As the year end approaches, the Bearbull Income Portfolio seems to be pottering along quite happily. After the first week of December, its capital value was up 8.8 per cent on the start of the year, a touch more than the FTSE All-Share index. True, £5,000 of the fund's capital is due to be paid out as the year-end distribution. Still, if we're talking about distributions, there is also the end-June pay-out to bring into the reckoning. Include that, and the fund's total return is 10.9 per cent so far this year. To say that I'd settle for such a return every year is an understatement.