Registered:
28/01/13
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Real Name: Roland Head

Occupation: Blogger, Entrepreneur, Journalist, Private Investor

Interests: Bonds, Commodities, Economics, Emerging Markets, Gold, Interest Rates, Oil, Property, Stocks, US Market

Location: United Kingdom

Twitter: rolandhead

Fantasy Fund: Stock in Focus portfolio

About Me:

Private investor & writer on stock markets with a particular fondness for free cash flow, dividends and value, plus an interest in resource stocks.

In earlier life, I worked as an engineer in telecoms and IT. The quantitative, rule-based mindset required for this type of work is probably reflected in my investment style. 

Another factor that affects my investment choices is my experience working for a large telecoms company at the turn of the century, when tech stocks were booming. Watching this bubble inflate and then implode from the inside was very educational.


Investment Strategy
I trade... monthly
I tend to buy... according to my system
I hold for... years
Diversification is ... essential to reduce risk

I run two portfolios: the first is a fairly traditional mixed-cap value portfolio with a bias towards income stocks and contrarian picks. I look for asset plays and good businesses going cheap due to short-term pressures.

My second portfolio is the Stock in Focus Portfolio (SIF), which I run as a Stockopedia Fantasy Fund. I write a weekly column about this portfolio for Stockopedia.


Blog

Freelance financial writer, offering news, investment and opinion articles covering primarily UK stocks. Particular interests are dividend and value investing, plus the oil and gas industry. I have the CFA UK Investment Management Certificate (IMC).

Web Address: http://www.rolandhead.com

Address: North Yorkshire
UNITED KINGDOM

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Roland Head's Latest Blogs

In August I decided not to add pawnbroking and lending group H&T to the SIF portfolio. My reasoning was that it didn’t add much useful diversification. That may have been true. On the other hand, H&T might have added some much-needed profit to the portfolio! As often happens when I override my screening results, H&T shares have risen since the end of August, thanks to…

There are no new stocks to add to the SIF portfolio this week. So I’m going to take a look at the numbers behind a stock that’s grabbed a lot of headlines recently. It’s one that also features in my own portfolio. The market has become increasingly divided over the investment case for fashion retailer Next. Speaking personally, I bought shares during the first half…

It’s now been six weeks since I added a stock (Alliance Pharma) to the SIF portfolio. This is partly because I was away for two weeks. And a further two weeks were occupied by my month-end reviews. But through all of this I haven’t seen any stocks in my screening results that would have been suitable additions to the portfolio. The main problem is that…

It’s a big week this week. No fewer than four stocks are due for review and potential eviction from the SIF portfolio: Aviation services business Air PartnerHydraulic and pneumatic product distributor Flowtech FluidpowerRussian electricity producer RusHydro GroupRussian bank TCS Group HoldingA quick look at the Fantasy Fund page for the SIF portfolio suggests that the performance of these stocks has been pretty good, with one…

Taking a break from the stock market can be a useful reminder that for much of the time, successful investing is about patience. I’ve just taken a couple of weeks off, during which I’ve paid very little attention to the SIF portfolio or my personal shareholdings. As someone who follows the market quite closely, this neglect requires some adjustment. But as usual, reassuringly little has…



Roland Head's Latest Comments

Hi Sutherland, Thanks for suggesting Ramsdens Holdings (LON:RFX). One reason I won't buy it for SIF is that it doesn't qualify for my screen. But that aside, I do prefer H & T (LON:HAT) because of its larger size and market share, and also because of its stronger asset backing -- I see that Ramsdens is trading at around 2.5 times book value, compared to…

Hi Howard, Thanks for your comment. I haven't looked into these acquisitions in detail, but as a general rule I think that Vitec (LON:VTC) has made a success of acquisition-led growth. So I'm broadly supportive of further acquisitions, as long as they don't change the formula or overpay. As regards the director selling, it's a substantial sale but I'm not massively concerned in this case.…

The profit made by Next (LON:NXT) from credit customers is no left-wing rumour! It's broken out in the firm's results, or at least it was, until the FY17 results, when the breakdown of directory profits disappeared mysteriously...Here's the last such breakdown I've been able to find, from 1H17:Interest income is £105m for the half year. Given that full-year operating profit in 2016/17 was £827m, it…

Hi Michael, Thanks for your comment. Adding a time element to the rules for selling is an interesting suggestion that could help avoid selling a stock one week and finding that it qualifies for the screen again next week. I think it might be more appropriate for some rules than others, but it's definitely food for thought. Thanks! Roland

The point about cyclical P/E ratios is similar to that which applies to housebuilders. However, while housebuilders are reporting record profit margins, banks' profitability (e.g. return on equity) is still very low indeed. My belief is that further improvement in profitability is likely at some point. Rising interest rates is the most obvious example, but an end to misconduct costs could also have an impact.…

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