10 Feb 2026
Placeholder Industrials SE (PHI)
Illustrative thesis. An equipment maker whose order book has recovered faster than its share price; the case rests on orders turning into revenue over the next two years.
open
The £1K Investment Lab — Reference
A fictional reference portfolio showing how the lab presents holdings, performance, transactions, theses and updates.
- Portfolio value
- £991.24£1,000 starting capital
- Total return
- -0.9%−£8.76
- Primary benchmark — DEMOIDX
- +4.1%+£41.00Demo World
- Excess return
- -5.0 pp−£49.76 vs DEMOIDX
- Secondary — DEMOUS / Demo US 500
- +6.9%+£69.00Reference only
- Cash
- £466.2747.0% of portfolio
- Invested
- £524.97
- Holdings
- 3Limit of 8
01 — Holdings
Positions and cash
Valued at the latest price mark. Weights include cash; contribution is each position's gain or loss as a share of the starting £1,000.
| Holding | Shares | Avg cost | Price | Value | Weight | Return | Contribution | Thesis |
|---|---|---|---|---|---|---|---|---|
| XSWExample Software Co. | 1.2056 | $180.00 | $198.00 | £187.39 | 18.9% | +7.8% | +2.83% | Read |
| SMFSample Foods plc | 48.54 | 412p | 377p | £183.00 | 18.5% | -8.5% | -1.49% | Read |
| PHIPlaceholder Industrials SE | 2.5436 | €64.00 | €71.50 | £154.59 | 15.6% | +10.3% | +1.44% | Read |
| CashGBP | — | — | — | £466.27 | 47.0% | — | — | — |
Closed: MKR -3.50% contribution.
02 — Performance
Against the starting £1,000
£1K Lab -0.9%DEMOIDX — primary +4.1%DEMOUS — Demo US 500 ref +6.9%
95100105110
| Date | Portfolio index | DEMOIDX — primary index | DEMOUS — Demo US 500 ref index |
|---|---|---|---|
| 5 Jan 2026 | 100.0 | 100.0 | 100.0 |
| 6 Jan 2026 | 100.0 | 100.0 | 100.0 |
| 20 Jan 2026 | 99.9 | 100.0 | 100.0 |
| 21 Jan 2026 | 99.9 | 100.0 | 100.0 |
| 30 Jan 2026 | 99.4 | 101.2 | 101.8 |
| 10 Feb 2026 | 99.4 | 101.2 | 101.8 |
| 27 Feb 2026 | 100.3 | 102.0 | 103.5 |
| 31 Mar 2026 | 100.2 | 100.8 | 101.2 |
| 15 Apr 2026 | 100.4 | 100.8 | 101.2 |
| 30 Apr 2026 | 100.5 | 102.6 | 104.0 |
| 12 May 2026 | 101.3 | 102.6 | 104.0 |
| 29 May 2026 | 100.4 | 103.4 | 105.6 |
| 8 Jun 2026 | 100.1 | 103.4 | 105.6 |
| 30 Jun 2026 | 99.1 | 104.1 | 106.9 |
- Primary benchmark — DEMOIDX
- A fictional global index standing in for the primary benchmark.
- Secondary reference — DEMOUS
- A fictional US large-cap index standing in for the secondary reference.
Why these benchmarks?
DEMOIDX, Demo World Index (Fictional; tracks the Demo World). Fictional. Included only to show how the primary benchmark, excess return and its £ equivalent are displayed.
DEMOUS, Demo US 500 Index (Fictional; tracks the Demo US 500). Fictional. Included only to show how a secondary reference line and return are displayed.
Excess return is always measured against DEMOIDX; DEMOUS is context only. Benchmarks aren't changed after seeing results; any change is recorded with a dated reason.
