My personal portfolio
Comment of the Day

February 08 2016

Commentary by David Fuller

My personal portfolio

Two long-term profits and a loss taken

David Fuller's view

This may surprise subscribers but I took an axe to my long-term equity portfolios this morning, selling the JPMorgan Indian Investment Trust (my biggest position for a number of years), the JPMorgan Chinese Investment Trust, and the JPMorgan Japanese Investment Trust.  Average prices, respectively, for JII, JMC and JFJ were 461p, 139.5p and 461p. 

With hindsight, I should have sold JII when it was very overextended in early 2015, although I probably would have picked it up again near 500p given my confidence in the Modi government.  JII was easily one of my most profitable investments, as I had been accumulating it on setbacks since 2003.  Similarly, the JPMorgan Chinese Investment Trust should have been sold when it was so overextended in April 2015, and I have taken a loss on this position at a time when it is also very oversold.  Lastly, I sold my JPMorgan Japanese Investment Trust at a profit, although I remain optimistic that Japan is in a secular bull market. 

So why the big sales, some of you may ask?  I remain wary of the top-heavy markets, not only because of valuation contractions in an uncertain environment, but also because of forced selling by many sovereign wealth funds.  Additionally, I have agreed to purchase a country house in the near future and stock market investments were my most readily available source of cash.  I am unlikely to be selling any further stock market investments during this bear market cycle.     

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