This was a good quarter for me, driven by a big jump in Avesco as the market became aware of its profitability.  There is probably some further upside there as the non US business stops being a drag on performance.  However, since month end, I have taken some profits and put them in Exova.  I am trying to transfer my Exova exposure from my spread betting account to my pension because the margin requirement is high (illiquid mid cap).  However, the bid/ask spread is so big that I haven't yet managed to execute the "sell" part of the rebalance.  That's ok because I continue to love Exova as a long term undervalued quality stock and I look forward to its results in a few weeks.

In the next few days, I am going to buy Distribution Now (DNOW), which is a distribution business within the oil + gas sector.  It's international but mostly in the US.  It is, various, liked by a great investor (Allen Mecham); a spinoff; a consolidator with liquidity for M&A and room for operational improvements, and operating in an industry at a cyclical low.  There is a long thesis on VIC which I like, and a short thesis which has a target price we are not at.

I may also buy more AIG at some point because I think it's still long term cheap.

Portfolio as at end of June
Asset	Bloomberg Ticker
Avesco Group PLC	AVS LN	16%
Exova PLC	EXO LN	13%
Safestyle PLC	SFE LN	12%
Markel	MKL	10%
Tessenderlo	TESB	5%
AIG	AIG US	6%
Emeco Group Holdings	EHL ASX	4%
Commerzbank	CBK FP	4%
Alternative Asset Opportunities	TLI LN	2%
Goodwin	GDWN LN	2%
Plaza Centers	PLAZ LN	2%
Hargreaves Services	HSP LN	2%
Dolphin Capital	DCI LN	1%
GBP Cash		21%
Quarterly Return	Quarterly Benchmark Return
11.32%	-6.02%
Return Since Inception	Benchmark Return since Inception
21.10%	37.76%
Annualised Return since Inception	Annualised Benchmark Return since Inception
7.96%	13.64%
Quarterly Leveraged Return	Annualised Leveraged Return
7.50%	15.56%
Leverage
33%