Portfolio Update – Selling PIL 0%, Trim OPP/P, TJI +500-1000%

Quick portfolio update.

Selling PIL – I am a bit concerned that they might struggle to meet debt covenants due to a poor harvest.  I have had a couple of year’s dividends on this – so am actually up c5% in total. I sold for what I bought them for.  Little disappointing but these things happen.

I am also easing up on OPP / OPPP – they are going impairment crazy, just after I bought.  Weight was maybe a little too much.

I also bought in a touch of DUPD again – didnt get round to posting on they distributed – made a little on it.  Breaking my own rule on this as it is majority owned now – but I think they will delist / pay out eventually….

DDDD is down 50% since my post – I think purely down to liquidity / sales – there hasnt been any bad news.  Of all my holdings this would be the one I would add to- if I wasnt already invested, though it isnt a typical holding for me, it is high risk.

RMA – still hold some – waiting.

POL – waiting

TAU – waiting, very confident this will come good one day.  Not confident on when.

ALF – waiting – it is slowly paying out capital.

PVCS is doing better, typically after I halved my position.

IIP – still hold a little, still very risky with good upside.

FOX – still hold a little.  Unpopular stock but if it isnt a scam huge opportunity here.

FP.  – still hold some – nice divi payer, Romania growing economy, 25% discount to NAV.  Not going to get rich off it though.

Tejoori has returned cash after an extended wait at about 58-59c per share, depending on broker FX fees.  Profit since my original posts on this was between 500-1000%.  My overall profit is much lower as I sold as it went up.  I also bought as the position became clearer.  If I hadnt sold some then my portfolio would have been 90%+ TJI.

Still short some tether (crypto coin), halved size of short as financing cost was very unpleasant.  Surprised this hasnt crashed yet – will give it until the end of the year.

Portfolio is now 45% cash.  I am a bit busy on other things so the investing is on the back burner for the next month or two and has been for a while.  I also think markets look pricey so wont rush back in.  This may well be an extended stay on the sidelines for me.

I have bought a bit of gold / silver, not posting on it, I dont really want all my money in GBP so its as good a place as any.

 

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OPP/P – Origo Prefs / Ordinaries

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Just bought a reasonable chunk (c6% portfolio weight) in Origo Prefs and a similar- c6% weight in the ordinaries.

Origo is a Chinese private equity investment trust. As you might imagine when you hear the words ‘AIM listed Chinese private equity trust’ performance has been disasterous. c500p in mid 2011 has become c1.5p now.  Putting a lighter to your money would probably have given you a better return.

In theory the ordinary has a NAV of 9p a share (June results) vs a market price of 1.5p –  so a decent return from here.

I am going for the prefs – trading at 0.30c vs hopefully a redemption at $1.00 – or a 3x return as well as the ordinaries.

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More Crypto – sold KR1 / direct holdings, shorting Tether

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Exited all my crypto holdings gradually over the past month or two.  I was lucky enough to be able to sell quite big chunks in early January.  Some of these are up over 10X but they were only ever a very small portfolio weight.

There is too much froth / junk / fraud in the market and I dont see downwards trend reversing any time soon.  I think there needs to be a big clear out before we can get decent rises.

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PVCS – selling half -7% Taking too long

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Selling half of my PVCS at a c7% loss.

Their strategic review is taking too long.  In addition I was over optimistic / didnt put enough thought/work into my estimate of closure costs which I now believe could be a lot more than the €2m I guessed.

This might reduce my upside quite a bit and the delay on the strategic review is making my nervous so I am lightening this up substantially.

Selling KMG +33%

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Selling all my KMG today.

Tender offer has been made for $14.00.  Slight unanticipated problem is that Kazakhstan has 20% withholding tax and to get it net of tax I need to submit an array of documents via my broker and trust that no-one along that chain messes up / decides I am liable for 20% tax.

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2017 Performance c+37%, Not bad, but never enough….

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Just done my final performance numbers for 2017 – I recon the figure will come out at +c37%.

This isnt bad compared to FTSE AS Total return in GBP of 12%.  Volatility has been minimal – maximum monthly drawdown was 3.8%.

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Kryptonite 1 – selling half, +156% & Other Crypto thoughts

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Brief post sold half my Kryptonite 1, for a modest 156% gain.  I say modest as pretty much every crypto related co or asset has outperformed KR1 since I got in.

I am not happy with their continual sub-share price placements – good for their connected friends and management but not other shareholders such as myself.  This, however is an irritant / contributory factor rather than the reason I am selling.  I also looked at the polkadot investment that others seem to rate so highly and to me they have invested £1m in something with no clear way to get the money back.  It could be that I dont understand it, or that I do – and it wont make money.  It equally could be that it wont make money and will go up anyway – in a market like this it wouldn’t surprise me.

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Infrastructure India Fund – Small, risky but good upside potential

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Just put a very small position (1.4% portfolio) in Infrastructure India Fund at 3p.

It has come up on my screens a few times but is now too cheap to ignore.  This is highly risky stuff but has very good upside – if it all plays out.  I can see a multiple of the current share price in a year or two.

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PV Crystalox Solar – Another liquidation play

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Added a 9% portfolio weight to PVCS at 21.68p a share.

This is a solar manufacturer which has just won an arbitration case against a customer who refused to pay up.  This has been quite well covered in the Investors Chronicle and elsewhere so only a short post on this.

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