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TJH Portfolio adjustment

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tjh290633
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Re: TJH Portfolio adjustment

#473171

Postby tjh290633 » January 14th, 2022, 7:48 pm

moorfield wrote:
tjh290633 wrote: Looks like late March when accumulated dividends will allow topping up, but much can change along the way.


Apologies I'm sure this has been asked before - can you remind us what your accumulated dividends threshold is for topping up ?

I like to get up to 20% of the existing value of the share to be topped up. That, of course, varies from share to share. Once upon a time that was about £1,000 but it has crept up considerably. The objective is to minimise the transaction charges, of course.

TJH

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Re: TJH Portfolio adjustment

#473172

Postby tjh290633 » January 14th, 2022, 7:52 pm

monabri wrote:
tjh290633 wrote:Noticeable how ULVR and RKT are very depressed.
TJH


This years sinners, next year winners?

Very probably in my opinion.

TJH

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Re: TJH Portfolio adjustment

#473210

Postby csearle » January 15th, 2022, 1:29 am

moorfield wrote:Apologies I'm sure this has been asked before - can you remind us what your accumulated dividends threshold is for topping up ?
I do appreciate you were asking for Terry's threshold but I'd like also to draw users' attention to Gengulphus's formula in this regard.

Chris

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Re: TJH Portfolio adjustment

#482719

Postby tjh290633 » February 25th, 2022, 11:39 am

South32 had got very close to its trimming point last night, so I decided to trim it back by almost 25% this morning and reinvest the proceeds into IMB and TW., IMB having been reprieved by RIO's large dividend announcement and so those two were the top eleigible shares in my top-up table. S32 was sold at about 249p while I bought 20% more of IMB at about 1655p and 20% more of TW. at about 142p. My top-up table now looks like this:

Top-up          Income                     Cost                
Rank EPIC Rank EPIC % Income Rank Epic % Cost
1 RIO* 1 RIO 8.17% 1 IGG 4.66%
2 ADM* 2 BHP 7.58% 2 BP. 4.53%
3 IMB* 3 ADM 5.07% 3 BT.A 4.37%
4 LLOY 4 IMB 4.87% 4 AV. 4.37%
5 PHP 5 BATS 4.71% 5 VOD 4.11%
6 LGEN 6 LGEN 4.19% 6 PSON 4.07%
7 TW. 7 VOD 3.96% 7 SHEL 4.06%
8 ULVR 8 AV. 3.86% 8 LLOY 4.02%
9 SMDS 9 IGG 3.72% 9 MARS 3.98%
10 SSE 10 TW. 3.59% 10 MKS 3.67%
11 TATE 11 NG. 3.39% 11 GSK 3.51%
12 RKT 12 SSE 3.25% 12 PHP 3.48%
13 BATS* 13 BP. 3.24% 13 IMB 3.42%
14 IGG+ 14 S32 2.98% 14 TSCO 3.37%
15 PSON 15 BA. 2.88% 15 BATS 3.34%
16 VOD 16 BT.A 2.76% 16 BLND 3.31%
17 BLND 17 UU. 2.69% 17 BHP 3.21%
18 MKS# 18 TATE 2.46% 18 LGEN 3.12%
19 UU. 19 PHP 2.46% 19 SSE 2.99%
20 KGF 20 TSCO 2.20% 20 KGF 2.88%

As always, I disqualify any share which, if topped up by 20% would exceed either 5% of portfolio income(*) or 5% of portfolio cost(+). Accordingly the top 5 in the income rankings and the top 4 in cost rankings are disqualified. IMB regainsits disqualification as a result of the top-up, but LGENnow escapes, 4.40% being the cut-off point. Shares not paying a dividend(#) are also ruled out, i.e. MKS. The portfolio now looks like this:

