SIPP PROGRESS

Current Value (As at 1st May 2018) = £163,200 including cash
Target for 8th November 2018 = £186,000
Value at commencement of this blog on 1st August 2012 = £51,684.02.
Monthly contributions since commencement of blog = 36mths @ £300 plus 32 months @ £750 = £34,800
Capital Growth is £163,200 less (£51,684+£34,800) = £76,716


Sunday, 13 May 2018

Projected Growth of the SIPP

Initial capital 1st August 2012 = £51,684
15% pa growth = 1.17% per month
For the first 36 months of the SIPP, I paid a monthly contribution of £300.
Since August 2015, my monthly contribution has been £750 a month.
The SIPP projection is based on that £750 monthly contribution continuing, but it may be necessary to cut it, or increase it, in the future.

August 1st to November 1st = 3 months
51,684 plus £300 x 3 = 52,584 @ 1.17% growth / month = 54,440

Year 1 (pe 01Nov13): b/f £55,440 plus £300 x 12; plus 1.17% growth / month = £66,566
Year 2 (pe 01Nov14): b/f £66,566 plus £300 x 12; plus 1.17% growth / month = £80,511
Year 3 (pe 01Nov15): b/f £80,511 plus £300 x 9 and £750 x 3; plus 1.17% growth / month = £98.033
Year 4 (pe 01Nov16): b/f £98,033 plus £750 x 12; plus 1.17% growth / month = £122,638
Year 5 (pe 01Nov17): b/f £122,638 plus £750 x 12; plus 1.17% growth / month = £150,934
Year 6 (pe 01Nov18): b/f £150,934 plus £750 x 12; plus 1.17% growth / month = £183,474
Year 7 (pe 01Nov19): b/f £183,474 plus £750 x 12; plus 1.17% growth / month = £220,895
Year 8 (pe 01Nov20): b/f £220,895 plus £750 x 12; plus 1.17% growth / month = £263,930
Year 9 (pe 01Nov21): b/f £263,930 plus £750 x 12; plus 1.17% growth / month = £313,419
Year 10 (pe 01Nov22): b/f £313,419 plus £750 x 12; plus 1.17% growth / month = £370,332
Year 11 (pe 01Nov23): b/f £370,332 plus £750 x 12; plus 1.17% growth / month = £435,782
Year 12 (pe 01Nov24): b/f £435,782 plus £750 x 12; plus 1.17% growth / month = £511,049
Projected Value of SIPP for 08 November 2024 = £511,049

As a check on my progress, I've put together the "projected growth" of my SIPP.
When I started the SIPP on 1st August 2012, by transferring my managed pension funds into my self-managed SIPP, my target growth was 20% per annum. That was a bit on the optimistic side, and I've reduced the target to 15% pa.

As of today (13th May 2018) I can confirm that I beat my growth target of £150,934 for the 1st November 2017, and I'm well on the way to meeting (and beating) my growth target for 1st November 2018 of £183,474.

At close of business on Friday 11th May 2018, my SIPP had a value of £167,363

Past Performance
Year 1 (pe 01Nov13): Target Value = £66,566   : Actual Value = £67,000
Year 2 (pe 01Nov14): Target Value = £80,511   : Actual Value = £76,000
Year 3 (pe 01Nov15): Target Value = £98.033   : Actual Value = £90,000
Year 4 (pe 01Nov16): Target Value = £122,638 : Actual Value = £113,000
Year 5 (pe 01Nov17): Target Value = £150,934 : Actual Value = £153,000
Year 6 (pe 01Nov18): Target Value = £183,474

Wednesday, 2 May 2018

Sell in May and go away? No Way!!!


