An open UK small-cap investment journal
Small Caps.
Big Bags.
I started Small Caps. Big Bags. to take my investing more seriously — and to keep myself honest. Each month I publish the portfolio, explain what I bought and sold, and write about what worked, what didn’t and what I’m learning along the way.
Portfolio updated monthly
Latest snapshot: 27 August 2026
Portfolio. Research. Writing. Charts.
The portfolio is the public record. Research tracks what changes. The writing explains the thinking. OnlyCharts shows what I see in the chart.
My portfolio
Current holdings, position sizes, performance and the comparison with the FTSE All-Share. Updated monthly.
Portfolio research
The latest RNS announcements from my portfolio, distilled into what changed, what management now expects and what matters for the investment case.
Latest thoughts & insights
Company research, portfolio updates and notes on what I am thinking about — published on Substack.
OnlyCharts
See the health of any chart using the same technical framework I use in my own process.
How it’s going.
Since 13 May 2025. Performance is measured using cumulative time-weighted returns against the FTSE All-Share Total Return Index.
Past performance is not a reliable indicator of future results. These results relate to one concentrated personal portfolio over a short period and are not typical.
Read the methodology →What changed.
The latest meaningful RNS updates from companies in the portfolio, with signal, impact and a sceptical AI monitoring view.
What I’m thinking about.
The latest portfolio notes, stock research and process updates from Small Caps. Big Bags.
July & August Portfolio Update: Back on the Mission
+82% YTD, a new Hercules position, topping up Intercede and Springfield, selling Cordel, a £4,000 withdrawal — and a new idea around capitulation trades.
Technical X-Ray: A better way to analyse stock charts
A simpler framework for deciding which shares deserve a closer look — and which don't.
Stock in Focus — Nexus Infrastructure (NEXS)
Not every great investment starts with a great business...
See the health of any chart.
Understand what the chart is really saying. Technical health in seconds.