Well, the first half of 2017 did not make me a rich man. The portfolio performance is disappointing. Actually, on average the portfolio is down 28.8 % since New Year. This in a period were the broad Stockholm index (SPI) is up almost 8 %. Luckily, there are stars among the shares with great performance. Still the number of shares with huge losses are very high.
It is increasingly difficult for a share to get any upwards momentum after an issue. Often the share hovers around the issue price. Then starts sliding downwards. BrainCool is the latest example. The issue price were 5 SEK and now a month later, the share is almost 10 % below the issue price at 4.59 SEK. For the winner in the first half of 2017, Phase Holographic, it took 14 months before the share started moving upwards after an issue. The overall portfolio performance you can see above. Here follows comments on the three best and the three worst performing shares. Continue reading →
Last year did not have the same swung as the portfolio performance of 2015. On average, the portfolio lost 28 % – compared to a plus of 80 % in 2015. There are probably two reasons for this. One is the more moderate growth in share prices during 2016. The broad Stockholm index rose 6 %. The other reason is the very high number of issues among the shares in the portfolio. In general, issues put pressure on the price. Unless some very significant news follow shortly, it takes a long time for the price to recover. Continue reading →
It is August heat in Scandinavia and temperatures above 25 degrees. Perfect weather for sitting on the terrace an read the news on successful small companies – if it wasn’t impossible to read anything on a screen because of the reflecting light. Anyway here are some news. Most important I have sold G5 Entertainment. BrainCool seems back on growth-track, and it seems Dignitana is steering towards an oversubscribed issue ending June 10th. A1M Pharma? The subscription period ended yesterday and we still wait for the result. Continue reading →
I have often wondered how hard crises on the share market hits my growth share portfolio. Consequently, in this post I will take a closer look of the effect of the development on the share market the first week of 2016. The agenda was set by a new crisis in the Middle East (Saudi Arabia vs. Iran) and heavy downfalls on the Chinese share market affecting markets all over the world. Dow Jones is down 6%, FTSE 100 is down 5 % and in Copenhagen, the broad index OMXCPI is down 4 % and in Stockholm OMXSPI is down almost 7 %.
The Swedish share market was closed Tuesday afternoon and Wednesday. In effect, this week only contains 3½ trading days. The feeling I had Friday afternoon (without firmly checking) was that it had been an expensive week – especially Thursday were grim. And that my losses exceeded the general downfall. Continue reading →
December was a green month – in more than one sense. The weather was warm and my lawn seemed to grow in both November and December, but more interesting the predominant colour in my portfolio performance for December is green.
In this post, I will evaluate the portfolio performance in December (and in 2015) and give a few comments of what to expect in 2016. The performance first. Continue reading →
In the past week, a number of press releases have occurred regarding the companies in my portfolio of growth shares. I collect these news in a portfolio short news post. Readers of my blog knows that the prime driver of share prices in growth shares lies in the press releases – and not in changed guidance as with large cap shares. Therefor the press releases are worth reading an commenting upon. This week there are news from AroCell, Heliospectra, Fortnox, CybAero, and G5 Entertainment. Continue reading →
October was a fine month. Autumn was at its best and a few mornings with white, frosty grass reminds me that winter will soon be over us with darkness and rain. Still it is mild, and leaves are still on the trees, both green, brown, and yellow. Even a modest storm or a night of frost, may rapidly change this.
Luckily, my portfolio performed better in October than in August and September. Some shares went even exceptionally well – Phase Holographic + 94 % – and others bled – Dignitana 24 % and Recyctec – 20 %. Continue reading →
This morning (October 10) G5 Entertainment released the preliminary sales for Q3. The sales went up 50 % from Q3 last year to this year. The sales were (preliminary) 96 MSEK in Q3. Personally, what I checked first, was the growth from Q2 to Q3. The rise were more modest: 7%.
As I earlier have argued, G5 has been caught in a dilemma between high growth and profit. On one hand there is a long term demand for growth in an industry with fierce competition and on the other hand if every penny is invested in further growth, investors will check out – and share price will remain low.
In the Q2-report, the management saw and acknowledged the dilemma and promised lower spending on user acquisition (UA), while keeping up the growth. Still they held the door open for a change of the new course if new games required extra marketing funds.
That precisely was my main reason for checking the growth from Q2 to Q3: could the growth continue with a lower level of UA-spendings? Continue reading →
When I as a young man read the poet T.S. Eliot, I learned that April is the cruellest month… ‘April is the cruellest month’ – the opening line of his famous poem The Wasteland. But when it comes to 2015, August has been the cruellest month – yet. Not even the debate on Greek membership of the Euro during summer caused the shares prices to fall as much.
A few days ago, I wrote on the summer rally of AroCell and Phase Holographic. If you missed the post find it here. But not just these two shares have had a splendid summer – more than half – 6 – of my 11 Swedish growth shares has gone up more than 25 % in July: AroCell, BrainCool, Dignitana, Heliospectra, Nexam Chemical, and Phase Holographic.
In comparison, the broad Stockholm index, OMXSPI, went down 4.7 % in July. Continue reading →