[Nick Hargrave]

We 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.pdf

HARL – 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

Topic

[Nick Hargrave]

Today’s AVCT announcement gives us increasing confidence of imminent, positive commercial / funding news. On positive news the market currently doesn’t allow for slow rises, it just gaps up on open so we are adding slightly to the AVCT position this morning.

We have also added to the position in BSF for similar reasons

[Nick Hargrave]

We have added a small additional position to MKA on the back on this morning’s news and in anticipation of news on the Malawi MDA which government officials had targeted for December execution

[Nick Hargrave]

A 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

[Nick Hargrave]

Following 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.

[Nick Hargrave]

We 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

[Nick Hargrave]

With 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

• This reply was modified 6 months, 1 week ago by Nick Hargrave.

[Nick Hargrave]

We 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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