Appliances Online – Closing 17% loss

Taking my medicine on Applicances Online – closed at 188 today for a 17% loss (1% of total capital). (I doubled the size of the short in September at what turned out to be a mediocre price).

Trading statement today shows an increase in revenue growth rate at a higher EBITDA Margin.

I personally dont think such performance can be continued but whilst it is the current price can be – to some extent justified.

In addition I have noticed that AO was strong during the market dislocation in January and February.


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Rasmala – Investment Manager trading at less than net cash

New position – 9% portfolio weight.

It has a market cap of £25.9m and a NAV ex goodwill of £94.3m.  Simply getting to this implies a 200%+ return…

Rasmala (formerly known as EIIB – European Islamic Investment Bank) is an asset manager.  It used to be a bank but has recently re-focussed on asset management.

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