I was again -ve for the month and the portfolio is now down 2.8% YTD.
Most of my tech holdings, with the notable exception of APPL had big falls. My large TGA position also took a step down.
Only CVX and PILS made meaningful gains, though a number of other positions also made gains and of course some made losses. That the results were not worse is largely down to dividends TGA in particular provided a dividend of over 40% of my original cost. In fact I keep it in 2 pots and the original larger position the divi was almost 55% of original cost (If only I had bought more).
Sales
Sold AJOT. Loss 10%. The results were not stellar and quite a few of the ideas discussed by management in presentations after, were ongoing where they had already had a win and were hanging on for the last 10%. Plus some of the fund managers in the AVI group were also presenting on other programmes and to my mind very much suggested that they could outperform AJOT.
New Purchases
Norcros NXR. In at 180p Rather think South African opportunity discounted and UK problems overemphasised by market. See these as decent value and looking for a circa 25% gain.
Reductions
Sold about 1/3 of my TET holding. Circa 300% gain. Think the company is fairly valued on an EPV basis, but no real valuation for the potential growth factors. So currently retaining the rest on a GARP thesis.
Adds to existing holdings
CVX. In a world dependant on oil the shifting politics of green makes, IMHO, those who are clearly in the oil camp, more not less valuable. And a 4% yield does not hurt.
GLEN. A small holding that I needed to either build up or sell out. I went with add to.
META. If anyone other than Zuckerberg was running Meta it would be worth at least double. Added after the fall. But have probably reached my limit. Revenue up, engagement up, expenditure out of control. Deep value, but not for money you need.
MSFT. Felt the selling after results was overdone so bought a few more.
PACB Still a very small holding but steadily positive newsflow.
SQZ. Thought the Truss would get UK back into the O&G game. Sadly it looks like Sunak doesn’t know what he wants and is prone to U turns in this area. This holding is under review as I await either information from the company or government.
TGA. It is volatile but I can find no information to suggest that the bottom is about to fall out of the coal market and at current prices the company is still very lowly valued. Nobody likes King Coal so the lucky holders get to benefit.
TWST. As with PACB still a very small holding but with a steady positive newsflow.