Tuesday, May 31, 2005
Artfully Dodging at +22% year-to-date
The results are in and at the close of May my portfolio is showing a 22% gain on the year so far. That's another 3% advance since April's reckoning. The progress is thanks to strong performances from Chaucer and Mayborn in particular, two shares which have pushed to new highs since my purchase. My latest buy, SVB, has also put in a spurt in the last week and now stands 3% above my buy price. Disappointments have come in the form of Dana Petroleum and Fayrewood, my two largest holdings have slipped back this month.
Chaucer Holdings, 06/10/03 at 42.88p (57p)
Chaucer Holdings, 06/04/2004 at 54.75p (57p)
Dana Petroleum, 20/11/03 at 223.75p (513p)
Mayborn Group, 15/03/04 at 282p (433p)
SVB, 12/04/05 at 24.12p (25p)
Fayrewood, 15/04/05 at 112.5p (109p)
+ cash holdings
My returns have been boosted further by dividends from Mayborn and Ben Bailey. A dividend is expected from Chaucer in July. The current weakness in the price of Fayrewood and Mayborn's recent strength has presented a very difficult challenge. Mayborn has moved closer to fair value whilst Fayrewood has drifted away. I thus expect returns from Fayrewood to exceed returns from Mayborn in the future. I'm still unsure how to proceed here. One possibility is to sell part of my Mayborn holding to buy more Fayrewood. Another is to sell all the Mayborn shares and recycle the lot into Fayrewood. A third option involves selling all the Mayborn, to buy some more Fayrewood and put some other cash aside for any future possibilities. The current price of Fayrewood shares looks like the sort of gross dislocation from value that never exists in the market for long. I feel I should move to take full advantage. But Mayborn is still a high quality company undervalued by the market. It is just that Mayborn is a lot less undervalued than Fayrewood. I'll have to continue to scratch my head over this one.
I invite any opinions from readers at this point.
The Artful Dodger
Portfolio standing
Ben Bailey, 21/06/04 at 390p (442p)Chaucer Holdings, 06/10/03 at 42.88p (57p)
Chaucer Holdings, 06/04/2004 at 54.75p (57p)
Dana Petroleum, 20/11/03 at 223.75p (513p)
Mayborn Group, 15/03/04 at 282p (433p)
SVB, 12/04/05 at 24.12p (25p)
Fayrewood, 15/04/05 at 112.5p (109p)
+ cash holdings
My returns have been boosted further by dividends from Mayborn and Ben Bailey. A dividend is expected from Chaucer in July. The current weakness in the price of Fayrewood and Mayborn's recent strength has presented a very difficult challenge. Mayborn has moved closer to fair value whilst Fayrewood has drifted away. I thus expect returns from Fayrewood to exceed returns from Mayborn in the future. I'm still unsure how to proceed here. One possibility is to sell part of my Mayborn holding to buy more Fayrewood. Another is to sell all the Mayborn shares and recycle the lot into Fayrewood. A third option involves selling all the Mayborn, to buy some more Fayrewood and put some other cash aside for any future possibilities. The current price of Fayrewood shares looks like the sort of gross dislocation from value that never exists in the market for long. I feel I should move to take full advantage. But Mayborn is still a high quality company undervalued by the market. It is just that Mayborn is a lot less undervalued than Fayrewood. I'll have to continue to scratch my head over this one.
I invite any opinions from readers at this point.
The Artful Dodger
Comments:
Post a Comment
