February 2015: Portfolio Update.

New all time highs in February, for both myself and the FTSE100, with both indexes managing 2.92% gains in the month.
A reasonable month for dividends with payments received from Vodafone, Banco Santander, Verizon, Apple, Imperial Tobacco, and IG.
However, it was disappointing to see a significant fall of 17% in a significant utility, Centrica, which as the old British Gas has around 50% of the UK market.
And, despite their use as a cheap political shot across the bows, aren't utilities supposed to be safe?

It has been a long term holding, but I have to say that, even accounting for dividends, Centrica has been hugely disappointing as an investment, and it will need to significantly improve its prospects following this dividend cut.
Curious to see 2 elements of the old British Gas: BG Group; and Centrica, now in the dog house of my portfolio, and in danger of being culled.

Merchant Adventurer's Index
			Forecast	1 month	YTD	50 mth
	Price	% holding	Div. yield	% gain	% gain	% gain
R-R	949.00p	23.75%	2.51%	6.51%	9.08%	44.56%
Aviva	539.00p	13.49%	3.85%	2.08%	11.25%	48.98%
National Grid	887.00p	13.48%	5.04%	-5.24%	-3.39%	60.40%
BP	448.00p	9.64%	5.78%	5.66%	9.00%	5.87%
Apple **	$128.46	8.99%	1.32%	6.99%	17.50%	128.55%
IG Group	731.00p	4.54%	4.34%	0.69%	1.67%	53.18%
Imperial Tobacco	3193.00p	3.10%	4.47%	2.21%	12.59%	41.34%
William Hill	378.00p	2.97%	3.40%	0.27%	4.28%	105.24%
BAT	3782.00p	2.48%	4.04%	0.80%	8.06%	12.75%
Vodafone	224.00p	2.12%	5.25%	-4.68%	0.61%	-11.22%
Microsoft **	$43.85	2.02%	4.24%	5.91%	-4.69%	58.66%
Banco Santander	475.00p	1.92%	2.83%	5.56%	-12.76%	-12.96%
General Electric **	$25.99	1.89%	3.02%	6.15%	3.84%	72.13%
BAE Systems	533.00p	1.84%	3.92%	4.92%	12.92%	61.52%
Barrat Dev.	516.00p	1.59%	4.39%	12.66%	9.55%	44.35%
SSE	1573.00p	1.50%	5.85%	-2.24%	-3.02%	28.41%
Verizon **	3204.43p	1.45%	3.78%	5.60%	6.76%	15.46%
Centrica	244.00p	1.06%	5.80%	-17.01%	-12.54%	-26.42%
BG Group	958.00p	0.97%	2.05%	8.00%	10.75%	-26.08%
Cash		1.22%	0.00%
		100.00%	3.68%
				1 month	YTD	50 mth
Virtual Portfolio gain (incl. Dividends)
- 1 month gain  2161.51 -	2235.05			2.92%
- YTD gain        1644.62 -	2235.05				6.93%
- 50 month gain 1264.20 -	2235.05					76.79%
- 62 month gain 1000.00 -	2235.05					123.50%
FTSE gain (excl. Dividends)
- 1 month gain  6749.40 -	6946.66			2.92%
- YTD gain        5897.81 -	6946.66				5.80%
- 50 month gain 5971.01 -	6946.66					16.34%
- 62 month gain 5412.88 -	6946.66					28.34%
Transactions:
04/02/2015	Div	Vodaphone @ 3.60p per share
06/02/2015	Div	Banco Santander @ 8.70p per share
06/02/2015	Div	Verizon @ 30.98p per share
16/02/2015	Div	Apple @ 25.53p per share
17/02/2015	Div	Imp.Tobacco @ 89.30p per share
27/02/2015	Div	IG Group @ 5.75p per share
Notes:
*     US Dividends are adjusted for exchange rate and 15% withholding tax
**   Sterling : Dollar exchange rate = £1: $1.5438 as at 28/02/15
***  Banco Dividends are adjusted for exchange rate and 21% withholding tax
**** Sterling : Euro exchange rate = £1: $1.37889 as at 28/02/15

So, new all time highs make for a satisfying chart! 
Fingers crossed I will be extending the height of the scales again soon.

Click to enlarge, close to return.

OK so 2015 has started well, which seems a little curious given the unknown future for Greece within Europe, and for different reasons, Britain's future in Europe. A Grexit and a Brexit?
More imminently, the dangers of a hung parliament or Labour majority in the upcoming General Election will, I'm sure, create turbulence across the UK economy, until the unknowns become answered.

Either way, I've never been one to guess or try to reposition my portfolio one way or another. Individual opportunities but not the whole. And inevitably, once the dust has settled, we might be asking ourselves what the fuss was all about?

