Tuesday, 5 April 2016
New Holding
Subsequent to Quarter End, I put approximately 10% of my portfolio in Next PLC. It has sold off substantially after a recent gloomy earnings report, with unfavourable debt developments. I believe it is now a "Wonderful Company at a Fair Price". It's in a tough sector, but I think Simon Wolfson is a classic "insider" type CEO, who is laser focussed on shareholder returns and knows about capital allocation. By partnering with him, I believe I have limited downside, and hopefully some serious upside.
Quarter End Results
| Portfolio as at end of March | |||||||
| Asset | Bloomberg Ticker | ||||||
| Exova PLC | EXO LN | 18% | |||||
| Markel | MKL | 12% | |||||
| Distribution Now | DNOW US | 10% | |||||
| Tessenderlo | TESB | 10% | |||||
| AIG | AIG US | 9% | |||||
| FLYBE | FLYB | 6% | |||||
| Alternative Asset Opportunities | TLI LN | 3% | |||||
| Plaza Centers | PLAZ LN | 1% | |||||
| Dolphin Capital | DCI LN | 1% | |||||
| GBP Cash | 30% | ||||||
| Quarterly Return | Quarterly Benchmark Return | ||||||
| 2.23% | 2.95% | ||||||
| Return Since Inception | Benchmark Return since Inception | ||||||
| 13.83% | 44.81% | ||||||
| Annualised Return since Inception | Annualised Benchmark Return since Inception | ||||||
| 4.07% | 12.07% | ||||||
| Quarterly Leveraged Return | Annualised Leveraged Return | ||||||
| 5.40% | 9.19% | ||||||
| Leverage | |||||||
| 36% | |||||||