Value                           
Rank EPIC Weight % Median
1 BHP 3.44% 119.4%
2 BP. 3.42% 118.5%
3 AV. 3.40% 117.8%
4 DGE 3.34% 116.0%
5 BA. 3.33% 115.5%
6 NG. 3.33% 115.4%
7 SHEL 3.32% 115.1%
8 S32 3.28% 113.7%
9 IMI 3.26% 113.1%
10 BATS 3.22% 111.6%
11 BT.A 3.18% 110.3%
12 VOD 3.12% 108.3%
13 TSCO 3.09% 107.3%
14 IGG 2.99% 103.7%
15 SGRO 2.95% 102.4%
16 GSK 2.95% 102.3%
17 UU. 2.90% 100.4%
18 SSE 2.89% 100.1%
19 LGEN 2.88% 99.9%
20 TW. 2.83% 98.1%
21 RIO 2.73% 94.7%
22 ADM 2.71% 94.0%
23 IMB 2.67% 92.5%
24 TATE 2.67% 92.5%
25 AZN 2.63% 91.3%
26 BLND 2.58% 89.4%
27 PSON 2.46% 85.2%
28 KGF 2.37% 82.3%
29 PHP 2.28% 79.1%
30 SMDS 2.16% 75.0%
31 CPG 2.05% 71.1%
32 ULVR 2.01% 69.7%
33 LLOY 2.00% 69.5%
34 MARS 1.99% 69.0%
35 RKT 1.90% 65.7%
36 MKS 1.67% 58.0%

S32 has fallen to 8th place, IMB has risen from 29th to 23rd and TW. has risen from 27th to 20th. LLOY and PHP are the next two in line for topping up. The change has been income beneficial.

TJH

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Re: TJH Portfolio adjustment

#482731

Postby Newroad » February 25th, 2022, 12:46 pm

Thanks, Terry.

If you already record it and not too difficult to do, I'd be interested in the dividend yield (don't mind whether trailing or forecast) for each of your portfolio constituents, in addition to the weight (which you already display)?

Regards, Newroad

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Re: TJH Portfolio adjustment

#482737

Postby monabri » February 25th, 2022, 1:27 pm

Newroad wrote:Thanks, Terry.

If you already record it and not too difficult to do, I'd be interested in the dividend yield (don't mind whether trailing or forecast) for each of your portfolio constituents, in addition to the weight (which you already display)?

Regards, Newroad


You can find out yields on individual FTSE350 shares and ITs quite readily.

https://www.dividenddata.co.uk/dividend ... &order=#AV.

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Re: TJH Portfolio adjustment

#482739

Postby Newroad » February 25th, 2022, 1:30 pm

Understood, Monabri.

It was for collective ease (only if Terry already had it in a readily accessible form).

Regards, Newroad

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Re: TJH Portfolio adjustment

#482790

Postby tjh290633 » February 25th, 2022, 5:29 pm

Newroad wrote:Thanks, Terry.

If you already record it and not too difficult to do, I'd be interested in the dividend yield (don't mind whether trailing or forecast) for each of your portfolio constituents, in addition to the weight (which you already display)?

Regards, Newroad

Not a problem, Newroad. This based on dividends declared (or promised).

Rank   EPIC   Yield 
1 RIO 14.76%
2 BHP 10.32%
3 ADM 8.34%
4 IMB 8.26%
5 BATS 6.51%
6 LGEN 6.34%
7 TW. 5.76%
8 VOD 5.69%
9 IGG 5.61%
10 AV. 5.04%
11 SSE 4.90%
12 PHP 4.84%
13 NG. 4.49%
14 BP. 4.18%
15 TATE 4.13%
16 UU. 4.12%
17 S32 4.08%
18 LLOY 4.03%
19 BT.A 3.92%
20 ULVR 3.91%
21 BA. 3.84%
22 SMDS 3.65%
23 SHEL 3.27%
24 GSK 3.26%
25 BLND 3.20%
26 TSCO 3.19%
27 KGF 3.10%
28 PSON 3.05%
29 RKT 2.76%
30 AZN 2.34%
31 DGE 1.99%
32 SGRO 1.89%
33 IMI 1.57%
34 CPG 0.82%
35 MKS 0.00%
36 MARS 0.00%

The portfolio yield is 4.46%, by the way.

TJH

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Re: TJH Portfolio adjustment

#482808

Postby Newroad » February 25th, 2022, 8:02 pm

Very kind, Terry :)

As you know, I typically don't agree with your chosen frame of reference - and hence your take on how relatively successful the approach has or hasn't been. I do think that the immediate future is likely to be a good period for your approach, for what it's worth.

However, given the above starting perception differences, I think your approach is admirable at most and perhaps all levels. It is for that reason that I am keeping an eye on it - both with a view to being open minded and learning in general, with a non-trivial chance I may emulate aspects of it in some form at the point of my own retirement.

Knowing the dividend yields allows me to more easily consider the present as a theoretic starting point.

