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 […]

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 […]

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 […]

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). […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]