I’ve built a portfolio of around 20 top UK shares inside a self-invested personal pension (SIPP). That seems the right amount for diversification purposes but what if I was only limited to five? Which ones would I save?

The easiest option would be to hang on to my winners and sell my losers, but there’s an argument for doing the opposite.

For example, shares in spirits giant Diageo have plunged but could stage a strong recovery once consumers feel better off. The flipside is that I’m worried about reports that younger people drink less.

So which FTSE 100 stocks should I sell?

On the other hand, shares in private equity specialist 3i Group are up 64.17% over one year and 170.28% over two. But 3i is highly dependent on one single portfolio holding, European discount retailer Action, which distorts the figures.

In practice, I’d take my loss on Diageo and profit on 3i (happily the latter far outweighs the former) and move on.

There’s one stock I wouldn’t sell. Paper and packaging retailer Smurfit WestRock (LSE: SWR) has given me a bumpy ride but things are looking up.

I bought the Ireland-based company to benefit from a resurgence in e-commerce as the cost-of-living crisis eased and consumers started spending again. I didn’t know it was about to create the world’s largest cardboard box maker by merging with US operator WestRock.

Markets decided the board had overpaid, and my shares slumped. But the benefits of the merger are starting to reveal themselves.

Q3 results showed a net loss of $150m but that was mostly down to $500m of merger costs, while total net sales jumped by $2,915m to $7,671m. CEO Tony Smurfit said the tie-up should deliver benefits at least equal to his stated synergy target of $400m.

I reckon the share price has further to go

The Smurfit WestRock share price is up 23.51% over one month and 22.54% over one year, and I think there’s more to come. The group also gives me US exposure.

I’d also hold on to my shares in Lloyds Banking Group, which I bought as a portfolio building block. I’m frustrated by accusations of motor finance mis-selling (why always Lloyds?) but don’t feel this is the time to sell.

And I’d keep Taylor Wimpey. Just a few weeks ago this was bombing along and giving me a 7% yield too. Now its shares have plunged due to fears that interest rates will stay higher for longer, keeping mortgage rates high and house prices down. I think it will recover, given time.

Oil giant BP is my most recent share price stock purchase and I hope to hold it for life, despite the long-term threat of the energy transition. Plus I’d also keep wealth manager M&G, which gives me a blockbuster 9.31% yield.

This means saying goodbye to Rolls-Royce Holdings, which may have peaked after a stellar run, consumer goods plodder Unilever, struggling miner Glencore and defence manufacturer BAE Systems. I wonder which I’d regret selling most? Given the state of today’s world, probably BAE.

In reality, I’ll hang on to them all. Five stocks is too small for a balanced portfolio. I’ll continue to spread my risk with 20!