Update No. 306 – as at COB 31/12/17

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 […]

Update No. 296 – 31/05/17

This blogpost will touch on some administrative issues that will need to be dealt with over the coming weeks and months. It may not be the usual fascinating blog content you’ve come to expect, but especially for existing EGP shareholders, it will be important. I will try to keep the order logical, but there is […]

Update No. 295 – 15/05/17

The Berkshire Hathaway AGM was held last weekend. I thought I’d discuss something from that in this mid-month update. It has become something the ‘cool kids’ do, to disparage Warren Buffett. Shows they’re not just star-struck cheerleaders of the best investor in history… I do not wish to do that, his investment writings are a […]

Update No. 294 – 30/04/17

We disposed another two portfolio holdings in the second half of April. Neither of them resulted in an especially wonderful outcome, but they generated a respectable return with very little risk. I was given to think about two favourite characters from my childhood (Statler & Waldorf, the critics/hecklers from The Muppets) when trying to think […]

Update No. 293 – 15/04/17

I committed on Twitter earlier this month to outlining how it came to pass that our net brokerage is a negative number for FY17. I have often said it is our aim to run the most open fund in Australia, so I will outline how we do it.

Update No. 292 – 31/03/17

We’ve reached our FY2017 capacity under the Section 708 exemption for new retail investors. As such, unfortunately for at least the foreseeable future, we will be restricted to adding only wholesale investors. The Unit Trust will be a Wholesale only vehicle, but we are investigating whether there will be any way we can continue to […]