Actual business news, ie how the companies are really performing, has been very limited so the changes I have been making to the portfolio are limited.
Significant gainers in the month were non existent. I had a few holdings go up in value, but none to the level that they were significant.
Significant fallers in the month;
BP Marsh. As I said last month this is a limited news flow business and between transactions the shares tend to trend down. A director, Camilla Kenyon resigned which is of some concern. She did seem to be part of the new team being brought forward to replace, in due course, the existing leadership team. However the fall was all before her resignation, rather than after it, so it was either insider generated or simply a reflection of low support levels whilst waiting for the next set of news.
Electra Private Equity. Ed Bramson the owner of Sherborne which has control of EPE has resigned from the board and had one of his lieutenants take over. I guess the market has accepted that the wind up of EPE is going to take longer to deliver. It is still on but as the timeline extends the ROCE declines and people looking for a fast gain move on.
Mission Marketing. I had felt that the rise in the share had gotten carried away and the fall currently being experienced is probably a reflection of this. Like the rise it may well be overdone but it is not so far that this becomes a share I want to put much more into.
MPAC. I have no idea why this has fallen back. Possibly buy on the rumour sell on the result as results are out 5th September. What I have seen so far does lead me to think that this share remains undervalued, but that value will out. Possibly after these results. Possibly it may take longer. Whilst small movements can make a significant impact on my portfolio I see this currently as a long term hold.
PPHE. Much like MPAC above. Including results on the 5th September. The main differential is that the founding shareholders have been reducing their holdings, ostensibly to meet listing requirements and provide liquidity as the holding was too concentrated. The reality is that PPHE has been beating the same drum for years now, doing what it says and saying what it will be doing. Invariably undervalued and family run.
Shell. Ouch. Follows the oil price, the gas price, the tarriff wars, Greta, other green activists, Iran, Iraq, Libya, weather in the Gulf of Mexico. I don't know. The big issue for me is whether management are concentrating on running the business for the shareholders or, as they have in the past, have taken on some dumb vision. At the moment they seem to be focussed on value delivery so whilst volatile I remain a holder. That said there has been very little from the company at the moment.
Treatt. Again no real news at the moment but after a period of upwards movement we seem to be in a drift downwards, whilst we wait for real news.
Significant Sales
FFI. This business has been taken private by management after driving the SP down by a series of doom and gloom pronouncements. Frankly whilst it might not be criminal it certainly wasn't imho ethical. I made a small profit but the company is worth so much more and I have every expectation that management are going to make millions.
Significant buys;
AEO. Added to my current position.
Bed, Bath and Beyond. I added to my taster position based on another bit of supporting research.
British Land. Added to my current position. I think that this business is undervalued even if the retail element is taken to zero. And in reality if that is to be the case then presumably BL will repurpose it. I also see the yield as being reasonably sustainable and when people talk about what might a $ investor want in the UK I think its either going to be tech, IP (ETO), or as the Greene King deal shows land. I certainly would not buy BL for the takeover, but I don't think it hurts.
Kier. I am trying out a screen based on a simplified value multiples scheme from Professor Adrian Saville, overlayed with a momentum system (I forget from whom). This is a hold your nose and buy methodology and Kier is a current result.
Marshall Motor Holdings is another result of the value/momentum screen.
If you made it this far, happy investing for the month of September.