Latest Posts

Bladex has had a good 2022. My cost basis in the shares is $15 and the current share price is $20.5 so I gotta be happy. So far my thesis has been playing out with NIM expansion and the bank lowering their Tier 1 ratio which translated to higher ROE and thus a higher P/B ratio. The share price still has room to run to get to a 1 to 1.2 time P/B ratio. However there are some headwinds on the horizon. The yield curve is heavily negative which usually means rates are gonna go down. Inflation measured by CPI is trending down and inflation based on Truflation is already under 3%. Both those indicators are telling me rates will probably be heading lower short term which will depress NIM. Even with that I still like the bank and its business model lending extremely short term with very low risk. I also like the new CEO’s 5 year plan that will expand Bladex into new products. Overall I think shares are still attractive so I’ll continue to add.

I review each position in my portfolio on a yearly basis and now it’s time for Six Flags Entertainment (NYSE:SIX). In my last article, I went into more detail on the thesis for Six Flags linked here. In summary, the company appears to be undervalued when considering its profitability before the COVID-19 pandemic. Moreover, the new management team has taken a new approach by implementing price increases and making improvements to the parks. To make it easier to track my investments, I’ve been finding four metrics for all my investments. For SIX stock, the four metrics are attendance, AEBIT, AFCF, and revenue.

Vinci Partners is a Brazilian asset manager that operates in eight segments, including private equity, public equities, and investment products and solutions. The private markets segment, which includes private equity and other private investments, generates the majority of Vinci Partners’ revenue and income. Vinci Partner’s high returns on capital, low valuation, insider ownership, and growth potential in private equity make it an attractive investment opportunity.

Summary of my Portfolio as of Q1 2023.

Onex reported lukewarm performance in 2022 with fee earnings assets under management (FEAUM) growth at only 3% and a challenging fundraising environment for new funds. However, their private equity portfolio returned 3%, compared to a decline of 18% for the S&P 500. The biggest risk for Onex is fundraising for their new funds, however the company’s current stock price trading at a considerable discount to book value. Management has been actively buying back stock, with Onex purchasing over 6 million shares in 2022.