{"id":203855,"date":"2025-04-25T02:22:44","date_gmt":"2025-04-25T02:22:44","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/maynard-paton-q4-2024-up-22-4-for-2024\/"},"modified":"2025-04-25T02:22:44","modified_gmt":"2025-04-25T02:22:44","slug":"maynard-paton-q4-2024-up-22-4-for-2024","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=203855","title":{"rendered":"Maynard Paton | Q4 2024: Up 22.4% For 2024"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div itemprop=\"text\">\n<p>03 January 2025<br \/><strong>By Maynard Paton<\/strong><\/p>\n<p>Happy 2025! I hope your shares prospered last year and you continue to find my blog useful.<\/p>\n<p>A summary of my portfolio\u2019s 2024:<\/p>\n<ul class=\"wp-block-list\">\n<li>Total return of <strong>+22.4%<\/strong>*;<\/li>\n<li>Individual returns ranged from up 120% for <strong>System1<\/strong> to down 28% for <strong>Mincon<\/strong>;<\/li>\n<li>Three shares were topped-up: <strong>City of London Investment<\/strong>, <strong>Mountview Estates<\/strong> and <strong>S &amp; U<\/strong>;<\/li>\n<li>No shares were top-sliced or sold entirely, and;<\/li>\n<li>No new shares were purchased.<\/li>\n<\/ul>\n<p><em>(*Performance calculated using quoted bid prices and includes all dealing costs, withholding taxes, broker-account fees, paid dividends and cash interest)<\/em><\/p>\n<p>I publish a portfolio review after every quarter (<a href=\"https:\/\/maynardpaton.com\/2024\/04\/03\/q1-2024-my-portfolios-best-and-worst-corporate-cash-managers\/\">Q1<\/a>, <a href=\"https:\/\/maynardpaton.com\/2024\/06\/30\/q2-2024-when-its-drizzling-gold-reach-for-a-bowl\/\">Q2<\/a> and <a href=\"https:\/\/maynardpaton.com\/2024\/10\/03\/q3-2024-running-multi-baggers-to-40-or-more-of-your-portfolio\/\">Q3<\/a>), and this post recaps my October\/November\/December activity as well as my 2024 performance.<\/p>\n<p><span id=\"more-33629\"\/><\/p>\n<h2 class=\"gb-headline gb-headline-3896c70b gb-headline-text\"><strong>Contents<\/strong><\/h2>\n<p><em><strong>Disclosure<\/strong>: Maynard owns shares in Andrews Sykes, Bioventix, City of London Investment, Mincon, Mountview Estates, S &amp; U, System1, FW Thorpe, Tristel and M Winkworth.\u00a0This blog post contains ShareScope affiliate links.<\/em><\/p>\n<h2 class=\"gb-headline gb-headline-d98cb2ca gb-headline-text\" id=\"q4-share-trades\"><strong>Q4 share trades<\/strong><\/h2>\n<h3 class=\"gb-headline gb-headline-e8568488 gb-headline-text\"><strong>Mountview Estates<\/strong><\/h3>\n<p>I increased my <strong>Mountview Estates<\/strong> <strong>(MTVW)<\/strong> position by approximately 25% at \u00a390 including all costs.\u00a0<\/p>\n<p>The purchase was made for the same reason I added to MTVW at \u00a3100 during <a href=\"https:\/\/maynardpaton.com\/2024\/06\/30\/q2-2024-when-its-drizzling-gold-reach-for-a-bowl\/#mtvw\">Q2<\/a>: the regulated-tenancy landlord is a very simple business with valuable property assets that ought to deliver reliable shareholder returns over the very long term.\u00a0<\/p>\n<p>My \u00a390 purchase price now compares to a \u00a3103 per share net asset value (NAV) that accounts for all the regulated tenancies at their original cost. I estimate if all MTVW\u2019s properties ended their regulated-tenancy status today and were immediately sold at a fair market value, NAV could be approximately \u00a3180 per share.<\/p>\n<p>Buying at or below NAV has tended to provide the best outcomes for MTVW shareholders:<\/p>\n<p>I calculate the 13% discount to NAV to be the widest since 2013 while <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a> indicates the near-6% trailing yield to be the highest since 2009:<\/p>\n<p>I attended <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13407\">MTVW\u2019s AGM<\/a> between my Q2 top-up and my Q4 top-up. The event was the usual lively affair, with trenchant questions about corporate governance, non-executive independence and the lack of another estate valuation.\u00a0<\/p>\n<p>But during the meeting the chief executive did not rule out a group sale: \u201c<em>There may be another company that\u2026 is very capable of taking the rump of our portfolio, who may come in and buy that rump.\u201d <\/em>Although he did add: <em>\u201cWe\u2019re not very near that date yet.<\/em>\u201d <a href=\"https:\/\/maynardpaton.com\/2024\/05\/17\/mountview-estates-reassuring-59-gross-margin-and-hefty-29m-property-acquisitions-support-satisfactory-h1-2024-although-100-shares-still-trade-at-nav-despite-possible-189-value\/\">My latest MTVW review<\/a>.