The last half of my HHV shares I bought at 1.22 a couple of months back were sold at 1.40 today. Surprising to see HHV higher early on as SBM & DRM corrected substantially down. Continue reading “HHV sold and Dow short”
Recently I wrote that I had some shorts in the US indices that in part gave me protection to pursue some more compelling opportunities on the long side. Continue reading “Simplifying the portfolio & raising cash. Small market inefficiencies in the LIC space.”
I have been posting about more general themes of investing styles of late so now I wanted to get up to date in terms of providing more detail about recent trades, or news on companies I own. Continue reading “COMMENTS ON RECENT TRADES – AAC, MVT, CYB, HHV, GVF, EVN, KBC, AGF, SSM, WCB, RNY.”
I would have to admit I am quite staggered by the moves we have seen since Brexit. I am not surprised that the market found some support given the initial panic, but to post new highs so quickly together with highs in bonds and in the gold price was a shock to me. Continue reading “Various recent portfolio changes”
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.