Quick portfolio update.
Selling PIL – I am a bit concerned that they might struggle to meet debt covenants due to a poor harvest. I have had a couple of year’s dividends on this – so am actually up c5% in total. I sold for what I bought them for. Little disappointing but these things happen.
Q1 hedge fund letters, conference, scoops etc, Also read Lear Capital: Financial Products You Should Avoid?
I am also easing up on OPP / OPPP – they are going impairment crazy, just after I bought. Weight was maybe a little too much.
I also bought in a touch of DUPD again – didnt get round to posting on they distributed – made a little on it. Breaking my own rule on this as it is majority owned now – but I think they will delist / pay out eventually….
DDDD is down 50% since my post – I think purely down to liquidity / sales – there hasnt been any bad news. Of all my holdings this would be the one I would add to- if I wasnt already invested, though it isnt a typical holding for me, it is high risk.
RMA – still hold some – waiting.
POL – waiting
TAU – waiting, very confident this will come good one day. Not confident on when.
ALF – waiting – it is slowly paying out capital.
PVCS is doing better, typically after I halved my position.
IIP – still hold a little, still very risky with good upside.
FOX – still hold a little. Unpopular stock but if it isnt a scam huge opportunity here.
FP. – still hold some – nice divi payer, Romania growing economy, 25% discount to NAV. Not going to get rich off it though.
Tejoori has returned cash after an extended wait at about 58-59c per share, depending on broker FX fees. Profit since my original posts on this was between 500-1000%. My overall profit is much lower as I sold as it went up. I also bought as the position became clearer. If I hadnt sold some then my portfolio would have been 90%+ TJI.
Still short some tether (crypto coin), halved size of short as financing cost was very unpleasant. Surprised this hasnt crashed yet – will give it until the end of the year.
Portfolio is now 45% cash. I am a bit busy on other things so the investing is on the back burner for the next month or two and has been for a while. I also think markets look pricey so wont rush back in. This may well be an extended stay on the sidelines for me.
I have bought a bit of gold / silver, not posting on it, I dont really want all my money in GBP so its as good a place as any.
Article by Rob Mahan, Deep Value Investments Blog