British Aerospace (BA.)  holding on 21-March = 1404, holding now = 1404; Value = £8,581
Bango (BGO) holding on 21-March = 600, holding now = 600; Value = £948
Blackrock Smaller Co IT (BRSC) holding on 21/3/18 = 1181, holding now = 1181; Value = 16,870
Croda (CRDA) holding on 21/3/18 = 100, holding now = 100; Value = £4,488
FDM Group (FDM) holding on 21/3/18 = 395, holding now = 500; Value = £5,100 
GB Group (GBG) holding on 21-March = 950, holding now = 1160; Value = £5,632
GVC Holdings (GVC) holding on 21/3/18 = 1367, holding now = 1367; Value = £12,330
HG Capital Trust IT (HGT) holding on 21/3/18 = 828, nolding now = 828; Value = £15,815
Homeserve (HSV) holding on 21/3/18 = 1040, holding now = 1040; Value = £7,613
JPM Emerging Markets IT (JMG) holding on 21/3/18 = 918, holding now = 918; Value = £7,922
Keywords Studios (KWS) holding on 21/3/18 = 235, holding now = 291; Value = £5,448
Legal & General (LGEN) holding on 21/3/18 = 3444, holding now = 3444; Value = £9,344
Safecharge Group (SCH) holding on 21/3/18 = 2000, holding now = 2000; Value = £6,560
Sage (SGE) holding on 21/3/18 = 1520, holding now = 1520; Value = £9,655
Schroders Asia/Pac (SDP) holding on 21/3/18 = 1817, holding now = 1817; Value = £8,231
Segro PLC (SGRO) holding on 21/3/18 = 2112, holding now = 2112; Value = £13,652
Senior PLC (SNR) holding on 21/3/18 = 2586, holding now = 2586; Value = £7,867
Sirius Real Estate (SRE) holding on 21/3/18 = 7700, holding now = 7700; Value = £4,882
SSP Group (SSPG) holding on 21/3/18 = 1220, holding now = 1186; Value = £7,906
XL Media (XLM) holding on 21/3/18 = 2000, holding now = 2000; Value = £3,589
Cash: holding on 21/3/18 = £1,747, holding now = £832
Portfolio Value = 163,175

Overall, the portfolio is starting to get some momentum again as the value had slipped to £155,800 on 21st March and so has picked up about £6,600 (not including the £750 contribution for April) in the last 6 weeks. That's a gain of over 4% and when I include anticipated dividends and further contributions (6 @ £750 = £4,500) my target SIPP value of £186,000 on 8th November is within reason. 

As I wrote on 21st March, I'm looking for a new set of companies to take the SIPP forward in value over the next few years and (hopefully) find a potential "10-bagger" that will surge into the FTSE100. 

There are 5 new holdings in the portfolio and they are:-
FDM Group (FDM) holding now = 500; Value = £5,100 
GB Group (GBG) holding now = 1160; Value = £5,632
Keywords Studios (KWS) holding now = 291; Value = £5,448
Safecharge Group (SCH) holding now = 2000; Value = £6,560
XL Media (XLM) holding now = 2000; Value = £3,589

FDM Group (FDM)
Current Market value £1.080bn
A professional services information technology company, which specialises in placing consultants into companies who are then able to sell-on the software products and maintain a foothold. As IT becomes ever-more dominant in business, keeping up-to-date trained-software staff is a problem for major corporations, and maintaining state-of-the-art software is a huge drain on capital. As such, companies are looking to bring in these services rather than invest "in-house". This is a long-term hold and a company that could become huge - if not the subject of a bid before then.

GB Group (GBG)
Current Market value £0.750bn
A specialist in the growing market of identity data intelligence, the shares recently jumped 15% on news of the full year figures to 31st March showing a 37% sales growth. Verification of identity is becoming increasingly important in today's world, and securing identity from fraud is likely to be a major market in the future.  I can see this company doubling in size from current market value of £750m as the World becomes more aware of the need for data security.

Keywords Studios (KWS)
Current Market value £1.200bn
A specialist in the growing market of testing the linguistic correctness and cultural acceptability of computer games; Audio/Voiceover Services, and in this respect the company appears to have "cornered the market".  Whether you play computer games or not, as an investor you have to be open to investment opportunities and not ignore those that you do not understand. I am 58yo, I do not play computer games but, via my 15yo son, I am aware of just how much the generation younger than me (and specifically those aged under 25yo) enjoys gaming as a recreation. KWS has been on an upward trend since January 2016 and since then the SP has grown from 210 to 1900. Now, I really wish I had become involved before November 2016 when the SP was still under 500 - but I really think that this company has a long way to go yet. 

Safecharge International Group (SCH)
Current Market value £0.490bn
This company is involved in online payment technologies and services. Since losing PAYS (Paysafe) from my SIPP portfolio I've been looking for a replacement that operates in a similar sphere, and SCH fits the bill. Online Payments and banking is here to stay, and whereas GBG operates in preventing online identity fraud, SCH is operating in preventing online financial fraud. It is a niche operation, but it is growing and is highly profitable which means the company has significant cash reserves (£100 million in the bank - and the market value is just under £500 million). The company also pays a generous 3.75% dividend.

