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Model Portfolio: 23 June 2014

Ladbrokes new issue added

    

The model portfolio enjoys a modest rise in value from £163,980 to £166,996 since the previous update.  In the same period the FTSEORB INDEX is about even, trading between 104.25 and 104.5.  For those of the technical persusasion we covered the FTSEORB in our bond of the week recently (read the article here).

We have sold our two Provident Financial holdings as well as the Italy bond.  On the buy side we step back into an old favourite Enterprise Inns, which have covered a few times in Bond of the Week and on the bond blog.  We also took part in the Ladbrokes new issue and picked up £10k at par (as suggested it is now trading at a nice premium).  We covered this here in a rather jovial bond of the week during a quiet period...

Big movers have been the Co-Op 11% trading up near 124 after having touched 130 in February.  One of our three Paragon holdings traded down around 6% at 89% and we’ll be keeping any eye on them.  We are after all fully invested at the moment and may need to free up some cash for any upcoming new issues.

Note: The portfolio is operated with real money initial deposit of £100,000 and traded through our live bond account. This is to accurately reflect the performance and holds a mixture of credits and bond types, from the AA-rated Places for People bond, down to more speculative holdings such as the BB- rated Enterprise Inns bond. The Portfolio also has a small proportion of its holdings in fixed income preference shares and “bond-like” instruments. Fixed Income ETFs may be added from time to time.

Buy Date Issue Life (yrs) Nominal Buy Price Price Value Accrued
31.7.12 ICAP 5.5% July 2018 5 5,000 100 106.225        5,311 110
3.9.12 CLS HLDGS 5.5% BDS 2019 6 12,000 101 104.25      12,510 322
10.10.12 Workspace 6% Sept 2019 6 5,000 100 105.725        5,286 63
5.3.13 Paragon 6% 2020 6 10,000 100 104.85      10,485 184
16.5.12 Tesco Bank 5% 2020 7 5,000 100 104.66        5,233 24
20.9.12 ICG 6.25 Sept 2020 7 12,000 100 107.25      12,870 201
8.5.13 IPF 6.125 % 7 7,000 100 104.3        7,301 57
26.3.13 Unite Group 6.125%  7 10,000 104 106.825      10,683 23
13.10.11 National Grid 1.25% 2021 8 10,000 100 109.3      10,930 30
20.07.13 Bruntwood 6% 2020 7 10,000 100 107.575      10,758 253
4.10.13 A2 Dominion 4.75% 7 10,000 100 105.225      10,523 89
17.10.13 Paragon 3.729  U/D 10,000 93 89.65        8,965 68
12.12.13 Premier Oil 5% 2020 7 10,000 100 102.619      10,262 20
02.01.14 Co Op Group 11% 11 4,220   123.75        5,222 7
24.01.14 Paragon 6.125% 2022 8 8,000 100 104.45        8,356 198
04.02.14 Tesco Per Fin 1.25% 2019 5 10,000 104 103.075      10,308 77
16.06.14 Ladbrokes 5.125% 2022 8 10000   102.58      10,258 14
15.05.14 Enterprise Inns 6.375% 2031 15 9,000   102        9,180 143

 

Category Sum Notes
Securities 164,440 Valuation of current holdings
Accrued 1,883 Interest accrual on above
Cash 672.94 Inc. interest & coupons received.
Total 166,996  

 

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