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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.

I provide an update on the financial performance of Good Times Restaurants (GTIM) for 2022 and the first quarter of 2023. The company experienced no restaurant growth, declining restaurant-level margins, and an increase in food and labor costs in 2022, despite a positive comparable restaurant sales figure. However, there are signs that things may be improving in 2023, with food price inflation expected to decline and menu price increases exceeding input costs. GTIM is still in a good position to survive in these tough times, with no debt and access to an $8m line of credit

Grupo BMV or Bolsa Mexicana de Valores SAB(BMV:BOLSAA) is the largest financial exchange in Mexico and the second largest in Latin America. Grupo BMV operates in six different business segments: Equities, Derivatives, Information Services, OTC, Capital Formation, and Central Securities Depository. The company is a stable high quality business with great returns on capital and a fantastic balance sheet. However, BMV is trading at a 50% discount to peers. At the current price, I’ve added the company to my portfolio due to the stability of the business, high returns on capital, and attractive valuation.

Summary of my Portfolio as of Q4 2022.