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  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    george4064 wrote: »
    ...the market price at a particular point in time prior to the announcement?

    This is what I've assumed without chasing it up, I am inclined to do as you suggest, reason for posting was just to see if there's something others might be aware of that I haven't considered.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    DAY 2212 - (11/07/19) update for those interested.

    tl;dr - CSD free trades in July APP offer at CSD triggers JR into buying and selling frenzy.

    More Trump, China, Iran, N Korea, Boris (sans bus) and his impending calamity, more FUD, more business as usual then..

    I'm finding myself wanting to feed this income juggernaut (ha!) at the expense of balancing other areas. Of the even 25% splits planned, Index allocation has been neglected, cash is still light and growth needs trimming but that's difficult to access. I've decided to use £5K as ISA carry over this tax year, idea being to create a pool of available unused ISA allowance in a flexi-cash buffer earning some interest. I can then utilise this in future years. It's a stategic flexi-ISA decision, I've mentioned it before and it's probably misguided but going to see how it works out.

    This update details a lot of trades that haven't really changed the overall picture very much at all.

    As always the selected investments in the rebalance schedule are there to sketch the next few months trades, they use the whole remaining ISA allowance (less carry over) and include projected income as detailed so can get quite skewed at times.

    RDL continues to unwind, for how long and to what ultimate effect remains unknown but hopefully it gets close to break even if not better. It pays out another dividend 12 July, not included in this update. It's currently making the Debt sector overweight in this portfolio but once gone it will shift things much closer to being balanced.

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    Decided to trim BRFI in order to add JEFI, in part to maintain the three of a kind diversification theme running through the portfolio. BRFI has done well recently so whether diverting some of that into what is, in terms of a performance track record, still early days for JEFI might be a mistake. If so it won't be the first or last time. The frontier and EM trust has so far maintained a performance profile that's ballpark and the yield is quite high which feeds into the monthly investment/rebalancing style, quarterly payouts would have been icing on the cake but I can live with bi-annuals.

    It may be that Darwall leaving affects all things Jupiter in the short term but longer term I expect it all to resolve. My bigger concern with Darwall leaving Jupiter is whether to ditch JEO lest he goes off and does a Woodford but that's not for this thread.

    Debated with myself for quite a time whether to just add an ETF Frontier/EM tracker as a yardstick for BRFI and JEMI but looking at charges, discount, gearing, yield etc. I've decided for better or worse that (in theory at least) active management in this area has something of an edge if it's competent, with the potential to be much the better option longer term. Whether JEFI is the vehicle to deliver that will as always tell over time.

    Both VNQ and VNQI are now gone, a strategic mistake in hindsight but the MIFID II KID shake up and subsequent purchase lock out was I think unforeseeable at the time these were bought. Regardless both ETFs have had a small positive impact on the portfolio's bottom line so no harm done in the end.

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    Played flip-a-coin between IWDP and HPRO as their replacement, albeit at a reduced weighting. Really not much to choose between them, in the end I've chosen HPRO, a much smaller ETF but the charges are lower. TRY is the trust chosen to carry this sector, not a strong income generator but good enough and the growth will, all being well, provide periodic rebalancing opportunities.

    On the subject of capital rebalancing I've trimmed a few holdings with decent gains, which means the returns chart has seen a boost in July.

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    The Charles Stanley offer of free trades in July via their APP has allowed quite a few cost neutral rebalance and placeholder purchases to be made in addition to those scheduled, I'm just using them to streamline portfolio chart data gathering for the time being but they'll be properly added to in due course.

    Decided to trim BRNA and NAIT, both have shown decent gains over the last several months. BRNA trim was deliberately overdone which bumps it to the top of priority rebalancing but going to hold off for a time and see if it can dig itself out of the (allocation) hole. The proceeds went into CCJI which has wobbled in recent months after a good run since launch, it may prove costly but I'll take the risk; it lifts the Japan allocation close to target.

    Here's the list of 'free' July trades along with monthly full price trades made since last update.