XL Media (XLM)
Current Market value £0.390bn
This company is interesting in that it locates customers who already pay for an online service and introduces them to another online service which will (hopefully) convert the introduction into a sale.  Revenue income is about £140m with profit at about 40%.  Cash reserves are fair at £40m as the company has been investing in acquisitions into new revenue areas.  The future looks bright and when profits start to flow we should see a significant re-rating of the SP.

All these 5 companies have seen significant SP growth in the past 12 months and, with the upward momentum on our side, we have hopefully found the value which will attract the positive sentiments of the market and push the SP onto new highs.        

Wednesday, 21 March 2018

Update on the SIPP

I've given the SIPP a complete overhaul over the past couple of months as I endeavour to lay the foundations for another growth surge. The UK economy appears to be starting to enter a period (probably a sustained period) of uncertainty due to Brexit and the implications that will bring.  The good thing about Brexit is that if the £ drops in value due to the uncertainty, then my "foreign-earning" shares will increase in value by a corresponding %. 
However, the downside of a drop in the value of the £ will be that my personal expenditure on food,clothing, and utilities - and probably petrol - will become more expensive. So I will have less disposable income at a time in my life when I need to save as much as possible with retirement on the immediate horizon (I am 58yo).

Essentially, to find the growth to power the SIPP over the next 5 years, I've started looking for the next generation of FTSE100 companies: that is companies which currently have a market value of between £500 million and a £1 billion.  At this time, a company needs a value of over £4 billion to be a constituent of the FTSE100. So, I'm looking for companies that potentially could increase significantly in value over the next 5 to 10 years.

The SIPP changes since 1st January are easiest shown by comparing what was in the SIPP then and what is in the SIPP now
                                                             Number of shares held
Holding                                           as at 01Jan        as of today
British Aerospace (BA.)                      1404                1404
Bango (BGO)                                       4600                600
Blackrock Smaller Co IT (BRSC)        1181                1181
Croda (CRDA)                                       nil                   100 
FDM Group (FDM)                               nil                   395
GB Group (GBG)                                    nil                   950
G4S (GFS)                                            3313                  nil
GVC Holdings (GVC)                          1047                1367
HG Capital IT (HGT)                            422                  828
ICG Capital IT (ICGT)                          917                   nil
Homeserve (HSV)                                 960                 1040
JPMorgan Emerging IT (JMG)             918                   918
Keywords Studios (KWS)                      nil                   235
Lancashire (LRE)                                  1215                 nil
Legal & General (LGEN)                      3444                3444
Safecharge (SCH)                                     nil                 2000
Schroder Asia IT (SDP)                        1795                 1817
Sage Group (SGE)                                1130                 1520
Segro (SGRO)                                      1622                   2112
Senior (SNR)                                       1586                    2586
Sirius RE (SRE)                                    2400                    7700
SSP Group (SSPG)                               1200                    1220
XL Media (XLM)                                  nil                        2000
Cash                                                    £16,865            £1747

The overall value of the SIPP is about £3,000 below the value as on 1st January when it was at £159,215.
At the time of writing, the SIPP value is at £155,800 which is disappointing considering that there have been 3 monthly contributions of £750 since 1st Jan - so the value is effectively over £5,000 (or 3%) down in the 1st -Quarter of 2018.
More on the new constituents of the SIPP with the next posting.

Tuesday, 2 January 2018

Just for the record

As of 10am this morning, the value of the SIPP was:-

Equities = £142,350.00
Cash =        £16,865.00     Total = £159,215.00

The value of the ISA was:-

Equities = £84,228.00
Cash =      £ 3,170.00     Total = £87,398.00

Value as at 8th November 2017 = £153,000
Target growth at 15%pa = £22,950 (£153,000 x 15%)
Contributions in year: 12 @ £750 = £9,000
Growth on contributions:
£9,000 / 2 = £4,500 @ 15% = £675

£153,000  + £22,950 + £9,000 + £675 = £185,625
Say, Target for 8th November 2018 = £186,000

As usual at this time of year, I'm on the lookout for new investments to invigorate the portfolio - and I hope to advise readers of the blog of those new investments with my next posting.

Wednesday, 20 December 2017

Portfolio Review 20th December 2017

My target value for the SIPP for 8th November 2017 (my birthday) was £153,000 (see my blog of 4th April 2017) - and for the first time in a few years, the target was met and beaten. As of today, the value of the SIPP is just over £156,000.

