This should at least lessen volatility if fewer shareholders jump in and out of the stock in response to the usual fluctuations in trading.

We should point out that after holding Naked for many years, Moore has recently sold the last of his holding in his Aberdeen Standard UK Income Unconstrained Equity fund. However, this is because he invests for income and, while the old Naked Wines could pay a dividend while it included the Majestic chain of stores, the new online-only business does not pay one.

The requirements of our Inheritance Tax Portfolio are different – we look for long-term growth and qualification for the “business relief” tax break in our holdings. We must see Naked as one of the riskier – or at least more volatile – holdings in the portfolio but have faith in the company’s well defined and differentiated strategy.

We’ll hold.

Questor says: hold

Ticker: WINE

Share price at close: 602p

Update: Team17

The video games company, added to this portfolio in June 2019, said in a trading update yesterday that sales and profits, at least on the “adjusted Ebitda” measure, would be ahead of earlier expectations and better than in 2020 despite the virus-driven boom in that year.

The shares, as always when expectations are exceeded, reacted well and put on 3.9pc. Hold.

Questor says: hold

Ticker: TM17

Share price at close: 800p

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