<\/p>\n<h2 class=\"gb-headline gb-headline-a6d199d7 gb-headline-text\" id=\"q4-portfolio-news\"><strong>Q4 portfolio news<\/strong><\/h2>\n<p>As usual I have kept watch on all of my holdings. The Q4 developments are summarised below:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Andrews Sykes:<\/strong> Nothing of significance.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Bioventix<\/strong>: <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/\">FY 2024<\/a> embarrassingly admitting to overstated troponin revenue and unfortunately cutting the final dividend by 3p per share.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>City of London Investment:<\/strong> <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/city-of-london-investment-group--clig\/trading-update-quarter-to-30-september-2024\/8497341\" target=\"_blank\" rel=\"noreferrer noopener\">Q1 2025<\/a> confessing to the eleventh quarterly outflow of client money during the last four years.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Mincon:<\/strong> Following a terrible H1, <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/mincon-group-cdi---mcon\/interim-trading-update-\/8507788\" target=\"_blank\" rel=\"noreferrer noopener\">Q3 2024<\/a> hinting at a stronger H2 underpinned by the declaration of the <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/mincon-group-cdi---mcon\/dividend-notice\/8514452\" target=\"_blank\" rel=\"noreferrer noopener\">missing H1 dividend<\/a> <em>(regular blog coverage ceased for now)<\/em>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Mountview Estates:<\/strong> <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/mountview-estates--mtvw\/unaudited-interim-results-for-6m-ended-30-sep-2024\/8560515\" target=\"_blank\" rel=\"noreferrer noopener\">H1 2025<\/a> net asset value up 2% and a <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/mountview-estates--mtvw\/directorate-change\/8559259\" target=\"_blank\" rel=\"noreferrer noopener\">new non-executive<\/a> who brings a (much needed) focus on \u201c<em>governance<\/em>\u201d (review coming soon).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>S &amp; U:<\/strong> <a href=\"https:\/\/maynardpaton.com\/2025\/03\/29\/s-u-court-of-appeal-ruling-overshadows-40-h1-2025-profit-slump-as-14-shares-at-0-73x-nav-imply-up-to-63m-potential-secret-commission-compensation-liability\/\">H1 2025<\/a> profit down 40% and the H1 dividend down 14% due to \u201c<em>evolving regulatory expectations<\/em>\u201c\u2026 followed by a sector-wide <a href=\"https:\/\/maynardpaton.com\/2025\/03\/29\/s-u-court-of-appeal-ruling-overshadows-40-h1-2025-profit-slump-as-14-shares-at-0-73x-nav-imply-up-to-63m-potential-secret-commission-compensation-liability\/#advantage-finance-court-of-appeal-judgements\">legal bombshell<\/a>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>System1:<\/strong> <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/system1-group--sys1\/interim-results\/8585940\" target=\"_blank\" rel=\"noreferrer noopener\">H1 2025<\/a> platform revenue up 53% and news of a \u00a32m additional \u201c<em>discretionary<\/em>\u201d investment to perhaps quadruple sales over the \u201c<em>long term<\/em>\u201d (review coming soon).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>FW Thorpe:<\/strong> A welcome 2.5p per share special dividend after <a href=\"https:\/\/maynardpaton.com\/2025\/02\/18\/fw-thorpe-fy-2024-declares-22nd-consecutive-annual-dividend-increase-after-impressive-stock-procurement-improves-gross-margin-to-49-while-modest-ltip-targets-and-subdued-outlook-leaves-p-e-at-low\/\">FY 2024<\/a> profit gained 9%, plus an informative AGM.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Tristel:<\/strong> <a href=\"https:\/\/maynardpaton.com\/2024\/12\/23\/tristel-record-fy-2024-discloses-impressive-32-uk-growth-as-sudden-us-purchasing-bureaucracy-explains-leadership-change-boilerplate-ltip-seeks-only-5-5-eps-cagr-and-p-e-drops-to-lowest-since-201\/\">FY 2024<\/a> showing revenue up 16%, profit up 32% and the dividend up 29% offset by sudden US \u201c<em>purchasing bureaucracy<\/em>\u201d alongside a boilerplate LTIP.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>M Winkworth:<\/strong> A <a href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/m-winkworth--wink\/dividend-declaration\/8474287\" target=\"_blank\" rel=\"noreferrer noopener\">Q3 2024<\/a> 3p per share dividend signalling at least 12p per share for FY 2024.<\/li>\n<\/ul>\n<p>I have written a full review of all the shares I held during 2024 \u2014 <a href=\"https:\/\/maynardpaton.com\/2025\/01\/03\/my-portfolio-year-in-review-2024\/\">simply click here for the complete run-down<\/a>.<\/p>\n<h2 class=\"gb-headline gb-headline-e5e45595 gb-headline-text\" id=\"annual-review\"><strong>Annual review<\/strong><\/h2>\n<p>I always study my portfolio\u2019s performance at the start of every year.