Review of 2016 + 33%

2016 is almost over so I thought I would go through what worked, what didnt and my plans for 2017.

+33% is OK – FTSE100 is up 14%, 250 up 3% AIM all share 14%.  Peak to trough draw-downs across these are about 10% where as my portfolio (OK measured monthly) was only down 5% from peak at its worst.

My review of 2015 is interesting putting this in context.  I anticipated that TRB and SIHL would do well but not that I would come up with other good ideas or that TJI would do well.

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Tau Capital – small but good upside potential (100%+)

Bought a tiny bit of this…

It is a tiny (£2.1m) investment trust.

It has  $1.4m (£1.1m) in cash (30/6/2016 HY report) – this doesnt screen well as it is held via a subsidiary….

The rest is a 24% stake in Stopharm and a 16.35% stake held via a convertible bridge loan.  This is valued at $6m (£4.8m) in the books based on an indicative offer.  In total this gives an upside of over 150%.  IF we get to NAV.

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Dolphin Capital $DCI – bit fishy but worth a try…

Bought some DCI a couple of weeks ago at 7.25 – 4.7% portfolio weight.  Picked up more today at 8p – now a 6.8% portfolio weight.  They released an RNS in Mid November – basically selling property and paying down debt.  I thought this significantly derisked the company.  On Friday 2nd they announced an EGM – they are moving into liquidation mode.

They are a resort development company.  They have just sold Playa Grande at 10% below Nav and paid down debt.  They now have a debt to total assets ratio of 18.5%. Factsheet is here.

#EDIT 8/4/2017 – sold out flat – concerned this might take longer than expected – below may still hold though…

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