2021 Performance / Portfolio Review a slightly disappointing +20.5%

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.

Exited Beximco $BXP -4% Bangladesh listing falling fast

EDIT 16/2/2020 – I reentered as the underlying bounced back.  I posted this on twitter – follow me there.

I have exited this – the Bangladeshi listing has fallen. It was c80p a share when I bought in – it is now 55p -31% and the UK listing is down c4%.  I have therefore exited.

There are rumours this is due to an accounting issue – I doubt this, the company pays good dividends and has been in operation a long time.

But I cant ignore the risk so for now I am staying out until the discount opens up again.

I will watch and wait.

Beximco Pharma – Bangladeshi Pharma at a discount to local value

Got this idea from Mello stock slam.  I quite like it, bought a just under 3% weight at 42.9 earlier in the week.

This is a Bangladeshi Generic Pharma GDR listed on AIM.  There is a substantial discount to the listed Bangladeshi co which is trading at the UK equivalent of 74p – a c40% discount to the Bangladeshi company.

There have been lots of fly-by night overseas domiciled companies on AIM.  I don’t think this is one of them.  Firstly the sector is pharma – highly sensitive and regulated – not the ideal place to operate a scam.  Secondly, the company was founded in 1974 – so it has been going quite a while.  This is one of the biggest / most liquid companies in Bangladesh.