After the market volatility of Spring, closely matched by uncertain weather, this month felt like a welcome relief as the sun shone on my portfolio - at least for most of the month! Very little trading took place but there were plenty of announcements to consider - including a humdinger of a profit warning from Photo-Me International right when I was enjoying a half-term break. So much for getting away from investing.
Purchases
3i Group Bought 975p - June 18
The results from 3i, last month, were very good I thought. However I was reluctant to chase the price up as the reported performance appeared to catch the eye of investors. Then the other day I noticed that the price had come right back down and was sitting just above the range that has contained the 3i share price for about a year. Given that we have up-to-date information on how the portfolio investments are doing, and a clear sign that there is investor demand for the stock, I figured that there was no harm scaling up to a full position. Usefully the shares go ex-dividend next week as well and that'll be another fillip to the portfolio performance.
Impax Asset Management Bought 187p - June 18
With the release of decent HY results, and the announcement of a special dividend, I decided that now was the moment to make this a full holding. Right now investor appetite in the environmental sector is very strong and I think that the increased scale of Impax will allow them to capitalise on this interest. In addition, they have some new business lines to pursue through Pax World and I see this diversification as very positive. While this isn't exactly a family business I feel comfortable than Ian Simm will continue to grow the business carefully since it is his baby and both he, and other staff members, have a material stake in the firm. Happy to be along for the ride.
Ramsdens Holdings Bought 201p - June 18
I've kept half an eye on Ramsdens for a year or so now. They appear to be growing strongly and yet sit on a P/E of ~10 despite profit forecasts having a tendency to be hiked during the year. In addition margins and ROCE are both decent and rising while cash generation allows for a well-covered 4% yield. So when the recent FY results…
