Portfolio performance in the month -2.3%
Portfolio performance since I started counting (31/03/16) +135%
New Holdings:
Pacific Biosciences PACB 0.2% of portfolio at $11.34
Twist Bioscience TWST 0.2% of portfolio at $63.82
Both of these are providing a genuine product to researchers worldwide and my sources say that demand exceeds current supply for various items. Still high risk, and extreme valuations, but IMHO worth a consideration.
Sales:
FXPO. Good company, that I have been in for a few years. But in the Ukraine, and I fortunately realised That I had no ability to value given the main consideration had become geopolitical (pre-war). So sold. 12% profit on final tranches.
SNWS Decent company. But slightly concerned that management, who have been reviving the business well, had begun to talk about developing something new rather than maximising on what they had. That said I would have stuck with it except it was a small position and (a) failed my criteria of do I want more and (b) I wanted the money for LDG at the same time as wanting to keep a bunch of cash in cash in case of real opportunities over the next few months. 2% profit.
Adds
Added to LDG. Rationale in the previous blog post (25th Feb). Average in now 13.8p
Added to COIN, As I have said before I think COIN is fully valued as a crypto exchange. But the Venture Capital side which did circa 200 transactions in the last 12 months is in the deal for free and will be worth at least as much over time.
Also I have historically felt that crypto has largely been a solution looking for a problem but Trudeau in Canada and Putin in Russia have provided the problem, so crypto as a whole now has a genuine value case, rather than a purely theoretical one. Current market weakness provided a buying opportunity. Still think Bitcoin could be zero in my lifetime. Though this would be to the benefit of Etherium. Avg in now $249.79 Which as eagle eyed readers may note is well above the current market price.
Big Fallers
AEO had a steady trickle down on no news. After the excess euphoria of the ½ year results driving the price up beyond where I felt comfortable this was probably to be expected. But it hurts all the same.
APPL Also trending down on little real news. Increasingly this seems to be a bit marmite as more analysts seem to be querying it and others move the target price ever higher.
BPM Having generated an amount of positive news in January that drove the price up the moment the positive news flow stopped the shares have fallen back. Suggesting there is limited real support. As in holders hold and there is a limited appetite from new shareholders. The company is increasingly awaiting activity from its largest shareholder as his holding size affects many of the options such as share buy backs.
CGEO Georgia Capital. A well run company. Significantly below NAV. Held back by geopolitical risk and absolutely hammered in recent weeks.
MPAC General drift IMHO
PPHE Hotels and an announcement making it clear that it was not making profits though it remains solvent and has the ability to drive forward. EPRA NAV at £22 against sub £14 share price. That said the assumptions on the EPRA are no more than assumptions in the current climate.
RQIH Tends to trend up after news and then go on a longer (timewise) trend down. Also to be noted the whole financial sector seems to be weak.
SOM Has been hugely hit. I am not really sure why. It provides a good solution into what could be seen as rising demand in its main markets. Good management and not a particularly challenging valuation.
TET A steady trickle down on no real news. Not helped by the current market and a price that is challenging on many valuation metrics.
VTU The gloss seems to be coming off this car dealer. Not sure why, as it seems to me to be clearly amongst the best run. Valuations remain unchallenging (is that even a word)?
Big Rises
DNN. Concerns over global energy and energy security have been positive for most Uranium focussed stocks.
GLEN Commodity plays usually do well in inflationary environments. Plus Glencore has proved adept at profiting from the greenwashing of other parties. A brilliant example of this was the Cerejon acquisition where Glen agreed with Anglo and BHP to acquire their holdings for $588m. (At the time some suggested that this was a low price agreed because Anglo and BHP wanted to greenwash). But as GLEN used the cashflows from Cerejon to make most of the payment it only had to find an additional $101m.
THS Strong results benefitting from good production and great price rises. Still some doubt in the market about this as it is ploughing a lot of the cashflow into new projects and it will be some time before these prove themselves.
TGA Coal just gets better and better. TGA’s biggest problem remains getting what it can dig up to the port for delivery. It is not TGA’s fault but the local rail carrier, but it does become TGA’s problem. Management continue to impress and as a coal company they are not greenwashing but profiting from the ever increasing Chinese demand. Boosted in the case of TGA as China seeks to avoid Australian coal. It is perhaps worth noting that China, India, Japan, Indonesia and Vietnam are reported as planning to bring on an additional 600 coal plants.