It is now a little over a month since the start of the current tax year, opening up another contribution allowance for investors to put more funds into their Stocks and Shares ISA (or start one for the first time).

That means that there are almost 11 months left for an investor to consider how best they might use this year’s ISA allowance.

Still, waiting till the last minute is unnecessary. Smart investors are already thinking about how best to utilise this year’s allowance.

Tailoring an approach to your own investment objectives

One of the things I like about the Stocks and Shares ISA structure is its flexibility. Investors can invest in a way that suits their own style, objectives, and risk tolerance.

For example, they might decide to put the money into an index tracker. Over the past year, the FTSE 100 is up by a fifth. So £20k invested in a FTSE 100 tracker a year ago ought to be worth around £24k already.

On top of that there have been dividends. They ought to have added around £740 over the past year.

But tracker funds often charge fees that can eat into returns. So choosing a suitable one matters.

Come to that, the same thing is true of Stocks and Shares ISAs, so it makes sense to shop around when looking for one that best suits your own needs.

Looking beyond the blue-chip index

The FTSE 100 is not the be all and end all of index tracking, though.

Investors focussed on medium-sized companies may be more interested in the FTSE 250, for example.

Over the past year, it is up 12%. Not as good as the FTSE 100, but still enough to turn £20k a year ago into £22,400 now even before considering dividends.

There are other indexes too, such as the FTSE All-Share.

Or an investor could choose to look at putting their Stocks and Shares ISA to work by investing in funds that are not trackers.

Their performance is influenced by how well fund managers do as well as what is going on in specific markets or geographies. Again, paying attention to fees is important – actively managed funds often impose higher ones than passive income trackers do.

One fund that has performed well in the past year is the Schroder Japan Trust. A 45% gain would have turned a £20k Stocks and Shares ISA into £29k.

By contrast, Finsbury Growth and Income Trust’s 18% fall means a £20k ISA would now be worth £16,400. Its 2.7% yield does not even match the FTSE 100’s.

Individual shares are worth a look

My Stocks and Shares ISA is concentrated in individual shares, not funds.

I have recently been buying Campbell’s (NASDAQ: CPB). The iconic US food company has a dividend yield of 7.3%. Its price-to-earnings ratio of 12 looks good to me for such a quality company.

Sure, it has challenges and declining revenues point to them. Packaged food is becoming less popular. The Middle Eastern conflict could push up input prices, hurting profit margins.

In the short term, then, there may be problems.

Longer term, I see this as a bargain. The firm has strong brands and a well-established distribution network. It is highly cash generative – and I believe it can stay that way.