Q1 Portfolio/Performance update (+11%) Coronavirus and thoughts on where to go from here

Lots going on in the portfolio so I thought I would give a quick update.

At the end of Q1 I was +4% ytd, now (14/4/2020) I am c+11%.  This should be compared to the index which is -c22% now, at the low I was down c5% for the year. I feel a little bad posting this as lots of this is from non-usual (for me) trades… Many of these, I put on Twitter, unfortunately, I can’t post everything as it may move prices against me, particularly where I only sell half.  I know many of you are not twitter followers.  If you would like an e-mail when I tweet there is a service for that here.

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New Position – $AJOT – Asset Value Investors Japan Opportunity Trust

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.

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