I initiated a position in Henderson Value Trust (ticker: HVTR) on 11 April at a price of 244p per share. The price represents a discount of around 18% to its NAV. The trust has rcently changed its manager (previously it was known as SVM Global). The new position accounts for slightly less than 4% of my portfolio. I plan to write a detailed research post in the near future.
Yesterday, I added to my shareholding in Renn Universal Growth Trust (ticker: RUG) at 236p per share, representing a discount of around 28% to NAV. It now accounts for just over 3% of my portfolio. In addition, the trust recently sent a circular to shareholders, ahead of a General Meeting on 17 April seeking shareholder approval for the proposed winding-up of the trust.
I sold the remainder of my shareholding in Manchester & London Investment Trust (ticker: MNL) on 5 April at 335p per share. The discount had narrowed to around 11% from 18% when I last added to the position in August. Following the sale, 13% of my portfolio is in cash, so, whilst I am comfortable with cash at this level for a short time, I am keen to find some new investment opportunities.
I sold my entire shareholding in Herald Investment Trust (ticker: HRI) on 4 April. The sale price of 575p represented a discount of around 14% to NAV, which is about the lowest its been for the trust in the last few years. I had bought the shareholding around a year ago at a discount of around 20%. I was also keen to reduce my exposure to smaller companies, given that three of my other holdings are specialist smaller companies trusts.
I recently bought shares in Henderson Land (ticker: 12 HK), the Hong Kong-listed property and holding company. Prices of both residential and commercial property in Hong Kong have more than doubled since their low point during the financial crisis, fuelled by low interest rates and demand from mainland Chinese investors. Talk of a possible property bubble started in 2010, since when prices have continued to rise sharply. On the face of it, this might not seem the best time to be buying into the Hong Kong property sector. Nonetheless, in my view, Henderson Land would represent a bargain even if property prices fall substantially.
I added to my shareholding in British Empire Securities (ticker: BTEM) on 28 March at a price of 497p. The discount had widened to around 14%, which is about as high as its been for a number of years. I have increased my position size from 3.4% to 5.5% of my portfolio.