This quarter saw a significant portfolio turnover as I took profits and rolled them into new ideas. I trimmed some REH and DDR, and completely sold out of DMP.
I added more FMG, KGN, NUH, KPG and DDR.
I also started holding some new positions.
Orica (ORI) fell significantly when they announced their CEO was to be replaced, so I opened a small position.
I also added Venturex Resources (VXR) which does not fit my usual pattern. Why? Many years ago a made a lot of money from Bill Beament’s good work running Northern Star Resources. When it was announced he was leaving Northern Star to run VXR (Which he had a significant position in) I knew this was a horse with very good odds. I got in at 25.5c and plan to hold long term. I don’t know very much about the project, but I don’t need to, because I know what Bill Beament has done at Northern Star.
Although I experienced significant drops this quarter from FMG, KGN and AVA, the gains from VXR and REH have offset most of my losses so I ended the quarter with a return of -1.39%, vs the index which returned 4.89%.
This takes my YTD returns to 43.16% against the benchmark of 19.21%, so I’m still ahead.