#86 - Portfolio Update, March 2023

TL;DR

A tranquil month. I added to positions that I consider cheap (low P/B or low FCF/EV yield).

Performance update

More quality stocks, more cheap stocks, and less speculative crap. Good.

Holdings

Highlights

Biggest positive contributors:

1. $EVVTY: currently trading at EV/EBIT~28.5. Not cheap.
2. $ASRT: EV/EBIT~6. Listening to the latest earnings call, and despite the recent run-up, this one could still have legs.
3. N/A

Biggest negative contributors:

1. $CPH.TO: not sure the underperformance is for any specific reason. Still trading at EV/EBIT~3.
2. $GUD.TO: disappointing guide for next year. EV/GP~2.9. Not terribly cheap, not terribly expensive.
3. $DRM.TO: maybe interest rates remaining higher for longer will put a cap on the upside. We’ll see.

Changes

• New:
  • $NNI: still some work to do on this one. See my monthly ramblings.
  • $6038.HK: very cheap. Wrote it up in my rambling as well.
• Added:
  • $CPH.TO: still cheap
  • $ASRT: still cheap
  • $DRM.TO: still cheap
  • $GUD.TO: got cheaper
• Trimmed:
  • $MKO.V: I’m trying to get out of the mining business.
  • $EMO.V: see above.
• Exited:
  • $PROSY. Questionable capital allocation in the past. Not interested in the food delivery businesses.