Monthly Archives: August 2014

Update No. 177 – 22/08/14

Investors received their copies of our statutory and management accounts this week. Such accounts can demonstrate the trickiness of valuation for the inexperienced, for on a per-share earnings basis, FY14 was substantially behind FY13 for the fund. The difference was almost solely created by one holding which was subject to a takeover in FY13, causing a meaningful spike in realised gains that year. Fortunately, underlying asset values are very simple to understand.

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Update No. 176 – 15/08/14

Earnings season finally kicked off for EGP this week. Only 1 of the 21 holdings we are waiting on reported, 3 holdings report from a non-standard balance-date and wont report in August. Of the 20 still to report, 2 will report next week, 7 in the following week and the remaining 11 in the final week of August.

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