My portfolio performance – a nice rise through the Covid crisis

Following a strict value investing approach I sold a lot of shares before and during the first Covid wave (I recommend investors read The Economist if you want to make educated guesses about the future – it was telling me about Covid in China very early in 2020). The pile of cash was useful later in 2020 and 2021.  The shares bought in the last year or so have, on average, risen by over 52%. I’ve been fortunate.
A list of all the shares I bought in the crisis
(newsletters published at the time of each purchase set out my rationale for buying)
CompanyPurchase date Purchase price Divs to 30 June 2021 Price 30 June 2021 Return to 30 June 2021
Smiths News (Connect Group)18.3.20 £0.151 zero £0.444 194%
Character5.6.20 £2.52 5p £6.85 174%
McCarthy & Stone1.10.20 £0.718 0 Sold Dec 2020 £1.185 65%
Capital & Counties Properties6.11.20 £1.032 0 £1.608 58%
Dewhurst “A”11.11.20 £5.94 9.25p £6.50 11%
MS International16.12.20 £1.292 1.75p £2.04 59%
Wynnstay29.12.20 £3.405 10p £4.84 45%
Lloyds Bank12.3.21 £0.4169 0.57p £0.468 14%
J Smart18.3.21 & 24.3.21 £1.253 0.95p £1.22 -2%
Fletcher KingFeb 2020 – May 2021 £0.3265 0.5p £0.36 12%
Orchard Funding7.6.21 £0.568 zero £0.59 4%
Caffyns22.6.21 £4.65 zero £4.00 -14%
AVERAGE        52%Longer run performance
Eight years ago that I resigned a tenured professorship to concentrate on investment.  Back then the FTSE 100 was around 6,600. It is now 7,100 – a slow rise. But there have been dividends of around 3-4% per year.
I believe the numbers in the tables below show that I have outperformed, which is quite a relief given the salary and security sacrifice I made eight years ago.
The tables display the results (so far) of all the shares bought for the portfolios I’ve been writing about in my Newsletters. The comments I made at the time explaining the rationale for each investment are available for you to read in older newsletters - there is nowhere for me to hide from my appraisals I made three, four or seven years ago – all the errors of omission and commission are there in broad daylight.
I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread.
(Some of you have joined us recently so, in case you are not familiar with them, I briefly describe the criteria for my portfolios following the portfolio performance tables.)
The 2013 Net Current Asset Value, NCAV, portfolio
 CompanyPurchase date Purchase price Divs to 30 June 2021 Price 30 June 2021 Return to 30 June 2021
French Con.25.7.13 £0.3047 zero Sold July 2015 £0.4378 44%
Caledonian T25.7.13 £0.70 zero Sold April 2020 for £1.391 99%
Fletcher King6.8.13 £0.30 14.25p Sold June 2016 for 46p 101%
Northamber22.8.13 £0.287 1.6p Sold Oct 2016 £0.303 11%
Titon5.9.13 £0.379 6.5p Sold May 2016 £1.06 197%
Mallett12.11.13 £0.7682 12.7p Sold Nov 2014 £0.60 -5%
AVERAGE             75%The 2014 NCAV portfolio
CompanyPurchase date Purchase price Divs to 30 June 2021 Price 30 June 2021 Return to 30 June 2021
Holders Tech10.10.14 & 3.11.14 £0.47 1p Sold March 2017 £0.33 -28%
Airea4.11.14 £0.1195 0.9p Sold Sept 2016 £0.309 166%
Northamber17.11.14 £0.4265 0.7p Sold Oct 2016 £0.303 -27%
Caledonian T30.12.14 £1.39 zero Sold April 2020 £1.391 0
AVERAGE        28%The 2015 NCAV portfolio
 CompanyPurchase date Purchase price Divs to 30 June 2021 Price 30 June 2021 Return to 30 June 2021
PV Crystalox15.1.15 £0.122 zero Sold Dec 2016 £0.237 94%
Arden Partners1.9.15 £0.422 1p Sold May 2018 £0.364 -11%
Northamber4.9.15 £0.443 0.4p Sold Dec 2016 £0.303 -31%
AVERAGE        17%The Buffett-style portfolio
This type of share is rarer than the others, and so I combine all years.
CompanyPurchase date Purchase price Divs to 30 June 2021 Price 30 June 2021 Return to 30 June 2021
 Dewhurst9.4.14 £3.18 70.5p Sold February 2020 £7.217 149%
MS International9.10.19 £1.723 5.25p £2.04 21%
Character20.1.20 & 5.6.20 £2.811 13p £6.85 148%
Dewhurst11.11.20 £5.94 9.25p £6.50 11%
MS International16.12.20 £1.292 1.75p £2.04 59%
AVERAGE        78%(I bought some more of Dewhurst in June 2014 at £3.11, December 2014 at £3.75, November 2017 at £5.46, February 2019 at £5.54 and April 2019 at £5.64. These were sold Feb 2020).
Modified price earnings ratio portfolio 2015/16
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