$JRS – Cheap but vote against Name / Mandate change, Oil and Gas also Shorts

Brief note on something I have tweeted about a bit and update on what I have been up to…

I have a decent sided position in JP Morgan Russian (c4% weight – if you assume all my other Russian holdings are a 0), it would be a lot bigger – but I already have c 25% all portfolio weight in Russia and there is only so much I am willing to lose if I am wrong on one idea.

Kazmunai Gas – Minority Stake trading at near cash value, likely to realise soon

Just put a small (3% portfolio weight) into KazMunaiGas (Exploration and Production).

This is an unconsolidated subsidiary of the Kazakhstan National Gas company.  This subsidiary is quite a large company – worth c$4Bn.  The value of the cash / current assets is about $10.1 per share (more if you exclude treasury shares) whilst the share price is about $10.  In effect, you can buy an oil company pretty much for free.