Added a touch to Rasmala.
They have just released 2016 results. They were not good, in most ways, but there is still opportunity here.
2016 is almost over so I thought I would go through what worked, what didnt and my plans for 2017.
+33% is OK – FTSE100 is up 14%, 250 up 3% AIM all share 14%. Peak to trough draw-downs across these are about 10% where as my portfolio (OK measured monthly) was only down 5% from peak at its worst.
My review of 2015 is interesting putting this in context. I anticipated that TRB and SIHL would do well but not that I would come up with other good ideas or that TJI would do well.
New position – 9% portfolio weight.
It has a market cap of £25.9m and a NAV ex goodwill of £94.3m. Simply getting to this implies a 200%+ return…
Rasmala (formerly known as EIIB – European Islamic Investment Bank) is an asset manager. It used to be a bank but has recently re-focussed on asset management.