Regards, Newroad

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Re: TJH Portfolio adjustment

#482895

Postby tjh290633 » February 26th, 2022, 10:52 am

Newroad wrote:Very kind, Terry :)

As you know, I typically don't agree with your chosen frame of reference - and hence your take on how relatively successful the approach has or hasn't been. I do think that the immediate future is likely to be a good period for your approach, for what it's worth.

However, given the above starting perception differences, I think your approach is admirable at most and perhaps all levels. It is for that reason that I am keeping an eye on it - both with a view to being open minded and learning in general, with a non-trivial chance I may emulate aspects of it in some form at the point of my own retirement.

Knowing the dividend yields allows me to more easily consider the present as a theoretic starting point.

Regards, Newroad

Glad to hear that you are finding your own route in investing. I do not claim that my approach is the best or only approach to adopt. As you know, my intention is to maximise my investment income, and others aim to maximise total return or capital growth. Sometimes my method delivers both of those, but it depends on how much is being reinvested and where.

I wish you the best of luck along your investment pathway. I have made mistakes at times and so, no doubt, will you. Learn from them but do not be discouraged.

TJH

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Re: TJH Portfolio adjustment

#483493

Postby tjh290633 » March 1st, 2022, 9:46 am

The gyrations of the last few days had propelled LLOY to the top of my eligible top-up shares, and I had sufficient accumulated cash to top it up by 20% at 48.7p, cum-dividend. That moved it up from its lowly 32nd place to 28th in the rankings by weight. It also takes it above 4.4% share of portfolio cost, so becomes ineligible for further top-up. The top-up table now looks like this:

Top-up          Income                     Cost                
Rank EPIC Rank EPIC % Income Rank Epic % Cost
1 IMB* 1 RIO 8.31% 1 IGG 4.64%
2 RIO* 2 BHP 7.17% 2 BP. 4.51%
3 ADM* 3 ADM 5.05% 3 LLOY 4.43%
4 PHP 4 IMB 4.86% 4 BT.A 4.35%
5 LGEN 5 BATS 4.70% 5 AV. 4.35%
6 ULVR 6 LGEN 4.18% 6 VOD 4.09%
7 LLOY+ 7 VOD 3.95% 7 PSON 4.06%
8 TW. 8 AV. 3.85% 8 SHEL 4.04%
9 SMDS 9 IGG 3.72% 9 MARS 3.96%
10 TATE 10 TW. 3.58% 10 MKS 3.65%
11 IGG+ 11 NG. 3.38% 11 GSK 3.49%
12 RKT 12 SSE 3.24% 12 PHP 3.47%
13 VOD 13 BP. 3.23% 13 IMB 3.40%
14 BATS* 14 S32 2.97% 14 TSCO 3.35%
15 SSE 15 BA. 2.87% 15 BATS 3.33%
16 KGF 16 BT.A 2.76% 16 BLND 3.30%
17 MKS# 17 UU. 2.68% 17 BHP 3.20%
18 BLND 18 TATE 2.45% 18 LGEN 3.11%
19 BHP* 19 PHP 2.45% 19 SSE 2.98%
20 PSON 20 SHEL 2.25% 20 KGF 2.86%

As always I disqualify any share which, if topped up by 20%, would exceed 5% of either share of income(*) or share of cost(+) and I also disqualify any share not currently paying dividends(#). That currently eliminates the top 5 in both income and cost rankings plus MKS. PHP now stands as the top eligible share.

The portfolio now looks like this:

Value                           
Rank EPIC Weight % Median
1 BA. 3.64% 125.8%
2 BHP 3.53% 122.2%
3 NG. 3.43% 118.6%
4 DGE 3.39% 117.2%
5 AV. 3.34% 115.8%
6 S32 3.29% 113.8%
7 BP. 3.28% 113.7%
8 SHEL 3.21% 111.1%
9 BATS 3.11% 107.7%
10 TSCO 3.07% 106.3%
11 IMI 3.05% 105.5%
12 VOD 3.02% 104.6%
13 BT.A 3.02% 104.6%
14 SGRO 2.99% 103.6%
15 SSE 2.98% 103.0%
16 IGG 2.97% 102.8%
17 UU. 2.94% 101.9%
18 GSK 2.90% 100.4%
19 LGEN 2.88% 99.6%
20 TW. 2.87% 99.5%
21 RIO 2.77% 95.9%
22 ADM 2.69% 93.2%
23 AZN 2.66% 92.1%
24 TATE 2.64% 91.2%
25 BLND 2.59% 89.5%
26 PSON 2.54% 88.0%
27 IMB 2.53% 87.6%
28 LLOY 2.41% 83.4%
29 KGF 2.37% 82.0%
30 PHP 2.26% 78.1%
31 SMDS 2.15% 74.5%
32 CPG 2.04% 70.5%
33 ULVR 1.99% 68.7%
34 MARS 1.95% 67.6%
35 RKT 1.87% 64.6%
36 MKS 1.62% 56.1%