<\/p>\n<p>I am keen to discover where my gains and losses occurred during the previous twelve months, and check whether my portfolio decisions have become consistently good, bad or indifferent.<\/p>\n<h2 class=\"gb-headline gb-headline-bd0ae76e gb-headline-text\" id=\"2024-performance\"><strong>2024 performance<\/strong><\/h2>\n<p>The chart below compares my portfolio\u2019s weekly 2024 progress to that of the <a href=\"https:\/\/maynardpaton.com\/2023\/07\/11\/q2-2023-are-you-a-good-investor\/#are-you-a-good-investor\">FTSE 100 total return index<\/a>:<\/p>\n<figure class=\"gb-block-image gb-block-image-72033204\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-72033204\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart01.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart01-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart01-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>I finished up 22.4% versus a 9.7% gain for the UK benchmark. Last year\u2019s positive performance built on my <a href=\"https:\/\/maynardpaton.com\/2024\/01\/02\/q4-2023-up-15-3-for-2023\/#full-year-review\">15.3% gain during 2023<\/a> and I have now entirely recouped the <a href=\"https:\/\/maynardpaton.com\/2023\/01\/01\/q4-2022-down-23-3-for-2022\/#full-year-review\">23.3% loss I suffered during 2022<\/a>.<\/p>\n<p>One holding dominated my 2024 progress: <strong>System1<\/strong> started the year at 21% of my portfolio and its shares more than doubled during the twelve months. At <strong>System1\u2019s<\/strong> high point I was up a remarkable 40% year-to-date. Everything else within my portfolio then became a sideshow.\u00a0<\/p>\n<h2 class=\"gb-headline gb-headline-d98e09e5 gb-headline-text\" id=\"2015-2024-performance\"><strong>2015-2024 performance<\/strong><\/h2>\n<p>The next chart compares my portfolio\u2019s monthly progress to that of the FTSE 100 total return index. The chart commences from when I became a full-time investor at the start of 2015:<\/p>\n<figure class=\"gb-block-image gb-block-image-b87ffa16\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-b87ffa16\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart05.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart05.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart05-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart05-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>I am ahead of the FTSE 100 over one, five and ten years:<\/p>\n<div class=\"gb-container gb-container-238a7f06\">\n<table id=\"tablepress-1009\" class=\"tablepress tablepress-id-1009\">\n<tbody>\n<tr class=\"row-1\">\n<td class=\"column-1\"><strong>To 31 December 2024<\/strong><\/td>\n<td class=\"column-2\"><strong>My Portfolio<\/strong><\/td>\n<td class=\"column-3\"><strong>FTSE 100 TRI<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n<td class=\"column-1\">1 year<\/td>\n<td class=\"column-2\">22.4% (22.4%pa)<\/td>\n<td class=\"column-3\">9.7% (9.7%pa)<\/td>\n<\/tr>\n<tr class=\"row-3\">\n<td class=\"column-1\">3 years<\/td>\n<td class=\"column-2\">8.3% (2.7%pa)<\/td>\n<td class=\"column-3\">23.9% (7.4%pa)<\/td>\n<\/tr>\n<tr class=\"row-4\">\n<td class=\"column-1\">5 years<\/td>\n<td class=\"column-2\">57.5% (9.5%pa)<\/td>\n<td class=\"column-3\">29.8% (5.4%pa)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n<td class=\"column-1\">10 years<\/td>\n<td class=\"column-2\">134.4% (8.9%pa)<\/td>\n<td class=\"column-3\">82.9% (6.2%pa)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1009 from cache -->\n<\/div>\n<p>I have underperformed the UK benchmark during four of the last ten years (2016, 2017, 2019 and 2022): \u00a0<\/p>\n<figure class=\"gb-block-image gb-block-image-152d4c5b\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-152d4c5b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart06.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart06.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart06-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<p><a href=\"https:\/\/maynardpaton.com\/2023\/07\/11\/q2-2023-are-you-a-good-investor\/#are-you-a-good-investor\">I will let you decide whether my portfolio\u2019s progress makes me a good investor<\/a>!