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Portfolio update
Painful month. The portfolio's value fell by -4.1% month-on-month and is now +21.4% since inception in October 2021, equivalent to an IRR of +10.0%.
There’s been weakness almost across the board. L’Occitane’s share price dropped further after a planned bid failed to materialise in early September. Bloomberry Resorts fell due to an unexpected equity raise. Niu Technologies fell significantly due to weak sales volumes in the third quarter of 2023.
The only positive news was from Cafe de Coral, whose earnings surprised positively thanks to the end of Hong Kong’s COVID restrictions late last year.
Here is the portfolio as of 30 October 2023:
