Dragon Ukranian Property – Vote No at EGM

Brief post on Dragon Ukranian Property.

I bought this in March 2018 for c18p per share. I had a distribution of .09 USD per share or c 7p. So even if this goes through I am more-or-less flat.  It’s actually worse than that though.  Since I bought this in March 18 my portfolio is up 16%, so this has been a net detractor.

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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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Porfolio Review Q1 2019

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.

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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: Continue reading “2018 Performance / Portfolio Review -13%, could be worse”

DUPD – exiting at just over 15p – c+14%

Just exited my Dragon Ukrainian Property position at a touch over 15p.  This is a pretty disappointing result.  It is far less than the company’s NAV which is more than double this amount.

The tender offer has been accepted by over 50% (59.61%) of the shareholders at 15p.  This means it will happen.  The remaining shareholders have until August the first to tender (brokers may have earlier deadlines)   If more than 75% accept it’s likely the company will be delisted, if 90% accept the minority gets squeezed out.

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DUPD – He who turns and runs away….

… Lives to fight another day.

Decided to terminate all positions in DUPD.  

I havent found anything wrong with my thesis originally.  All that has happened is the political situation has deteriorated markedly over the past few days, to the point where protestors are literally manning the barricades across Ukraine.  

Continue reading “DUPD – He who turns and runs away….”