Mean 2.78%

Note how yesterday's rise in BA. has propelled it to the top of the weight rankings.

TJH

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Re: TJH Portfolio adjustment

#483532

Postby daveh » March 1st, 2022, 12:40 pm

I've just done the same, transferred some cash in a few days ago and Lloyds is/was near the top of my HYPTUSS (2nd equal with S32*) VTY is top and may get a dollop of cash shortly.

Not sure about the HYTUSS yield quoted for S32 as its quoting 11% forward yield.

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Re: TJH Portfolio adjustment

#483557

Postby tjh290633 » March 1st, 2022, 3:03 pm

daveh wrote:I've just done the same, transferred some cash in a few days ago and Lloyds is/was near the top of my HYPTUSS (2nd equal with S32*) VTY is top and may get a dollop of cash shortly.

Not sure about the HYTUSS yield quoted for S32 as its quoting 11% forward yield.

I guess that they are assuming that the final will be twice the interim. I thought that it might be similar to the interim, but have not used that in my calculations.

TJH

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Re: TJH Portfolio adjustment

#490809

Postby tjh290633 » April 1st, 2022, 11:08 am

I have just added 20% to my holding of Kingfisher at 257.2p XD. This has raised it from 33rd to 28th in my weight ratings. It is still second in line for a further top-up, when funds are available. My top-up rankings now look like this:

Top-up          Income                     Cost                
Rank EPIC Rank EPIC % Income Rank Epic % Cost
1 ADM* 1 RIO 8.71% 1 IGG 4.65%
2 IMB* 2 BHP 7.82% 2 BP. 4.52%
3 RIO* 3 ADM 5.49% 3 LLOY 4.44%
4 TW. 4 IMB 4.67% 4 BT.A 4.36%
5 KGF 5 BATS 4.52% 5 AV. 4.36%
6 ULVR 6 LGEN 4.16% 6 VOD 4.10%
7 LGEN 7 AV. 3.82% 7 PSON 4.06%
8 LLOY+ 8 VOD 3.80% 8 SHEL 4.05%
9 PHP 9 IGG 3.57% 9 MARS 3.97%
10 SMDS 10 TW. 3.57% 10 MKS 3.66%
11 VOD 11 NG. 3.25% 11 GSK 3.50%
12 BATS* 12 BP. 3.13% 12 PHP 3.47%
13 TATE 13 SSE 3.12% 13 IMB 3.41%
14 RKT 14 S32 2.90% 14 TSCO 3.36%
15 MKS# 15 BA. 2.76% 15 BATS 3.33%
16 SSE 16 BT.A 2.65% 16 BLND 3.31%
17 IGG+ 17 UU. 2.58% 17 BHP 3.21%
18 CPG 18 KGF 2.50% 18 LGEN 3.12%
19 BHP* 19 TATE 2.36% 19 SSE 2.98%
20 BLND 20 PHP 2.36% 20 KGF 2.70%

As always I disqualify any share which, if topped up by 20% would exceed 5% of share of income (*) or share of portfolio cost (+). I also exclude any share not currently paying a dividend (#). This means that currently TW. is next in line for a top-up, followed by KGF again and then ULVR. However this is a dynamic situation and things can change.

