Sold 900 Tullow at 284p reducing my holding to £7,400 or 4.4% of portfolio. The stock is up 26% since I bought it and usually I would be looking for more but oil stocks had crept up to 19% of Contrarian’s holdings (Maurel et Prom, Ophir, Tullow and Wentworth) an this is supposed to be a mining fund! So with Tullow up 31% in the last month it seemed a sensible point to trim.

The value of Contrarian stands at £167,690 – it has not been keeping pace with the index in the last month which is frustrating. I may need to do a cleanup and work out whether all the underperformers really are stars waiting to shine (or just dogs). Could do with a few realised tax losses while I’m at it.

Portfolio below. Rather long cash, not entirely by accident.