Update No. 311 – as at COB 31/05/18

Update No. 311 – as at COB 31/05/18

Given the tough stretch we’ve had in terms of the market price of our holdings, I committed last month to describing a few of the investments we have made that have caused this underperformance and this month I will go through the first of these. We migrated a small holding in Mitula Group (MUA.ASX) into […]

Update No. 310 – as at COB 30/04/18

This month we are going to discuss an investment we have made in an unlisted company called Tellus Holdings Ltd. We have been looking for a way to profit from the burgeoning renewable energy market and figure the way that looks to have the greatest potential for long-term profitability is waste storage. Storage of solar […]

Update No. 309 – as at COB 31/03/18

We start with the March sales. We sold our Veris (VRS.ASX) shares this month. Veris is one of the stocks we liked to capture the infrastructure boom currently underway. It was a small investment for us though which generated a respectable return despite imperfect execution. We purchased 1,649,900 shares at an average price of 15.8c, […]

Update No. 308 – as at COB 28/02/18

As mentioned in the Monthly Newsletter February 2018 was the worst month in the short life of the EGP Concentrated Value Fund. It was also the worst month since June 2013 for the history of both funds we’ve operated. As I mentioned in the newsletter, for the most part, although disappointed to have to report short-term […]

Update No. 307 – as at COB 31/01/18

I haven’t prepared a blog relating to a specific EGP investment this month. January has been in part some travel through Spain & Portugal and in the second half, mostly preparation for the upcoming reporting season in February. Instead of writing about a stock, I thought I’d sit at the keyboard and freestyle; let us […]

Update No. 306 – as at COB 31/12/17

We have used December to commence the cleaning of house. When EGPCVF was created, a number of our smaller holdings carried over from EGP Fund No. 1 became redundant in light of our enlarged capital base. We eliminated a few of these this month. First was the disposal of a small holding in US Residential […]

Update No. 305 – as at COB 30/11/17

We will devote this month’s blog to discussing one of our smaller positions. This discussion will be useful in part in helping fellow investors better understand why we size our positions in the way that we do. At the end of November 2017, our 18th largest position was our holding in Redbubble (RBL.AX – www.redbubble.com). […]

Update No. 304 – as at COB 31/10/17

We have committed to revealing our positions as they are finalised. The investment we will discuss this month is Global Construction Services (GCS). GCS is a fairly small business in the engineering and construction sector. It was the first new business we bought with conviction after the new EGPCVF trust was created on August 15th. […]

Update No. 303 – as at COB 29/09/17

The fund took on its last ever new investors this month. As I said in the September 2017 monthly letter, we consider the small investor group we will take forward with EGP Concentrated Value Fund to be like a club that had a very small window of opportunity to join. We will work intently over […]

Update No. 302 – as at 31/08/17

Welcome to the first blog relating to the EGP Concentrated Value Fund. The monthly report relating to August can be found in the performance section of the website (here), along with every other report we’ve ever produced for the predecessor fund. The first fortnight went well, with a 1.1% positive result for the fund against […]

Update No. 301 – 15/08/17

EGP Fund No. 1 Pty Ltd finalised yesterday. There are 7,260,526 shares of EGP Fund No. 1 Pty Ltd and the fund now owns only 4 assets: 14,272,087.89 units of EGP Concentrated Value Fund; 2 x $25,000 9% convertible notes due in February 2020 (these are unlisted and resolving custody was difficult, so we retained […]

Update No. 300 – 31/07/17

As I said in this month’s update, the administrative workload from the launch of EGP Concentrated Value Fund doesn’t leave a lot of time for the writing of lengthy, detailed blogs and updates, so we will be brief for the next couple of months until things get back to normal. I did however think it […]

Update No. 299 – 15/07/17

As I outlined in the mail out distributed today, the Australian Tax Office has denied our application to have the shares of the company (EGP Fund No. 1 Pty Ltd) rollover into units of the trust (EGP Concentrated Value Fund). Far be it from a Government agency to take a relatively simple idea and make […]

Update No. 298 – 30/06/17

There is a lot of information for our investor group to absorb at this point of the year. The most important thing that all current investors and those that will join us once the move to a Unit Trust is complete should read is the FY2017 Annual Letter (.PDF). It contains a review of the […]

Update No. 297 – 15/06/17

Much focus is presently being directed to the upcoming change of structure. Rather than the usual blogpost, please find instead a link to a letter (.PDF) distributed to the new investors who have committed to participate in the Unit Trust once the build is complete. I would urge all existing investors to peruse the letter […]