Fixed Income Research, provided by Investors Intelligence*
Search for Bonds:
 

Analysis & Comment  > Model Portfolio

Model Portfolio: 27 March 2014

Small rotations...

    

Some changes to the model portfolio as it continues to perform well, with the overall value at £163,980 up from £160,216 at the beginning of the year.

The Italy 6% 2028 bond has traded just below 110 up from under 105.  The bond is well above par since trading at a discount through 2012.  National Grid has seen a small reversion and dropped from 109.5 to 107.8.

For our linker positions we have switched from Places for People in to the Tesco 1% as it has underperformed as covered here in the bond of the week.

As per the co-op restructuring we now hold 4,220 of the 11%, you can see the opinion piece here.

We are also look to reduce our exposure to Paragon where it yields less that 5% and we picked up 8k of the 6.125% in the recent offering covered here.

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
24.3.11 Provident Financial 7.5% 2016 3 6,000 100 107.1 6426 1.23
31.7.12 ICAP 5.5% July 2018 5 5,000 100 106.8 5340 45.58
3.9.12 CLS HLDGS 5.5% BDS 2019 6 12,000 101 103.275 12393 165.91
10.10.12 Workspace 6% Sept 2019 6 5,000 100 105.025 5251.25 143.41
5.3.13 Paragon 6% 2020 6 10,000 100 103.925 10392.5 44.02
16.5.12 Tesco Bank 5% 2020 7 5,000 100 106.475 5323.75 90.47
20.9.12 ICG 6.25 Sept 2020 7 12,000 100 105.35 12642 26.49
8.5.13 IPF 6.125 % 7 7,000 100 102.325 7162.75 170.55
26.3.13 Unite Group 6.125%  7 10,000 104 107.075 10707.5 185.1
13.10.11 National Grid 1.25% 2021 8 10,000 100 107.8 10780 65.96
27.3.13 Provident Financial 6% 2021 8 5,000 100 104.492 5224.6 4.08
8.3.11 Italy 6% 2028 15 5,000 100 109.943 5497.15 197.5
20.07.13 Bruntwood Investments 6% 2020 7 10,000 100 106.925 10692.5 111.05
4.10.13 A2 Dominion 4.75% 7 10,000 100 106.65 10665 215.32
17.10.13 Paragon 3.729  U/D 10,000 93 96.25 9625 166.99
12.12.13 Premier Oil 5% 2020 7 10,000 100 102.215 10221.5 152.47
  Co Op Group 11% 11 4,220   114 4810.8 129.72
24.01.14 Paragon 6.125% 2022 8 8,000 100 102.475 8198 82.57
04.02.14 Tesco Personal Finance 2019 5 10,000 104 104.525 10452.5 31.29
            161805.8 2029.71

 

Category Sum Notes
Securities 161,806 Valuation of current holdings
Accrued 2,030 Interest accrual on above
Cash 144 Inc. interest & coupons received.
Total 163,980  

 

 

Please note UK Corporate bonds can only be purchased over the phone please contact us on 0845 607 6002

Important Information
Help
Legal Information | About this website | Privacy Policy | Accessibility