Significant gainers in the month were:
Alphabet. Well received results in the month. Significantly overshadowing regulatory concerns. Cash generation remains very positive.
Apple. ½ of my holding was sold on the last day of the month, following the very positive reception to results. Results indicated that whilst the Iphone is still very important the company is able to grow both Wearables and Services into substantial businesses in their own right. Apple may also be benefiting from being the one large tech company that feels its users deserve some privacy.
Disney. Positive results in the month and general positive news flow. Particularly good news in both the Movie and Internet TV sections.
FFI. Management are buying the company. It is a sub-par bid but they have driven the share price down by feeding out poor, (though often not particularly significant) news and now the price is low they have opportunistically offered for the company.
Markel. Decent newsflow in particular over reinsurance where the size of certain issues is less than perhaps originally feared. General rising tide floats this boat.
Mastercard. Good results. This company is expensive on many metrics but continues to deliver to justify this rating.
MPAC. Announced results will be well ahead of expectations. Not only has the company made an acquisition, but it looks to be very compatible. Alongside this issues of the past seem to be much better controlled and some of the more recent initiatives are progressing well.
Visa. Good results. Like Mastercard expensive but delivering.
Against a much smaller list of significant fallers;
BP Marsh. The company is small and limited news tends to lead to a decline in the price. Management are picking up a few shares and there is a very limited share buy back ongoing. I see this share as very solid but gains are irregular and made on positive newsflow which is only occassional.
Infrastrata. This company is continually widening the gap between what management say and what management do. This share is under review for a sale.
Sold during the month:
Game Digital. Buy out by Sports Direct on the cheap. Substantially less than cash on the balance sheet. Forced sale once SPD had the numbers. Overall made a small loss.
Apple. ½ position sold. The company had reached my most recent target. I have reviewed and set a new target but reduced the holding to reflect the reduction in confidence in the new target. Nice Profit
Significant buys;
Taster positions in Indivor and Bed, Bath and Beyond. Taster positions are for cash but focus me on research and concluding whether to build a proper (over 1% of portfolio) position. As a general rule of thumb if I cannot convince myself to increase a taster position after 6 months I should sell.
Significant (by my standards) adding to AEO.