It is only November 4th and I already have 2 reports suggesting that I go light on the UK market till the election is over. Both doubt Corbyn will win but if he looks probable they are both predicting a rush for the lifeboats and a real fall in the value of UK Plc.
Significant Gainers
Aeorema. The company had delivered good results in September and this led to an amount of buying. Sadly being a micro cap it only took a few small orders chasing the stock to cause it to rise significantly. This has now driven the share price past the point I am happy to buy at. I will be doing some more research and may be a buyer later this month. That is more likely than a seller.
Apple. A very solid set of results (non iphone growth of 17%) keeps the Apple bandwagon going. Overall the wall of cash and decent execution with a lot of small bets being followed up when they begin to prove out keeps the momentum and currently Apple seems to be winning Wall Street over with its move from hardware to Sevices story.
Bed, Bath and Beyond. The new CEO story seems to be compelling, as do a number of valuations around parts of BBBY that can be split off for cash today. As a combination the stock has picked up and I not only took the rise but added some.
BPM. The results this month delivered pretty much the story that BPM had laid out when it gave further coverage in September on problems with LEBC. Broadly the rest of the business is doing well and going forward despite the significant issues in LEBC. I have done at write up on the blog.
Bovis. Rising with many of the builders. Plus the GFRD transaction looks to be deliverable.
PPHE. This is for me a large holding so smaller % moves deliver significant moves. That said, PPHE continues to deliver good results and on the 31st Oct put out a positive trading update with good comparatives against what were already strong comparatives. The only weak side was the already flagged Croatian operation.
Significant fallers in the month;
$DIS. The company seems to be doing most things right, though there is an amount of two steps forward one back. Fundamentally I have seen nothing new and am considering buying at this level.
$Markel. Markel produced great results in the month. With very good results in Markel Ventures and a great insurance operating ratio. Also the exposure to high risk categories and reinsurance seems to have been well priced or laid off. Before the results the share price was trending down, but is now coming back.
Most of the rest of the portfolio had a slight fall this month for each holding. But none of it material.
Significant Sales
1pm. Bought under a Value/Momentum trading strategy that I am testing, the indicators moved to sale so I sold for small loss.
Kier: Bought on a Value/Momentum trading strategy the indicator on this became a sale and it was sold for a very small gain.
Marshall Motor Holdings. Bought on a Value/Momentum trading system this became a sell for a small loss.
Significant buys;
Aeorema; I added a few in the month before the share price went up too much.
$BBBY: Added to the existing holding as I think there is real value here.
Costain: Added under the Value/Momentum trading strategy.
GFRD: Added under the Value/Momentum strategy
RDSB: Small add for a secure dividend and long term capital appreciation. Results in the month were less than stellar and led to quite a drop which was a buying opportunity as they did not to my mind impact the base case imho. The big risk here is that now the company has been steadied and the cashflow for the dividend secured that management get into spending on eco credentials and once again become a significant capital destroyer.
SLPE. Added under the Value/Momentum strategy.
SYNC: Added under Value/Momentum