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Weekend Roundup - JIC Portfolio back above £600k!


Returns of selected markets over the last week and since 1st January. This week is sorted by the week. Sorted by the last year can be found at the end of this post.



Highlights: The Eurozone moves into recession. May inflation numbers in the US next week.


The government introduced a floor on oil and gas prices below which the EPL (Energy profits Levy) will not be charged). The details were disappointing. Both the oil and gas price must fall below $71.40 and 54p /therm, respectively, for two consecutive quarters for the extra levy to be waived. The FT states, “With UK gas prices expected to remain far above their floor, oil-producing companies could get stuck paying the higher levy even if the oil price drops.”


From my point of view, as an investor in Harbour Energy and Serica Energy, it is better than nothing (just) as it at least puts some sort of floor on the tax paid should oil and gas prices fall below the so-called long-term average. Sadly though, it won’t encourage investment in the North Sea as companies will rightly look at the tax regime and conclude that they share very little of the upside for taking the risk. They won’t need my encouragement, but I expect to see Serica and Harbour pivot away from the UK when it does further deals. There were rumours of a tie-up between Harbour and US company Talos Energy last week. Kier Starmer says he wants no new investment in the North Sea – there won’t be any anyway.


JIC Portfolio

The JIC Portfolio is down 7.2 per cent in 2023 v +3.4 per cent for the FTSE All-Share (TR) Index.

For the five years to 26th May 2023, it is up 49.6 per cent. Over the same period, the FTSE All-Share TR Index was up 16.8 per cent.


AIM All-Share is down 4.6 per cent this year, the FTSE 250 is up 1.3 per cent, and FTSE Small Cap is up 1.4 per cent.


JIC Funds' Portfolio

The Funds’ Portfolio is down 2.3 per cent this year v +6.4 per cent for the FTSE All-World (GBP, TR) Index.

It is up 25.2 per cent since inception in July 2020. Over the same period, the FTSE All-World GBP TR Index is up 32.9 per cent.


Big Movers over the last week


Positives: IG Design +17.3 per cent, Bloomsbury +11.5 per cent, Serica Energy +11.0, Shoe Zone +9.4 per cent and Me Group +6.0 per cent.

Negatives: Nothing to report


New Three-Month/All-Time Highs last week

Fidelity Asian Values, Smithson, Hargreaves Lansdown, Me Group, Polar Capital Holdings, Niox and hurrah, Serica Energy.

New Three-Month Lows

BH Macro Fund, SDI Group, Sylvania Platinum, Unilever and before the trading update, Shoe Zone.


Trades and News

An excellent trading update from Shoe Zone (24 per cent upgrade to forecasts) and Niox announced the payment of a special dividend.

In the JIC Portfolio, I bought a new position in Hargreaves Lansdown.

In the Funds’ Portfolio, I bought new positions in Strategic Equity Capital and Fidelity Asian Values.


Ex-dividends and Upcoming Events

Ecora Resources its dividend.

On Thursday, Renew Holdings went ex-dividend 6.0p per share.

I can’t see any scheduled news from any of my holdings next week.

Next Thursday, Ecora Resources goes ex-dividend 2.125 US cents, BlackRock Energy & Resources Income, 1.1p and RS Group, 13.7p.


Cash Holdings

0.1 per cent in the JIC Portfolio and 0.1 per cent in the Funds' Portfolio.

32.7 per cent of the JIC Portfolio comprises six commodity holdings – no change from last week.


Have a great weekend.


Three-month high for Serica



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