Given the above my portfolio has had a harsher light than normal shined on some of the nasty corners. Mainly because I want the money for other "better" opportunities. I am somewhat dubious of "buy your 10 best ideas" as a thesis. Both history and the market has proved time and again that many of my best ideas were poor and some of my less certain plans were truly excellent. That said I do think that over time you can better understand what is working and what is not, and sometimes you just have to accept that given constraints you have to make a choice.
Into my portfolio this month was OPG, Phoenix Group, Smiths News and Tek Capital. Out was GILD, INCE, MA., PTR, PHAR. It was not entirely a sell in order to buy, except in the case of INCE. It was largely a consideration of price MA. and the ability of management to deliver in the light of other opportunities.
Material performers in the month were BPM, GOOGL, MPAC, THA, TET, VTU and one of my private companies. Material fallers were FXPO, JKX, PPHE, SOM and THA. IMHO the performers rose largely on actual direct news, (mainly results or production RNS's) the fallers fell largely on if this then that type inferences. Mainly the issues in the Chinese economy and tourism.
Overall the month was +ve and the portfolio since 31/03/16 has compounded at just a little over 16.5% per annum