    2019-07-11 BUY 2644 TWENTYFOUR INC 1.13 S Date 15/07/19 (FP)
    2019-07-09 BUY 49 TR PROP IT 4.12 S Date 11/07/19 (FREE)
    2019-07-09 BUY 67 ABERDEEN ASIAN INC 2.21 S Date 11/07/19 (FREE)
    2019-07-09 BUY 99 MERE INV 1.99 S Date 11/07/19 (FREE)
    2019-07-09 BUY 265 BLACKROCK WRLD MNG 3.74 S Date 11/07/19 (FREE)
    2019-07-09 BUY 1411 POL CAP GBL FIN TR 1.41 S Date 11/07/19 (FREE)
    2019-07-09 BUY 119 VANGD FTSE 250 ETF 30.66 S Date 11/07/19 (FREE)
    2019-07-09 BUY 178 HSBC ETFS 20.15 S Date 11/07/19 (FREE)
    2019-07-09 BUY 898 ABEN DIVE 1.10 S Date 11/07/19 (FREE)
    2019-07-09 BUY 3521 JUPT EMG RED ORD .98 S Date 11/07/19 (FREE)
    2019-07-09 SELL 542 THE RENE Del 1.29 S Date 11/07/19 (FREE)
    2019-07-09 SELL 2659 BLAK FRON Del 1.39 S Date 11/07/19 (FREE)
    2019-07-09 SELL 2066 HENN DIVE Del .92 S Date 11/07/19 (FREE)
    2019-07-09 SELL 153 JPMORGAN ASIAN IT Del 3.92 S Date 11/07/19 (FREE)
    2019-07-09 SELL 327 N AMER IN Del 3.06 S Date 11/07/19 (FREE)
    2019-07-09 SELL 392 ABEN LATI Del .74 S Date 11/07/19 (FREE)
    2019-07-05 SELL 77 VANGUARD INTL EQUI GLBL EX US REAL ESTATE IDX SOLD (FP)
    2019-06-19 BUY 1469 CC JAPA 1.51 S Date 21/06/19 (FP)
    2019-06-19 SELL 1223 BLAK NORT NoTf 1.85 S Date 21/06/19 (FP)
    2019-06-03 BUY 2246 BLAK FRON 1.32 S Date 05/06/19 (FP)
    2019-05-01 SELL 772 MERCANTILE INVESTM ORD GBP0.025 Ref:2151WPNA (FP)
    2019-05-01 BUY 169 EDINBURGH IT 6.42 S Date 03/05/19 (FP)

    BSbKMRZ.png

    Still work to do but the category allocations are now getting as close to being balanced as they're likely to get going forward.

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    At last update the unit value drawdown was about to become the longest to date, that proved to be the case (just) clocking in at 465 days. The Unit Value has since reached a new all time high as implied.

    cjz8jYN.png

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    The UK and Property ETF index trackers VMID & HPRO under consideration at last update have been addded.

    ASLI is still very much a placeholder. With HPRO added the property sector is fairly well covered, I just can't see a clear case for ASLI so may be looking for another specialist income theme to fill this slot. No idea what but I'm in no hurry.

    The monthly equivalent income spike seen last update due to a couple of large RDL special dividends has subsided, now back to something approaching the long run level expected at approx £680pcm

    ZK5Mp9r.png

    No doubt the RDL wind up will continue to distort the income curve until the payout's fall off the portfolio's trailing annual record.

    The long run projection is looking reasonable, I've added targets as income markers. The calculations used to extrapolate the dates are a little crude but give a fair ballpark estimate.

    5o4UOuj.png

    Discrete annual performance continues to look promising for 2019 after the strong start and recent wobble, with less than half the calendar year left to go. How's that for tempting fate..

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    That's all folks, as always hope you find it interesting.

    .. over and out.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Good update, look forward to the next one.
  • Good update John, workig away on my own IT's still and dividends, you are going well.
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    Day 2308 - (15/10/2019)

    I've been embroiled in sinking my ill gotten gains into buying a property outright and escaping the rental trap. My patience with anti-social housing, scummy ex-con neighbours and walls made of paper has finally reached its limit.

    The need to raise a cash pile has been used as an excuse to clear out all this portfolio's non-ISA income investments held in various places, something I had planned to do slowly over time.

    That's made a big hole in the capital but going forward it will make admin a heck of a lot easier and I'm looking forward to getting things back on the up.

    uh1DS5q.png

    My investment plans in the short term are now well and truly trampled on but once everything has settled I'll post a detailed update later this or early next year for those interested and then get back on the investment wagon.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A wise decision. Look forward to future updates. As an IT follower myself. Always found your updates of interest. Wish you well. :beer:
  • green_man
    green_man Posts: 558 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    Thanks for the update. I always read your thoughts, my income portfolio has some crossover (8 common components) with yours, so I’m always interested on any ideas or concerns I may have missed.
  • Hope the new house goes well John, sounds like money well spent and out of the rent trap. It is good you had investmenrs you could use towards this.



    With having an IT portfolio myself always interested in your updates and interested if you will rebuild up the same IT's you sold down for your house when you start again at them.



    Best of luck :).
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    edited 15 January 2020 at 10:51PM
    DAY 2400 - (15/01/20) update for those interested.

    tl;dr - New decade, new home, same old investment strategy.

    Finally escaped and become rent, mortgage and scummy ex-con neighbour free. All settled in and relaxing, just in time for the orange one to instigate the outbreak of WW3.. oh well, sounds like it's time to get back into the investment groove then.

    The sale of all the non-ISA components used to raise cash for the house purchase have made a right mess of the allocation model, not to mention capital. It means the valuation of this PF is now set back by over two years worth of ISA contributions at the current allowance level.

