The Tugboat portfolio: an update
Saltydog Investor aims to boost fund investors’ returns via a simple strategy: buy what’s rising, avoid what’s falling. Here, Saltydog’s Richard Webb updates us on its cautious portfolio, the ‘Tugboat’.
Saltydog Investor aims to boost fund investors' returns via a simple strategy: buy what's rising, avoid what's falling. Here, Saltydog's Richard Webb updates us on its cautious portfolio, the Tugboat'.
Equity markets around the world fell for a second week in a row with the FTSE 100 giving up 1.1%. It was a struggle to find any of the sectors we consider in our weekly analysis making gains. In our Slow Ahead' low-risk grouping, the only sector that saw the leading funds make gains was the Absolute Return sector. The CF Odey UK Absolute Return fund, which we are currently holding, has made 6% in the last four weeks.
In the higher-risk Full Steam Ahead' grouping, some sectors, including the North American, European, and UK smaller companies funds, have continued to make profits, but we wonder how long they can buck the trend. With volatility increasing, and stock markets trending down, we have increased our cash holding to more than 45% by selling the Neptune Japan Opportunities and the Cazenove UK Equity Income funds.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Markets are becoming worried about the end of quantitative easing (QE). Last week's US employment figures came in a little ahead of expectations, which was probably ideal good enough to suggest that the economy was improving, but not strong enough to indicate that the recovery was capable of surviving without further support from QE. But it does feel as though the economic climate has changed, and at some point we will have to move from an environment of QE to quantitative squeezing'. So we would expect the increased volatility to continue.
To sign up for Saltydog's free trial, go to www.saltydoginvestor.com.
Safe Haven | Cash | 46% | 30% |
Slow Ahead | CF Odey UK Absolute Return | 21% | 21% |
Steady As She Goes | PFS Chelverton UK Equity Inc | 7% | 7% |
Steady SOLD | Cazenove UK Equity Inc | 0% | 10% |
Steady As She Goes | Baillie Gifford Global Disc. | 20% | 20% |
Full Steam SOLD | Neptune Japan Opportunities | 0% | 6% |
Full Steam Ahead | Neptune US Opportunities | 6% | 6% |
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Why CEOs deserve a pay rise
Opinion The CEOs of big companies often come under fire for being grossly overpaid. But the truth, as per some economists, is the opposite. Do they merit a pay rise?
By Stuart Watkins Published
-
Europe prepares to stand alone as Trump turns on Ukraine
Support for old military alliances is wavering in the US under Donald Trump. Europe’s leaders are rushing to fill the void. Simon Wilson reports
By Simon Wilson Published