H1 2016 has been a strong half for my portfolio, it returned +31.7% vs the FTSE All-share tracker return of +0.7% and S&P tracker return of +1.4%.
Craven House Capital ($CRV.L) was a big contributor and returned 91% in the half. But even excluding this position the portfolio returned 19.0%, driven by a 125% increase in Goldplat ($GDP.L) as operations finally showed some positive progress. Worst performers were Avangardo and Logicamms. Avangardo is still being affected by the situation in the Ukraine and Crimea. I don’t see it resolving any time soon, but as this is such a tiny position now (0.3%), I don’t see much point in selling and there might be a lot of upside at some point, who knows.
Logicamms was down 40% in the quarter, after it posted some poor half year results. But excluding an onerous lease expense and write downs, it was still profitable and priced at only 7x annualised pre tax earnings. I doubled the position after the drop and its now 1.9% of my portfolio.
After selling CRV I now have a large cash balance in the portfolio. I’ll be hoping to find somewhere to deploy this when I have time. This is my portfolio as it stands now.
|Weiss Korea Opportunity||WKOF:LN||7.6%|
|800 Super Holdings||ESH:SP||2.1%|
|Russia 3x tracker||RUSL:US||0.9%|
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