Smaller Positions within the Portfolio ...

Not for the first time, I've been looking at some of the components that make up the very lowest weightings of my combined portfolio. 

I've mentioned the prospect of 'consolidation' in several quarterly reviews over the years.  However, apart from the absolute dog that is Dekel Agri-Vision (DKL.L, formerly DekelOil), and the well-documented freefall down the weightings by WPCT.L, I can't see any good reason to sell out of these other positions, however small they may now be in the grand scheme of things.

Based on the latest published September 2019 Review, there are eight holdings of less than 2% of the total portfolio valuation, including the two I've mentioned above.  These others were all bought some time ago, when the portfolio value was smaller and their relative weightings were therefore much higher.


But examining these funds in more detail, I think they've performed very well :-

• IEUX.L, an ETF of European shares (ex-UK) and held in the SIPP since Sep-14, has generated an annualised total return of 7.5% over the holding period (including dividends which are not automatically reinvested).

• The OEIC Franklin UK Mid-cap Fund 'W' Inc, held in one of my oldest ISAs, has produced an annualised total return of 11.4% including dividends received, since it was acquired in Apr-10.  

• VFEM.L, Vanguard's emerging markets offering, was bought within the SIPP in Sep-14 and has returned 6.1% per year including dividends received (this fund is the worst performer out of these smaller holdings).

• The OEIC Franklin UK Smaller Companies 'W' Inc, in the SIPP since Jan-11, has returned 7.8% per year including dividends received.

• Artemis Income 'I' Acc, another OEIC, was added to the SIPP in Nov-12 and has produced an annualised return of 8.5% since then.

• The OEIC Liontrust (formerly Neptune) Income 'C' Acc, held in the SIPP since Sep-12 has generated an annualised return of 7.8%.

So for the moment, I'm just going to hang onto them all.  

Yes, individually they're all relatively small holdings now, but together they represent 7.7% of the portfolio value and as a subset they're reasonably well diversified, and they've certainly outperformed the portfolio as a whole ...