Back in April I mused on investment trends in a time of CV19 in Themes for a Long-Term Lockdowned Investor – and as we edgily approach a second set of restrictions before the winter has even started it seems like a good time to review how those musings have panned out.

On the whole, the approach has worked, I’m comfortably up YTD. Based on the expert consensus view from April onwards my working assumption has been that we’ll see restrictions of various kinds until at least next spring. That timeframe is important because it’s long enough to see permanent changes both in business and individual behaviour – in fact, I suspect we’re already at the point where we will never see a full return to the old normal. But if we're only half way through it's far too early to claim success.

Anyway, let’s look at the previously discussed investment themes and see how they've panned out. And add a couple of new ones.

Volatility

This covered mainly the spreadbetters - Ig Group (LON:IGG) , Cmc Markets (LON:CMCX) and Plus500 (LON:PLUS) (I hold the former two). These have, obviously, done well – CMC is particular is close to tripling from April’s lows. I still don’t like Plus500 – the hedging policy leads to really erratic returns. I also included Tp Icap (LON:TCAP) in this area which has gone nowhere much since its immediate post April crash recovery. It’s generally pretty cheap anyway and still looks a bit undervalued to me, but it usually does.

I can’t see any reason to move out of this area – with the US election, Brexit and more CV19 measures to come it’s highly likely we’ll see plenty of volatility in the coming months. I've also got a bunch of online brokerage stocks which sort of fit in this area. To cherrypick - Jarvis Securities (LON:JIM) has done exceptionally well and Finecobank has done OK. The others have been pretty flat, though, probably because deposits are earning the square root of b-all.

Cybersecurity

Well, d’oh.

Ncc (LON:NCC), L&G ISE CYBER SECURITY GO UCITS ETF (LON:ISPY) and Avast (LON:AVST) have all provided excellent returns of between…

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