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#96 - Portfolio Update Aug2023

Publish date: Aug 2, 2023
Last updated: Sep 5, 2023
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TL;DR

A second decent month in a row.

Performance update

perf

cagr

categories

countries

Average holding age (months): 9.1

Exchange rate contribution: +0.72%

Holdings

portfolio-update

Highlights

Top contributors:

  • $FISH.V: Happy that I trusted my gut on this one. I still don’t understand a thing about it but the insider behavior was enough.
  • $FFH.TO: same as previous; just keeps humming
  • $KSPI: once again in the top 3; happy to see it get the recognition it deserves.

Honorable mention: $CPH.TO; about time this one gets a little bit less cheap.

Top detractors:

  • $CXI.TO: hasn’t reported yet and the market is showing impatience, plus might be sensitive to a potential economic downturn.
  • $EVVTY: 2nd month in a row as a top detractor, the market is dubious.
  • $PARA: got smashed and smashed again, seen as an average business in a shitty industry.

Changes

Lots of movement this month, a lot of small new positions.

  • New:
    • $COST.L: seemed cheap; could do fine if performance reverts to pre-covid
    • $B3.ST: also too cheap with a new killer CEO (I think) at the helm
    • $8Z3.F: yay!! Managed to snatch some!!
    • $HIMS: unfortunate buy so far; the market doesn’t like it and I have my doubts as well
    • $STNE: also unfortunate so far, hopefully will recover
    • $PAGS: twin position to $STNE
    • $WBD: twin position to $PARA
    • $TSU.TO: a small position. I like the execution, but I don’t really understand the business and it’s not cheap.
  • Added:
    • $FISH.V: Good move.
    • $PARA: after the sell-off of Sep 1st.
    • $LDB.MI: a tiny bit, had some spare euros
    • $7974.T: also from some spare JPY, and the business seems to be doing well
    • $BILD.V: added a tiny bit, I wasn’t able to overcome the bid-ask spread
  • Trimmed:
    • $EVVTY: a bit of lucky market timing but something felt off.
    • $DRM.TO: I was too overweight on this one. Trimmed it to a more reasonable size where I don’t have to think about it at night.
    • $GUD.TO: the sizing was not commensurate with the quality or the valuation. Had to be trimmed a bit.

Learnings

When you find something that you like, you gotta act QUICKLY and DECISIVELY.

Never mind the spread: if it’s compelling, just gobble it up!

Outlook

I think I will add significantly to $B3.ST.

I doubt 8Z3.F goes down again, but if does, I’ll get me some more.

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