AGF – I have mentioned this previously as a potential buy and I pulled the trigger at 83 cents this week for a few reasons. Since they started to get serious about measures to reduce the NTA discount it has probably improved a little to have been in a range of 15-18% of late but I was estimating this could have nudged out to almost 19% when I bought. Continue reading “The China stockmarket boom that never happened, and AGF.”
AAC – I bought this stock earlier in the year for about $1.30 and had expected to grind up slowly to a more realistic NTA of about 1.60, being the top of a trading range in which I may sell. Continue reading “Company news updates AAC, KBC, PTB.”
I have benefited slightly from the falling AUD but overall probably a little disappointed I did not have more of an underweight after writing quite a lot about the high 70s being a very good opportunity to short AUD/USD. More recently after the RBA cut unfortunately there was no short term bounce to around 75 I was hoping for to further short. Continue reading “Didn’t fully catch the AUD bearish trade”
At the beginning of May, I did de-risk the portfolio via shorts in the Dow Jones and also some well out of the money put options in the S&P 500. Currently this decision is looking unnecessary, with May seeing risk appetite being fine. Continue reading “May update – market calm about the Fed”
GVF – I have been a shareholder in GVF since not too long after they floated. After selling some earlier in the year at $1 I just recently bought back in at the same price. Continue reading “GVF – a cheap way for low risk non AUD exposure”
It has been a busy week or so with some news releases for some of my holdings so thought I would write down some thoughts. Continue reading “News on ELD, AIK, SSM, AIQ, KBC, HHY.”
HHV – I purchased some at $1.22 last week as the discount seemed to be getting to around 18% pre-tax, having sold shares over a year ago when the discount was less than 5 %. Some points in their favour are that performance has improved greatly over the last year or two. They have quite a defensive portfolio with large exposures to some gold holdings, cash and Sirtex, and largely the portfolio is in foreign currencies. The large cash balance could be used to aggressively buy back shares soon. They could take some profits in large exposures in SBM, SRX, DRM and pay out large fully franked dividends. Since they made two capital raisings that arguably did not treat all shareholders fairly Wilson Asset Management has increased their stake from about 6% to 13%. Since then the shares understandably have been a bit on the nose but now WAM have more of a stranglehold on the register and the fund is much larger we should expect to see the end of them greedily tapping shareholders, and more likely major share buybacks down the track when the discount is this large.
S & P 500 PUT OPTIONS – September 1775 puts. Buy level was at 21. Please refer to post under the Asset Allocation category about volatility and portfolio protection for my thoughts.