2018 Performance / Portfolio Review -13%, could be worse

As 2018 is almost over I think it’s time to review the portfolio and performance.

Overall result is -13%. Somewhat depends on calculations –  I use broker day end values.  so more or less… This can be compared to -9.7% FTSE all share (total return), far below my 30% target for the year.  Many ideas havent worked this year so what has saved me is profit which was really from 2017 and rolled over the year end in the calculation – particularly Tejoori.

Long term performance has been strong – still 7X up over the last 10 years – long term chart below:

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Dolphin Capital $DCI – reentered

Have just bought back in to DCI at 6.3p 4.4% portfolio weight.  I am easing up on weights a bit as I have not had a particularly good run of ideas of late, better to be careful before I get my mojo back!

Quick refresh this is a luxury resort developer, mostly in Grece I bought in Dec 2016 before selling out at evens in April 2017.

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…