Another strong month for equities helped the UK Market timing indices that I calculate to push further ahead and above their moving averages. This was led by the larger more international FTSE 100 as Sterling fell on the back of increased rhetoric about a no deal BREXIT from the new PM Boris Johnson. Mid Cap and Smaller Company Indices did less well given their more domestic focus and BREXIT related worries. Nevertheless they are also in positive / bullish territory in terms of their timing indicators, to the tune of 3 to 5% versus the 7 to 7.5% for the larger All Share & FTSE Indices.
As for the CIS portfolio this month the less said about that the better as it suffered from its bias towards Mid and Smaller Companies this month and in particular from a poor new selection last month which went onto warn and 9 other positions that fell by double digit percentages. Against this the portfolio only had a few positions that rose and none of those by double digits percentages.
Consequently the portfolio did -3.3% versus the +2% total return for the FTSE All Share, which now leaves it slightly behind for the year to date. Hey ho, I guess that's the rough side of a focused portfolio which will diverge from market returns in both positive and negative directions.
As it has just had a couple of bad months, we are in a holiday month and I am in the process of completing a relocation, I've decided to leave the screening this month. This will let the dust settle and the portfolio may even benefit from some masterly inactivity and the magic of mean reversion, perhaps. That's all, now for some more sorting out, hope you have / had a happy holiday wherever you manage to go.