As a reminder, the PIP-VEVE strategy was designed to capture the ebbs and flows of the global stock market. The underlying idea was simple: by holding cash and waiting for modest, repeatable opportunities, we should be able to generate a better return than holding the Government bonds you had – and do so without increasing overall investment risk.
It is worth stressing at the outset that this is not a strategy designed to maximise returns, nor one that aims to be permanently invested. There will be periods when we hold cash for extended stretches and do very little – which is how it has transpired.
With a few minor adjustments to the rules along the way, I think the core theory has held up well. Here are the numbers.
When we exited the most recent VEVE trade on 9 January 2026, that marked the seventh completed cycle.
We first bought VEVE on 21 August 2023, which is 876 days ago as at 13 January 2026.
Over that period:
- We have been invested for 291 days, averaging 42 days per cycle (the last two cycles have been noticeably longer - something I am keeping an eye on).
- Those 291 days represent just 33% of the time since we first bought VEVE.
Over the same 876 days:
- VEVE itself has risen by 47%.
- Total profits generated by the PIP-VEVE strategy have been 20% on the money invested, equivalent to £575,000.
In other words, we have captured around 42% of VEVE’s total return, while only being “at risk” for around one-third of the time.
That is a strong risk-adjusted outcome.
The picture improves further once we include:
- VEVE dividends, and
- interest earned on cash while waiting for opportunities.
Finally, it would not be a proper update without comparing this strategy to the Government bonds you would most likely have held instead.
Over the same 876-day period, those bonds are down by around 3%.
As ever, we will continue to apply the strategy patiently and mechanically - taking opportunities when they arise, and holding cash when they do not.