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#90 - Portfolio Update, May 2023

Publish date: May 31, 2023
Last updated: May 31, 2023
Tags:

TL;DR

Same old, same old.

Performance update

perf

cagr

categories

Holdings

portfolio-update

Highlights

Top contributors:

  • $CPH.TO: revenue slowling declining, but still uber cheap with optionality
  • $EVO
  • $FFH: my most defensive stock in the current environment

Top detractors:

  • $DRM.TO: can’t catch a bid
  • $CPNG: I think the business is improving, price is decent, some potential optionality from Taiwan
  • $CXI.TO: a stock nobody cares about

Changes

  • New:
    • $PARA: Counting on uncle Buffett to do his magic (and persuade owners to liquidiate this shitco)
  • Added:
    • $DRM.TO: 0.6 P/B, 20% historical ROE
    • $GUD.TO: < 3x EV/GP, growing GP, buying back shares
    • $NNI: ~1x P/B, long-term compounder, intelligent capital allocators
  • Trimmed:
    • $GTX: used proceed to add to $NNI
  • Exited:
    • $BN.TO: similar bet to $DRM.TO; no need to have both, so I kept the one I prefer

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