H1 2021 Review / Portfolio +13.8%

Thought I would do a review of where the portfolio stands.

As at end June I am +13.8% for the year, roughly matching the FTSE AS at c12%. it has been far more volatile than is usual, pre-fed comments on tightening sooner than the market expected, I was up closer to 20%. The volatility is driven by the large exposure to natural resource co’s and volatility resulting from their underlying commodity feeding through to share prices, which are, in turn, even more volatile.

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Steppe Cement $STCM – Kazakh Cement Company

I put a position on in this a couple of weeks ago @33p, its risen strongly since but is still a buy at 40p. Its a neat little company which hasn’t been widely covered (as far as I am aware). It has a healthy 6-8% yield. Pretty much all earnings are paid as a dividend. Its trading just above book value. My current position is a 3.5% portfolio weight, which feels a touch light. I am still adjusting to growth in the size of my portfolio and don’t want to be too heavy in illiquid stock, I may well add in time as this plays out.

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