Diary of a (sort-of) novice investor, aged 46 - (Dec-18)

Saturday, Dec 15 2018 by
1

I'll do some background in a future post and also some thoughts on how I make my investment decisions / structure my portfolio nowadays.  I hope I have learned some lessons in recent years!


This post, I will cover the sells I made in December.  This has been a busy month as I have done some major portfolio surgery.  It looks like a lot, but I have not sold any shares for 2 years due to various work related compliance reasons so it actually averages out at less than one every 2 months.

All UP/DOWN measures are to the nearest 10% and include accumulated dividends.

I'll cover the handful of buys in the next post.

Sells:

Gattaca (LON:GATC) - I met with management shortly after the NHI deal and they were convincing and seemed to understand the market they operated in and the challenge of integrating NHI.  I should have sold as soon as the first profit warning was announced but hung on for the dividend, which was cancelled.  [LESSON LEARNED - BE VERY SCEPTICAL OF "TRANSFORMATIONAL" DEALS.  SELL ON A PROFIT WARNING UNLESS THERE IS A VERY CLEAR REASON NOT TO AND ALWAYS SELL ON A CHANGE TO A STUPID NEW NAME.  (HOPE DOES NOT COUNT AS A REASON)].  DOWN 90%

Interserve (LON:IRV) - Originally bought for the dividend but when it became clear the wheels had come off and that there were fundamental flaws with the business model I didn't sell.  [LESSON LEARNED AS ABOVE] DOWN 90%+

Empresaria (LON:EMR) - I saw the management present and was swayed by the presentation and the presence of other respected shareholders but didn't actually do much thinking or research or establish why I thought was a good investment.  And lost money.  [LESSON LEARNED - DO YOUR OWN RESEARCH] DOWN 30%

Stobart (LON:STOB) - I met management and was impressed by them and by the asset they had in Southend Airport.  However, despite the progress being made at Southend, the boardroom fights worried me and I also don't like the strategic direction recently announced.  Not sure what lesson I can learn here.  Maybe I just got lucky.  I can't claim any massive insight.  Southend could quite easily have tanked and Easyjet withdrawn…

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Gattaca plc, formerly Matchtech Group plc, is a human capital resources business dealing with contract and permanent recruitment in the private and public sectors. The Company operates through two segments: Engineering and Technology. The Engineering segment comprises Barclay Meade and Alderwood recruitment consultancy brands. The Technology segment includes the Connectus recruitment consultancy brand. The Company is a provider of specialist recruitment services to the engineering and technology industries, both in the United Kingdom and internationally. The Company offers three core solutions: Contingent Workforce Solutions, Permanent Recruitment Process Outsourcing (RPO) and Total Workforce Solutions. more »

LSE Price
119p
Change
1.3%
Mkt Cap (£m)
38.2
P/E (fwd)
4.7
Yield (fwd)
n/a

Avation PLC is a United Kingdom-based company engaged in leasing of aircraft. The Company is a commercial passenger aircraft leasing group managing a fleet of 47 aircraft, which are leased to airlines globally. The Company's fleet includes Airbus A220, A220-300 A320 and A321 narrow-body jets, Boeing 777-300ER and Airbus A330-300 twin-aisle jets, Boeing 737-800 NG, ATR 72 twin engine turboprop aircraft and five older Fokker 100 jets. It supplies regional, narrow-body and twin-aisle aircraft to the airline industry. It serves the commercial airlines. It owns, through its subsidiaries, a range of commercial passenger jet aircraft, which are leased to various airlines in Europe, Asia and Australia. The Company's subsidiaries include Avation Capital S.A., which is engaged in financing, and Capital Lease Aviation Limited and MSN429 Leaseco Limited, which are engaged in aircraft leasing. more »

LSE Price
284.5p
Change
 
Mkt Cap (£m)
182.1
P/E (fwd)
10.5
Yield (fwd)
2.5

Universe Group plc is a United Kingdom-based company, which designs, develops and supports point of sale, payment and online loyalty solutions and systems for the United Kingdom petrol forecourt and convenience store markets. The Company's solutions are delivered through the cloud into real-time environments. The Company's trading segment is HTEC Solutions (Solutions). Solutions provide hardware, software and service solutions into the United Kingdom petrol and retail markets. The Company provides services, such as deployment, including site surveys, and communications infrastructure design and installation, and equipment refurbishment and disposal; field maintenance, including a range of on-site maintenance options; in-house services, including bench repair facility and help desk services, and outsourcing, such as project management, installation engineers and infrastructure consultants. The Company's subsidiaries include HTEC Group Ltd, HTEC Ltd and Indigo Retail Holdings Ltd. more »

LSE Price
5.25p
Change
 
Mkt Cap (£m)
13.5
P/E (fwd)
13.3
Yield (fwd)
n/a



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