<\/p>\n<h2 class=\"gb-headline gb-headline-55502dbd gb-headline-text\" id=\"investment-returns-attribution-analysis\"><strong>Investment returns and attribution analysis<\/strong><\/h2>\n<p>Just to confirm, during 2024:<\/p>\n<ul class=\"wp-block-list\">\n<li>I topped up three holdings (<strong>City of London Investment<\/strong> (<a href=\"https:\/\/maynardpaton.com\/2024\/06\/30\/q2-2024-when-its-drizzling-gold-reach-for-a-bowl\/#clig\">Q2<\/a>), <strong>Mountview Estates<\/strong> (<a href=\"https:\/\/maynardpaton.com\/2024\/06\/30\/q2-2024-when-its-drizzling-gold-reach-for-a-bowl\/#mtvw\">Q2<\/a>, <a href=\"#q4-share-trades\">Q4<\/a>) and <strong>S &amp; U<\/strong> (<a href=\"https:\/\/maynardpaton.com\/2024\/06\/30\/q2-2024-when-its-drizzling-gold-reach-for-a-bowl\/#sus\">Q2<\/a>));<\/li>\n<li>I left seven holdings untouched (<strong>Andrews Sykes<\/strong>, <strong>Bioventix<\/strong>, <strong>Mincon<\/strong>, <strong>System1<\/strong>, <strong>FW Thorpe<\/strong>, <strong>Tristel<\/strong> and <strong>M Winkworth<\/strong>), and;<\/li>\n<li>No new shares were purchased.<\/li>\n<\/ul>\n<p>My portfolio started 2024 like this\u2026<\/p>\n<figure class=\"gb-block-image gb-block-image-9e73258d\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-9e73258d\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2023\/12\/Q4-2023-spreadsheet-chart03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2023\/12\/Q4-2023-spreadsheet-chart03.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2023\/12\/Q4-2023-spreadsheet-chart03-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2023\/12\/Q4-2023-spreadsheet-chart03-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>\u2026and finished 2024 like this:<\/p>\n<figure class=\"gb-block-image gb-block-image-7ea5091b\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-7ea5091b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>This next chart shows the total return (that is, the capital gain\/loss plus dividends received) each holding produced for me during the year:<\/p>\n<figure class=\"gb-block-image gb-block-image-4a78a4ec\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-4a78a4ec\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart02.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart02-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart02-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>And this chart shows each holding\u2019s contribution towards my overall 22.4% gain:<\/p>\n<figure class=\"gb-block-image gb-block-image-b74b79ec\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-b74b79ec\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart03.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart03-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart03-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p><strong>System1<\/strong> had an enormous influence on my performance. My portfolio would have <em><strong><span style=\"text-decoration: underline;\">lost 3%<\/span><\/strong><\/em> had I exited this share at the start of 2024 and not reinvested the cash.\u00a0<\/p>\n<p>The ups and downs at <strong>System1<\/strong> have dominated my returns during recent years. The shares represented <a href=\"https:\/\/maynardpaton.com\/2022\/01\/01\/q4-2021-up-24-5-for-2021\/#investment-returns-portfolio-contributions\">17 percentage points<\/a> of my 25% gain during 2021\u2026<\/p>\n<figure class=\"gb-block-image gb-block-image-a100313d\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-a100313d\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2021-Q4-spreadsheet-chart07-for-2024.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2021-Q4-spreadsheet-chart07-for-2024.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2021-Q4-spreadsheet-chart07-for-2024-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2021-Q4-spreadsheet-chart07-for-2024-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>\u2026<a href=\"https:\/\/maynardpaton.com\/2023\/01\/01\/q4-2022-down-23-3-for-2022\/#investment-returns-attribution-analysis\">18 percentage points<\/a> of my 23% loss during 2022\u2026<\/p>\n<figure class=\"gb-block-image gb-block-image-9ea4a59e\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-9ea4a59e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2022-Q4-spreadsheet-chart01-for-2024.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2022-Q4-spreadsheet-chart01-for-2024.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2022-Q4-spreadsheet-chart01-for-2024-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2022-Q4-spreadsheet-chart01-for-2024-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>\u2026and <a href=\"https:\/\/maynardpaton.com\/2024\/01\/02\/q4-2023-up-15-3-for-2023\/#investment-returns-attribution-analysis\">13 percentage points<\/a> of my 15% gain during 2023:<\/p>\n<figure class=\"gb-block-image gb-block-image-f8e606b9\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-f8e606b9\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2023-Q4-spreadsheet-chart02-for-2024.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2023-Q4-spreadsheet-chart02-for-2024.