30th May 2018 update

Current holdings in the SIPP
British Aerospace (BA.)  holding now = 1404 (n/c no change); Value = £8,991

Bango (BGO) holding NIL (sold)

Blackrock Smaller Co IT (BRSC) holding now = 1181 (n/c); Value = 17,701

Croda (CRDA) holding now = 100 (n/c); Value = £4,704

FDM Group (FDM) holding now = 500 (n/c); Value = £5,060 

GB Group (GBG) Bought 345; holding now = 1505; Value = £7,901
GVC Holdings (GVC) dividend reinvestment of 23, holding now = 1390; Value = £13,900
HG Capital Trust IT (HGT) dividend reinvestment of 12, Holding now = 840; Value = £15,793
Homeserve (HSV) holding now = 1040 (N/C); Value = £9,157
JPM Emerging Markets IT (JMG) holding now = 918 (N/C); Value = £7,931
Keywords Studios (KWS) Bought 164, holding now = 455; Value = £7,798
Legal & General (LGEN) holding now = 3444 (n/c); Value = £9,374
Safecharge Group (SCH) Bought 430, holding now = 2430; Value = £7,970
Sage (SGE) holding now = 1520 (n/c); Value = £10,104
Schroders Asia/Pac (SDP) holding now = 1817 (n/c); Value = £8,425
Segro PLC (SGRO) dividend reinvestment of 36, holding now = 2148; Value = £13,966
Senior PLC (SNR) holding now = 2586 (n/c); Value = £8,099
Sirius Real Estate (SRE) holding NIL (sold)
SSP Group (SSPG) dividend reinvestment of 38, holding now = 1224; Value = £7,980
XL Media (XLM) dividend reinvestment of 19, holding now = 2019; Value = £3,311
Cash: holding now = £1,150
Portfolio Value = £169,321

Couple of major changes, with the remaining holding in Bango (BGO) sold and the entire holding in Sirius Real Estate (SRE) sold.
Bango has been a real disappointment, and although it may be early days to cut & run, I was unhappy with the comments from founder Ray Anderson at the recent AGM that he did not understand the reason for the recent reduction in the SP - when in January Bango raised cash by placing a large volume of shares at 180 which was about 20% below the then market value.  If someone this involved with the company does not understand what the response will be to various actions taken, then it sounds like the company needs to bring in some new - and more experienced - personnel.
Sirius Real Estate remains a company that should do well in the long run, but after looking at my aspirations for the SIPP for the next 12-36 months, SRE did not really fit the bill. I already have a substantial shareholding in a real estate company in Segro (SGRO) and in the next 36 months I see Segro making substantial gains.

The proceeds of these sales has been moved into the GB Group (GBG), Safecharge Group (SCH) and Keywords Studios (KWS).

With the value of the SIPP now over £169,000; I'm happy to report growth in value of nearly £6,000 in the month of May which is about 3.30%.  The month of May has been a good one, and these months don't come around too often. So while it is great to see, I'm not going to get complacent. 

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

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.