We are 3 years old as at this update. Well, we deployed first capital on April 1 2011, so the birthday is a couple of days away yet…
The market (and EGP) continued its relatively flat start to the year this week. EGP is now up a modest 1.25% for 2014, the market is up 0.99%. As opportunity would have it, the fund has deployed more capital in March 2014 (and the month isn’t over yet) than we have in any month since November 2012.
The invitation to invest went out last weekend. The new stock will be issued on 30 March, so funds will need to be received before then, if you had wanted to receive an invitation to invest, but didn’t, please contact me through the e-mail set-out on the website.
I mentioned in last week’s post a business we own (Dicker Data) that has good operating leverage characteristics (the result announced this week [.pdf] bore that out with a modest 5.6% rise in revenues generating a 12.8% rise in NPAT half on half). This week I will look at one we don’t own that has extremely poor operating leverage.