Portfolio Update

Thought I would post a brief update on many of my positions / performance.

Apoolgies if you have seen this before I think I may have published a draft by mistake…

Performance up until end September is 30% up since end December 2013 or 40% over the last 12 months.

Fyffes – as you may recall this tripled since my entry price – due to an offer from CQB up to a high of €1.30.  Unfortunately the deal was in CQB stock, which fell on bad results.  I had a bit of an analytical problem with this – do I value FFY as a standalone business – someone else could still come in and offer – if only to make CQB pay more.  Or do I look at it as a proxy for CQB – which I wouldn’t want to own.  Yet another thing to consider is whether CQB are paying in shares due to their own stock being overvalued.  Later there was a bid for CQB – pushing FFY as low as €0.90  I sold 75% at €1.05-1.10 for portfolio balance reasons and am holding the rest.  I am going to look into adding a bit more as the deal changed again on Friday – but I think this position is nearing its end.

Polo Resources – make a mint or just an empty hole ?

Just added a small position – (c3% portfolio) in Polo Resources.

This is an investment trust investing in small cap miners / oil exploration companies.

Not my usual cup of tea but I have decided to take a punt on this as I think there is value which will reveal itself reasonably soon.