QVM Portfolio +31% YTD - a bid and a drama triggers a new position

It’s been a stunning year so far for the QVM Portfolio, which has returned 31% before dividends.  It's even tracking 4% ahead of the NAPS Portfolio, which began with the same holdings.
The only difference between them is that when Alliance Pharma received a takeover bid, the QVM Portfolio reinvested it in the next highest-ranked Healthcare stock  - SDI (LON:SDI) - while the NAPS sat on the cash.
That turned out to be a fortuitous decision.
Since January 15th, SDI (LON:SDI)  has gained 64%. But it's position size was larger than usual as I'd rolled Alliance Pharma's 33% gain into the position.  So, this hybrid Healthcare holding has combined to return a 118% gain on the original stake.
Beyond this, the junior gold mining positions of Metals Exploration (LON:MTL) and Serabi Gold (LON:SRB) have contributed +160% and +89%, while Seplat Energy (LON:SEPL), Journeo (LON:JNEO) and M P Evans (LON:MPE) have all added 30-40%. It’s shaping up to be a strong year.

Another bid - should we rinse and repeat?
We can’t expect every reinvestment to work out as well as SDI, but on...