Here's a brief belated update to the start of August rather than the end of July as I was away on a short break at the end of the month. It was another good month for the CIS Portfolio which was up by 4.9% versus the 1.8% for the FTSE All Share Total Return index. This leaves it up 24.2% YTD & 50.3% since inception or 19.2% per annum on an annualised basis. These figures are all ahead of the various UK indices as per the graph above, but then everyone is probably having a wonderful time swimming in the warm waters of this on going bull market aren't they? Mind you as dear old Warren Buffet says - we'll find out who has been swimming without trunks when the tide goes out. At least the CIS Portfolio still looks good value after this months trades as it sports a forecast PE of 13.7x with a 3.5% forecast yield based on expected dividend growth of 14% for the current year.
Talking of the total return indices above the latest Monthly timing indicators based on these remain about 5% above their averages in the case of the headline indices such as FTSE 100, while the Mid Cap and Smaller indices are further above their averages by about 7%. So these and the on going strength in US employment data and robust PMI indices suggest that the tide is still with investors so it should be safe to continue to go with the flow for now without protection and as the old saying goes the trend is your friend, so carry on enjoying it while it lasts.