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”.