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Its been a year now since adding Grupo BMV or Bolsa Mexicana de Valores SAB(BMV:BOLSAA) to my portfolio so it’s time for an update. Every year I review positions in my portfolio to keep track of their performance and see if I should continue to add or sell out of the position. In these review articles I’ve been highlighting 4 kpi’s that I track in the business to give me a sense of how the company is doing. For Grupo BMV Revenue, ADTV Equities, market data users, SIC Volume and ISR/Basis volumes in Chile. In total I picked 5 for Group BMV due to all the different segments they have which I’d like to boil down into a few metrics but 4 was too small. 

Written in 1972, 100 to 1 in the Stock Market by Thomas Phelps served as the inspiration for one of my favorite investing books by Chris Mayer. Below, I’ve compiled notes on Phelps’ book, primarily for my own reference and study, much like I did with Mayer’s book. The term 100-1 refers to a stock that increases 100 times its original investment. As I went through the book, I made chapter-by-chapter notes, summarizing what I saw as the key takeaways from each section.

Summary of my Portfolio as of Q3 2024.

One Group Hospitality is a restaurant operator of 4 main brands that includes STK a high end steakhouse, Kona grill a sushi grill bar, and recent additions Benihana and RA Sushi. The company over the past two quarters as been struggling as same store sales numbers have turned negative year over year and on top of that the companies acquisition of safflower holdings which was the holding company of Benihana and RA sushi has saddled the company with a lot of debt in a not so great interest rate environment. On the positive side, the company’s two main brands STK and Benihana have excellent unit economics with stores averaging 20% restaurant level operating margins.

It’s been over a year since I last wrote about Vinci Partners(VINP) and so It’s time for an annual review. For the most part most of Vinci financials have improved from the last time I wrote about them even after adjusting for the Real. AUM increased R$6B from 2022 to 2023 but has remained flat in 2024. AUM growth would have been better but Vinci’s IP&S segment hasn’t been doing great, down from R$26B in Q2 2023 to $25B in Q2 2024. With R$4B in net outflows. Though the IP&S segment is only 25% of revenue. Management expects AUM to increase as rates in Brazil continue down. Other segments such as Infrastructure, private equity and credit are doing much better.