Share Sleuth: what I sold, cut, and bought in record trading day

Richard Beddard describes making five trades as a day like no other since the Share Sleuth portfolio was launched nearly 16 years ago.

6th August 2025 08:16

Richard Beddard from interactive investor

Monday 28 July was a trading day like no other since I started the Share Sleuth portfolio nearly 16 years ago. While I normally restrict myself to one trade, and occasionally two, this time I traded five times.

I had unfinished business with three shares, a runaway success to contend with, and a need to chip away at the portfolio’s growing cash mountain.

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Liquidating: Victrex, Treatt and RWS

Let us deal with the unfinished business first. In June, I deleted seven shares from the Decision Engine: those with the lowest-quality scores, amounting to six or less out of nine.

The Decision Engine scores, which guide the size trades in the Share Sleuth portfolio, are the sum of the quality score and a price score. Since the maximum score for price is one, a share that scores six or less for quality can never achieve a score of more than seven.

The number seven is significant because it defines what I consider to be “good value”. Above seven, a share is of sufficient quality and sufficiently cheap to add to the portfolio. A score of between seven and five is fair value.

Since a share with a quality score of six or less cannot achieve a higher score than seven no matter how low the share price goes, technically it is ineligible for new investment.

Three of the shares I deleted were in the Share Sleuth portfolio. They were Victrex (LSE:VCT), Treatt (LSE:TET) and RWS Holdings (LSE:RWS). They were very small holdings and since their scores were too low to justify raising them above the portfolio’s minimum holding size of 2.5% of its total value, I should have liquidated them when I traded in June.

#	company	description	score	qual	price	ih%	h%
-	Treatt	Sources, processes and develops flavours esp. for soft drinks	7.0	6.0	1.0	0.0%	0.8%
-	Victrex	Manufactures PEEK, a tough, light and easy to manipulate polymer	7.0	6.0	1.0	0.0%	1.1%
-	RWS	Translates documents and localises software and content for businesses	6.5	5.5	1.0	0.0%	1.2%

Notes: score is the sum of quality and price scores, ih% is the ideal holding size (which is based on the score), h% is the actual holding size prior to any trades.

I did not trade them, because the portfolio was already awash with cash, and I focused on shares I could add.

Victrex, Treatt, and RWS were such small holdings, their combined value of 3.1% was just over the minimum trade size of 2.5% of the total value of Share Sleuth. Trading all three was a single trade in value terms.

Treatt was the only successful trade of the three. Despite the plunge in its share price since 2022, ShareScope tells me the holding made a near 300% return, which is over 14% annualised.

Success came because I reduced the portfolio’s holding at an auspicious time, just before traders began to lose confidence in Treatt.

Past performance is not a guide to future performance.

Share Sleuth’s Victrex holding lost about 20%, or just over 2% annualised over nearly a decade. I saved the portfolio from greater losses by reducing it in 2022, before most of the damage was done.

Past performance is not a guide to future performance.

The RWS trade was a disaster. It lost 65% of its value in short shrift, an annualised loss of 26%.

Past performance is not a guide to future performance.

All three companies had profitable histories. They were also spending lots of money to support new strategies. Treatt and Victrex invested in new and improved factories and RWS in acquisitions to diversify and improve its machine learning capabilities.

Despite the investments, profits have dwindled at all three. The increase in capital invested has also reduced return on capital. I underestimated the time these strategic pivots would take to pay off, and maybe the risks involved.

On top of these trades, I had two more to make...

Reducing Cohort

The first was Cohort (LSE:CHRT), another trade delayed last month. Cohort makes defence technology. It is a longstanding portfolio member, a good business in a fashionable industry.

But Cohort’s high share price gave it a price score of -2.3. It is the bottom-ranked share with a score of 5.2, approaching a score I consider to be expensive (5.0). Yet Share Sleuth has a large holding worth 6.7% of its total value. The Decision Engine’s suggested holding size is a fraction of the portfolio’s minimum holding size of 2.5% of its total value.

These are all good reasons to reduce or liquidate the portfolio’s holding in Cohort. In addition, Cohort’s directors sold shares worth nearly £10 million in July.

I do not normally take much notice of director sales because they may not be motivated by the prospects of the business or the share price at all. I like to make my own decisions.

However, concerted selling in large quantities could be telling us the directors also agree the shares are pricey and it is a good time to take money off the table.

If I were to follow the Decision Engine’s suggestion to the letter, I would reduce Cohort to a 0.4% holding. A holding of that size is too small to be meaningful.

I tend to cut quality companies down to size. That size being the portfolio’s minimum holding size of 2.5% of the portfolio’s total value.

#	company	description	score	qual	price	ih%	h%
30	Goodwin	Casts and machines steel. Processes minerals for casting jewellery, tyres	5.7	8.0	-2.3	1.4%	5.1%
31	Quartix	Supplies vehicle tracking systems to small fleets and insurers	5.7	7.5	-1.8	1.3%	4.7%
33	Cohort	Manufactures military technology, does research and consultancy	5.2	7.5	-2.3	0.4%	6.7%

Notes: score is the sum of quality and price scores, ih% is the ideal holding size (which is based on the score), h% is the actual holding size prior to any trades.

So far, Cohort has been a great trade for Share Sleuth. According to ShareScope, it has returned 519%, which is over 15% annualised.

Past performance is not a guide to future performance.

I decided not to reduce holdings in Goodwin (LSE:GDWN) and Quartix Technologies (LSE:QTX). They were also highly priced, but the holdings were smaller. Had I reduced them by 2.5% of the portfolio’s value, the minimum trade size, they would have been smaller than the minimum holding size.

