2012 portfolio review and lessons learnt

Wednesday, Jan 02 2013 by

Another good month for markets and the JIC portfolio. It seems a long time since Friday 25th May, when the portfolio was valued at £145,700, down 3.6% on the 1st January valuation. During December the JIC portfolio rose 4.2% to record a total return for 2012 of 21.2% compared to a monthly rise for the FTSE All Share Index (TR) of 0.8% and 12.1% for the year.

The main contributors during December were Findel +21%, Gable +17%, Agriterra +16%, Ashtead +12% and Synergy Health +11%. Gulf Keystone -9% and Telecity -8% were the only real drags on performance. Whilst I shouldn't really grumble about the total return for JIC of 21.2% for the year I feel I should have done a little better! To some extent JIC is diversified away from the UK with about 25% held in various investment trusts. Never the less, against the background of the FTSE Mid 250 Index and the FTSE Small Cap Index (ex Inv. Trusts) rising 23% and 32% respectively , two areas which I consider fertile hunting grounds, I should have been able to pick some better stocks.

The best returns so far: Quindell +148%, Halfords +69%, easyJet +54%, Igas 46% and Taylor Wimpey +38%. Main lessons from 2013. I am perfectly able to pick undervalued growth situations without having to resort to speculative oil exploration companies. Chariot Oil & Gas cost the portfolio £3,514 or just over 2% of my JIC starting capital. True, you can make extraordinary returns if these companies do strike oil, but if they don't....!

In 2010/11 I made good money out of three E&P stocks; Encore, Nautical and Cove but in all three cases I bought after they had made their initial discoveries and the risk was greatly reduced. I need to be more disciplined in implementing stop losses. In some cases, having cut a holding, the shares promptly bounce but that should be seen as water under the bridge. The real damage comes from watching a stock drop when it is clearly in a down trend. The best , (or worst), example was Cape where I had cut my losses for a very small loss ,(£-46) but then for some inexplicable reason tried to catch a falling knife, bought back in and eventually sold out a few profits warnings later for an overall loss of £3490 or 2% of JIC starting capital. I cut a…

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Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories. more »

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Agriterra Limited is an agriculture company. The Company is engaged in investment in, development of and operation of agricultural and associated civil engineering projects in Africa. The Company's operations are focused on maize and beef in Mozambique. It also has palm oil operations. The Company's segments include Grain and Beef. The Company operates its established maize buying and processing business from its Desenvolvimento E Comercializacao Agricola Limitada (DECA) facility in Chimoio, central Mozambique, which has a 35,000 ton storage capacity, and its 15,000 ton capacity Compagri Limitada (Compagri) facility in Tete, northwest Mozambique. In addition to maize flour, the Grain division produces maize bran as a by-product. In Mozambique, the Company operates its Beef division through Mozbife Limitada (Mozbife). Its subsidiaries include Agriterra (Mozambique) Limited, Agriterra Aviation (Pty) Limited and Agriterra East Africa Limited. more »

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About johnrosier


I manage my subscription website  www.JohnsInvestmentChronicle.com in which I show my portfolio and all transactions. I blog within an hour of trading, with an explanation, and send an alert email to all my subscribers. I do not pretend to have all the answers but I hope my portfolio, and the trades, provides food for thought as well as helping those who are new to managing their own portfolios.I think what I do is unique. There are plenty of tipsters out there who will remind you of the good ones and quietly forget the duffers; I do not have that luxury as the portfolio is there for all to see. I have to confront my mistakes and deal with them. A tipster also does not show how a tip fits into the context of an overall portfolio. My portfolio of up to 30 holdings has different holding sizes based on my conviction behind the stock and its risk. I set up www.JohnsInvestmentChronicle.com in January 2012. Prior to that :In September 1984, I left university with a degree in Zoology and started work in the City of London. Over the next twenty five years most of my time was spent managing UK equity portfolios with Fleming Investment Management and Henderson Global Investors, for company and local authority pension schemes as well as the reserve fund for a well known charity. During 2009 I left full time employment and decided to take time out to consider the next stage of my career. In the meantime I have been putting my years of experience to good use investing the family savings. I have thoroughly enjoyed the freedom of investing from home and despite some tricky periods during 2011 it has been a rewarding experience.  more »


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