May 15, 2013

CP Fund in the middle of May 2013

Wan nee wan poot 15 Deuan Pheut sa phaa kom bpee 2013

I have been taking Thai lessons! The above is just what students write on the above of their worksheets for the day, month, year :)

Portfolio Activity
1. Housekeeping - Disposed of Digiland at 0.001 for loss on commissions, just to tidy up the portfolio

2. Took profit on Mapletree Industrial (+35.96%), Mapletree Logistics (+29.35%). I believed that industrial rents are stretching too high for too long. Prior to the divestment, A-Reit reported weaker earnings which partially influenced my decision. Both were sold at dividend yields of slightly below 5% and at all time highs.

3. Quick trade on Wilmar (+2.14%).

4. Cut loss on UPP (-12.7%). Price has been spiralling downward since the company reported earnings. It was decent but not exciting enough. Stock was pumped up once to catch more retailers which I failed to divest for a small profit during that day, subsequently it was dumped again. This was a lesson learnt for me that if I wanted to build my portfolio with the intention of growth from solid counters, then avoid speculative counters with ''players'' such as this counter.

5. Maiden foreign trade on SET. Divested Thanachart (+10.86%). Stock was breaking new highs and the divestment was mainly to realise the gain sooner to have funds available to add on any sudden opportunities in the SGX.

Portfolio
1. Thaibev
2. Marco Polo Marine
3. CACHE Reit
4. Valuetronics
5. China Minzhong
6. Starhill Global

In order of size, Thaibev makes up 34% of the portfolio. Averaged up again at $0.555 during the dip when the stock was panic-sold when F&N was facing uncertainty to remain listed.

MPM and CMZ were the two counters selected for growth. I am holding onto CACHE and Starhill to maintain a small amount of passive income, together with Genting Perps. The REITS are below 1/3 of the fund which I had allocated for, so I may be looking to increase more shares in them or lookout for another REIT/Telco.

Valuetronics will likely be divested within 1 or 2 months when the seasonal activity returns. I also have a tiny amount by volume of Elektromotive that is still retained from the foolish days of penny punting.

Thaibev is the current crown jewel of the CP Fund. It is a play on the potential synergy of Serm Suk with F&N in the mid-long term. I am still looking out for another company which can replicate the likeness of Thaibev, to take up 30% of the fund.

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