David Fuller's view My personal long-term stock market investments were never intended to be a model portfolio, as it would be a question of model for whom? Fullermoney has subscribers all over the world, a majority of whom are professionals, drawn to this service because of its global coverage and Empowerment Through Knowledge theme. My equity portfolio feels appropriate for me and remains invested entirely in Fullermoney secular themes.

The 1-10 weighting sequence is partially an educated guess as these positions are spread across several accounts, calculated in several currencies and I am not clever enough to be an accurate bean counter. However there is no doubt as to my largest position, due to its good performance and my conversion earlier this year of the attractive subscription shares offered by this IT.

1. JPMorgan Indian Investment Trust (JII LN) - (monthly, weekly & daily) - JII last bottomed in October 2008 and following an explosive advance from March 2009 through the election result in May 2009, has been in a ranging uptrend enabling some partial mean reversion towards the rising 200-day moving average. Currently, it is consolidating near its October high and just beneath the psychological 400p level. Underlying trading appears more than sufficient to support higher levels over the medium term and a close beneath 355p would be required to question this hypothesis.

2. BlackRock Gold & General (MRCGLDI LN) - (monthly, weekly & daily) - I believe I have held this fund since the early 1990s, which has required some patience, particularly during the multi-year base formation extension commencing in 1996. I held and added because I believed that gold bullion, and therefore also gold shares, would eventually experience a spectacular advance due to revulsion over the excessive printing of fiat currencies. The negative shock was last year's meltdown, although gold shares were among the first to recover. This fund has done well, outperforming the Amex Gold Bugs Index (HUI). Gold bullion's medium-term trend and seasonal factors should remain favourable through at least 1Q 2010. Thereafter, the risks of a medium-term correction, albeit with bullion's secular bull market, will increase. Consequently, the better this fund performs over the next two to three months, the more likely I will be to consider taking some profits, although probably not before selling some individual gold share holdings, including Lihir listed below. A note of caution when any of you consider selling BlackRock Gold & General: try to do it on strength and be sure to negotiate a narrowing of the bid/offer spread. In the past, subscribers have been disappointed by results when they have sold without negotiating up the bid price. Meanwhile, the key technical factor to monitor in terms of trend momentum is the progression of higher reaction lows seen since the October 2008 trough. Also, any clear evidence of upward acceleration would provide advance warning of the next medium-term correction.

3. Atlantis New China Fortune Fund (ATLNCFI ID) - (weekly & daily) - Note: there is still little back history as this fund was relaunched in April. However the Atlantis China Fund (monthly, weekly & daily) provides a close approximation of longer-term performance. China remains at the top of my long-term investment preferences, slightly ahead of India. I have some supply concerns about the quantity of new IPOs that are being listed in both mainland China and also Hong Kong but the Atlantis relative performance recently indicates good stock selection by its formidable manager, Yang Liu, during the recovery since October 2008.

4. Aberdeen New Thai Investment Trust - (ANW LN) - (monthly, weekly & daily) - Political problems have weighed on Thailand for several years, although this situation may be improving. I have held on because Thailand was relatively cheap and a recovery candidate, ideally positioned to benefit from China's surging growth, as both a popular tourist destination and supplier of commodities. Nevertheless I do not regard Thailand as a long-term holding. A future switch, should I wish to keep the regional weighting, might be to replace ANW with more of the Aberdeen New Dawn Investment Trust (6 below). ANW has done well recently, helped by the Thai baht's firm performance against sterling.

5. BHP Billiton (BLT LN) - (monthly, weekly & daily) - I have previously described BHP as too big to be the sexiest of miners but generally the class act, in terms of resources portfolio and balance sheet strength. I am disappointed that BHP did not acquire some medium-sized miners when they were cheap last year. The 2008 experience seems to have made everyone in the industry more conservative, except for the Chinese. Meanwhile, BHP's share performance has steepened since November and I do not expect it to encounter more than temporary resistance near its 2008 peak.

