1 new add BP. The Company is and remains in my opinion quite lowly valued. This is at the moment a watching brief, but I think the role back in green promises should presage a much greater concentration on delivering shareholder value. I doubt it will get US oiler ratings but I am expectant that it will close the gap.
Sold out of Meta. The company has great value in Facebook and Instagram and I was reasonably confident that as the company went lower and lower this would at a stage be recognized, if not by the market, by Mark Zuckerberg. This he duly did and the share popped. However, since I have owned it I have become less and less confident in the ability of the Board to do anything to control Mr Zuckerberg, so I took the pop and a 25% gain on my holding.
Sold out of Logistics Development Group. The company is increasingly investing in a private business controlled by the Investment Advisor that will itself invest in private businesses. I have no real way to value this so exited with a 10% profit after a couple of up days.
Sold Riverfort Global. This is a sub scale fund with significant, for its size, payments to management and related. I have lost confidence in the team and took my loss of 40%. The pain only being lessened as it was a very small position.
Sold Renold. I quite like the business but one of my approaches is to buy a little and then study further until I am happy to take the position to 1% or more of the portfolio. With Renold I did not feel confident in adding and could use the cash elsewhere so it was sold at a 6 month review. 10% loss.
Sold Norcross. The company had risen fast after my initial small purchase. Meaning I was caught between it being sub 1% and not having IMHO a 20% Margin of Safety to Intrinsic value. With the problems I now understand are prevalent in the South African economy due to Eskom’s failure (National Electricity supplier) I have seen reports that water is no longer safe. Given Norcross is in bathrooms and South Africa is one of its 2 biggest markets this cannot be good news. So with the MoS diminishing I sold. 18% gain.
I also added to existing holdings in;
Georgia Capital – Really good results and a positive Investor Presentation. Company looks undervalued IMHO. But there is a big Russia risk.
Lithium Americas – Won its court case in the US to begin developing Thacker Pass. Probably fairly valued on its South American assets but Thacker Pass adds significant UPSIDE.
Land Securities – Ongoing position building to over 1%.
Pilbara Minerals – Another excellent results. Company is being affected by press reports on Lithium pricing in China that do seem to miss a lot of how the market works. (It is largely contract not Spot) and Pilbara’s different approaches (Tolling, Spot) to clear any non contracted stock.
Vertu-Recent competitor take outs and offers at significantly higher multiples. Whilst PY results will not be achieved the company looks very lowly valued against what might be expected. And there is always a chance that as one of the few remaining publicly listed competitors it too will be taken out
As always, always DYOR.