Tuesday, February 28, 2006
February: a month of misery
Invox results on the 9th of February were a near-disaster. Contrary to everyone's expectations, Invox announced there would be no interim dividend. Despite the already cheap stock price, the shares fell around 9% in the first few hours of trading. Seeing this as an opportunity to increase my holding, I did so, buying more at 81.5p. Unfortunately, at this stage I was getting low on cash and was unable to buy the amount I would have liked. The shares have fallen further this month to finish at an excruciating low of 70p, leaving me nursing huge losses.
My second expected gain in February failed to materialise, as SVB announced huge usage of their exceptional loss provision and an increase in the estimate of losses from Hurricane Katrina. I didn't like this news one bit and sold my entire holding at 34p. SVB disappointed in the end, it's nicer to go out on a high but the shares have given me a handsome return on my initial investments at 24.12p and 26.75p less than one year ago.
It's not all bad news. The losses have hit me hard, but I am seeing opportunities to invest elsewhere. Vodafone, the giant telecoms operator, is trading at nearly ten times forecast earnings and Samson, the Australian oil and gas explorer trades at a much lower price than the value of its assets.
At the end of February, I am 6% down on the year so far. I have hopes for March however, Fayrewood will be reporting full-year results - they are another share that is simply far too cheap.
At the end of January, 2006:
Chaucer Holdings, 06/10/2003 at 42.88p (65.5p)
SVB, 12/04/2005 at 24.12p (34.25p)
SVB, 13/09/2005 at 26.75p (34.25p)
Fayrewood, 15/04/2005 at 112.5p (110p)
Fayrewood, 19/04/2005 at 111.5p (110p)
Invox, 10/01/2006 at 93.13p (85p)
+ cash holdings
and versus today's values:
Chaucer Holdings, 06/10/2003 at 42.88p (64p)
Fayrewood, 15/04/2005 at 112.5p (111p)
Fayrewood, 19/04/2005 at 111.5p (111p)
Invox, 10/01/2006 at 93.13p (70p)
Invox, 09/02/2006 at 81.5p (70p)
+ cash holdings
I need a good March just to make a profit in Q1 2006.
The Artful Dodger
(0) comments
My second expected gain in February failed to materialise, as SVB announced huge usage of their exceptional loss provision and an increase in the estimate of losses from Hurricane Katrina. I didn't like this news one bit and sold my entire holding at 34p. SVB disappointed in the end, it's nicer to go out on a high but the shares have given me a handsome return on my initial investments at 24.12p and 26.75p less than one year ago.
It's not all bad news. The losses have hit me hard, but I am seeing opportunities to invest elsewhere. Vodafone, the giant telecoms operator, is trading at nearly ten times forecast earnings and Samson, the Australian oil and gas explorer trades at a much lower price than the value of its assets.
At the end of February, I am 6% down on the year so far. I have hopes for March however, Fayrewood will be reporting full-year results - they are another share that is simply far too cheap.
At the end of January, 2006:
Chaucer Holdings, 06/10/2003 at 42.88p (65.5p)
SVB, 12/04/2005 at 24.12p (34.25p)
SVB, 13/09/2005 at 26.75p (34.25p)
Fayrewood, 15/04/2005 at 112.5p (110p)
Fayrewood, 19/04/2005 at 111.5p (110p)
Invox, 10/01/2006 at 93.13p (85p)
+ cash holdings
and versus today's values:
Chaucer Holdings, 06/10/2003 at 42.88p (64p)
Fayrewood, 15/04/2005 at 112.5p (111p)
Fayrewood, 19/04/2005 at 111.5p (111p)
Invox, 10/01/2006 at 93.13p (70p)
Invox, 09/02/2006 at 81.5p (70p)
+ cash holdings
I need a good March just to make a profit in Q1 2006.
The Artful Dodger
Wednesday, February 08, 2006
Invox interims tomorrow
Eyes down for 7 a.m. tomorrow and the Invox interim results. Invox are the second largest constituent in my portfolio, I'm hoping for a return to dividend payment and good EPS figures that put the company on course for 17p EPS for the full year. Watch this space.
