As it is, I have, for all my positions various action/consideration values. One of these is a high side number where I look to reduce my position as I feel the company has reached fair value. For about 2/3 of my holdings this would be a full sale. For the other 1/3 the company is fully valued, but I will continue to hold under the Shad Rowe system.
Shad Rowe was an American investor who believed that should you find a truly great company with truly great leadership you should hold part of your position as eventually they will exceed your expectations.
AAPL hit this high side number, but as a great company I have sold some, but held most of my position. Gain 804%.
Some of my actions were due to the company hitting its low side point. Whenever a company hits this I have to reconsider whether I got it wrong or the thesis should be updated.
TEK capital was sold as once again it fell to my action point and after listening to yet another presentation from management I felt nothing new was being added. Have also had to face up to the fact that I am very unsure about the value of the constituent parts and my holding had moved from genuine value to hoped for value. I took the tax loss. 68% loss.
Twist Bioscience also went the tax loss, is my thesis wrong route. For a 65% loss.
Georgia Capital was down, hit the trigger point, and I sold about 50% of my position for 75% gain. I still think this is an undervalued company, if Putin keeps his tanks off Georgia’s lawn. But politically that may not be a great bet so when the share price reached a decision point I reduced. If politics in the region calms down I will be a buyer again even at higher prices.
Glencore went down to a decision point and I added.
I also do a review and consider my position and reset the action points following results.
Aeorema had what I considered to be very good results. The share is very volatile on very limited trading and had been falling quite strongly from previous highs. I added to my existing position at below previous highs.
AerCap holdings has been on my watchlist for a while. They also had good results in March so I have dipped my toe in.
Capital Ltd (CAPD) - Results were interesting with enough to suggest the business remains IMHO undervalued, but with significant issues that management does not seem to want to talk about. I have raised queries and never had them answered. I have maintained my holding but will be looking to see what happens next.
MPAC had rather poor results, and the share price went down, though there were some easy wins set out for the next results. The current CEO, who I rate is going. I do not rate the CFO and have no view on the new CEO. I therefore reduced my holding. 55% gain
RM had results due out this month but their updates for a while have been so dire that I believed the share price was past what was likely to be announced. I took a starter position. The results when announced were very poor but not obliteration level and I am holding my position to see if the new management can partially recover the company.
Somero had a mediocre set of results. But were bullish for the future. One thing I do like is that they do (unlike Capital Drilling-see above) answer the tougher questions. Their answers may be a bit flimsy but they are at least acknowledging the issue. I sold a few as part of my end of year tax planning and they were in the wrong account.
TCAP came out with good results and confidence for the future so I added a few. Would have been more but the account I hold them in has limited funds.
Vistry also came out with really good results and I am not sure I have seen a more confident Investor Presentation from anyone for the last few years. I added more but it is iun the same account as TCAP so my addition was limited by funds available.
I also opened a small position in Alumasc after it appeared in a couple of screens and the collapsing share price seemed overdone.
Also to note were the major movers.
Down:
Aeorema,
Aviva was down (though partly as it went ex div),
British American Tobacco,
BP Marsh doing its normal drift,
Capital Ltd was down
Lithium Americas was down on lithium pricing scares. I am more bullish on pricing than Goldman Sachs and less than Joe Lowry
Glencore
MPAC,
Pilbara Minerals – see Lithium Americas above
Serica went down as the UK government acts to tax North sea oil and gas production out of existence. Hit my low side control and I sold a few.
Thungela was also materially down and I added.
Up:
Alphabet,
Apple,
Microsoft,
PPHE
Petrotal. They also had good results. But there are so many current moving parts the results did not convince me to add.
Somero.
Overall I am now down 0.9% for the year. But as always short time scales (sub 3 years) make little sense with my style of investing.