This page lists my holdings as of October 2023 and summarises my overall investing approach.
A quick overview
I’d like my portfolio to fund my retirement. I’m in the early stages of winding down but I suspect I will be working in some form for at least another decade. My plan is to stay fully invested after retirement, largely living off my portfolio’s income.
I would class my portfolio as slightly conservative but still capable of decent growth. I also want it to be fairly low maintenance, so I lean towards holdings that I can hopefully leave undisturbed for several years at least.
But I wouldn’t say I am completely wedded to any particular investing style and I expect to keep learning and adapt my portfolio accordingly as the years go by.
Going global… with some themes on the side
Based on these broad aims, most of my portfolio is in global investment trusts and funds.
For a little extra growth, I’m investing in a few themes that I like such as UK small-caps, technology, and biotech/healthcare. I’ve got a bit in infrastructure and renewables as well, to provide a little stability and income. I also have a position in a venture capital trust (VCT), but I tend to group that with my UK small-cap trusts as it largely invests in the same sort of companies, plus a very small amount in a crypto investment company that trades on the more lightly regulated Aquis Stock Exchange.
Overall, my investments are still somewhat weighted towards the UK. I reckon about 25% of my underlying holdings are UK-listed businesses, primarily through my small-cap and renewable/infrastructure positions, which is a lot higher than the 4% or so you’d get with a standard global tracker.
In addition to investment trusts, I also own an exchange-traded fund and a couple of open-ended funds. My wife and children also have some investments in global index trackers.
In terms of other assets, a decent chunk of my net worth consists of residential and commercial property. Therefore, I am not 100% exposed to equities. I also keep the usual ’emergency fund’ of cash to cover unexpected expenses. I don’t own any fixed-income securities (i.e. bonds and gilts) although given the rise in rates we’ve seen over the last year that may change in future.
I don’t trade very often, typically just a few times a year, and when I do it’s usually to top up a holding I already own. Part of my portfolio is held in taxable accounts so some of my trading is geared towards tidying up these positions, often selling them in a taxable account and repurchasing them within an ISA or SIPP.
Some folks like to trade their investment trusts a bit more actively, perhaps looking to take advantage of discount moves, but I don’t tend to play that game. I’m looking for long-term trends and strategies instead. As Charlie Munger famously said, “The first rule of compounding is never to interrupt it unnecessarily”.
In terms of position sizes, I don’t have any strict limits but I prefer to have no more than 20 separate holdings so that each investment can make a meaningful contribution and I can devote a reasonable amount of time each year to see how everything is progressing.
I tend to avoid market timing as most evidence I’ve come across seems to show it’s extremely hard to do successfully on a consistent basis. That means I’m usually fully invested and I reinvest dividends pretty soon after they are received.
I’ve written about my investing strategy in more detail, outlining what I am aiming to do and how I plan to do it. And you can find my portfolio reviews here, where I track my performance against global, 60/40, and UK index trackers plus an index of around 200 investment trusts.
None of the investments listed below, or anywhere else on this site, should be considered as buy, hold or sell recommendations. That’s also why I tend to avoid stating any specific position sizes.
Please note that I am not registered to give any kind of financial advice and what I think suits my investment purposes and my tolerance for risk may not be appropriate for anyone else.
As the saying goes, you should always do your own research.
I’ve organised my list of holdings into themes:
- Fundsmith Equity (Fund)
- JPMorgan Global Growth and Income (JGGI)
- Keystone Positive Change (KPC)
- Lindsell Train Global Equity (Fund)
- RIT Capital Partners (RCP)
- Smithson (SSON)
- Vanguard FTSE All-World ETF (VWRL)
- Bellevue Healthcare (BBH) — previously known as BB Healthcare
- International Biotechnology (IBT)
- Worldwide Healthcare (WWH)
- HgCapital (HGT) #
- KR1 (KR1) *
# Hg is a private equity trust but it’s very heavily weighted to technology so, purely for my own purposes, I’m treating it as a technology trust.
* KR1, an AQUIS-listed company that is invested in a few dozen crypto projects and often gets in at a very early stage, is a very small position for me and I regard it as primarily a learning experiment.
Trusts I have sold out of entirely in the last few years
- 2019 – City Of London Investment Trust (CTY)
- 2020 – Murray International (MYI) and Princess Private Equity (PEYS)
- 2021 – Caledonia (CLDN)
Outside of my personal portfolio, I also have a beneficial interest in Capital Gearing, Personal Assets, TR Property, RIT Capital Partners, and CT Global Managed Portfolio Income.
Please note that I may own some of the investments mentioned above -- you can see my current holdings on my portfolio page.
Nothing on this website should be regarded as a buy or sell recommendation as I'm just a random person writing a blog in his spare time and I am not authorised to give financial advice. Always do your own research and seek financial advice if necessary!
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