GLEN- Buying non-ESG assets at cheap prices from desperate sellers.
LDG – Largely cash shell following sale of Eddie Stobart holding, valued at less than cash. Despite management demonstrating they can deliver.
CRS – Special Situation where a senior US shareholder has already said it will not vote for continuation of the trust which is valued at below NAV. Other US vulture funds also have taken stakes.
DTY – Small stake for a recovery play on this still largely unloved business.
Sales
BGCG – Unsure of the fund management and their strategy + why am I investing in China in a market I do not know with laws I do not understand and paying a fee for the manager when there are good companies in the US and UK?
RUB – Good company but not good enough for me to want to increase holding so sold.
DIS – House of Mouse. Felt it had become fully valued.
FCSS – Why am I investing in China part 2?
POLR – Hit and went past target price. So more than fully valued IMHO.
Adds to existing holdings
SOM – Great results
BATS – Good results
MSFT – Great results
CAPD – Good results
VTY – Good results
VTU – Good results
AV. – Good results
PSH – Good results
RQIH – Good results
THS – Seems v undervalued but management seem unable to persuade the market and beginning to wonder what does everyone else know that I do not? I have increased but this is very much a watching brief as management do need to demonstrate actual delivery rather than just quarterly results that say there is a pot of money at the end of the rainbow.
GILD – Executive Chairman removed. Strategy seems good and co-founder now in total control. Greater love hath no man than he will sacrifice his friends for his career.
BCN- Closing on Ganfeng takeover.
Reductions in size (quantity) of holding
MPAC – Company well over my 10% of portfolio line so reduced.
Specific breakdown in Current Holdings Section
Growth in portfolio since 31st March 2016 - 227%.