It has been a brilliant year for the SIPP, as this time last year the overall value was about £115,000 and since then I have only made contributions of £9,000 - so "growth" has been £32,000 or over 27% of the value of the SIPP at the start of the year. It's is not an accurate calculation, but a simple enough calculation of growth that's easy to understand. The main thing is that I use the same method of calculation every year, as consistency is the key.

My target was £153,000 and at one point the SIPP was going so well that I revised the target to an end-of-year value of £170,000.  Unfortunately, the momentum could not be maintained (although had I stuck to my original plan I would have hit the revised target value - see below), but £156,000 is a fantastic result.

It has not all been good news, as I've made a few mistakes along the way - not least selling my Bitcoin holdings (equivalent of 5 coins bought at an average of US$2400) at US$6900. While I was telling everyone else to buy and hold, I thought I knew better - sold on a dip hoping to buy-back in at a lower level, missed the "bounce" and didn't have the guts to admit I called it wrong and buy back in at a higher level than I sold out at. As such, I have basically missed out on US$50,000 (about £37,000).

The target value for the SIPP for 8th November 2018 is £186,000 calculated as follows:-
Target for 8th November 2017 = £153,000
Growth @ 15% pa = £22,950
Contributions: 12 @ £750 = £9,000
Growth on contributions 7.5% = £675
Total = £185,625

BAE Systems PLC (BA.) Holding = 1,404 shares
Since my last update, the share price (SP) is about 10% down at 560, which is very disappointing as I was expecting a recovery in the SP to a level of 660+.  Why? Because the company retains a large forward order book, and this has even increased since my last posting with a massive order for “Typhoon” aircraft.  The USA are (apparently) on the verge of sanctioning an enormous increase in defence spending so, it would seem to me, demand for the company products should increase and with it company profits. I remain a holder, but the situation is under review as with the SP weakness there is something going on that I am unaware of.

Bango PLC (BGO) Holding = 4,600 shares
A new holding for the SIPP. I’ve built up a holding worth about £10,500 at an SP of 233. This is going to be a long-term hold. The company has a market value of only £150million and so the SP can vary considerably due to the low volume of transactions.  

Blackrock Smaller Companies Trust (BRSC) Holding = 1,181 shares
One of my “foundation” investment trusts which forms the bedrock of the SIPP.  Represents about 10% of the SIPP value. A long-term hold.

G4S PLC (GFS) Holding = 3,313 shares
The SP has dropped again into the 255-260 range (from 276-286) since my last posting.  The fundamentals of the company are sound. Revenue is growing, and so are profits, and the dividend is being maintained. This should be a buying opportunity – it was when the SP was at this level at this time last year, and there was a surge in the SP value to 325+ in June/July.  I remain a holder and I’m intending on increasing my holding by over 1000 shares to approximately 7.50% of the value of the SIPP. I’m expecting another surge in the SP in the early part of 2018 and (this time) I will be selling-off when the SP breaks 300.

GVC Holdings PLC (GVC) Holding = 1,047
On of the success stories of the SIPP.  GVC has remained on track and very profitable. Revenue is growing very quickly and all broker forecasts are being met.  The proposed takeover of Ladbrokes-Coral will catapult the company into the FTSE100 (should it come off), and we could see an SP of between 1050-1100. For the time being, very much a hold.

HG Capital Trust (HGT) Holding = 422 shares, and
ICG Enterprise Trust (ICGT) Holding = 917 shares
Apparently, 50% of all companies are “private” and not listed on any exchange, so the only way to invest in them is via an Investment Trust. The largest and most well-known (and successful?) of these is 3i Group (III) worth £8.70 billion. If – back in August 2012 – I had just placed my entire SIPP value into 3i when the SP of that IT was at about 220, my SIPP now would be valued at about £250,000 and not at £155,000. Unfortunately, these “private” companies are a bit of a throw-back to the old days when the investor knew virtually nothing about what they were investing in. Nothing much in the way of information comes out of them, and you only really know if they are doing well when they occasionally sell one of their assets to the market for a sum in-excess of their estimated Nett-Asset-Value (NAV).  Together, they represent 10% of the SIPP value, and both are long-terms holds.

Homeserve PLC (HSV) Holding = 960 shares

A recent addition to the SIPP, mainly as this consistently profitable company is just expanding into the USA. I’m looking at choosing “momentum” companies, and Homeserve is very much that.  Currently, my holding represents 5% of the SIPP value, and I may increase this share to 7.50%.


