Disclaimer.

Personal record, not an investment service

Small Caps. Big Bags. records personal views, holdings and decisions for accountability and education. It is not personalised investment advice, a model portfolio, a stock-picking service or a trade-alert service. Nothing is intended as an invitation or inducement to buy, sell or hold a stock.

No suitability assessment

The journal does not know or assess a reader’s objectives, financial position, knowledge, experience, capacity for loss, liquidity needs, tax position or time horizon. My circumstances and portfolio construction may be materially different from yours.

Investment risk

Small-cap, micro-cap and AIM-listed shares can be highly volatile, illiquid and speculative. Prices may move sharply, spreads can be wide, it may be difficult to buy or sell, and a company can fail. You may lose some or all of the capital invested.

Past performance and portfolio figures

Past performance is not a reliable indicator of future results. The performance shown relates to one personal, concentrated portfolio over a short period. The results are unusual, not typical or representative, may have been driven by a small number of holdings and may not be repeated.

Portfolio figures are self-reported and based on dated snapshots. Readers should not assume independent verification or audit unless expressly stated. The figures do not show what another investor would have achieved after different dealing prices, spreads, fees, tax and timing. The portfolio page explains the stated methodology and limitations.

Positions and potential conflicts

I may hold, buy or sell stocks discussed, including after publication, and holdings may change without notice between monthly snapshots. A disclosed holding is not evidence that an investment is suitable for another person. Any material commercial relationship relevant to a piece of content should be disclosed with that content.

Accuracy, timing and external sources

Information can be incomplete, mistaken or become outdated. Prices, holdings and opinions are not live. Company announcements, accounts and other sources should be checked directly before making any decision. External links are provided for convenience and are governed by their own terms.

AI-assisted summaries

Portfolio News uses AI-assisted summaries of company announcements. The archive commentary is intended as a monitoring note, not a substitute for the source announcement or independent research. It may contain errors, omit context, misjudge materiality or rely on information that later changes. Always read the original RNS and relevant company history.

Independent research and advice

You remain responsible for your own decisions. Verify facts independently and seek advice from an appropriately authorised professional where appropriate. To the fullest extent permitted by law, no liability is accepted for loss arising from use of or reliance on the site.

Last reviewed: 12 August 2026.