- This topic has 5 replies, 1 voice, and was last updated December 4, 2023 at 3:04 pm by
Nick Hargrave.
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September 21, 2023 at 11:36 am #5538
Nick Hargrave
KeymasterWe have previously been highlighting model portfolio position changes within company forums on the back of news flow driven changes. We believe it is more helpful to highlight updates in a central model portfolio forum and will do so here going forward so that members can be notified by following this single thread
Taking advantage of the markets today we have made small additions to:
BSF Enterprises – the fall in share price not aligning to the positive news of a non-dilutive €612k grant and the commercial opportunities highlighted in the strategic update (see links below)
https://bsfenterprise.com/wp-content/uploads/2023/09/BSFA-EIT-Grant-180923.pdf
https://bsfenterprise.com/wp-content/uploads/2023/09/BSF-Strategy-Update-110923.pdfHARL – the share price fall since the positive IM judicial review result doesn’t reflect the value of that asset which we believe provides more optionality on funding which remains the key concern for the market
Befesa – moving the position to a full weighting with short term sentiment not reflecting the long-term value of the business and assets
EML – reducing average buy-in price on this underweight position on the back of news of potential delay to ESIA approval where the option value of this binary position hasn’t changed
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December 4, 2023 at 3:04 pm #5812
Nick Hargrave
KeymasterA starter position has been added to new idea Destiny Pharma in anticipation of XF-73 partnering news while recognising there will likely be opportunities to add lower on price drift from any extended period to additional news
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November 28, 2023 at 8:26 am #5749
Nick Hargrave
KeymasterFollowing interim results this morning re-affirming our view of the levels of undervaluation, we have added small positions to IG Design and Brickability. We have also removed the small position in Character Group given the limited opportunity to drive the required change in governance that might make the company investible.
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October 25, 2023 at 7:13 am #5715
Nick Hargrave
KeymasterWe have added to the IGR position this morning on the back of the trading update with confidence increased that the turnaround plan is working and an expectation of a positive November presentation update
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October 20, 2023 at 7:37 am #5660
Nick Hargrave
KeymasterWith the share price having settled somewhat after the recent financing news and my interpretation of events differing from the market view as outlined in the BIDS forum, we are adding a small extra position in BIDS.
With the publication of our latest engagement thesis, we are also adding starter positions to both engagement ideas (BRCK & CCT) on the basis that we feel there is value in the shares that we hope to help highlight
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This reply was modified 1 month, 3 weeks ago by
Nick Hargrave.
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This reply was modified 1 month, 3 weeks ago by
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October 11, 2023 at 6:53 am #5646
Nick Hargrave
KeymasterWe will be exiting the Forterra position in the Model Portfolio on expected short term weakness based on today’s trading update with a view to re-initiating the position at lower prices for the long term
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