JP Morgan Emerging Markets IT (HSV) Holding = 918 shares
Part of my attempt to diversify the SIPP. The holding represents approximately 5% of the value of the SIPP. A long-term hold.
 
Lancashire Holdings PLC (LRE) Holding = 1,215 shares
The SP has recovered from the impact of the devastating hurricanes in the USA during the summer.  Even so, there has been no special dividend this autumn (we’ve had one for the past few years). However, LRE is one of only 3 remaining specialist "Lloyds" insurers listed on the London Stock Exchange and it would be no surprise to see a bid in 2018. Remains a hold.
 
Legal & General Group PLC (LGEN) Holding = 3,444 shares
This company is a money-making machine, thanks to the changes in workplace pension provision which is ensuring huge inflows of pension contributions coming under management. The SP should continue to strengthen and, given the strong dividend yield of over 5%, we could see the SP breaching 290 in the next 6 months, and possibly even 300+.  Again, this remains a hold.

Sage Group PLC (SGE) Holding = 1,130 shares
I wasn’t expecting major movements in the SP, however, the Sage SP has gained 20% since my initial purchase at about 650 in February’17.  Sage is a strong company and growth is expected to accelerate in 2018; so we could see an SP breaking-through the 850+ level next year.  This remains a hold.

Schroder Asia Pacific Fund IT (SDP) Holding = 1,795 shares
Part of my attempt to diversify the SIPP.  I have always had an interest in the economies of the Asia-Pacific region. This holding represents approximately 5% of the value of the SIPP. A long-term hold.
 
Segro PLC (SGRO) Holding = 1,622 shares
Ever since I became involved in Segro - way back in August 2014 - with the SP at 356, this company has done nothing wrong.  My last purchase was at 407 in July 2015.  Hardly a quarter goes past without this company doing something else to strengthen it’s future. This company remains a very strong hold.

Senior PLC (SNR) Holding = 1,586 shares
Added to the SIPP portfolio in April this year at an ave price of 207 (after hitting a high of 354 in April 2015). Since my last review the SP has retreated slightly and it may be time to sell and move on.

Sirius Real Estate Ltd (SRE) Holding = 2,400 shares

Added to the SIPP portfolio this month (December17), this is no ordinary real estate company as it’s business model is providing co-working spaces for the modern “out-sourced” office worker. Essentially, operating in Germany, this is a “momentum” share and I see considerable further growth in this market which (if the UK is anything to go by) is considerably under-resourced. Just an initial purchase of shares as yet, I am expecting to increase this to about 10,000 shares or about 5% of the SIPP value.


SSP Group (SSPG) Holding = 1,200 shares
Added to the SIPP Portfolio in November17, this is another “momentum” share.  Specialising in providing retail outlets at transport hubs (rail stations and airports), this company will only stop growing when the overall economy stops growing. That could happen, but not in the short-term (12-24 months).

Cash = £16,865.09

Total SIPP Value = £156,280.00 (mid-morning 20th December 2017)






Monday, 9 October 2017

Portfolio Review 9th October 2017

BAE Systems PLC (BA.)
The 200-day MA is at 622 and the SP is holding at about that level. I'm expecting the SP to grow stronger in the next 6 months and it should regain the level it was trading between 660-670.
The company has a massive forward order book and, with the current issues in the World, it would seem to me that demand for the company products will increase, and with it will increase the company profits. I remain a holder.

Bango PLC (BGO)
A new holding for the SIPP (see previous blog). The intention is to build-up a holding representing about 5% of the value of the SIPP. Buying.

G4S PLC (GFS)
The SP is in the 276-286 range and my dilemma is which way is the SP going to go next? The recent weakness is due to the scandals in the domestic market are not good for the image of the company.  However, fundamentals are sound. Revenue is growing, and so are profits, and the dividend is being maintained. Their work may be under scrutiny, but by far the majority of the workforce do a great job. I remain a holder and will likely increase the holding if the SP drops below 270, which is unlikely at the time of writing.

GVC Holdings PLC (GVC)
On of the success stories of the SIPP.  Yes, GVC is involved in the gambling industry, but has remained on track and very profitable. Revenue is growing very quickly and all broker forecasts suggest an SP of between 875-1000 is possible within the next 6 months. Very much a hold, and I would be very surprised if we ever see an SP below 700 again.