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2023-Q4-spreadsheet-chart02-for-2024-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2023-Q4-spreadsheet-chart02-for-2024-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p><strong>System1 <\/strong>was assisted last year by gains from only <strong>M Winkworth<\/strong> and <strong>City of London Investment<\/strong>. Supported by their useful dividends, the pair added almost 6% to my 2024 performance.\u00a0<\/p>\n<p>Board changes perhaps attracted buyers to both shares; <strong>M Winkworth<\/strong> invited <a href=\"https:\/\/maynardpaton.com\/2024\/07\/29\/m-winkworth-non-exec-appointments-invite-bid-target-speculation-after-suppressed-property-market-reduces-fy-2023-profit-by-25-and-top-3-contender-ambition-prompts-9-branch-closures\/#potential-bid-target\">bid speculation<\/a> after appointing two M&amp;A consultants as non-executives, while two non-executives resigned from <strong>City of London Investment<\/strong> after largest shareholder <a href=\"https:\/\/maynardpaton.com\/2023\/12\/19\/city-of-london-investment-george-karpus-explains-agm-protest-votes-absence-of-new-clients-and-tremendous-opportunities-for-corporate-cash-management\/#agm-statement-from-george-karpus\">George Karpus<\/a> demanded action during 2023. \u00a0<\/p>\n<p>My remaining seven holdings all delivered negative total returns that mostly reflected financial performances ranging from subdued to terrible. Wider economic and market considerations (e.g. <a href=\"https:\/\/www.gov.uk\/government\/topical-events\/autumn-budget-2024\" target=\"_blank\" rel=\"noreferrer noopener\">the Budget<\/a>) also kept a lid on valuations. The seven shares combined to reduce my portfolio by 9%. \u00a0<\/p>\n<p>My 2024 performance was helped very slightly by the 7% average cash position held throughout the twelve months. I collected interest at an effective 2.4% after subtracting monthly broker fees.<\/p>\n<p>While the year saw only three of my ten holdings register positive total returns\u2026<\/p>\n<figure class=\"gb-block-image gb-block-image-1b7ca579\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1b7ca579\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart07.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart07.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart07-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<p>\u2026 all three winners did manage to beat the FTSE 100:<\/p>\n<figure class=\"gb-block-image gb-block-image-173058b7\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-173058b7\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart08.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart08.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart08-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-bb3ba435 gb-headline-text\" id=\"dividends-turnover-costs\"><strong>Dividends, turnover and costs<\/strong><\/h2>\n<p>A 2024 highlight was dividend income. Total payouts advanced 13.7% despite a very reduced number of special dividends, and they collectively added 4.1% to my total return:<\/p>\n<figure class=\"gb-block-image gb-block-image-cf79cdf0\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-cf79cdf0\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart09.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart09.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart09-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<p>Last year I received only one special payout \u2014 thank you <strong>FW Thorpe<\/strong> \u2014 which enhanced my ordinary dividends by 1%. My portfolio has amazingly received specials every year since (at least) 2015, and such extra payments have bolstered my ordinaries by 17% during the past ten years:<\/p>\n<figure class=\"gb-block-image gb-block-image-0741ba13\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-0741ba13\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart10.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart10.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart10-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<p>My ordinary dividends gained a super 31% last year, which I estimate would have been 16% without my top-ups of <strong>City of London Investment<\/strong>, <strong>Mountview Estates<\/strong> and <strong>S &amp; U<\/strong>.\u00a0<\/p>\n<p>Most of my underlying dividend-income increase came from <strong>System1<\/strong> and its first payout for more than four years. Only <strong>Tristel<\/strong> among my other shares lifted its dividend by a significant margin.\u00a0<\/p>\n<p>Portfolio turnover was my highest since 2020; I bought shares equivalent to 11.9% of my portfolio\u2019s year-start value.