Q4 2023 Portfolio Update

For the year of 2023 I’m up 13%, however, the MSCI World Index(URTH) was up 24% in that same time. Which I consider my benchmark. I added two new positions while selling out of three in the fourth quarter. For the year I added six positions and sold seven positions. For the sold positions my target is 4 per year or 20% turnover which equates to a 5 year average holding period. 2 of the seven were acquisitions so those don’t really count so turnover was almost on target. As of Q4 2023 my portfolio is 65% invested with 35% in cash which is a 9% decrease in invested capital from last quarter. This is due to more selling then buying and an increase in deposits. My top performers for the year were Bladex(BLX) and Sutl Enterprise(SGX:BHU) which are up 59% and 46%. My worst investment has been Frontier Development down 62%. I added Grupo Aeroportuario Centro Norte(OMAB) and Bank7(BSVN) in the fourth quarter which have performed quite well so far. I sold Six Flags(SIX), Pacific Smiles Group(ASX:PSQ), and Airtel Africa(LON:AAF) in the quarter.

This is now my second full year of investing which means I can make a little box comparing my performance to my benchmark for multiple years.

Year	My Portfolio	MSCI World Index(URTH)
2022	-9%	-18%
2023	13%	24%

Portfolio Holdings Q4 2023

Company	Ticker	Allocation	Average Price Per Share	Price Now	Percentage Up/Down	Last Article
Banco Latinoamericano	NYSE:BLX	4.4%	15.69	24.74	57.68%	Link
Good Times Restaurants	GTIM	3.3%	3.53	2.54	-28.05%	Link
ONEX Holdings	TSE:ONEX	2.9%	78.28	92.53	18.20%	Link
Vinci	VINP	5.5%	10.53	10.95	3.99%	Link
Village Super Markets	VLGEA	3.8%	22.54	26.23	16.37%	Link
Sutl Enterprise	SGX:BHU	4.3%	0.521	0.66	26.68%	Link
Warner Bros Discovery	WBD	0.3%	28.39	11.38	-59.92%	None
Nihon Falcom	TYO:3723	3.9%	1257.5	1184	-5.84%	Link
Aeroporto Guglielmo	BIT:ADB	4.0%	7.95	8.28	4.15%	Link
ACEA	BIT:ACE	4.3%	12.20	13.83	13.36%	Link
Bolsa Mexicana De Valores	BMV:BOLSAA	3.6%	35.44	35.14	-0.85%	Link
Frontier Development	LON:FDEV	4.3%	3.41	1.31	-61.58%	Link
HRnet	SGX:CHZ	4.3%	0.73	0.72	-1.37%	Link
Albertsons	ACI	5.6%	22.13	23	3.93%	Link
Bank7	BSVN	4.7%	22.41	27.35	22.04%	Link
Grupo Aero Cen	OMAB	5.6%	62.92	84.63	34.50%	Link
Cash		35%

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.

New Additions Since Last Update

Grupo Aeroportuario Centro Norte(OMAB)
Link to Thesis(Link)

Bank7(BSVN)
Link to Thesis(Link)

Subtractions Since Last Update

Six Flags(SIX)
I sold my Six Flags position as Six Flags announced a merger with Cedar Fair on November 2nd. This marks the end of why I got into Six Flags which I thought could be a reopening play with a interesting new management strategy going for higher price, lower attendance model. The merger seems to me like management giving up on the new strategy which hadn’t been going to good. But I think with more time could of worked out. Even though I kinda like the merger due to both companies being kinda cheap. The new company will have a pretty high debt load and my original thesis is void. So I think Ill sell now and reevaluate later.

Airtel Africa(LON:)
The Nigieria Naria has continued to deteriorate from my last article and the Naria is even worst in the black market being 1200-1 USD vs the official market which is 900-1USD. Meaning even after the currency has devalued 100% this year it’s still over 30% overvalued. The will affect Airtel Africas results for the next two years. This investment has made me realize I need to be more cautious investing in emerging market countries that don’t have stable currencies or the company doesn’t have hedged revenue. Also the regulator was not very friendly to the company which I need to do a better job of evaluating in the future. Also another reason for selling was to havent the loss to offset some unrealized gains.

Pacific Smiles Group(ASX:PSQ)
A partial takeover of pacific smiles was launched by Genesis Capital at slightly above my cost basis and I decided to punch out. I was souring on the company due to deteriorating unit economics and lawsuit that I talked about in my last article.