Sunday, October 02, 2005
September stalls portfolio back to +47% YTD
In September Hurricane Katrina took back what it gave in August. The large spike in oil prices at the end of last month, in anticipation of the storm, pushed Dana Petroleum beyond £9. However, the resultant carnage has hit Chaucer Holdings, my second insurance play, down to 53.5p, a a long way from the takeover-talk induced highs of 69p enjoyed earlier in the year.
My decision to sell out of Ben Bailey entirely and sink the funds into SVB at 26.75p has paid off handsomely however, the shares have advanced to 30p following superb interim results while Ben Bailey has continued to malinger in the face of uninspiring housing market reports. I think SVB has some way to go still and should be priced in the neighbourhood of 40p.
With the Bailey sale and SVB top-up I'm rather too concentrated for my own liking currently. The Countrywide short position has so far proved costly, reducing the amount of funds available to be invested elsewhere. Invox, the highly cash-generative 'home gaming' company has recently come to my attention and deserves some thorough analysis. Dana should be finalising a date for commencement of Mauritanian drilling shortly and speculation by the market on a large find should produce some volatility in the share price. Fayrewood continues to prove as exciting as chiropody (one would imagine), the shares have gone nowhere while shareholders and watchers alike await news on the takeover situation.
As of August 31, 2005:
Ben Bailey, 21/06/04 at 390p (384p today)
Chaucer Holdings, 06/10/03 at 42.88p (58p)
Chaucer Holdings, 06/04/2004 at 54.75p (58p)
Dana Petroleum, 20/11/03 at 223.75p (906p)
SVB, 12/04/05 at 24.12p (31.5p)
Fayrewood, 15/04/05 at 112.5p (125.5p)
Fayrewood, 19/04/05 at 111.5p (125.5p)
+ cash holdings
and today's values
Chaucer Holdings, 06/10/03 at 42.88p (53.5p)
Chaucer Holdings, 06/04/2004 at 54.75p (53.5p)
Dana Petroleum, 20/11/03 at 223.75p (880p)
SVB, 12/04/05 at 24.12p (30p)
SVB, 13/09/2005 at 26.75p (30p)
Fayrewood, 15/04/05 at 112.5p (117p)
Fayrewood, 19/04/05 at 111.5p (117p)
+ cash holdings
Chaucer, SVB and Fayrewood all have significant value waiting to be outed. A success in Mauritania for Dana Petroleum before the year is out would propel my portfolio to new highs. But Dana has a patchy record with the drill-bit, I'm not holding my breath.
The Artful Dodger
My decision to sell out of Ben Bailey entirely and sink the funds into SVB at 26.75p has paid off handsomely however, the shares have advanced to 30p following superb interim results while Ben Bailey has continued to malinger in the face of uninspiring housing market reports. I think SVB has some way to go still and should be priced in the neighbourhood of 40p.
With the Bailey sale and SVB top-up I'm rather too concentrated for my own liking currently. The Countrywide short position has so far proved costly, reducing the amount of funds available to be invested elsewhere. Invox, the highly cash-generative 'home gaming' company has recently come to my attention and deserves some thorough analysis. Dana should be finalising a date for commencement of Mauritanian drilling shortly and speculation by the market on a large find should produce some volatility in the share price. Fayrewood continues to prove as exciting as chiropody (one would imagine), the shares have gone nowhere while shareholders and watchers alike await news on the takeover situation.
As of August 31, 2005:
Ben Bailey, 21/06/04 at 390p (384p today)
Chaucer Holdings, 06/10/03 at 42.88p (58p)
Chaucer Holdings, 06/04/2004 at 54.75p (58p)
Dana Petroleum, 20/11/03 at 223.75p (906p)
SVB, 12/04/05 at 24.12p (31.5p)
Fayrewood, 15/04/05 at 112.5p (125.5p)
Fayrewood, 19/04/05 at 111.5p (125.5p)
+ cash holdings
and today's values
Chaucer Holdings, 06/10/03 at 42.88p (53.5p)
Chaucer Holdings, 06/04/2004 at 54.75p (53.5p)
Dana Petroleum, 20/11/03 at 223.75p (880p)
SVB, 12/04/05 at 24.12p (30p)
SVB, 13/09/2005 at 26.75p (30p)
Fayrewood, 15/04/05 at 112.5p (117p)
Fayrewood, 19/04/05 at 111.5p (117p)
+ cash holdings
Chaucer, SVB and Fayrewood all have significant value waiting to be outed. A success in Mauritania for Dana Petroleum before the year is out would propel my portfolio to new highs. But Dana has a patchy record with the drill-bit, I'm not holding my breath.
The Artful Dodger
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