Modified price earnings ratio criteria:
1. A cyclically-adjusted price to earnings ratio (CAPE) significantly below average. CAPE is current share price divided by the average earnings per share over 7-10 years.
2. A high Piotroski score. These nine factors indicate whether a company is strengthening its financial position and income flow.
3. Finally, and crucially, the qualitative assessment filter of (a) managerial quality (competence and integrity) and (b) earnings power over the long run, and (c) financial strength.
I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread (These investments were made before the Henry Spain Managed Portfolio Service was established, www.henryspain.co.uk/uk-value-portfolio). Past performance is not indicative of future performance.
Company Purchase date Purchase price Divs to 31 Mar 2023 Price 31 Mar 2023 Return to 31 Mar 2023
Haynes 11.2.15 £1.159 33.5p Sold 2.10.19 £2.9175 181%
AGA 11.3.15 £1.002 zero Taken over June 2015 £1.456 45%
Hogg Robinson 10.4.15 £0.4709 2.37p Sold June 2016 £0.656 44%
MS International 3.7.15 £1.86 46p Sold Sept 21 - June 22 £2.488 58%
BHP Billiton 24.9.15 £10.43 127p Sold May 2018 £16.90 74%
TClarke 5.11.15 £0.7916 13.61p Sold Feb 2020 £1.1215 59%
Premier Farnell 8.4.16 £1.222 3.6p Taken over 20.6.16 £1.632 36%
Braemar 28.6.17 £2.848 20p Sold June 2018 £2.639 0%
Caffyns 10.8.17 £5.012 52.5p Sold 17 July 2020 £2.389 -42%
Connect/Smiths News27.9.17 £1.046 16.1p £0.488 -38%
MS International 14.11.17 £1.84 30p Sold Sept 20 - June 22. £2.488 52%
Connect/Smiths News14.6.18 £0.285 9.4p £0.488 104%
N Brown 17.8.18 £1.42 9.93p Sold June 2021 £0.557 -54%
Spaceandpeople 31.10.18 £0.224 0.5p Sold 2 Dec 2020 £0.128 -43%
Tandem 2.4.19 £1.59 9.49p Sold 17 Aug 2020 £3.707 139%
MS International 6.6.19 £2.22 20p Sold Sept 20 - June 22 £2.488 21%
Character 25.10.19 £3.506 50p £3.80 21%
Wynnstay 7.1.20 & 29.12.20 £3.33 29p Sold Mar 21 - Feb 22 £5.58 76%
Daejan 5.2.20 £52.90 zero Sold 21 Feb 2020 £79.41 50%
Smiths News 18.3.20 £0.151 5.8p £0.488 262%
Lloyds Banking 12.3.21 £0.4169 3.37p £0.4902 26%
bp 26.1.22 £4.006 24.1744p £5.32 39%
Tandem 2.12.22 £2.8221 0 £2.55 -10%
More Connect Group shares bought in February 2019 at 40.86p, March 2019 at 38.29p and May 2019 at 39p.
More N Brown bought May 2019 at £1.30.
1. A cyclically-adjusted price to earnings ratio (CAPE) significantly below average. CAPE is current share price divided by the average earnings per share over 7-10 years.
2. A high Piotroski score. These nine factors indicate whether a company is strengthening its financial position and income flow.
3. Finally, and crucially, the qualitative assessment filter of (a) managerial quality (competence and integrity) and (b) earnings power over the long run, and (c) financial strength.
I present the returns after taking the hit on broker costs, stamp duty and bid/offer spread (These investments were made before the Henry Spain Managed Portfolio Service was established, www.henryspain.co.uk/uk-value-portfolio). Past performance is not indicative of future performance.
Company Purchase date Purchase price Divs to 31 Mar 2023 Price 31 Mar 2023 Return to 31 Mar 2023
Haynes 11.2.15 £1.159 33.5p Sold 2.10.19 £2.9175 181%
AGA 11.3.15 £1.002 zero Taken over June 2015 £1.456 45%
Hogg Robinson 10.4.15 £0.4709 2.37p Sold June 2016 £0.656 44%
MS International 3.7.15 £1.86 46p Sold Sept 21 - June 22 £2.488 58%
BHP Billiton 24.9.15 £10.43 127p Sold May 2018 £16.90 74%
TClarke 5.11.15 £0.7916 13.61p Sold Feb 2020 £1.1215 59%
Premier Farnell 8.4.16 £1.222 3.6p Taken over 20.6.16 £1.632 36%
Braemar 28.6.17 £2.848 20p Sold June 2018 £2.639 0%
Caffyns 10.8.17 £5.012 52.5p Sold 17 July 2020 £2.389 -42%
Connect/Smiths News27.9.17 £1.046 16.1p £0.488 -38%
MS International 14.11.17 £1.84 30p Sold Sept 20 - June 22. £2.488 52%
Connect/Smiths News14.6.18 £0.285 9.4p £0.488 104%
N Brown 17.8.18 £1.42 9.93p Sold June 2021 £0.557 -54%
Spaceandpeople 31.10.18 £0.224 0.5p Sold 2 Dec 2020 £0.128 -43%
Tandem 2.4.19 £1.59 9.49p Sold 17 Aug 2020 £3.707 139%
MS International 6.6.19 £2.22 20p Sold Sept 20 - June 22 £2.488 21%
Character 25.10.19 £3.506 50p £3.80 21%
Wynnstay 7.1.20 & 29.12.20 £3.33 29p Sold Mar 21 - Feb 22 £5.58 76%
Daejan 5.2.20 £52.90 zero Sold 21 Feb 2020 £79.41 50%
Smiths News 18.3.20 £0.151 5.8p £0.488 262%
Lloyds Banking 12.3.21 £0.4169 3.37p £0.4902 26%
bp 26.1.22 £4.006 24.1744p £5.32 39%
Tandem 2.12.22 £2.8221 0 £2.55 -10%
More Connect Group shares bought in February 2019 at 40.86p, March 2019 at 38.29p and May 2019 at 39p.
More N Brown bought May 2019 at £1.30.