The Artful Dodger
(0) comments
The Artful Dodger
Thursday, February 02, 2006
January ends at +1%
Bit late this month-end review I'm afraid.
Anyway. I had to sell some of my Chaucer shares to cover my large spread-bet losses on Countrywide. My Countrywide bet is now closed and the losses have been stemmed. My move to a large position in Invox, the home-gaming and internet services company, has proved expensive. Though the shares have risen since my purchase, the spread is so large I am still losing money. Invox are quoted today at 88p to sell and 95p to buy versus my purchase price of 93.13p.
Despite a very positive trading statement, shares in Fayrewood have fallen back so far in 2006, from 117p to 110p. News that the Investor's Chronicle will tomorrow be tipping the company as one of it's eight bargain shares for the coming year could see them appreciate tomorrow.
Crucial proclamations are also expected from Invox and SVB in February. Invox is expected to announce interim results and SVB will again be supplying the market with it's quarterly report on exceptional loss reserve utilisation.
The Fayrewood and Invox expenses in January were made up by storming performances from Chaucer and SVB. Each stock put on around ten percent in the month to edge me in front of last year's final total.
Portfolio standing, end 2005:
Chaucer Holdings, 06/10/2003 at 42.88p (60p)
Chaucer Holdings, 06/04/2004 at 54.75p (60p)
SVB, 12/04/2005 at 24.12p (30p)
SVB, 13/09/2005 at 26.75p (30p)
Fayrewood, 15/04/2005 at 112.5p (117p)
Fayrewood, 19/04/2005 at 111.5p (117p)
+ cash holdings
at the end of January, 2006:
Chaucer Holdings, 06/10/2003 at 42.88p (65.5p)
SVB, 12/04/2005 at 24.12p (34.25p)
SVB, 13/09/2005 at 26.75p (34.25p)
Fayrewood, 15/04/2005 at 112.5p (110p)
Fayrewood, 19/04/2005 at 111.5p (110p)
Invox, 10/01/2006 at 93.13p (85p)
+ cash holdings
February could be a very big month for my portfolio. Wish me luck.
The Artful Dodger
(0) comments
Anyway. I had to sell some of my Chaucer shares to cover my large spread-bet losses on Countrywide. My Countrywide bet is now closed and the losses have been stemmed. My move to a large position in Invox, the home-gaming and internet services company, has proved expensive. Though the shares have risen since my purchase, the spread is so large I am still losing money. Invox are quoted today at 88p to sell and 95p to buy versus my purchase price of 93.13p.
Despite a very positive trading statement, shares in Fayrewood have fallen back so far in 2006, from 117p to 110p. News that the Investor's Chronicle will tomorrow be tipping the company as one of it's eight bargain shares for the coming year could see them appreciate tomorrow.
Crucial proclamations are also expected from Invox and SVB in February. Invox is expected to announce interim results and SVB will again be supplying the market with it's quarterly report on exceptional loss reserve utilisation.
The Fayrewood and Invox expenses in January were made up by storming performances from Chaucer and SVB. Each stock put on around ten percent in the month to edge me in front of last year's final total.
Portfolio standing, end 2005:
Chaucer Holdings, 06/10/2003 at 42.88p (60p)
Chaucer Holdings, 06/04/2004 at 54.75p (60p)
SVB, 12/04/2005 at 24.12p (30p)
SVB, 13/09/2005 at 26.75p (30p)
Fayrewood, 15/04/2005 at 112.5p (117p)
Fayrewood, 19/04/2005 at 111.5p (117p)
+ cash holdings
at the end of January, 2006:
Chaucer Holdings, 06/10/2003 at 42.88p (65.5p)
SVB, 12/04/2005 at 24.12p (34.25p)
SVB, 13/09/2005 at 26.75p (34.25p)
Fayrewood, 15/04/2005 at 112.5p (110p)
Fayrewood, 19/04/2005 at 111.5p (110p)
Invox, 10/01/2006 at 93.13p (85p)
+ cash holdings
February could be a very big month for my portfolio. Wish me luck.
The Artful Dodger
