Brief run through new investments – HAUTO:OSL, CMCX.L, ASHM.L, VOD.L, ECH, EBOX.L

Aware I haven’t posted in a while – been busy as you can see below..

Overall it’s been a difficult year, natural resources not the place to be. Rough performance right now is looking to be roughly flat.

Had a busy last couple of months adding a number of positions to the portfolio which may be of interest. A little bit of a health warning is needed as many of my ideas haven’t been working out of late.

My favourite is probably HAUTO.OSL 0 Hoegh Autoliners. This provides car shipping. The market is tight and prices are high. In a insanely volatile / specialised market such as shipping I would usually stay clear but some of the growth in demand is in Chinese EV’s being shipped to Europe. EV’s are far cheaper in China than Europe (for the same model) and Chinese EV’s (in Europe) far cheaper than those produced in Europe. There is some talk of import restrictions by the EU. Apparently they are being subsidized / dumped – despite retail prices in China being far lower (for the same vehicle) than the EU. Shipping is a challenge. Some older lower rate contracts are rolling off – but they are not the most transparent on this if the market stays tight likely to be good revenue rises…

2022 Review – Worst Year to date, -10% / -34%

So time for my usual review of the year. As ever, I’m not writing this exactly at the end of the year so figures may be a bit fuzzy, in general they are pretty accurate.

As expected, it hasn’t been a good one. If you assume all my MOEX stocks are worth 0 I am down 34%, if you take the MOEX stocks at their current value I am down c10%. This is very rough, I also have various GDR’s and a reasonable weight in JEMA – formerly JP Morgan Russian. So if all Russian stocks are a 0 you can probably knock another 3-5% off.

My traditional charts / table are below – including figures *roughly* assuming Russian holdings are worth 0. It’s a little more complex than this as there are pretty substantial dividends in a blocked account in Russia and quite a few GDR’s valued at nominal values, I could easily be up 10-20% if you assume the world goes back to ‘normal’ and my assets are not seized, although at present this seems a distant prospect.