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.
Continue reading “Q1 Portfolio/Performance update (+11%) Coronavirus and thoughts on where to go from here”
I bought both of these the other week. They are both very, very cheap and I believe are high quality assets that will rise in price as performance improves and Russia becomes a more ‘normal’ country.
FEES – Fsk Yees Pao is the largest grid company in Russia. 80% of the shares are owned by Rosetti, 88% of Rossetti shares are owned by the Russian government. It is listed in Moscow and London via a GDR – I believe the Moscow shares are cheaper to buy and hold due to fees associated with the GDR. The likely yield is 8-10%. Continue reading “Rosetti ($RSTI) / $FEES – Russian Grids at bargain prices”
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. Continue reading “Moscow Stock Exchange (MOEX)”