I was expecting a higher degree of PTBD – Post Traumatic Brexit Disorder. But some markets are all almost back to their pre-Brexit highs. The Global Stock Picking portfolio fared extremely well and was even up on the Brexit week.
So here it is, performance updated with 3 new fresh weekly data-points:
Holdings as of yesterday:
The small-cap battery maker Coslight Technology has rallied sharply lately, without any major news. This is very common in smaller Chinese companies and it would not surprise me if good news of some sorts will be released within the coming months. Don’t underestimate insider-trading in China. The stock is high risk, high reward, so I might reduce my position if it keeps rallying. I have also read reports that the battery market in China is turning into an oversupply situation, at least short term towards end of 2016.
The weakness in the portfolio came rather the week before Brexit, with for example the Swedish clothes company MQ that I had my doubts about falling sharply. Here I regret not at least slicing my position when I had doubts, that would have saved me some dollars. I still believe though that the company has got a very good CEO, so long-term still feels OK-ish.
NetEase (which I increased my weight in recently) has soared on smaller news and analyst upgrades, I still feel there is upside short-term and long-term.
Yuexiu Transport might need to be sold, since they are hurt by the RMB weakness and it seems the Chinese government is on a path to further weakness. I need to do a more proper evaluation before deciding.
As a last comment, cash levels is somewhat high, although very short term (1-2 weeks) I think we will see a pull-back. I need to find 1-2 new investments, and potentially add to one of my current holdings.