Quick update from me, havent had much time to myself over the last few months busy chasing low value nonsense… Performance excluding / including Frozen Russian stocks is above. This is far worse than the S&P 500 (+16%), bettter than the FTSE All Share (+7.7%). Having said that on a 12m basis I am +23 ..read more

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

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

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

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

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

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

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

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

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