A very interesting month starting with the clamours of “sell in May and go away”. The pundits were proved wrong and S&P returned more than 2% during the month.
Owing to the market being at an all time high, I did not do a lot of value finding this month. Meanwhile, I sold a substantial amount of my holdings.
I sold out of Roche, Transocean, Applied Materials, and Vodafone. I reduced Tesco because of concerns about CFD fees. I reduced ABB, Hewlett-Packard, and Alcoa. A summary of these is as follows.
I bought one new position – PostNL. They have been crushed by the TNT acquisition by UPS which did not succeed and pension liabilities – which has been taken care of. The stock traded for as low as €1.46 when their TNT holding is worth around €2.5 per share. There is a risk of more additions to pension plans but it does not pose a significant risk to the balance sheet.
I started by buying 500 shares. It was a placeholder until I could buy a lot more. Unfortunately, the stock took off after only 2 days and I sit on a 15% profit. I hope it will come down soon – in which case I will make a bigger position at lower prices.
Adding it all together.
|Withholding||– Sfr 53.24|
|Other fee||– Sfr 6|
|Interest||– Sfr 40|
|Capital gains||Sfr 3468.72|
The monthly net was quite high. But remember that it has been the result of my Roche investment – which I bought nearly 3 years ago !
My portfolio composition is as follows.
Value of portfolio (31 May) Sfr 103,399 Cash Sfr 55,531