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In short, I have halved Serica Energy to 3.0% of the JIC Portfolio and, to be consistent with the Fund's Portfolio, I have increased BH Macro (BHMG) to 10.0%. Serica Energy is up nearly 47% this year. The strength in oil and gas prices since 1 January has been a huge tailwind. I have no more idea than anyone else about how long the Iranian war will go on, although I tend to think that at some stage, the regime will fall. US and Israeli technology will win the day. I have post

In the Funds' Portfolio, I have exited China. Fidelity Special Situations has gone. Profit booked of £2368.05 I think China could be a loser fron the current Middle East conflict. It imports much of its oil from Iran, at an attrcative discount. That will presumably now stop. It will also be interesting to see how the Chinese leadership reacts to the current situation. I don't need the risk. In the meantime, I have increased BH Macro to 10.0% of the Portfolio. This is exact

BH Macro Ltd (BHMG.L) Index/Sector: FTSE Mid 250 Market Cap: £1.39bn Price: 421p Allocation: 7.5% of the Funds’ Portfolio and JIC Portfolio Website with more information: HERE Latest factsheet: HERE Revisiting the Strategy Long-term readers of my diary will recall that I previously held a position in BH Macro within the Funds’ Portfolio in 2023. Although I sold that position for a loss on January 10, 2024, the share price has since risen by 16%. That is acceptable as the