INL - This is a rather ineffectual land developer who has realised that there is more value in being able to build for yourself rather than just source land for others. Management has taken a number of steps towards being a genuine small builder and I think that as these come to fruition there should be a significant rerating to bring it more in line with the peer group. This is a 2-3 year project. Given the size of my holding I may add but do not see any rush.
JLG - performance from the company has been ahead of the market since I began holding. However I am not sure that I properly understand all the working parts so this is under review for a possible sale.
Markel - I am circa 50% up on this and it still doesn't seem overvalued. I will look at increasing the position following the investor day this month.
NCC - I have written quite a lot about NCC elsewhere. Suffice to say it is now right at the % holding I am happy with. So any current action would be too trim. However it is at rather than particularly over the threshold so the most likely scenario is hold.
PAG - PAG has fallen enough that it has been reviewed. Currently I am still positive on the business and will be looking to add. Until April 7th it is in an account that is fully invested so no action likely before then.
PSN - Has risen to a review point. Currently absent and significant change in the newsflow it is only being considered for further investment.
PPHE - I think this business is potentially significantly misunderstood and as such misvalued. Currently I am down 3% but will be looking out for results, which are due out soon. If they contain a good story I will look to add. I think the current valuation is very much around the hotel operation with little recognition of the property asset.
Quantum Pharma - I was first recommended this bsuiness at circa 160p. Thankfully I stayed out throughout the collapse to 68p. To me this business has been rightly kicked for significantly either misunderstanding the approvals process or misguiding the market. However the circa 70p price seems to credit very little potential upside or growth in the operation and I have taken a small position to see how this plays out. I have done a range of valuations and the bottom of this was 52p so the shares could go lower. But I think its easily as likely that they go to £1.
More to follow