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.

Continue reading “Porfolio Review Q1 2019”

Selling PVCS +13% (vs initial post)

I am selling out of PVCS which I entered at 21.68 at 24.5.  I already exited half at a 7% loss.  This half I am exiting at a 13% profit. (+3% overall – so poor)

I am concerned returning the cash is taking too long and that they will try to invest it rather than return it – which is what lots of the value investors in this want.

Note they said on 15th March:

“Following receipt of the funds from the arbitration award mentioned above, the Group is expected to have a substantial net cash position. In the light of this the board intends to explore options for the future of the Company in order to maximise shareholder value. These may include a cash return to shareholders, the acquisition of an existing business or a combination of these alternatives.”

They have had ample cash for quite a while now – if they wanted to return it they could have.

So I am out here.  Best of luck to holders.

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”

PVCS – selling half -7% Taking too long

Selling half of my PVCS at a c7% loss.

Their strategic review is taking too long.  In addition I was over optimistic / didnt put enough thought/work into my estimate of closure costs which I now believe could be a lot more than the €2m I guessed.

This might reduce my upside quite a bit and the delay on the strategic review is making my nervous so I am lightening this up substantially.

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….”

PV Crystalox Solar – Another liquidation play

Added a 9% portfolio weight to PVCS at 21.68p a share.

This is a solar manufacturer which has just won an arbitration case against a customer who refused to pay up.  This has been quite well covered in the Investors Chronicle and elsewhere so only a short post on this.

Continue reading “PV Crystalox Solar – Another liquidation play”