Overall portfolio performance in July: ISA +1.3%, SIPP +1.1%.

The benchmark was up 1.6% in the period, but is heavily US weighted (see final paragraph) – so this is expected as it is currency, not share price driving this.

Largest detractors in ISA/SIPP are my single shares, LLOY in particular causing them to be back into top-ups despite the high position size now in ISA (circa 10%). I still think in 5 year terms, and once the PPI problems behind them all banks will bounce a little (I mean we are talking $650 million of additional money for dividends potentially from 2020).

I’ve also changed top up strategy in past month temporarily to focus on non-USD traded elements, as I believe the current 1.2X position of USD is temporary and any top-ups will be greatly held back by this. So I am focusing on emerging market funds with “less” USD parity.