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

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

Warsaw Stock Exchange $GPW GPW.WA

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.

Continue reading “Warsaw Stock Exchange $GPW GPW.WA”

Fondul Proprietea raised stake + Others

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 “Fondul Proprietea raised stake + Others”