Some changes have been made to the BLI Defensive portfolio over on Stockopedia.
The portfolio did well at inception, but has since shown a lack of inspiration. On a 2-year basis is has handily outperformed the indices, but underperformed over 1 year. Stock-picking genius has failed to be demonstrated on my part. It is a defensive portfolio, mind, so it should not be expected to shoot the lights out on a short-term basis. I would be very surprised if it were able to beat the best-performing fund on a 1-, 2-, 3- or even 5- year period.
Pawnbroker ABM was sold today at a massive loss, having been bought at 205p, and sold at 131p. I admit defeat on that one.
In its place, I have bought MJW (Majestic Wine), which scores 9 for its EPS growth streak, and has a Stockopedia Quality Rank of 92. Its MFI score is A-, a market cap over £200m, and it has a PE of 13.6. All of these numbers were taken from Stockopedia. So it looks like a good fit for the portfolio.
Also on the naughty step is everyone’s favourite salty-sausage-roll seller, GRG (Greggs). Today it issued an IMS. Turnover was up 3%, but the market really didn’t seem to like the like-for-like sales decline of 4.4%, and the comment “We do not expect significant improvement in the difficult underlying market conditions in the near term”. That has sent the shares down 7.2%.
I’m not expecting the portfolio to put on a dazzling performance any time soon.
Happy investing all.