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It has been a tumultuous few months on the markets. To protect the downside risk I sold a number of investments in the winter and early spring, particularly those associated with creating, maintaining or holding property:
- Dewhurst sold 26th February at £7.22 (buying prices ranged from £3.18 to £5.64)
- TClarke sold 26th February at £1.1215 (buying price 79.16p)
- J Smart sold 17th March at £1.1712 and 15th April at £1.067 (buying price £1.13 and £1.16)
- Caledonian Trust 1st April at £1.3915 (buying prices ranged from 70p to £2.29)
Northamber, a wholesaler of electronic goods, was also sold (at 57.17p – it was bought a few months before at 50.4p) because I worry about the quality of the managers who now have to face a severe recession.
Thus, I have shifted the portfolio to hold more cash. However, there were two opportunities to buy which I couldn’t resist:
- A doubling of my holding in Connect Group in mid-March at 15.1p
- More than doubled my holding in Character Group, at an average of £2.811, in January and June.
Before the pandemic I made a bit of money by purchasing what I thought was a long term holding in property company Daejan at £52.90 per share on 5th February. A few days later the controlling family made a good offer to take the Group private. I sold at £79.41 on 21st February.
In January I bought into the deep value investment of Wynnstay, a farm supplies company, at £3.173.
The tables below show the results (so far) of the shares bought for the portfolios I’ve been writing about in my Newsletters. The comments I made at the time explaining the rationale for each investment are available for you to read in older newsletters – there is nowhere for me to hide from my appraisals made three, four or five years ago.
I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread.
My first purchase was 25th July 2013 when the FTSE100 was at 6,620. It is now at 6,170.
(Some of you have joined us recently so, in case you are not familiar with them, I briefly describe the criteria for my portfolios following the portfolio performance tables.)
The 2013 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 30 June 2020 | Price 30 June 2020 | Return to 30 June 2020 | ||||
| French Con. | 25.7.13 | £0.3047 | zero | Sold July 2015 £0.4378 | 44% | ||||
| Caledonian T | 25.7.13 | £0.70 | zero | Sold April 2020 for £1.391 | 99% | ||||
| Fletcher King | 6.8.13 | £0.30 | 14.25p | Sold June 2016 for 46p | 101% | ||||
| Northamber | 22.8.13 | £0.287 | 1.6p | Sold Oct 2016 £0.303 | 11% | ||||
| Titon | 5.9.13 | £0.379 | 6.5p | Sold May 2016 £1.06 | 197% | ||||
| Mallett | 12.11.13 | £0.7682 | 12.7p | Sold Nov 2014 £0.60 | -5% | ||||
| AVERAGE | 75% |
The 2014 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 30 June 2020 | Price 30 June 2020 | Return to 30 June 2020 | ||||
| Holders Tech | 10.10.14 & 3.11.14 | £0.47 | 1p | Sold March 2017 £0.33 | -28% | ||||
| Airea | 4.11.14 | £0.1195 | 0.9p | Sold Sept 2016 £0.309 | 166% | ||||
| Northamber | 17.11.14 | £0.4265 | 0.7p | Sold Oct 2016 £0.303 | -27% | ||||
| Caledonian T | 30.12.14 | £1.39 | zero | Sold April 2020 for £1.391 | 0 | ||||
| AVERAGE | 28% |
The 2015 NCAV portfolio
| Company | Purchase date | Purchase price | Divs to 30 June 2020 | Price 30 June 2020 | Return to 30 June 2020 | ||||
| PV Crystalox | 15.1.15 | £0.122 | zero | Sold Dec 2016 £0.237 | 94% | ||||
| Arden Partners | 1.9.15 | £0.422 | 1p | Sold May 2018 £0.364 | -11% | ||||
| Northamber | 4.9.15 | £0.443 | 0.4p | Sold Dec 2016 £0.303 | -31% | ||||
| AVERAGE | 17% |
The Buffett-style portfolio
This type of share is rarer than the others, and so I combine all years.
| Company | Purchase date | Purchase price | Divs to 30 June 2020 | Price 30 June 2020 | Return to 30 June 2020 | ||||
| Dewhurst | 9.4.14 | £3.18 | 70.5p | Sold February 2020 £7.217 | 149% | ||||
| MS International | 9.10.19 | £1.723 | 1.75p | £1.21 | -29% | ||||
| Character | 20.1.20 & 5.6.20 | £2.811 | 13p | £3.22 | 19% | ||||
| AVERAGE | 46% |
(I bought some more of Dewhurst in June 2014 at £3.11, December 2014 at £3.75, November 2017 at £5.46, February 2019 at £5.54 and April 2019 at £5.64).
Modified price earnings ratio portfolio 2015/16
| Company | Purchase date | Purchase price | Divs to 30 June 2020 | Price 30 June 2020 | Return to 30 June 2020 | ||||
| Haynes | 11.2.15 | £1.159 | 33.5p | Sold 2.10.19 £2.9175 | 181% | ||||
| AGA | 11.3.15 | £1.002 | zero | Taken over June 2015 £1.456 | 45% | ||||
| Hogg Robinson | 10.4.15 | £0.4709 | 2.37p | Sold June 2016 £0.656 | 44% | ||||
| MS International | 3.7.15 | £1.86 | 34.25p | £1.21 | -17% | ||||
| BHP Billiton | 24.9.15 | £10.43 | 127p | Sold May 2018 £16.90 | 74% | ||||
| TClarke | 5.11.15 | £0.7916 | 13.61p | Sold Feb 2020 £1.1215 | 59% | ||||
| Premier Farnell | 8.4.16 | £1.222 | 3.6p | Taken over 20.6.16 £1.632 | 36% | ||||
| AVERAGE | 60% |
The AGA holding was doubled 30 April 2015 at a price of £0.9466.
Modified price earnings ratio portfolio 2017
| Company | Purchase date | Purchase price | Divs to 30 June 2020………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1
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