My portfolio now looks like this:

Value                           
Rank EPIC Weight % Median
1 BHP 4.08% 141.7%
2 S32 3.63% 126.0%
3 BA. 3.58% 124.2%
4 AV. 3.55% 123.4%
5 NG. 3.51% 121.7%
6 DGE 3.47% 120.3%
7 SHEL 3.39% 117.6%
8 BP. 3.35% 116.2%
9 IGG 3.07% 106.7%
10 SGRO 3.06% 106.1%
11 GSK 3.05% 106.0%
12 UU. 3.04% 105.5%
13 SSE 3.01% 104.6%
14 BATS 3.01% 104.5%
15 AZN 2.94% 102.0%
16 BT.A 2.92% 101.3%
17 PSON 2.91% 100.9%
18 TSCO 2.89% 100.3%
19 RIO 2.87% 99.7%
20 VOD 2.83% 98.4%
21 IMI 2.80% 97.3%
22 LGEN 2.79% 96.7%
23 BLND 2.56% 88.8%
24 TATE 2.53% 87.8%
25 TW. 2.47% 85.6%
26 IMB 2.46% 85.3%
27 PHP 2.44% 84.7%
28 KGF 2.36% 81.8%
29 LLOY 2.30% 79.8%
30 ADM 2.29% 79.4%
31 MARS 2.01% 69.8%
32 SMDS 1.99% 69.0%
33 CPG 1.96% 68.0%
34 ULVR 1.81% 62.8%
35 RKT 1.70% 59.0%
36 MKS 1.42% 49.2%

Mean 2.78%

BHP is expected to split off Woodside Petroleum in the next few months.

TJH

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Re: TJH Portfolio adjustment

#490923

Postby csearle » April 1st, 2022, 8:22 pm

Remind me please Terry, how low does the dividend yield of one of your portfolio constituents have to go before you start eyeing it askance?

Chris

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Re: TJH Portfolio adjustment

#490945

Postby tjh290633 » April 1st, 2022, 10:54 pm

csearle wrote:Remind me please Terry, how low does the dividend yield of one of your portfolio constituents have to go before you start eyeing it askance?

Chris

Usually half that of the FTSE100, or about 2%. I'm being tolerant at the moment. Her are my yields:

Rank   EPIC   Yield 
1 RIO 13.44%
2 ADM 10.91%
3 IMB 8.58%
4 BHP 8.50%
5 LGEN 6.80%
6 BATS 6.75%
7 TW. 6.54%
8 VOD 6.01%
9 IGG 5.28%
10 AV. 4.96%
11 KGF 4.80%
12 SSE 4.74%
13 PHP 4.37%
14 TATE 4.25%
15 NG. 4.25%
16 LLOY 4.22%
17 BP. 4.20%
18 ULVR 4.16%
19 BT.A 4.09%
20 SMDS 4.03%
21 UU. 3.86%
22 BA. 3.52%
23 S32 3.51%
24 TSCO 3.28%
25 BLND 3.23%
26 SHEL 3.11%
27 GSK 3.08%
28 RKT 2.91%
29 PSON 2.77%
30 AZN 2.09%
31 DGE 1.91%
32 SGRO 1.80%
33 IMI 1.75%
34 CPG 0.88%
35 MKS 0.00%
36 MARS 0.00%

MKS expected to resume next year, and kept because of last year's capital performance, but disappointing so far this year. Marstons kept for Banks's but might be on borrowed time.

My record of share growth so far this year is:

Epic     Change    Yield 
S32 38.71% 1.81%
BHP 37.26% 3.20%
SHEL 30.61% 2.99%
BA. 29.83% 3.50%
RIO 27.25% 3.63%
PSON 20.84% 2.73%
BATS 18.02% 6.82%
AZN 16.11% 2.07%
BP. 14.66% 4.24%
VOD 12.60% 6.08%
TATE 10.34% 4.23%
NG. 9.74% 4.21%
BT.A 8.40% 4.12%
AV. 8.33% 4.88%
MARS 6.17% 0.00%
SSE 5.06% 4.70%
GSK 3.11% 3.10%
UU. 3.03% 3.85%
IGG 0.62% 5.27%
IMB 0.28% 8.64%
LLOY -0.86% 4.25%
BLND -1.13% 8.70%
PHP -1.65% 4.38%
CPG -3.33% 0.85%
TSCO -3.76% 3.32%
DGE -4.11% 1.91%
RKT -5.23% 13.75%
SGRO -5.95% 3.13%
LGEN -8.84% 6.78%
ULVR -11.09% 4.23%
SMDS -16.62% 4.00%
ADM -18.97% 10.89%
IMI -21.77% 1.74%
KGF -23.71% 4.82%
TW. -25.21% 6.56%
MKS -31.74% 0.00%
Av.Chg 3.25% 4.43%

No prizes for guessing the top 5 in that list.

