Porfolio Review Q1 2019

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Quick Portfolio Review – Q1 has been pretty poor for me – up 1.3%. vs 9% for the FTSE All share.

This is despite being up at various points.  My general policy of not runing a stop loss has hurt me.  It might be time on my more liquid holdings to consider putting stop losses in.  This is very much a function of where we are in the cycle – likely near the top / end and not a general policy.  Whilst some people would say that not having stop losses is irredemably reckless I would disagree.

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Polski Holding Nieruchomosci $PHN – Polish Property 1/4 book

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Bought a small portfolio weight in PHN at 11.63 PLN, a 3.4% portfolio weight.  I somewhat tempered the weight as the price was a little more than I wanted to pay.  I will add if it falls back to sub 10 PLN.

I have watched this one for quite a while.  It is a Polish office developer / trust.  A stake was floated by the Polish government in 2013 at 25 PLN per share and it’s fallen ever since.  They have little debt – approximately 710m PLN liabilities vs 2748m worth of assets.  Or a book value of 41 PLN per share. Continue reading

Warsaw Stock Exchange $GPW GPW.WA

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Brief write up of the Warsaw stock exchange. I found this and think it is a rather neat idea. It is currently a 5.9% portfolio weight.

Exchanges used to be considered an typical natural monopoly – it’s inefficient to transact across multiple venues – any investor wants to be where the liquidity and best price is.  The Internet changes this, as prices can be advertised electronically  / deals can be done across multiple venues, but it still isn’t quite that simple – there are things such as settlement, regulation, risk and habit which potentially make switching exchanges difficult.

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Fondul Proprietea raised stake + Others

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Raised my holding in Fondul Proprietea 50%. It is now a 9% portfolio weight.

This is a Romanian investment trust trading at a discount to NAV – so very much my usual type of investment. It is managed by Franklin Templeton and is at a c45% discount to NAV (on the GDR) – very much too high given quality of management / assets and that action is being taken to narrow the discount.

It is listed on the LSE under ticker FP.  I covered it back in 2014 and have happily held it since 2012/3. Continue reading

Commission-Free large/mid-cap trading

I don’t usually do promotional posts but I thought I would send this as I genuinely think it is a great deal for some of you – and I hadn’t heard of it.  If I had I would have moved money to avoid paying comission on some of the recent large cap investments I have made (CMCX / JUST).

If you sign up via the link below you (and I) get a free stock worth up to 100 GBP, 100 CHF or 100 EUR.  If you are smart set up your account in GBP – as 100 GBP is worth more than 100 CHF / EUR.  They will give you the stock even if you only put in £1! I have done this so confirm it works.

Trading 212 doesnt charge any comission for trades. You can set up an ISA via them too – so you won’t pay CGT/ tax on dividends.

Link is here:

Apparently they have been going since September 2018 (https://www.ft.com/content/23022ea4-bb62-11e8-8274-55b72926558f).  But I just heard.  I will be switching a portion of my funds when I next find a large cap I want to invest in.

This isn’t financial advice. I use multiple banks / brokers to reduce the risk that any one going down will cost me too much, you should too!

I promise not to make a habit of this sort of post. On the other hand some of you will pay lots in comission / may want to give me something for all my hard work on this over the years!

FCA details are here – its legit: https://register.fca.org.uk

 

Link again. – give it a try, nothing to lose!

Enjoy – let me know in the comments when you get your free share.

 

Exiting IIP – out of Patience -27% / +10%

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Exited the last of my IPP – at a small loss of -27% vs when I posted or +10% on my actual position (I sold a bit when it spiked up).

I have lost patience in the refinancing – which has been going on for over a year now.  I am concerned there is some problem we are not being told about – and without a refinancing this is pretty much dead.  I don’t have any evidence for anything – but when things drag on and on eventually even my patience runs out.

Best of luck to those who hold.

JUST retirement Group – an idea whose time has come?

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Bought into Just retirement group at about 92p a week or so ago. Again, a small position due to volatility, this is 2.5% of my portfolio.  I delayed posting this as I wanted to avoid moving the price up and wanted to try and pick some more up at a lower price – but as it is now 100p that isn’t happening any time soon.

This is a life assurer with a 911m market cap trading at a price to book of around 0.5.  It has a yield of about 3.4% and a forecast PE of around 5.4. In summary, it is cheap.

You can also buy for free if you sign up via the link here.

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Selling PVCS +13% (vs initial post)

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I am selling out of PVCS which I entered at 21.68 at 24.5.  I already exited half at a 7% loss.  This half I am exiting at a 13% profit. (+3% overall – so poor)

I am concerned returning the cash is taking too long and that they will try to invest it rather than return it – which is what lots of the value investors in this want.

Note they said on 15th March:

“Following receipt of the funds from the arbitration award mentioned above, the Group is expected to have a substantial net cash position. In the light of this the board intends to explore options for the future of the Company in order to maximise shareholder value. These may include a cash return to shareholders, the acquisition of an existing business or a combination of these alternatives.”

They have had ample cash for quite a while now – if they wanted to return it they could have.

So I am out here.  Best of luck to holders.

CMC Markets – Cheap opportunity ?

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I have bought into this at 105 the other day, only 2.5% portfolio weight, trading small given volatility, should possibly be in for more.

CMC Markets is a Spreadbetting / CFD firm, basically a brokerage. In the UK this has some advantages, no stamp duty (0.5% acquisition price) and no Capital Gains Tax (CGT). The inland revenue allows spreadbetting to be tax-free as it is classed as gambling and most lose. I think its good value at the current price as the balance sheet is very strong, relative to the market cap and the regulatory risk which has caused the fall in the share price is mostly priced in.

You can buy this for zero comission via the broker on this link.

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2018 Performance / Portfolio Review -13%, could be worse

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As 2018 is almost over I think it’s time to review the portfolio and performance.

Overall result is -13%. Somewhat depends on calculations –  I use broker day end values.  so more or less… This can be compared to -9.7% FTSE all share (total return), far below my 30% target for the year.  Many ideas havent worked this year so what has saved me is profit which was really from 2017 and rolled over the year end in the calculation – particularly Tejoori.

Long term performance has been strong – still 7X up over the last 10 years – long term chart below: Continue reading