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 […]
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 […]
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 […]
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.
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 […]
February 2017 has been a big month for EGP. The first phase of our rebranding was launched. We are now known as EGP Capital. In practical terms to you, our investors nothing has yet changed save for a more attractive website. You are still all shareholders in the private company EGP Fund No. 1 […]
Welcome to the new Blog Archives. Here you can read back to Tony’s original Blog posts and his regular commentary on the weekly to and fro of the markets and other significant events. Due to an import process and change in Content Management System, you may find some dead hyperlinks in the blog posts that […]
I say this at the end of every January and July. The most exciting months in an Australian fund manager’s life are February and August. Reporting season is when we get to see whether our prognostications were correct and find out whether the market will come to agree with our assessment that the stocks we own are undervalued.
The broader market continued its recent rise (third consecutive blogpost where our benchmark hit an all-time high), Unfortunately our portfolio has done next to nothing in the first couple of weeks of 2017. The swell of economic positivity of late has me given to think of the importance of psychology in economics. The tidal wave of global positivity in the second half of 2016 has continued into 2017 (so far).
The last few months have been unusually active ones for EGP. FY2017 will likely see our highest ever level of portfolio turnover. We are already very near 10% and not yet 6 months through the year. Based on our average holding period of nearly 10 years, we’ve been as busy in the first half of the financial year as we are in the average year.
We have alluded to a major new position for the fund at each of the last two blogs. I have tried to keep it brief and simple for those of you whose attitude to what I do with your capital is best described as “Show Me the Money”.