Fit Investment Ideas

Fondul Proprietatea trades ex dividend today, the share price is down 6%. The NAV discount is therefore 31%!!! In the past FP traded up quickly post dividend. Positive news this year: – another buyback approved – Paul Singer, the largest FP investor, is increasing its role in the FP management – FP shares are now tradingContinue reading “Fondul Proprietatea ex dividend today – down 6%”

I have a medium position in Alrosa. The shares traded down recently so I am increasing my exposure. Morgan Stanley have the same view (report issued today) ALROSA (ALRS.MM) Research Tactical Idea We believe the share price will rise in absolute terms over the next 30 days. This is because the stock has traded offContinue reading “Increasing my position in Alrosa”

DJ Getinge a Top Pick for Jefferies — Market Talk 1206 GMT Jefferies says Getinge remains its top pick within the medical supplies and devices sector, followed by GN Store Nord and IBA. Says it also remains positive on Amplifon due to volume re-distribution and Essilor on consolidation. In dialysis, its clear preference remains DaVitaContinue reading “Getinge – a restructuring play”

One of my smaller positions: LONDON, May 20, 2015 /PRNewswire/ — Argentina is quickly becoming the venue for the next shale boom, and now the race is on to get in on the oil and gas potential, with Russian Gazprom staking out the place, while investors wonder how they can play this momentous game. IfContinue reading “Interesting oil play”

Paul Singer today reported that Elliot Associates increased their shareholding in USD 3.1 Billion Romanian investment fund Fondul Proprietatea,  the largest closed-end fund in the world to 20.01%. Elliot is the largest shareholder of the Fund and the position represents one of the largest positions in its portfolio. The fund currently trades at 25% discountContinue reading “Paul Singer increases his stake in the largest closed-end fund in the world”

During the last two weeks I have been looking at Sodastream. I feel an opportunity here. The company is at crossroads. After a period of strong growth the management is looking for a new direction. They will most likely go into harvesting mode – they will give up a high growth strategy and will focusContinue reading “Ideas report 4.3.15”

We updated our view on Fondul Proprietatea with a target price of RON 1.1159 per share and a BUY recommendation. (Prev TP 1.0666 as at Sep 24 2014) * As the current 27% discount to NAV is below the management agreement objective of 15%, the Fund will continue to pour cash into investors’ pockets. *Continue reading “Swiss capital updated Fondul Proprietatea price target to RON 1.16”

Valuation of Aena – a significant upside ahead Largest European IPO since 2011 up 21% since its launch Shares performed strongly despite the fact, that there is no analyst report published, yet Our valuation shows 30% further upside Aena in play – activist investor TCI became the largest investor will most likely push for furtherContinue reading “Valuation of Aena – a significant upside ahead”

TCI sits on ‘business’ of Aena to reach 10% of the capital after investing 900 million If an investor has brought business class ticket at the recent privatization of Aena this is The Children’s Investment Management (TCI). The British fund, already bought a 6.7% stake in the airport operator in the public offering (OPV), hasContinue reading “My new exposure – co-invested with TCI”

Fondul Proprietatea will report Q4 on Friday 13 February. The investor call is scheduled for Monday 16 February. The results should be quite good. The company already indicated that 2014  ended with a record net profit of EUR 228 million, up by 48% compared to 2013, when the company’s profit amounted to EUR 151.1 million.Continue reading “Fondul Proprietatea will report Q4 on Friday 13 February”