2024 Mid-Year Letter
$PDD $META $FFH.TO $TVK.TO $LMN.TO $SGN.WA $SNL.AX
Dear Fellow Substack Investors,
the last 3 years have been a great time for me as a self-taught investor. Many of my core holdings reported strong results over the last few quarters, which led to a rise in their stock prices. The “Mag 7” continued to drive broader markets higher as sentiment rose along with AI hype. It will be interesting to see how the market trades for the remainder of 2024, especially after the Nikkei 225 lost over 5,8% in a single trading day, the second-highest decline in its history, in a global market rout stirred by concerns over a U.S. recession following weaker-than-expected economic data. As investors, we are not concerned about the macro, but the micro of our holdings.
The strongest big-cap-performers of my portfolio in the last 3 years have been PDD Holdings ($PDD), Meta Platforms ($META), and Fairfax Financial ($FFH.TO). META was all sold effectively today, PDD positions were cut in half (+143.75%) and Fairfax remains a strong hold (+112.68%). The reasons for buying them were all explained in my previous post.
The strongest small-cap-performers of my portfolio in the last 3 years have been Terravest Industries ($TVK.TO), Lumine Group Inc ($LMN.TO), Sygnity S.A. ($SGN.WA) and Supply Network Limited ($SNL.AX). The first three holdings are well-known in the Twitter communities for being the best serial acquirers in the last decades: Terravest and Constellation Software.
Supply Network is a fast grower in truck and bus aftermarket parts from Australia. It is improving margins and can grow through recessions. Shares are still a far cry from what I would consider fair value with 19xEV/EBITA. It is less well-known despite demonstrating similar moats as Auto Partners ($APR.WA).
Important Disclaimer
The information in this document has been prepared solely for prequalification and informational purposes and is not intended as an offer or solicitation of an offer with respect to the purchase or sale of any security and should not be relied upon in evaluating the merits of investing in any securities. Every investment mentioned is speculative and involves a high degree of risk, including the risk of loss. Investors could lose all or a substantial amount of their investment simply by copy-paste.