Flowtech Fluidpower - This business is developing very much as management suggested it would. Having acquired at various stages since the IPO I have a middling holding (2 - 5%). If the share price continues to rise and we get to a 20% increase I will add further. I may do so before on positive newsflow as I think delivery has been solid.
Fred Olsen Energy - This holding has been a mistake. Some bottom adding will hopefully lessen the pain but I do not intend to add any more and do wonder about disposal and moving on. The main rationale for holding is that its listed parent companies have been merged and I believe that given the FOE size to their portfolio this means that FOE will be supported financially. Given the value of the holding is now so low I am prepared to wait on this longer term.
French Connection - As with many this is a deep value holding. I am still persuaded that there is real value here and that this could be realised with little effort by more competent management. I hold but have no intention to increase the position.
Fusionex - This is a very recent purchase. The share price tanked early this year after management committed to a significant push on product. This likely takes a profitable company, unprofitable. However having read the last set of accounts I felt that management were not overpaid and that they would do best if the share price was high. I have therefore taken a small position with the intention of increasing it if management can demonstrate delivery of their plan. If the position tanks I will bail.
GFIN - This is a very small holding that I do not intend to increase at present. It has fallen by 25% so has been reviewed for sale or addition but there is insufficient newsflow for adding and given the small size and significant potential upside I continue to hold.
More to follow in another blog