Just bought some Global Trans (GLTR.L) – 2.5% portfolio weight (I tweeted about it the other day) this is quite a nice little Russian investment. They basically operate railway freight in Russia. This is not without it’s risk. But yield is very high – c16% in 2018, 2019 dividend of $1.45 (half paid already). PE is low – c5.4 for 2019. It isn’t either that this is a company on the brink of bankruptcy either – net debt to EBITDA is c0.53 – RUB denominated, and the company has lots of railway freight assets – book value is c$4.7 per share vs a share price of c$8.7.
New position this week – AJOT.
Unusually for me this is an investment trust trading at a small premium to NAV- about a 4.5% premium. Something of a first for me – as regular readers will know I like a trust on a discount – but I am prepared to make an exception here. It’s my first decent sized new position in a while at about a 6% portfolio weight.
Asset Value investors are a value investment firm based in London who manage British Empire securities – I covered it a while back and should have bought some. They had realised that they were doing c20% a year in Japan with their activist / deep value realisation strategy and decided to launch a fund doing the same thing, focussing on it.
Brief post – decided to Exit my positions in Fox and Shanta.
Quick post on 4d pharma. I bought back in 2017 then averaged down a touch. This hasn’t gone well, my initial stake was at £2.47 and its now c£1.00. It’s by far the biggest of my risky holdings. I bought in as I have various stomach health issues that are massively helped by probiotics – so there is something in this and I believe these guys are leaders who can find and develop whatever is in it. What I have is very rare – 1/10000 of the population, of those, how many invest? Of those how many would invest in this? That, is my edge, or at least my perceived edge.
This may sound like a bit of a sketchy way to invest but one I ignored was Hutchinson China Meditech – I lived in China and was convinced Chinese medicine worked. I very nearly invested but didnt – and the price is up 37X since!
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.
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
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.
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
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.
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.