6. Aberdeen New Dawn Investment Trust (ABD LN) - (monthly, weekly & daily) - Hugh Young was criticised in 2007 for underperformance but he was one of the few who knew what was coming and took as much defensive action as allowed by his mandate. ABD is superbly managed and I remain likely to increase my stake at some point. The 700 region may provide some psychological resistance but a decline well into the previous trading range step, evident below 650p, would be required to question overall upward momentum.

7. BlackRock World Mining Trust - (BRWM LN) - (monthly, weekly & daily) - If I could have only one investment in the industrial miners it would be BRWM, as I have said before, for its management and diversification within the sector. BRWM also offers a bargain entry to the sector because it is currently selling at a discount to NAV of over 18%, according to Bloomberg. This is a key reason why I bought some BRWM for my trading account earlier in the week. Meanwhile, this IT has broken decisively up out of its previous trading range consolidation, which represented a partial mean reversion process towards its rising MA. I doubt that BRWM will encounter more than temporary resistance near the psychological 600 level.

8. Lihir Gold (LGL AU) - (monthly, weekly & daily) - Lihir may have yet to recover fully from its failed experiment with Ballarat but the share has done reasonably well overall when one considers the strength of the Australian dollar. Lihir and all other gold shares should benefit from another surge in the price of bullion which could easily occur in the next few months. If so, I am likely to use it as an opportunity to lighten, because gold shares are notoriously volatile and I have a substantial weighting in this sector.

9. Rio Tinto (RIO LN) - (monthly, weekly & daily) - Having nearly destroyed its balance sheet in 2008, Rio is still more highly geared than I would like. However this liability has been mitigated by the recovery in metal prices. Rio's share price is doing well, partly because shareholders torpedoed the management's attempt to sell more control to Chinalco at the bottom of the cycle. Rio still has a world-class asset portfolio and a move under £30 would be required to check current upward momentum. Nevertheless, my long-term strategy will be to reduce the number of individual miners in my portfolio in favour of BRWM.

10. iShares FTSE Xinhua China (FXC LN) - (monthly, weekly & daily) - The supply of new IPOs has checked upward momentum in recent months but the price would have to fall beneath £72 to break the rising lows and £70 to indicate further deterioration. Conversely, a break above £80 would look very positive. I have increased my position within the current range and my long term strategy is to increase China exposure.

Conclusion - I am gratified by the overall performance of this portfolio since the October 2008 low. Further gains have occurred since my previous review on 18th September. However there has also been some ranging towards the rising 200-day moving averages, which I regard as a mean reversion process during the recent corrective phase. Having re-read my conclusion from 18th September, I feel the points are still valid today so I have repeated them in the next three paragraphs.

Stock market action continues to confirm a bull market in every respect. Downside risk is probably limited to periodic mean reversions towards the rising 200-day MAs. Such pullbacks generally offer the best buying opportunities. At this stage of my career, I am increasingly inclined to cut back on individual shares in favour of low cost trackers or ITs (closed-end funds) in themes which look attractive based on Fullermoney's top-down analytical approach. In other words, for me the big decisions are the theme and timing. For subscribers who also prefer the diversification offered by trackers, ITs and funds, there are plenty of them listed in the Chart Library.

The main danger signs to look for will be an eventual, persistent tightening of monetary policy and an inverted yield curve. When this next happens, and both tend to be lead indicators, I will focus on introducing trailing stops for all equity positions, actual or mental, and ideally use strength to reduce equity exposure. Currently, I maintain that we are still in the second psychological perception stage of the current bull market, characterised by the 'wall of worry'. With any luck, we can look forward to the third and climactic stage of a bull market cycle, in which investors become euphoric.

For more active money management, I personally prefer futures, which I can trade on a spread-bet basis. I get a 'bigger bang for my buck' that way. However, futures are not for everyone, as I repeat at every opportunity. Trading is a different discipline than investing; high risk for high reward, and the learning curve is steep.