03 — Transactions
Every trade, as recorded
Rows are never edited or deleted. A mistake is fixed by adding a correction, and both stay visible.
| Date | Action | Holding | Shares | Price | FX | GBP | Fees | Reason |
|---|---|---|---|---|---|---|---|---|
| SELL · 8 Jun 2026 · t0010 | SELL | MKRMock Retail Inc. | 4.4118 | $33.10 | 0.7900 | £115.36 | £0.17 | Exit: the turnaround thesis failed its own test (see the thesis update). |
| SELL · 12 May 2026 · t0009 | SELL | XSWExample Software Co. | 0.6 | $214.00 | 0.7900 | £101.44 | £0.15 | Trim: the position had grown past my sizing limit after a strong run. |
| DIVIDEND · 15 Apr 2026 · t0008 | DIVIDEND | SMFSample Foods plc | — | — | — | £2.10 | — | Final dividend. |
| FEE · 31 Mar 2026 · t0007 | FEE | — | — | — | — | £1.50 | — | Quarterly platform fee. |
| BUY · 10 Feb 2026 · t0006 | BUY | PHIPlaceholder Industrials SE | 2.5436 | €64.00 | 0.8600 | £140.00 | £0.21 | Opening position: order book recovering faster than the share price. Thesis |
| CORRECTION · 21 Jan 2026 · t0005 | CORRECTION | — | — | — | — | — | — | Entered twice. Only one purchase was made (t0003). Voids t0004. |
| BUY · 20 Jan 2026 · t0004 | BUY | MKRMock Retail Inc. | 4.4118 | $42.50 | 0.8000 | £150.00 | £0.23 | Opening position: turnaround case on a cheap multiple. Voided by t0005. Thesis |
| BUY · 20 Jan 2026 · t0003 | BUY | MKRMock Retail Inc. | 4.4118 | $42.50 | 0.8000 | £150.00 | £0.23 | Opening position: turnaround case on a cheap multiple. Thesis |
| BUY · 6 Jan 2026 · t0002 | BUY | SMFSample Foods plc | 48.54 | 412p | — | £199.98 | — | Opening position: steady cash generator, bought as ballast. Thesis |
| BUY · 5 Jan 2026 · t0001 | BUY | XSWExample Software Co. | 1.8056 | $180.00 | 0.8000 | £260.00 | £0.39 | Opening position: recurring revenue at a price that assumes growth stalls. Thesis |
04 — Theses
Why each position exists
The original case keeps its date. Later thinking is added as dated updates, so earlier reasoning stays visible, including where it was wrong.
6 Jan 2026
Sample Foods plc (SMF)
Illustrative thesis. A slow-growing packaged-food business bought for steady cash generation and a covered dividend, sized as ballast rather than for upside.
open
5 Jan 2026
Example Software Co. (XSW)
Illustrative thesis. A subscription software business whose share price implies growth is about to stall, while renewal data suggests customers are still expanding their use. The bet is that durable net revenue retention gets the market to pay for more than a slowdown.
open
2 Mar 2026
Demo Payments Ltd (DPL)
Illustrative thesis. A payments processor I'm watching but haven't bought: the business looks good, the price doesn't yet.
watching
20 Jan 2026
Mock Retail Inc. (MKR)
Illustrative thesis. A turnaround case: a retailer closing weak stores, betting that like-for-like sales would stabilise within two quarters.
closed
Recent updates
8 Jun 2026
Mock Retail Inc.: Sold: the thesis failed the test it set for itself.
exited
12 May 2026
Example Software Co.: Trimmed after a strong run; a large customer cut seats at renewal.
weakened
15 Apr 2026
Sample Foods plc: Final dividend paid and covered; shares drifted lower with the sector.
no change
10 Apr 2026
Example Software Co.: Investor day added detail but no new information on retention.
no change
2 Apr 2026
Mock Retail Inc.: Like-for-like sales still falling after the first quarter of closures.
weakened
20 Feb 2026
Example Software Co.: Q1 retention held at 114% and usage add-ons grew faster than seats.
strengthened
05 — Rules
How the lab runs
- £1,000, onceStarting capital is £1,000. No top-ups, no withdrawals to tidy up a bad run.
- No leverage, no optionsShares and funds only. No margin, CFDs, spread bets or derivatives.
- A handful of positionsAt most eight holdings at once, so every one has to earn its place.
- Every position has a thesisNothing is bought without a written case for it, linked from the transaction.
- Every transaction is recordedDate, price, currency, fees and the reason — including the sells and the mistakes.
- Reasoning is never rewrittenTheses keep their original date and text. Later thinking is added as dated updates.
- Losses stay visibleClosed and losing positions remain on the page with everything else.
- Measured, not marketedReturns are calculated from the records and compared with a global tracker (VWRP), with the S&P 500 (VUAG) as a reference.
- Learning, not adviceThis is a research and learning project with real money. Nothing here is a recommendation.