Previous Posts:
- January 2015: Portfolio Update.
- December 2014: Portfolio Update.

January 2015: Portfolio Update.

Well, well, 2015 it is, and the first update of the year has heralded a new high for my portfolio after treading water for the whole of 2014.
A 3.89% gain in the month was enough to push past the previous high seen on the 31 December 2013, helped by the dividends from National Grid, Rolls-Royce, and a lesser one from GE.
Some satisfying capital gains came from Imperial Tobacco, Apple, Aviva, and BAT, which were offset by a -10.01 fall in Microsoft (following disappointing financials), and Banco Santander (following a hatchet job and about turn on its dividend policy).

3.89% bettered the FTSE100's 2.79%, and since inception the reinvestment of dividends has helped my portfolio advance almost 5 times as much as the FTSE100.

Merchant Adventurer's Index
			Forecast	1 month	YTD	49 mth
	Price	% holding	Div. yield	% gain	% gain	% gain
R-R	891.00p	22.95%	2.72%	2.41%	2.41%	35.72%
National Grid	936.00p	14.64%	4.65%	1.95%	1.95%	69.26%
Aviva	528.00p	13.60%	3.73%	8.98%	8.98%	45.94%
BP	424.00p	9.39%	6.08%	3.16%	3.16%	0.20%
Apple **	$117.16	8.64%	1.45%	9.82%	9.82%	113.63%
Vodafone	235.00p	2.29%	4.78%	5.55%	5.55%	-6.86%
Verizon **	3034.49p	1.41%	4.12%	1.10%	1.10%	9.34%
IG Group	726.00p	4.64%	3.99%	0.97%	0.97%	52.14%
William Hill	377.00p	3.05%	3.43%	4.00%	4.00%	104.70%
Imperial Tobacco	3124.00p	3.12%	4.51%	10.16%	10.16%	38.29%
BAT	3752.00p	2.53%	4.13%	7.20%	7.20%	11.86%
General Electric **	$23.89	1.83%	3.12%	-2.18%	-2.18%	62.15%
Microsoft **	$40.40	1.96%	2.52%	-10.01%	-10.01%	49.81%
BAE Systems	508.00p	1.80%	4.08%	7.63%	7.63%	53.94%
Centrica	294.00p	1.31%	4.81%	5.38%	5.38%	-11.34%
SSE	1609.00p	1.58%	5.54%	-0.80%	-0.80%	31.35%
BG Group	887.00p	0.92%	2.31%	2.54%	2.54%	-31.56%
Barrat Dev.	458.00p	1.45%	3.10%	-2.76%	-2.76%	28.12%
Banco Santander	450.00p	1.87%	3.09%	-17.36%	-17.36%	-17.54%
Cash		0.99%	0.00%
		100.00%	3.66%
				1 Month	YTD	49 mth
Virtual Portfolio gain (incl. Dividends)
- 1 month gain   2090.17-	2161.51			3.89%
- YTD gain         2090.17-	2161.51				3.89%
- 49 month gain 1264.20 -	2161.51					71.77%
- 61 month gain 1000.00 -	2161.51					117.15%
FTSE gain (excl. Dividends)
- 1 month gain   6566.09 -	6749.40			2.79%
- YTD gain        6566.09 -	6749.40				2.79%
- 49 month gain 5971.01 -	6749.40					13.04%
- 61 month gain 5412.88 -	6749.40					24.69%
Transactions:
06/01/2015	Div	Rolls-Royce @ 9p per share
09/01/2015	Div	National Grid @ 14.71p per share
29/01/2015	Div	GE @ 22c per share
Notes:
*     US Dividends are adjusted for exchange rate and 15% withholding tax
**   Sterling : Dollar exchange rate = £1: $1.50635 as at 31/01/15
***  Banco Dividends are adjusted for exchange rate and 21% withholding tax
**** Sterling : Euro exchange rate = £1: $1.33498 as at 31/01/15

Chartwise, I have again extended the scale to show the new high.

Click to enlarge, close to return.

The new high obviously gives me a little boost and encouragement after a disappointing 2014, and against a troubled global and political backdrop, is a nice way to start the year.
I think I do need to sit down and review the merits of each though.
A series of dividend cuts has been disappointing and, as with my exit from supermarkets last year, I still have a number of long term holdings that remain disappointing.
Strange that 2 of them, BG and Centrica, are both elements of the old British Gas, the last element being National Grid.
William Hill has also struggled to return to its ebullient highs, and then there is IG which I hope can maintain/consolidate its current highs.
Banco Santander is under review, after an about turn on its dividend policy, the very reason I had watched but eventually bought it for.
And finally, despite its contribution, I am still little uncomfortable holding tobacco stocks. 
My final reasoning being that successive Governments have little will to back up the health message, given the tax cash cow that tobacco revenue contributes to its coffers.
However, I am still not comfortable with it.