TJH

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Re: TJH Portfolio adjustment

#490962

Postby csearle » April 1st, 2022, 11:31 pm

tjh290633 wrote:Usually half that of the FTSE100, or about 2%. I'm being tolerant at the moment.
Thank you. My boy was asking vis-à-vis his AstraZeneca holding. My AZN holding is at about 133% median and I've not even considered selling. In fact I've been quite relaxed about keeping CoVid-related cutters where I feel I can see a direct correlation, so a dividend payer like AZN is still easily hanging on near the centre of my investing merry-go-round. C.

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Re: TJH Portfolio adjustment

#490992

Postby moorfield » April 2nd, 2022, 7:26 am

I sold my whole AZN holding yesterday, at over £100/share and less than half CTY yield. (The proceeds are being recycled into higher yield ITs, something I have been contemplating doing for a while as I creep closer to early retirement age...)

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Re: TJH Portfolio adjustment

#491056

Postby Newroad » April 2nd, 2022, 11:52 am

Hi Terry.

Re

    "As always I disqualify any share which, if topped up by 20% would exceed 5% of share of income (*) or share of portfolio cost (+)"

I'm fairly sure I understand the

    "... exceed 5% of share of income ..."

bit, but not sure I understand the definition of

    "... share of portfolio cost ..."

Here is where I earlier asked a related question: https://lemonfool.co.uk/viewtopic.php?f=56&t=33026&p=475559&hilit=newroad+tjh#p475945

    "Fundamentally you rank your holdings by weight, the lightest being 1 and the heaviest 36 in my case, then you rank them by yield, with the highest yield being 1 and the lowest 36 in my case. Add the rankings and rank them on that figure."

To expand slightly, I understand your weighting by yield goes directly into your "Income Rank" but I'm less sure if your weighting within the portfolio goes into your "Cost Rank".

Regards, Newroad

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Re: TJH Portfolio adjustment

#491059

Postby tjh290633 » April 2nd, 2022, 12:06 pm

Newroad wrote:not sure I understand the definition of

    "... share of portfolio cost ..."

Here is where I earlier asked a related question: https://lemonfool.co.uk/viewtopic.php?f=56&t=33026&p=475559&hilit=newroad+tjh#p475945

    "Fundamentally you rank your holdings by weight, the lightest being 1 and the heaviest 36 in my case, then you rank them by yield, with the highest yield being 1 and the lowest 36 in my case. Add the rankings and rank them on that figure."

To expand slightly, I understand your weighting by yield goes directly into your "Income Rank" but I'm less sure if your weighting within the portfolio goes into your "Cost Rank".

Regards, Newroad

Fundamentally, I add up what each share has cost, and limit the amount I invest so that no share exceed 5% of that total. Here is my portfolio ranked by cost:

Rank   Epic     % Cost
1 IGG 4.65%
2 BP. 4.52%
3 LLOY 4.44%
4 BT.A 4.36%
5 AV. 4.36%
6 VOD 4.10%
7 PSON 4.06%
8 SHEL 4.05%
9 MARS 3.97%
10 MKS 3.66%
11 GSK 3.50%
12 PHP 3.47%
13 IMB 3.41%
14 TSCO 3.36%
15 BATS 3.33%
16 BLND 3.31%
17 BHP 3.21%
18 LGEN 3.12%
19 SSE 2.98%
20 KGF 2.70%
21 TW. 2.63%
22 S32 2.58%
23 ADM 2.52%
24 UU. 2.38%
25 IMI 2.28%
26 TATE 1.80%
27 BA. 1.76%
28 RKT 1.70%
29 NG. 1.54%
30 ULVR 1.41%
31 SGRO 1.30%
32 RIO 1.14%
33 DGE 1.06%
34 SMDS 0.59%
35 AZN 0.47%
36 CPG 0.29%

Median 3.05%
Mean 2.78%

In the past I have had shares with negative costs, because so much cash has been returned to me, or I have top trimmed so much. None are currently in that state, and I always ignore the effect of trimming on cost, just carrying forward the cost adjusted by the numer of shares. Did I not, Compass would be very negative, for example. Back in 2008, IMB (IMT then) had a negative cost because of rights issues and returns of capital.

I started imposing the limit because I found that I was putting too much money in certain high-yielding shares, Mapeley in particular. When they did an Oozlum Bird performance, I was glad that I had done so.

Hope that explains my reasoning.

TJH


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