End of 2023 Review Dissapointing +0.8% / +5.4%
Deep Value Investments
by rjmahan
7M ago
Usual end of year review here. It hasn’t gone well, overall +0.8 (excluding Russian frozen stocks) or +5.4% including Russian frozen stocks. If Russia goes back to normal will be up far more as there are a lot of dividends waiting to be collected, not included in the below. Linking back to last year I ..read more
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Brief run through new investments – HAUTO:OSL, CMCX.L, ASHM.L, VOD.L, ECH, EBOX.L
Deep Value Investments
by rjmahan
7M ago
Aware I haven’t posted in a while – been busy as you can see below.. Overall it’s been a difficult year, natural resources not the place to be. Rough performance right now is looking to be roughly flat. Had a busy last couple of months adding a number of positions to the portfolio which may ..read more
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New Investment – Anglo Eastern Plantations (AEP.L)
Deep Value Investments
by rjmahan
1y ago
Added quite a bit to this and think it’s a better opportunity now than it has been for quite a while due to catalysts which appear round the corner. As of writing its a c5% weight. Brief summary, Anglo Eastern Plantations is a family holding company involved in palm oil plantations which has had a ..read more
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2022 Review – Worst Year to date, -10% / -34%
Deep Value Investments
by rjmahan
1y ago
So time for my usual review of the year. As ever, I’m not writing this exactly at the end of the year so figures may be a bit fuzzy, in general they are pretty accurate. As expected, it hasn’t been a good one. If you assume all my MOEX stocks are worth 0 I am ..read more
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JP Morgan Russian – saying they won’t issue shares – still vote No to everything.
Deep Value Investments
by rjmahan
1y ago
JP Morgan issued an RNS today saying there are “currently no plans to issue shares or raise capital”. https://www.londonstockexchange.com/news-article/JRS/update-on-proposals-for-new-investment-objective/15704505 I don’t like the use of the word ‘currently’, as, if they write the plans tomorrow its technically not an untrue statement. I simply do not trust them and think the fund should be delisted, surplus ..read more
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$JRS – Cheap but vote against Name / Mandate change, Oil and Gas also Shorts
Deep Value Investments
by rjmahan
1y ago
Brief note on something I have tweeted about a bit and update on what I have been up to… I have a decent sided position in JP Morgan Russian (c4% weight – if you assume all my other Russian holdings are a 0), it would be a lot bigger – but I already have c ..read more
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H1 Performance 0%, -30%, depending on your point of view
Deep Value Investments
by rjmahan
2y ago
Thought I would give a brief update on what I have been up to the last few months. Overall I am flat, simply looking at brokerage statements, if we assume my Russian illiquid holdings are worth 0 I am down about 30%. Actually looking at this a week later I am down c8%, things are ..read more
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Russia invasion of Ukraine – Worst investing day ever -c25-30% ytd
Deep Value Investments
by rjmahan
2y ago
Just done my best estimates of my portfolio value today. It isn’t looking pretty, down 25%. My worst ever day by a country mile. Firstly, it should be noted I am not a supporter of this invasion. I would prefer it if Russia hadn’t invaded. I think they have legitimate concerns regarding NATO membership. It ..read more
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Tharisa – mispriced following minority buy out, very low risk opportunity.
Deep Value Investments
by rjmahan
2y ago
I believe yesterday’s RNS released by Tharisa. They are buying out BEE minorities stake in the South African Mine for $26.5m by issuing 13 903 743 new shares. I wrote them up here (when the Rhodium price was much higher). I think the share price isn’t reflecting the amount of value they have obtained from ..read more
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2021 Performance / Portfolio Review a slightly disappointing +20.5%
Deep Value Investments
by rjmahan
2y ago
On to my usual review of the year (last years here). We are slightly shy of the full year end but I recon I am up about 20.5%. This is in my usual 20-22% range. It is below that of the (not comparable) NASDAQ (at 27% (in USD) and behind the S&P500 – at 25.82 ..read more
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