I first bought McBride on August 26, 2025 at 119.2p, and added to the position twice as the share price declined — at 109.2p on September 11 and 107.2p on September 16.
Together, those purchases gave me a weighted average cost of approximately 115.6p.
As always, for portfolio performance reporting I use end-of-day market prices rather than my actual execution prices. This is the same methodology I have used for previous transactions and keeps the calculations consistent regardless of the exact price at which I happened to trade.
The market is still open as I write this, so although my actual exit price was 208.5p, I will calculate the final reported return using today’s closing price once it is available.
At 208.5p, purely as a reference, the share-price gain would be approximately 80.4%.
McBride also paid a 3.0p dividend per share during my holding period. At the current reference price, that would bring the total return to approximately 83.0%.
The final return reported for the portfolio will be based on today’s closing share price, consistent with all my previous performance calculations.
The weighted average holding period was roughly 361 days — almost exactly one year.
For reference, these were the posts where I built the position:
A Quiet Year on Moat Mind
I also wanted to clarify something since the lack of recent posts may have suggested otherwise:
I haven’t stopped Moat Mind.
There simply haven’t been any transactions to write about.
Since my last portfolio transaction, I haven’t made any new buys or sells in the value portfolio. That is not particularly unusual for the way I invest. I am not trying to constantly find something to trade. If the businesses I own continue to perform reasonably well and I don’t see a clearly better opportunity, doing nothing is perfectly fine.
In fact, doing nothing is often a large part of value investing.
What I have been guilty of is being lazy about publishing the regular portfolio reports.
And that is unfortunate because 2026 has been a particularly good year for the portfolio so far.
So the lack of updates shouldn’t be interpreted as the portfolio being abandoned or the blog coming to an end. There simply hasn’t been much activity, and I haven’t been disciplined enough about sharing the periods where the main investment decision was simply to hold.
McBride is the first portfolio change in quite some time.
Almost exactly one year after I first bought the shares, the position is now closed. Based on my 208.5p actual execution price, the total return including dividends is currently around 83%, while the official portfolio return will be calculated using today’s closing price as usual.
Not a bad outcome for a year in which, for most of the time, the main thing I had to do was nothing.