Those concerns aside, it has been an encouraging start to the year, but with UK elections in 2015, the road could be a winding one, with the added concern over Europe in addition to the political footballs of energy, tobacco, and austerity.

NB. 04 March 15. Amended by the addition of previously omitted dividends from R-R and National Grid which has improved overall gains and amended the individual holdings as a proportion of the overall portfolio.

Previous Posts:
- December 2014: Portfolio Update.

February 2014: Portfolio Update

Okay, so its been sometime and I have a little catching up to do with changes, movements etc.

February was notable for the execution of the Vodafone rights issue with the new share distribution, Verizon shares, and special dividend to follow next month.

The regular Vodafone dividend was received along with dividends from Apple, IG and a nice first contribution from Imperial Tobacco.

Quite a significant pullback can be seen in my portfolio following the disappointment in Rolls-Royce seen in January's, and my portfolio has now shown a two months decline of 5.6% year to date v. the FTSE 100's steadier performance.

Representing 29.77% of my portfolio Rolls-Royce has contributed significantly over the last few years and I have actually taken the recent fall as an opportunity to add a few more shares to the mix.

Supermarkets also continue to underperform and I am now seriously considering the paradigm shift towards discounters and convenience stores that analysts are proclaiming.

My view has always been that this shift would reverse as the economy improves so it is a test of my nerves.

Merchant Adventurer's Index
			Forecast	1 month	YTD	38 mth
	Price	% holding	Div. yield	% gain	% gain	% gain
R-R	999.00p	29.77%	2.32%	-14.70%	-20.18%	52.18%
National Grid	834.50p	15.11%	5.09%	5.77%	5.90%	50.90%
Aviva	473.60p	11.44%	3.39%	6.43%	5.31%	40.17%
BP	504.40p	6.04%	4.79%	5.52%	3.35%	11.34%
Apple **	$526.19	5.77%	2.09%	3.20%	-7.53%	23.30%
Vodafone	252.30p	5.21%	4.34%	11.15%	6.46%	33.27%
IG Group	633.00p	4.68%	3.74%	1.12%	2.76%	32.65%
William Hill	397.60p	3.73%	3.19%	19.76%	-1.07%	115.88%
Imperial Tobacco	2437.00p	2.81%	5.22%	9.63%	4.23%	7.88%
BAT	3250.00p	2.54%	4.53%	11.45%	0.37%	-3.11%
General Electric **	$25.47	2.04%	2.58%	-0.49%	-10.40%	55.52%
Microsoft **	$38.31	1.94%	2.32%	-0.60%	0.93%	27.80%
BAE Systems	410.90p	1.69%	5.01%	-4.22%	-5.54%	24.52%
Centrica	319.00p	1.65%	5.54%	2.57%	-8.25%	-3.80%
SSE	1403.00p	1.59%	6.25%	7.35%	2.41%	14.53%
Morrisons	235.30p	1.22%	5.47%	-1.96%	-9.85%	-12.07%
BG Group	1088.50p	1.31%	1.70%	6.51%	-16.11%	-16.01%
Tesco	329.20p	1.08%	4.48%	2.87%	-1.54%	-17.48%
Cash		0.39%	0.00%
		100.00%	3.55%
				1 Month	YTD	38 mth
Virtual Portfolio gain (incl. Dividends)
- 1 month gain   2040.58 -	2019.42			-1.04%
- YTD gain         1644.62 -	2019.42				-5.60%
- 38 month gain 1264.20 -	2019.42					59.74%
- 50 month gain 1000.00 -	2019.42					101.94%
FTSE gain (excl. Dividends)
- 1 month gain   6510.44 -	6809.7			4.60%
- YTD gain         5897.81 -	6809.7				0.90%
- 38 month gain 5971.01 -	6809.7					14.05%
- 50 month gain 5412.88 -	6809.7					25.81%
Transactions:
06/02/2014	Div	Vodaphone @ 3.53p per share
17/02/2014	Div	Imp.Tobacco @ 81.2p per share
17/02/2014	Div	Apple @ 152.82p per share
19/02/2014	Buy	Rolls-Royce @ 1006.02p
24/02/2014	Sell	Vodafone @ 252.3p
24/02/2014	Buy	Vodafone @ 252.3p
24/02/2014	Buy	Verizon @ $46.23 / £27.61
25/02/2014	Div	IG Group @ 5.75p per share
Notes:
*     US Dividends are adjusted for exchange rate and 15% withholding tax
**   Sterling : Dollar exchange rate = £1: $1.67448 as at 28/02/14

Disappointing to see the chart given the pullback in my portfolio.

Click to enlarge, close to return

So a disappointing start to the year and quite a few concerns that I need to keep an eye on.