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.

Advertisement

Moscow Stock Exchange (MOEX)

As I tweeted the other day I have just bought some Moscow Stock Exchange (MOEX). Increasingly I am tempted by low price, high quality companies in somewhat lower quality locations.

To me MOEX meets the quality bar.  It has a dominant market position being the only exchange in Russia, it has an EBITDA margin of over 70%, a net profit margin of c45%.  There hasnt been much growth in operating income over the past few years – but it doesnt really matter as this is very, very cheap.  It is trading on about twice book value and a PE of about 10.