Dominoes 4% of fund .....bad update and shares plunge 30% odd ...so BRM NAV impacted about 1%
DMP totally oversold ... panic reaction. I hope that they buy heaps more at current price and be much better off in not too distant future
Robbie not adverse to trading opportunities ....from last update added and exited a position in double quick time ...we'll done Robbie.
Share price volatility provided us with the opportunity to add PEXA to the portfolio.
PEXA operates the only e-conveyancing property exchange in Australia. The vast majority of property transactions (sales and mortgage refinancing) are processed through PEXA's platform. PEXA also has a nascent presence in the UK market.
The market was disappointed by the slow pace of expansion in the UK evident in a Q4 trading update which led to a sharp fall in its share price. We bought shares following this fall. To help fund the PEXA purchases we exited our Westpac shareholding.
The investment opportunity in PEXA proved fleeting. The share price rapidly rose circa 20% after we began buying shares, to a level that we felt priced in a strong acceleration in UK growth prospects. We think this earnings growth is likely to be harder won and will take time. Unusually for us, we therefore banked the profits and exited the position after this rebound.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
CSL was down 5% yesterday, on a heart drug trial failure. While SP back to where it was a month ago, it is BRMs biggest holding and 10% of their portfolio.
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Originally Posted by Sideshow Bob
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