“Your personal portfolio - an update request. I would be most thankful if you would update your personal portfolio & what long term positions you still hold? After an absence I have rejoined FM and I find it difficult to work out where you are now. To me it is a feature I like and a good indicator of your views. Advance thanks”

David Fuller's view

Welcome back to the Fuller Treacy Money global strategy service. 

The short answer to your question is that I have not sold any positions in my unleveraged personal investment portfolio in recent years.  I remain fully invested and have also topped up positions by reinvesting accumulated dividends, mainly during market setbacks. 

I have mentioned on several occasions that I stopped reviewing my personal portfolio because it was never intended to be a ‘one size fits all’ strategy.  We all have different financial requirements, tolerances and expectations.  Consequently, we should all have portfolios that we feel comfortable with. 

However, both Eoin and I still report any buying or selling that we do on behalf of our own portfolios, as those transactions occur.  That includes a small amount of leveraged trading in addition to long-term investment positions.  

Any subscriber reading Comment of the Day and listening to the Audios will have a very clear idea of what Eoin and I like, in addition to personal positions.  I will also repeat what I said several months ago, regarding my three biggest positions.   Number 1 is the sterling-quoted JPMorgan Indian Investment Trust (JII LN), most of which I bought in 2003 and increased on some setbacks.  However, if / when I next add to my investment in India, preferably on a pullback, I will probably choose the smaller New India Investment Trust (NII LN) managed by Hugh Young of Aberdeen Asset Management.  It has underperformed since 2003 but outperformed in recent years, and currently sells at a discount to NAV of -8.437%, according to Bloomberg.  JII’s discount to NAV is larger at -11.176%.  Incidentally, I considered selling JII in 2013, until Narendra Modi threw his hat into the electoral ring.  Governance is Everything.

Number 2 is the US Dollar quoted Atlantis China Healthcare Fund (ATCHLTH ID) which I purchased at $1.049 in August 2010, when I sold out of the Atlantis New China Fortune Fund.  I am not happy about the expenses but it has been a good performer during China’s overall underperformance.

Number 3 is the sterling quoted Royal Dutch Shell B (RDSB LN) which I bought for income in June 2010 when it was dragged lower by BP’s disaster in the Gulf of Mexico.  I have increased this position on a number of occasions when the yield exceeded 5% during selloffs.  Royal Dutch Shell has a good record of increasing the dividend and currently yields 4.91%.  However, I am not sure how long that will continue now that oil prices have peaked.