Treatt reached my fair value calculation and was sold completely. Profit 270%.
I also began to see Google as to big a part of my portfolio in the current conditions so top sliced a little for a 95% gain.
I took new positions in Pollen Street Capital and Regional Reit. They are both trading well below book value and paying a strong dividend out of earnings. In a tax exempt account the dividend yield (above 11% in both), is appealing and whilst the NAV is questionable particularly in Regional Reit even after a bit of conservative adjustment I think there is downside protection over a 3 year view.
The really big faller in the month was Thungela. In part that was due to going ex div. But also the economic situation in South Africa continues to deteriorate with both the rail carrier and electricity provider doing very poor jobs and substantially decreasing TGA's results. The share price also got hit as TGA invested in an Australian operation thereby finding another use for surplus cash that many shareholders hoped would be a dividend.
Best result was from Aeorema where a couple of the larger shareholders demonstrated that they are willing buyers.
Holdings above 4% Cash, AEO, $GOOGL, $MSFT, PPHE, TGA, PE2, PE4
Holdings above 1% $APPL, AV., BATS, BPM, CAPD, $CVX. $CROCS, CGEO, GLEN, PE1, $LAC, MPAC, PILS, PTAL, SQZ, SOM, TCAP, VTU, VTY,
Below 1% AER, ALU, BP, $COIN, $GNUS, LAND, $PACB, POLN, QRT, RGL, RM, PE3