June 2018 Portfolio Update

Monday, Jul 02 2018 by

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.


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…

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3i Group plc is an investment company with approximately three complementary businesses, Private Equity, Infrastructure and Debt Management, specializing in core investment markets in northern Europe and North America. Its Private Equity business includes investment and asset management to generate capital returns, and is focused on consumer, industrial and business services sectors. Its Infrastructure business includes investment and asset management to generate capital returns and cash income and focuses on the United Kingdom and Europe. Its Debt Management business includes fund management and investment to generate recurring cash income, and invests in collateralized loan obligation (CLO) equity and seed capital in senior debt funds. It also offers software solutions to unify fragmented data and delivers actionable insight. Its subsidiaries are 3i Investments plc, 3i BIFM Investments Ltd, 3i Europe plc and 3i Nordic plc. 3i Investments plc is the investment manager of the Company. more »

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Impax Asset Management Group plc is an investment company offering listed and private equity strategies primarily to institutional clients. The Company has six listed equity strategies: Specialists, Leaders, Water, Asia-Pacific, Global Opportunities, and Food and Agriculture. Its real assets business comprises renewable power generation and sustainable property private equity funds. The Company has investments sectors, such as energy efficiency, which includes power network and buildings; alternative energy, which include solar, wind and biofuels; water infrastructure/technologies, which include treatment and utilities; pollution control, which include pollution control solutions, and testing and gas sensing; food, agriculture and forestry, which include logistics and sustainable forestry; waste management and technologies, which include tech equipment and hazardous, and environmental support services, which include consultancies and diversified environmental. more »

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Ramsdens Holdings PLC (Ramsdens) is a financial services provider and retailer. The Company operates through four segments: Foreign Currency Exchange, Pawnbroking, Purchases of precious metals and Jewellery Retail. The Foreign Currency Exchange segment consists of primarily, the sale and purchase of foreign currency notes with prepaid travel cards and international bank to bank payments. The Pawnbroking segment is a form of asset backed lending where an item of value is given to the pawnbroker in exchange for a cash loan. Through its precious metals buying and selling service, Ramsdens offers to buy unwanted jewelry, gold and other precious metals from customers for cash. The Company is engaged in refurbishing items bought from customers and retailing them through its store network. The Company also provides ancillary services, including franchise fees, western union, sale and buy back of electronics, and credit broking. It has a portfolio of over 130 stores. more »

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6 Posts on this Thread show/hide all

jonno 19th Jul '18 1 of 6

Hi Damian
Thank you for sharing your portfolio holdings and investment thoughts/rationale with the fellow investors.

Like you I also hold Ramsdens Holdings (LON:RFX) and note in common with its contemporary H & T (LON:HAT) that the share price has been weak of late, despite the very good prelims last month. No doubt the market was unsettled by the recent sale of 500,000 shares by Peter Kenyon, the CEO at £1.80, but he still has a significant holding in the company.

My best guess is that there is nothing sinister behind the price weakness, the only tenuous reasons I can think of apart from the share sale by directors is a possible reduction in FX activity due to the extraordinary weather in the UK and perhaps gold price weakness. There also appears to have been some disagreement today at the AGM regarding resolutions 12 and 13 that relate to authority to disapply pre-emption rights in respect of the allotment of shares.

Having said that the stock at around 161p is trading on a forward PE of 7 net of cash of about 41p a share. Also volumes have been fairly low consistent perhaps with this time of year. Maybe an opportunity to add?

All the best


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Damian Cannon 19th Jul '18 2 of 6

In reply to post #383499

Hi Jonno,

No problem - it helps me to write down my thoughts like this and if it helps anyone else then that's great.

I agree with your points around Ramsdens Holdings (LON:RFX). Share prices often drift when there's no news and movements can be pronounced when volumes are low. Either way I'm not reading too much into the recent decline and am happy to wait for the next update.

By way of comparison I have a holding in dotDigital (LON:DOTD) and the share price here has been weak all year. A little while ago it touched, and went below, my stop loss and I seriously reconsidered my position. In the end I decided to do nothing on the basis that all statements by the company recently have been positive and I could see that investors might have been worried about GDPR. Curiously I look on GDPR as being a net positive on the basis that it'll drive customers towards companies which can help them negotiate the regulations.

Anyway today they put out a very positive trading statement indicating that all areas of the business are trading well and they're happy with current expectations for both 2018 and 2019. So there is no reason for investors to be nervous and the share price has reacted very positively today. Clearly they could have come out with a profit warning but sometimes the best action is inaction.


Blog: Ambling Randomly
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R Khan 8th Aug '18 3 of 6

I can not find your portfolio
can you help

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Damian Cannon 8th Aug '18 4 of 6

In reply to post #389149

Well my portfolio isn't publically available. However you can get a good impression of what I'm holding based on my review for 2017 - https://www.stockopedia.com/content/portfolio-review-2017-305543/ - and the monthly updates.

Hope that helps!

Blog: Ambling Randomly
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cidunn 8th Aug '18 5 of 6

In reply to post #389364

Hey Damian,

Typo on the link - should be https://www.stockopedia.com/content/portfolio-review-2017-305543/

Keep up the good work.

All the best,

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Damian Cannon 8th Aug '18 6 of 6

In reply to post #389369

Oops - thanks Chris!

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