Had a couple of changes to my portfolio so now is a good time to give an update. Here is my portfolio as it currently stands, with % allocations.
Ridley has been a star performer in my portfolio this year. Only 7 months after I purchased it for $12.45 I have sold it for $24.32. So that’s almost a 100% return right? Well not quite, the currency moved against me by 13% which knocks that 100 down to more like 70%. Ah but that’s where my hedge comes in, it should make up the shortfall – that’s what I thought. Well imagine my surprise when it contributed just 5% to my return. I made an error which has cost me dearly – don’t make the same mistake.
I wrote up Goldplat (AIM:GDP) only a few weeks ago just after I had purchased shares. The position is down almost 30% – hitting all time lows, and now represents an even better buying opportunity in my opinion. Here’s my take on why the share price has fallen so much and if the market knows something we don’t.
An update on some recent changes to the portfolio. Novus Energy (TSX:NVS) has been taken over, I have initiated a position in Clear Leisure (AIM:CLP), and have a good old rant about foreign currencies!
I’ve made a couple of portfolio changes in the last couple of days. My holdings in JD Sports (LSE:JD) and Kentz (LSE:KENZ) are trading at around my estimate of fair value so I decided to significantly reduce the positions, by about 60%.
In the second half the portfolio returned 29.8% beating both the S&P 500 at 15.4% and FTSE All share at 11% (both including dividends). I am pleased with the performance this year, which has totalled 49.4%. I wouldnt have expected to beat the market by such a margin in what has been quite a frothy year, with a lot of companies selling at full or over-valuations. I am also reluctant to give myself a pat on the back as there are many companies I didn’t pick that also did well, it was a good year to be a small cap investor.
For those that aren’t aware, Craven House Capital is far and away my largest holding, and sat at 22% of my portfolio yesterday. I have no other holdings above 10% which should give you an idea of how much I like this stock.
In my previous post I spoke of how management issuing new shares at 1.25p (a premium to today’s share price) was beneficial for existing shareholders and that I expected management to drastically increase the size of the balance sheet. Well today has confirmed that assumption was correct, as they have just announced a new deal which I calculate has increased my adjusted book value from £2.6m to £3.8m, a 45% increase.
I read a really interesting piece on oil prices, it was contained within a fund report, but I recommend people…
I’ve made a lot of portfolio changes over the last week or so, I don’t know if I’ve just been lucky but I’ve recently found quite a few investments that are attractive.
There have been some changes to my portfolio in the last couple of weeks, one position is now 30% of portfolio and others have been or are being sold.