Update from the CIO

 

Today we reported an NTA of $3.06, up ever so slightly on last weeks $3.05. The stock closed today at $2.96, roughly a 3% discount.

Last week’s star stock, DocuSign Inc, kicked on again during the week, and logged further gains of just over 11%. This is a quality business, and good businesses tend to keep increasing in value. PagSeguro, on the other hand, fell to some clear profit taking, which is understandable given the share price rally the stock has experienced in the last couple of months. No stock price ever moves in a straight line! We remain comfortable holders of both names in our portfolio.

Overall, the conference portfolio has generated investment returns of almost 35% since inception. This is a combination of favourable market conditions, excellent individual stock recommendations, and also prudent risk management. 

By remaining in regular contact with our managers, if a position isn't playing out as the manager originally thought, positions can, and have been closed out. This has contributed significantly to the returns of the portfolio. This is the case for both the conference managers and our core managers. As the market evolves, a stock holding that was listed in our Annual Report a couple of months ago may not necessarily remain in our portfolio, if the original thesis has become obsolete, or alternatively, if a better opportunity presents itself to one of our Core Managers. 

Our Managers take their position recommendations very seriously, and are always doing their best for our investors.

Have a good week.