Monday, February 9, 2015

2014 Portfolio Performance


Happy New Year everyone!

My portfolio value increased by 14.2% as of 31st Dec 2014 since the beginning of Jan 2014. Overall, 2014 was a good year for my portfolio both absolutely and also relative to the S&P performance (13.4%). There were few costly mistakes(at least it appears so) in the oil and gas sector and CTC Media made the investment returns for 2014 not so great.

Major contributors for the performance were,

Direct TV (+48.97%)
PNC & COF bank Warrants (+32%)
Fairfax Financial (31%)
Fiat-Chrysler Automobiles (+29.6%)
First Service Corp (+18.8%)
Infinite Computer Solutions (+17.5%)

Major detractors were,

Exco Resources (-59%)
Biglari Holdings (-22.87%)
CTC Media (-18%)
Transocean Ltd (-11%)

Here are the top 10 holdings in my portfolio for 2015. You may have noticed some of the investment write ups and my reasons for the below holdings in this blog. The portfolio companies for 2015 are both qualitatively better, cheap and diversified compared to my 2014 portfolio. I expect the return for 2015 should be better than 2014 although one year performance is too short to measure any success/failure.

The holdings below are all have a durable businesses, have large opportunity to grow both revenues and profits, run by competent managers and priced cheaply relative to their assets and earnings.

Biglari Holdings (13%)
Infinite Computer Solutions (6.7%)
South Indian Bank (6.4%)
Fairfax Financial (6.1%)
Jammu and Kashmir Bank (5.1%)
CTC Media (4.9%)
COF, PNC & WFC bank warrants (4.7%)
Leucadia National (4.2%)
FirstService Corp (3.75%)
Liberty Boradband (3.5%)

As always, feel free to contact me if you have any questions.