Q2 2023 Portfolio Update
As of YTD Q2 2023 I’m up 5%, however, the MSCI World Index(URTH) was up 11% in that same time. I did no new net adds or sells in this quarter. I currently sit at 69% invested with 31% cash. Still hoping that this year I get to 100% invested. My best performing investment this year is Bladex(BLX) up 35% YTD. My worst performing one this year is Capri(CPRI) which has had a tough 2023. Capri’s performance was mostly due to the Michael Kors brand which had some volume declines especially in wholesale. Side note I’ve been noticing Michael Kors items at Ross. This is in stark contrast to other luxury brands. The stock of Capri though is super cheap.
| Company | Ticker | Allocation | Average Price Per Share | Price Now | Percentage Up/Down | Exiting/Holding/Adding |
|---|---|---|---|---|---|---|
| Banco Latinoamericano | NYSE:BLX | 6.3% | 15.69 | 22.06 | 40.60% | Adding |
| Good Times Restaurants | GTIM | 4.7% | 3.53 | 3.4 | -3.68% | Adding |
| ONEX Holdings | TSE:ONEX | 5.7% | 78.28 | 73.17 | -6.53% | Adding |
| Vinci | VINP | 7.8% | 10.53 | 9.32 | -11.49% | Adding |
| Village Super Markets | VLGEA | 5.4% | 22.54 | 22.82 | 1.24% | Adding |
| Sutl Enterprise | SGX:BHU | 4.7% | 0.498 | 0.51 | 2.41% | Adding |
| Warner Bros Discovery | WBD | 0.4% | 28.39 | 12.54 | -55.83% | Holding |
| Airtel Africa | LON:AAF | 3.9% | 137.91 | 107.8 | -21.83% | Adding |
| Capri | CPRI | 5.5% | 45.06 | 35.89 | -20.35% | Adding |
| Six Flags | SIX | 4.3% | 22.41 | 25.98 | 15.93% | Adding |
| Nihon Falcom | TYO:3723 | 2.7% | 1241 | 1290 | 3.95% | Adding |
| Aeroporto Guglielmo | BIT:ADB | 4.1% | 7.74 | 8.36 | 8.01% | Adding |
| Pacific Smiles | ASX:PSQ | 4.2% | 1.42 | 1.35 | -5.20% | Adding |
| ACEA | BIT:ACE | 4.2% | 12.55 | 11.98 | -4.55% | Adding |
| Bolsa Mexicana De Valores | BMV:BOLSAA | 5.1% | 35.44 | 35.52 | 0.23% | Adding |
| Cash | 31.1% |
Column Meanings
Allocation: Percentage of portfolio put into the company on a cost basis
Average Price per share: Average price per share I paid for a company.
Price Now: This is the latest price of the company per the date of the last update
Percentage Up/Down: Percentage change from the purchase price.
Exiting/Holding/Adding: This represents if I’m adding or exiting or holding a position.
Watchlist
Sendas Distribuidora(ASAI)
A brazilin cash and carry grocery stores that is expanding rapidly and targeting R$100B by 2024 which was a doubling from 2022. The company has pretty good ROIC and is cheap if they can hit there growth targets.
Heidrick and Struggles(HSII)
A executive search firm sitting on tons of cash and is trading kinda cheap. It probably will have a down year this year but the share price is already on the lower end of the 52 week range.
Korn Ferry(KFY)
Same thesis as Heidrick.
Intermediate Capital Group plc(LON:ICP)
A English PE firm. Has grown AUM from 15B to 77B from 2013 to 2023. Trading at under 10 times FRE if you net out book value.