Adding Oxford Instruments

These liquidations and reductions released a lot of cash. Since my goal is to keep the Share Sleuth portfolio nearly fully invested in shares, I decided not to wait until next month to start mopping it up.

In Oxford Instruments (LSE:OXIG), I had an obvious investment candidate. I scored the share in July. Its score is eight, its rank is sixth and it is under-represented in the portfolio.

Past performance is not a guide to future performance.

I have more than doubled the size of the portfolio’s holding by adding shares worth about £5,000, which is also about the minimum trade size.

#	company	description	score	qual	price	ih%	h%
4	Focusrite	Designs recording equipment, loudspeakers, and instruments for musicians	8.0	7.0	1.0	6.0%	1.6%
6	Oxford Instruments	Manufactures scientific equipment	8.0	7.0	1.0	6.0%	2.3%
11	Hollywood Bowl	Operates tenpin bowling and indoor crazy golf centres	7.8	7.5	0.3	5.7%	0.0%
12	Anpario	Manufactures natural animal feed additives	7.8	7.0	0.8	5.6%	2.2%

Notes: Score is the sum of quality and price scores, ih% is the ideal holding size (which is based on the score), h% is the actual holding size prior to any trades.

I considered Focusrite (LSE:TUNE), which had the same score, and Hollywood Bowl Group (LSE:BOWL), which would be a new holding. Since I scored those companies, though, I have tweaked my methodology and I have less confidence in their scores.

The top 10 shares excluded from the table were all close to their ideal holding sizes. They are Latham (James) (LSE:LTHM), Thorpe (F W) (LSE:TFW), Howden Joinery Group (LSE:HWDN), Dewhurst Group (LSE:DWHT), Bunzl (LSE:BNZL), Macfarlane Group (LSE:MACF) and Solid State (LSE:SOLI).

Trades

This month there are so many trades, I've put them in a table.

Share	Trade	# shares	price	fees	value
Treatt	Liquidation	763	207.83p	£10.00	£1,574
Victrex	Liquidation	292	715.88p	£10.00	£2,080
RWS	Liquidation	2,790	89p	£10.00	£2,473
Cohort	Reduction	535	£14.94	£10.00	£7,981
Oxford Instruments	Addition	264	£18.81	£34.83	£5,001

Notes: Prices are actual prices quoted by a broker. Fees include £10 broker fee and stamp duty where applicable.

Share Sleuth performance

At the close on 1 August, Share Sleuth was worth £193,078, 544% more than the £30,000 of pretend money we started with in September 2009.

The same amount invested in accumulation units of a FTSE All-Share index tracking fund would be worth £97,628, an increase of 225%.

Past performance is not a guide to future performance.

After dividends paid during the month from Advanced Medical Solutions Group (LSE:AMS), Anpario (LSE:ANP), Renew Holdings (LSE:RNWH), and RWS, Share Sleuth’s cash pile is £17,816.

The minimum trade size, 2.5% of the portfolio’s value, is £4,827.

Share Sleuth			Cost (£)	Value (£)	Return (%)
Cash				17,816
Shares				175,262
Since 9 September 2009			30,000	193,078	544

Companies		Shares	Cost (£)	Value (£)	Return (%)
AMS	Advanced Medical Solutions	1,965	4,503	3,950	-12
ANP	Anpario	1,124	4,057	4,271	5
BMY	Bloomsbury	845	3,203	4,018	25
BNZL	Bunzl	417	9,798	9,341	-5
CHH	Churchill China	1,495	17,228	6,279	-64
CHRT	Cohort	326	1,118	4,551	307
DWHT	Dewhurst	938	6,754	7,434	10
FOUR	4Imprint	116	2,251	4,118	83
GAW	Games Workshop	66	4,116	10,778	162
GDWN	Goodwin	133	3,112	11,491	269
HWDN	Howden Joinery	1,476	10,371	12,723	23
JET2	Jet2	456	250	7,323	2,829
LTHM	James Latham	1,150	14,437	12,938	-10
MACF	Macfarlane	7,689	10,011	7,658	-24
OXIG	Oxford Instruments	505	10,044	9,029	-10
PRV	Porvair	906	4,999	6,795	36
QTX	Quartix	3,285	7,296	8,837	21
RNWH	Renew Holdings	689	4,902	5,684	16
RSW	Renishaw	234	6,227	6,798	9
SCT	Softcat	326	4,992	5,196	4
SOLI	Solid State	5,009	6,033	8,390	39
TFW	Thorpe (F W)	4,362	9,711	14,569	50
TUNE	Focusrite	2,020	14,128	3,091	-78

Notes
July 28: Liquidated Treatt, Victrex and RWS. Reduced Cohort. Added to Oxford Instruments
Costs include £10 broker fee, and 0.5% stamp duty where appropriate
Cash earns no interest
Dividends and sale proceeds are credited to the cash balance
£30,000 invested on 9 September 2009 would be worth £193,078 today
£30,000 invested in FTSE All-Share index tracker accumulation units would be worth £97,628 today
Objective: To beat the index tracker handsomely over five-year periods
Source: ShareScope, close on 1 Aug 2025

Richard Beddard is a freelance contributor and not a direct employee of interactive investor.

Richard owns all the shares in the Share Sleuth portfolio.

For more on the Share Sleuth portfolio, please see Richard’s explainer.

Contact Richard Beddard by email: richard@beddard.net or on Twitter: @RichardBeddard

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