Fondul Proprietea raised stake + Others

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”

2017 Performance c+37%, Not bad, but never enough….

Just done my final performance numbers for 2017 – I recon the figure will come out at +c37%.

This isnt bad compared to FTSE AS Total return in GBP of 12%.  Volatility has been minimal – maximum monthly drawdown was 3.8%.

Continue reading “2017 Performance c+37%, Not bad, but never enough….”

Review of 2014

End of year means time to review how I did.

Overall up c22%, given that the FTSE is slightly down for 2014 that isnt a bad result. As quite a few of my holdings are small cap AIM is down quite significantly about 20% so this makes performance even more positive. This was done with minimal leverage.
Continue reading “Review of 2014”

Portfolio Update

Thought I would post a brief update on many of my positions / performance.

Apoolgies if you have seen this before I think I may have published a draft by mistake…

Performance up until end September is 30% up since end December 2013 or 40% over the last 12 months.

Fyffes – as you may recall this tripled since my entry price – due to an offer from CQB up to a high of €1.30.  Unfortunately the deal was in CQB stock, which fell on bad results.  I had a bit of an analytical problem with this – do I value FFY as a standalone business – someone else could still come in and offer – if only to make CQB pay more.  Or do I look at it as a proxy for CQB – which I wouldn’t want to own.  Yet another thing to consider is whether CQB are paying in shares due to their own stock being overvalued.  Later there was a bid for CQB – pushing FFY as low as €0.90  I sold 75% at €1.05-1.10 for portfolio balance reasons and am holding the rest.  I am going to look into adding a bit more as the deal changed again on Friday – but I think this position is nearing its end.

Continue reading “Portfolio Update”