2021 Review – Initial Top Five

Introduction

In this first part of my 2021 review I look at the different measures of stock picking / trading performance through the year, before comparing them and then doing a deep dive into what were my initial top 5 positions at the start of the year as well as a couple I didn’t carry forward from 2020 to 2021.

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2020 Review (pt2) – Stockopedia Challenge

Introduction

This article is part of a series as follows:

  • Part 1 – Benchmarks
  • Part 2 (this post) – Stockopedia Challenge: BKS, CRL, UPGS, VLX, WEY

Coming soon:

  • Part 3 – BOKU, GAW, SOM, THRU, UCG
  • Part 4 – TBD

The Challenge

At the end of 2019 Stockopedia set up an open Stock Picking Challenge to last the length of 2020 based on a five-stock equally-weighted portfolio. No trading is allowed and dividends are ignored. The main purpose of this was presumably to confirm that Stockopedia subscribers outperform non-subscribers (which I don’t doubt) and imply a causal relationship between paying your fees and getting better returns.

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7:59 cut – VLX

Volex – H1 Results

Volex last updated us on 30th July saying that Q1 was 12% ahead YoY (and 14% in constant currency), with successful integration of its recent acquisitions. Prior to that the annual results showed strong organic and overall growth and I was particularly pleased with indications that Silotec had grown strongly during Volex’s period of ownership.

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7:59 cut – XPP (and VLX)

XP Power (XPP) – H1 Results

XPP make specialist power supplies (or “power solutions” as they call them).

As well as prompt H1 and FY results, XPP also provide detailed quarterly trading updates. They have a 31st December year end. In their Q1 report they expected full-year revenue to be above last year, but that there would be some second-half weighting. Today they report a “tougher” Q2 and revenue behind at the half-way point, but re-iterate expectations of full-year growth.

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7:59 cut – VLX

Volex (VLX) – FY 2019 Results

Volex has been transforming itself over the last 18 months from a manufacturer of commodity cables with operating margins below 3% (and often negative) to a more specialist supplier of things like electric car charging cables and specialist cable assemblies, the later assisted by a number of acquisitions. They were also well known a few years ago for having a large amount of (albeit somewhat specialist) business with Apple before the inevitable happened.

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