John Phelps’s portfolio

WE were a little disappointed last week when we failed to take full advantage of a surge in share values as a result of better news on the US economy together with the increasing likelihood that we will vote to stay in the EU on June 23.

True, our own four portfolios were showing an overall rise of exactly 1.25 per cent when we carried out our weekly review on Wednesday.

But it could have been a good deal better if we had reinvested more of our bumper cash reserves in the market at a time when the FTSE 100 share index was climbing to its highest level in more than a month.

We are not entirely convinced that the latest rally will be sustained but we are testing the water with notional purchases of two heavyweights which have endured tough times in the stock market this year.

British Land, owner of £1 billion worth of Scottish retail premises has seen its shares suffer from Brexit fears but there are signs confidence is beginning to return. Top brokers at JP Morgan Cazenove now believe the shares could rise up to 30 per cent over the medium term.

Similarly, miner Anglo American has seen its shares plunge as a result of the collapse in commodity prices but there are signs the low point may have passed as the Chinese move to stimulate demand and the US economy strengthens. We also like the self-help measures being undertaken by chief executive Mark Cutifani who is on course to cut debts by at least £2bn this year.

We accept that both shares are relatively high risk but have set a stop-loss target at which followers should consider selling on any major reversal.

Perth-based Stagecoach fell foul of this system when it finally triggered its own sell signal following an investment downgrade by Cazenove.

Most of our other tips gained ground with Lloyds Banking up a full 10 per cent on hopes of a boost from higher US interest rates and Royal Mail gaining ground after its latest results.