    For this reason I've added an 8% TR benchmark to the long term projection chart as a 'full subs ISA' target to aim for. I may get there or more likely may not, it will be interesting to see if I can close in on, or even overhaul the huge deficit longer term with rebalancing, reinvestment and hopefully some good old fashioned porfolio outperformance.

    The incremental £10K income targets are also going to get pushed further into the future as the trailing and now reducing annual dividend payout feeds through into the numbers over the next twelve months or so.

    The trailing dividend yield has temporarily skyrocketed as a result of the much reduced capital denominator.

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    It does give the rebalancing schedule a new sense of purpose at the very least and may, all being well, provide a few opportunities along the way. Everything in this portfolio is now ISA wrapped and in the one account. As a result admin and data collection are a breeze, thank goodness.

    leiDb85.png

    The income stream and compounding dividend reinvestment have taken a big hit as capital is much reduced, now already showing in the trailing income chart. The ongoing contributions will arrest that decline over the next year and then start to see income climbing again beyond that. It'll be good to get past the decline and back on the up.

    LphRu2y.png

    As a result of capital depletion the relative costs have also risen sharply, as with the projection deficit it will be good to see these hiked cost percentages fall away again as new capital and trades are added to the ledger.

    9RGTEKN.png

    Some of the new and not quite so new additions have done well in the relatively short period they've been held.

    JPS is the standout so far, in contrast to the other Japan trust CCJI, which after a good start now seems to have run out of steam. JEFI has also started to show promise of late. The decision to cleave BRFI and pour the proceeds into JEFI seems to have paid off, for now at least.

    VMID benefitted from the UK GE result and the prospect of our illustrious leader, as per catchphrase ad nauseam, finally getting something or other [strike]done[/strike] started; I forget what that was..

    HPRO on the other hand hasn't got off the ground since purchase but will if not much else, act as a contrast for the two property ITs.

    JAI and JPGI are still both relatively new and seem to have settled into a solid performance pattern, for now at least.

    Even my eternal duds like ADIG and PGIT (especially) seem to be showing signs of a change in fortune. I dare to dream.

    otdV7K3.png

    Here's a list of the trades made since last update in mid July 2019, most of these are the non-ISA holdings.

    2020-01-03 1250 N AMER IN 3.02 S Date 07/01/20 BUY
    2019-12-12 100 MERE INV NoTf 2.63 S Date 17/12/19 SELL
    2019-12-11 1016 MERE INV 2.43 S Date 13/12/19 BUY
    2019-11-04 586 TR PROP IT 4.44 S Date 06/11/19 BUY
    2019-10-01 30 MURRAY INTL 12.05 S Date 03/10/19 BUY
    2019-09-02 806 JPMRGN EPN INV INC 1.51 S Date 04/09/19 BUY
    2019-08-15 1630 TR PROPERTY INV TR ORD GBP0.25 SELL
    2019-08-15 1918 MERCANTILE INVESTM ORD GBP0.025 SELL
    2019-08-15 4562 ABERDEEN LATIN AME ORD NPV SELL
    2019-08-15 2000 JPMORGAN EURO IT INCOME SHARES GBP0.0206155 SELL
    2019-08-15 2423 ABERDEEN DIVSFD IN ORD GBP0.25 SELL
    2019-08-15 627 HENDERSON FE INC ORD SHS NPV SELL
    2019-08-15 1513 JPMORGAN EURO IT INCOME SHARES GBP0.0206155 SELL
    2019-08-15 1500 JPMORGAN EURO IT INCOME SHARES GBP0.0206155 SELL
    2019-08-15 1233 HICL INFRASTRUCTU. ORD GBP0.0001 SELL
    2019-08-15 3695 NORTH AMERICAN INC ORD GBP0.05 SELL
    2019-08-09 266 BLACKROCK WRLD MNG 3.68 S Date 13/08/19 BUY
    2019-07-30 1693 THE RENEWABLES INF ORD NPV SELL
    2019-07-30 776 BLACKROCK WORLD MI ORD GBP0.05 SELL
    2019-07-30 1623 ABERDEEN ASIAN INC ORD NPV SELL
    2019-07-30 5170 EUROPEAN ASSETS TR ORD GBP0.10 SELL
    2019-07-30 467 MURRAY INTL TRUST ORD GBP0.25 SELL

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    All in all 2019 was a good year on the back of a pretty lousy 2018, as it seems is often the case. Here's hoping the momentum carries through into 2020 and beyond.

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    Hope it provides some entertainment for those interested, a belated happy new year/decade to all.

    ..over and out.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • green_man
    green_man Posts: 558 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    edited 16 January 2020 at 5:01PM
    I’ve got to admit John you take a much more active rebalance role than I do. I’m very much of the school of just balancing via new subscription money. In fact the only sales I have done to rebalance have been where the capital values of the funds has increased by more than 50% (over 4 years), or been forced on me (e.g RDL).
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