<\/p>\n<p>Trading costs were kept modest. Dealing commissions, stamp duty, foreign-exchange expenses and account-management fees represented an aggregate 0.10% of my portfolio\u2019s year-start value.<\/p>\n<h2 class=\"gb-headline gb-headline-bf68bf6a gb-headline-text\" id=\"summary\"><strong>Summary<\/strong><\/h2>\n<p>So here we go into 2025, with my current investments confirmed below:<\/p>\n<figure class=\"gb-block-image gb-block-image-76327bd2\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-76327bd2\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04.png 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/01\/2024-Q4-spreadsheet-chart04-768x432.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<p>Just like 2022, 2023 and 2024, I am starting the year with a significant <strong>System1<\/strong> weighting that will inevitably dictate proceedings during the next twelve months.<\/p>\n<p><strong>System1<\/strong> shares doubled during 2023 and then doubled again during 2024, but I am not going to upset the market gods by talking up a hat-trick.<\/p>\n<p>The real dilemma I face during 2025 is whether or not to top-slice my 38% <strong>System1<\/strong> position.<\/p>\n<p>I have <a href=\"https:\/\/maynardpaton.com\/2024\/10\/03\/q3-2024-running-multi-baggers-to-40-or-more-of-your-portfolio\/#running-multi-baggers-to-40-or-more-of-your-portfolio\">lamented how I previously sold great multi-baggers far too early<\/a>, but other portfolio opportunities are increasingly emerging. I would say <strong>Andrews Sykes<\/strong>, <strong>Bioventix<\/strong>, <strong>City of London Investment<\/strong>, <strong>Mountview Estates<\/strong>, <strong>S &amp; U<\/strong>, <strong>FW Thorpe<\/strong> and <strong>M Winkworth<\/strong> could exhibit top-up qualities during 2025.\u00a0<\/p>\n<p>As usual I have no idea how the market will behave during the next twelve months. But I remain convinced that pinpointing UK small-caps that offer <a href=\"https:\/\/maynardpaton.com\/how-i-invest\/\">decent accounts, capable managers, respectable prospects and modest valuations<\/a> remains a sensible long-term approach.<\/p>\n<p>Over time I have noted my portfolio\u2019s encouraging income progress \u2014 six of my shares have become \u2018<a href=\"https:\/\/maynardpaton.com\/2023\/10\/08\/q3-2023-enjoying-100-returns-from-ordinary-dividends\/#enjoying-100%-returns-from-ordinary-dividends\">dividend baggers<\/a>\u2018 \u2014 and I now tilt my stock-picking towards healthy payouts. Mind you, total return remains all-important and I still appreciate how <a href=\"https:\/\/maynardpaton.com\/2020\/06\/30\/q2-2020-10-lessons-from-a-10-bagger\/#10-lessons-from-10-bagger\">multi-baggers can transform a portfolio<\/a>.<\/p>\n<p>Ambitions for the year ahead are the same as before, namely:\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Catch up on the huge backlog of results reviews for this blog (\u2018<a href=\"https:\/\/pmc.ncbi.nlm.nih.gov\/articles\/PMC3927899\/\" target=\"_blank\" rel=\"noreferrer noopener\">life events<\/a>\u2018 permitting);<\/li>\n<li>Find a bargain for my remaining cash, and;<\/li>\n<li><a href=\"https:\/\/maynardpaton.com\/2023\/04\/09\/q1-2023-10-lessons-from-3-small-cap-agms\/#10-lessons-from-3-small-cap-agms\">Attend a few AGMs<\/a>.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/maynardpaton.com\/2025\/01\/03\/my-portfolio-year-in-review-2024\/\">Please click here to read a full review of all the shares I held during 2024<\/a>.<\/p>\n<p>Until next time, I wish you safe and healthy investing.<\/p>\n<p><strong>Maynard Paton<\/strong><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>03 January 2025By Maynard Paton Happy 2025! I hope your shares prospered last year and you continue to find my blog useful. A summary of my portfolio\u2019s 2024: Total return of +22.4%*; Individual returns ranged from up 120% for System1 to down 28% for Mincon; Three shares were topped-up: City of London Investment, Mountview Estates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[31178,57651],"dealstore":[],"offerexpiration":[],"class_list":["post-203855","post","type-post","status-publish","format-standard","hentry","category-investing","tag-maynard","tag-paton"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maynard Paton | Q4 2024: Up 22.4% For 2024 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=203855\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maynard Paton | Q4 2024: Up 22.4% For 2024 - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"03 January 2025By Maynard Paton Happy 2025! 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