As things stand though, as at the end of August, all 3 options to "follow Woodford" are ahead of their starting valuations on the 14 March 2012.
The 3 picks received a dividend during August, from Vodafone, and continues to lead the pack with an overall gain of 4.10%, down from 5.02% last review.
All 3 of the "3 picks" continue to be in the top 10, and the top 3 sectors, of Invesco's High Income fund so there is no reason to review the line-up of the 3 picks.
But as mentioned last month, within the top 10/top 3 sectors: BAT's trails Reynolds; Glaxo trails AstraZeneca; and Vodafone trails BT.
The only other sectors represented in the High Income Fund's top 10 are consumer goods through Reckitt Benckiser, and Manufacturing / Aerospace with BAE Systems
As at 31.08.12
| Qty | Price | Value | % Gain. | |||
Inv. Perp. High Income |
1110.14 |
5.55 |
6156.64 |
2.61% |
||
| Residue | 0.00 | |||||
| Dividends | ||||||
| Total | 6000 | 6156.64 | 2.61% | |||
Edinburgh Investment Trust |
1182.00 |
5.08 |
5998.65 |
-0.02% |
||
| Residue | 0.43 | |||||
| Dividends | 141.84 | |||||
| Total | 6000 | 6140.92 | 2.35% | |||
3 Picks |
||||||
| BAT | 61.00 | 33.02 | 2013.92 | 0.70% | ||
| Glaxo | 138.00 | 14.25 | 1966.50 | -1.68% | ||
| Vodafone | 1191.00 | 1.82 | 2161.67 | 8.08% | ||
| Residue | 3.68 | |||||
| Dividends | 100.52 | |||||
| Total | 6000 | 6246.28 | 4.10% | |||
| Transactions in the month: | ||||||
| Invesco Perp. High Income | N/A | |||||
| Edin. Inv. Trust | N/A | |||||
| 3 Picks | ||||||
| Vodafone | 01/08/2012 | Div | 77.06 | |||
And how does the chart look?
 |
| Click to enlarge, close to return. |
So 2 of the 3 options fell back in the month but the Invesco Perpetual High Income fund did move ahead to show a 2.62% gain from 2.02% seen at the end of July.
As mentioned previously one of my grumbles with this fund is its often odd movement despite the market's apparent guiding direction.
Some of this can be explained simply by the delay in unit pricing which often takes place the following day. But even that doesn't seem to explain it all.
Regardless the fund was the only one to make further progress during August which keeps things interesting as the trial slowly develops.
Looking forward I might add a "relative" line to the chart for the FTSE's performance as a basis for understanding just how "defensive" these options really are.
Earlier related posts:
- July 2012: Following Woodford update.
- June 2012: Portfolio Update.
- July 2012: Following Woodford update.
- June 2012: Portfolio Update.
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