Sold all my Symphony International on Monday at $0.8625.
Discount has narrowed substantially – it’s now got a NAV of $1.16 so trading on a discount of 25%. When I first invested in this in January 2014 the discount was 45%.
The NAV / discount has only fallen slightly – even though the share has paid out quite a lot 35c. Underlying assets have done quite well.
Continue reading “Symphony International ($SIHL) 3- Selling at $86.25 +57%” →
Changed my mind on DCI. This is not to say I wont get back in if the price falls more.
I am getting out more or less flat. Announcement that they are going to use Pearl Island cash for working capital and that:
“ The Board will re-evaluate the Company’s distribution potential when there is more clarity on the pace of additional disposals.”
Makes me think selling these assets may take a while longer than I initially expected… I’m also more concerned about the price… I always was a bit concerned about the quality of this one…
Continue reading “Selling DCI – Delay in returning cash / Portfolio update” →
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.
Continue reading “Review of 2016 + 33%” →
Thought I would post a brief update on many of my positions / performance.
Apoolgies if you have seen this before I think I may have published a draft by mistake…
Performance up until end September is 30% up since end December 2013 or 40% over the last 12 months.
Fyffes – as you may recall this tripled since my entry price – due to an offer from CQB up to a high of €1.30. Unfortunately the deal was in CQB stock, which fell on bad results. I had a bit of an analytical problem with this – do I value FFY as a standalone business – someone else could still come in and offer – if only to make CQB pay more. Or do I look at it as a proxy for CQB – which I wouldn’t want to own. Yet another thing to consider is whether CQB are paying in shares due to their own stock being overvalued. Later there was a bid for CQB – pushing FFY as low as €0.90 I sold 75% at €1.05-1.10 for portfolio balance reasons and am holding the rest. I am going to look into adding a bit more as the deal changed again on Friday – but I think this position is nearing its end.
Continue reading “Portfolio Update” →
Thought it may be interesting to go through the portfolio as a whole – to give my readers a view of the bigger picture.
I can’t say I am entirely happy with it. I have 3 main problems:
Continue reading “Portfolio Review” →
Just been looking at BTEM – British Empire Securities.
I am generally impressed – although there is not high enough return for me in itself. I think it should do well over the next few years. BTEM is a UK listed investment trust specialising in assets trading at less than their real value.
Continue reading “Mining British Empire Securities” →