John Phelps’s portfolio

OUR share tips joined in the party when the FTSE 100 share index hit a fresh all-time peak last week.

Fears that the stock market could be overheating were put aside as all four of our investment portfolios pushed merrily higher with average gains approaching two per cent.

Much buying was concentrated on secondary companies rather than multinationals, suggesting that investors are prepared to take risks.

Even so, we are taking a cautious view on prospects and have raised our stop-loss sale levels six times to ensure we can lock in profits on a market downturn.

Shares range from the heavyweight Smiths and Whitbread to the Harry Potter publisher Bloomsbury, and fragrances and flavourings group Treatt all trading at record valuations last week.

Despite the overall strength of the market we did have setbacks last week and our notional holding in Clydesdale Bank owner CYBG in the 2017 portfolio fell back into losses after a lacklustre trading update.

But the disappointment was outweighed by a stellar performance from fellow constituent Treatt which added 20 per cent to its valuation over the week, helping the portfolio to an overall rise of 2.5 per cent.

Both the 2016 and 2014 portfolios also outperformed the wider market with gains of 1.9 per cent apiece while the 2015 selections were close with a 1.7 per cent appreciation.

We were pleased with the showing of two recent Scottish investment picks with our notional holding Smart Metering moving into profit after earlier weakness and sausage-skins manufacturer Devro ending its first week with a sizzling 7.5 per cent rise.

Lloyds Banking also pushed to its highest level since joining the 2015 portfolio, boosted by news that the Government has finally sold its last shares bought during the banking crisis nine years ago.

The latest rise means that the shares have risen 10 per cent in a month despite sell recommendations from Citigroup and Berenberg.