On to my usual review of the year (last years here). We are slightly shy of the full year end but I recon I am up about 20.5%. This is in my usual 20-22% range. It is below that of the (not comparable) NASDAQ (at 27% (in USD) and behind the S&P500 – at 25.82% (in USD). The UK All share was 17.9% and the FTSE 100 was at 18.1%. There has been a decrease in market breadth which is traditionally a sign of a top. Index performance in the US is driven by tech and healthcare, sectors which I hold next to nothing in, so to *roughly* keep up given my idiosyncratic portfolio is actually a sign of strength. One can’t sensibly benchmark my portfolio against anything as it’s just so odd, but I need to so that I can determine whether I am wasting my time.Continue reading “2021 Performance / Portfolio Review a slightly disappointing +20.5%”
A very quiet quarter for me. I have made very few changes. This is being written a few days before the end of September so figures may differ slightly, but baring an unexpected disaster / triumph this is roughly where I will be…
- Got rid of EOS Russia – no real reason – it just hadn’t performed well and a realized loss is good to manage my CGT position. I may well re-enter.
- Sold some Beximco on a ridiculous spike buying some of it back lower down – I will refill my position again lower down.
- Sold a bit of CMC Markets – as my position was a bit big and wanted to buy other things.
- Sold half my SERE on a dip – this was an unwise panicking out on something of a headfake. Could be summer ‘silly season’ low volume move. I am noticing more stocks than usual falling with no reason.
- Sold half GPSS to take some profit.
- Most impactful change was buying 4D Pharma in the placement. This has done brilliantly for me – more later.
My portfolio is below:Continue reading “Q3 2020 Review +12%, + 39% YTD”
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.
Quick Portfolio Review – Q1 has been pretty poor for me – up 1.3%. vs 9% for the FTSE All share.
This is despite being up at various points. My general policy of not runing a stop loss has hurt me. It might be time on my more liquid holdings to consider putting stop losses in. This is very much a function of where we are in the cycle – likely near the top / end and not a general policy. Whilst some people would say that not having stop losses is irredemably reckless I would disagree.
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”