Current Portfolio Snapshot & Allocation

Tags

agri-business, averaging, cash, correlation, distressed, diversification, emerging markets, Event Driven, frontier markets, Ireland, luxury goods, mobile, portfolio allocation, property, UK, US, volatility

OK, the Olympics are over – time to focus, focus!

And these pleasant late summer markets might soon grow stormy…

So it’s as good a time as any to offer up a current snapshot of my top holdings & portfolio allocation. Let’s begin with my Top Nine holdings, which follows on from my recent H1-2016 Performance post. [In this post/tables, since I made no incremental H1 buys/sells, the average stake for each holding actually equated to my year-end 2015 holdings…so eight months later, an update’s clearly overdue!]:

[Current:  As of CoB 24-Aug-2016]

For your reference, in my last post, I included a paragraph (or two) of updated commentary for each individual holding. I also completed a similar exercise in my Top Tips post back in January. And just for completeness here, I’ll again provide corporate website & Bloomberg links, links to relevant posts/write-ups (remember, good investment theses tend to evolve slowly), plus the closing share price & market cap for each stock:

i) Zamano (ZMNO:ID, or ZMNO:LN) (9.3% Portfolio Holding):

‘Zamano…So, What Now?!’      (NB: First link = most recent post/write-up)

‘Zoom, Zoom…Zamano!’

Share Price:   EUR 0.113

Market Cap:   EUR 11.2 Million

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Siteserv – Best Irish Joke?

Tags

distressed, garbage stocks, Siteserv, TGISVP

I recently commented on Siteserv (SSV:ID or LN) here, and as I worked on another set of valuations for TGISVP, I couldn’t resist returning to the subject:

Any chance the Exchange could put a health warning on this PoS?! Management muppets were recently forced (in response to media comment!) to come out with a statement. The key sentence is: ‘At this stage it is not possible to predict the outcome of this exercise nor quantify the financial impact for shareholders.‘ Don’t be fooled, there’s only one way this ever works out: Zero value or absolutely massive dilution for shareholders.

The Worm in the Greencore (II)

Tags

distressed, Greencore, IFG Group, Interest Coverage, Margin of Safety, Operating FCF, Pension Deficit, Rights Issue, Uniq

Greencore Group plc (GNC:ID or GNC:LN)

• Mkt Price:  EUR 0.635
• Mkt Cap:  EUR 244.2 mio
• P/E:  3.9   (well, sorta…based on 2011 Cont Adj EPS)
• P/S:  0.19
• Div Yield:  8.5%      

Continued from here… Before we look at Uniq, there’s two other acquisitions to tackle: First is the abortive (recommended) merger with Northern Foods. I was shocked when this was announced in Nov-2010. What the hell were they doing? Despite the management guff, clearly they already had enough on their plate. At least it was a nil premium merger, and promised GBP 40 mio of annual savings within 3 years. On that basis, things might not necessarily get any worse after the merger, and just might get better..! The market certainly shared this conclusion, with GNC’s share price actually rallying sharply.