Well, that’s Q2 off to a flying start with Trump trashing the whole world economy. How can it be that one person can have so much of an effect on the World? He’s put Liz Truss to shame. All my gains from 2024 wiped out in a week.
Still, if you can’t stand a 10% (or more) swing / drop in valuations you shouldn’t really be in this game. Apart from the trade, below, I’m not rushing to sell. Au contraire. I’d made a few sales to crystallise some losses that I can offset against realised gains and to free up cash to transfer to my ISA in the new Tax Year. That has now been done (7 April) and I’m sitting on about 10% cash.
9th April
I looked at BYG for a top up yesterday. In the end decided on the ones mentioned, below but after today’s drop I’ve put another half a unit into BYG. I still think this and SAFE are fundamentally undervalued, both on Net Tangible Asset valuations and also share price performance. If Businesses close down temporarily a la COVID we may see an in crease in storage requirements.
BYG – Big Yellow – top up
Buy @ 850p with a d/y of 5.4% covered 4(!) times and a PER of 14.8. Book value of nearly 1300p
Portfolio %: 1.4%
Total Portfolio Holdings: 6.5%
8th April
Time to dip my toe back in again
SAFE – Safestore – top up
I still think this is valued at about 50% of its actual property holdings. Deduct debt and still a massive margin for safety and at a 6 year low despite profit tripling and asset values more than doubling.
Buy @ 547p with a d/y of 6% and PER of 12. Book value of over 1,000p
Portfolio %: 2.6%
Total Portfolio Holdings: 7.3%
CRST – Crest Nicholson – top up
This is a 10% drop top-up. No rhyme nor reason for the purchase, except that one day another Housebuilder is going to take a pop at it.
Buy @ 149p with a d/y of 3% and PER of 13. Book value of over 280p
Portfolio %: 1.3%
Total Portfolio Holdings: 3.2%
BP. – BP. – top up
Dropped on lower oil price scares. Good solid yielder. Happy to hold for the income. It’s also dropped its green ambitions, which were probably lip service. Given the size of its non-green operations & what it actually does for a living, it was a bit futile really.
Buy @ 355p with a d/y of 7.4% and PER of 7.8. Book value a shade over current price.
Portfolio %: 1.4%
Total Portfolio Holdings: 2.6%
7th April
RWA- Robert Walters – Sell
Trump has trashed the World Economic Market with his Tarriffs. Whilst I’m not unduly panicking and selling, to quote Warren Buffett, when the tide goes out, you can see who are swimming without trunks. Recruitment has had a torrid time and before the Trump shenanigans RWA was downbeat. Recruitment will be in te doldrums for a looong while, so I have decided to cut my losses.
Sell price: 225p
Buy price: 360p (average)
Dividend income: 2% (non-weighted average)
Loss: 37% total ((39%) + 2% divs) (58%) pa.