9.96%	-16.13%
SSE	1381.00p	1.38%	6.64%	8.23%	4.62%	19.99%
Galliford Try	918.00p	1.65%	9.78%	9.94%	17.52%	17.52%
Cash		0.16%	0.00%
		100.00%	5.22%
				1 month	YTD	All time
Virtual Portfolio gain (incl. Dividends)
- 1 month gain   2422.18	2531.24			4.50%
- YTD gain         2583.68	2531.24				-2.05%
- 100 month gain 1000.00	2531.24					153.12%
Unit Price - £	2.53124	(Starting price - £1)
FTSE gain (excl. Dividends)
- 1 month gain   7056.60	7509.30			6.42%
- YTD gain         7687.80	7509.30				-2.32%
- 100 month gain 5412.88	7509.30					38.73%
Transactions:
06/04/2018	Div	Galliford Try @ 28p per share
10/04/2018	Rights	Galliford Try @ 568p per share
22/04/2018	Buy	Imp.Brands @ 2448.25p per share
22/04/2018	Buy	National Grid @ 743.04p per share
Notes:
*     US Dividends are adjusted for exchange rate and 15% withholding tax
**   Sterling : Dollar exchange rate = £1: 1.37594 as at 30/04/18
*** Sterling : Euro exchange rate = £1: 1.13985 as at 30/04/18

Click to enlarge, close to return.