Lancashire Holdings PLC (LRE)
The devastating hurricanes in the USA this summer will have had an effect on the SP as the company increased its "disaster" insurance with exposure to hurricanes earlier this year (a management mistake in hindsight).  However, LRE is one of only 3 specialist "Lloyds" insurers listed on the London Stock Exchange and it would be no surprise to see a bid if the SP drops below 670 for any sustained period.

Legal & General Group PLC (LGEN)
The half-year results which reported a 27% increase in profits, and after a brief period of weakness (the SP touched 250 in mid-September) the SP has strengthened and we could see 270-290 before the year ends.  Again, this remains a hold.

Paysafe Group PLC (PAYS)
The bid has been accepted at 590p per share, and I await the conclusion of the bid process.

Sage Group PLC (SGE)
With most of my holding bought at around 650 earlier this year, I'm not expecting major movements in the SP. However, Sage is a strong company and has broken above the 50-day MA and the SP is testing the all-time-high. This remains a hold.

Segro PLC (SGRO)
I love this company. Even since I became involved way back in August 2014 (3 years ago) with the SP at 356 this company has done nothing wrong.  My last purchase was at 407 in July 2015.  This company remains a very strong hold.

Senior PLC (SNR)
A recent addition to the portfolio in April this year at an ave price of 207 - I bought into this company as it is involved in aerospace and defence and I thought it was oversold at below 200 after hitting a high of 354 in April 2015. There may not be much further growth in the SP above 300.

Tuesday, 26 September 2017

4th Quarter SIPP re-structuring

As we enter the 4th quarter of the year (Oct-Dec) I've decided to restructure the SIPP in preparation for the next 6 months - a period which could result in significant movement due to the ongoing Brexit negotiations, the weakness of the Conservative government, and the volatile environment being created by the Trump administration in the USA.
In relation to the latter, I've decided to sell the shareholding in Pacific Assets Investment Trust and move the proceeds (£4,700) into my other Asian/Pacific investment trusts; that is Schroder Asia Pacific Fund, and JPMorgan Emerging Markets IT.
I've become very disappointed in the performance of GlaxoSmithKline and so I've dispensed with the entire holding and decided to reinvest the proceeds (£5,800) into my existing holdings in HG Capital Trust, G4S, and Legal & General Group.
Finally, in anticipation of losing my exposure to internet finance via Paysafe, I've purchase a small initial holding in Bango.

Although I am disappointed with the value of the bid for Paysafe (590 per share), and I've voted against accepting the offer, I'm anticipating the takeover going ahead and that the funds involved (£35,000) will require reinvesting very soon. That's why I'm buying into Bango (BGO).  This is the 2nd time that I've invested in the company, as I was a shareholder for a few months in 2013 (March to May) buying-in at an average of about 220p a share and selling at 176p resulting in a loss of about £250. Unfortunately I jumped in with the last spike in the shareprice, but quickly realised that it was a false dawn as the SP dropped to 35p in April 2016. Fingers crossed, the company has a bright future with contracts agreed with Amazon and Google Play.

I have also (temporarily) moved out of Bitcoin. The price of Bitcoin has fluctuated between US3200 - US4000 recently and until I know which direction it is going I am sitting on the sidelines.

The current holdings (as of today 25th September 2017) are:
1) BAE (BA.) : 1115 shares valued @ £ 6,996
2) Bango (BGO) : 555 shares valued at £1,443 (new purchase)
3) BlackRock Smaller Co IT (BRSC) : 1181 shares valued @ £14,644
4) G4S (GFS) : 3280 shares valued @ £8,928
5) GVC Holdings (GVC) : 1031 shares valued @ £8,670 (UP £510 from £8,160)
6) HG Capital Trust (HGT) : 338 shares valued @ £5,577
7) ICG Enterprise Trust (ICGT) : 730 shares valued @ £5,438
8) JPMorgan Emerging Markets (JMG): 907 shares valued @ £7,451
9) Lancashire Holdings (LRE) : 1215 shares valued @ £7,441
10) Legal & General (LGEN): 3405 shares valued @ £8,713
11) Paysafe (PAYS) : 6000 shares valued @ £35,400 (bid of 590p per share)
13) Sage Group (SGE): 931 shares valued @ £6,451
14) Schroder Asia-Pacific (SDP) : 1795 shares valued @ £7,664
15) Segro (SGRO) : 1607 shares valued @ £8,533
16) Senior (SNR) : 1574 shares valued @ £4,238 (UP £200 from £4,112)

Cash @ £10.092
SIPP Value = £147,679 (DOWN £6,428)