Net current asset value, NCAV, criteria:
Buying shares at a price below the net current asset value. NCAV is balance sheet current assets minus all the liabilities (both short- and long-term). Long-term assets are generally to be counted at zero value.
NCAV investing also requires a 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
French Con. 25.7.13 £0.3047 zero Sold July 2015 £0.4378 44%
Caledonian T 25.7.13 £0.70 zero Sold April 2020 for £1.391 99%
Fletcher King 6.8.13 £0.30 14.25p Sold June 2016 for 46p 101%
Northamber 22.8.13 £0.287 1.6p Sold Oct 2016 £0.303 11%
Titon 5.9.13 £0.379 6.5p Sold May 2016 £1.06 197%
Mallett 12.11.13 £0.7682 12.7p Sold Nov 2014 £0.60 -5%
Holders T 10.10.14 & 3.11.14 £0.47 1p Sold March 2017 £0.33 -28%
Airea 4.11.14 £0.1195 0.9p Sold Sept 2016 £0.309 166%
Northamber 17.11.14 £0.4265 0.7p Sold Oct 2016 £0.303 -27%
Caledonian T 30.12.14 £1.39 zero Sold April 2020 for £1.391 0
PV Crystalox 15.1.15 £0.122 zero Sold Dec 2016 £0.237 94%
Arden Partners 1.9.15 £0.422 1p Sold May 2018 £0.364 -11%
Northamber 4.9.15 £0.443 0.4p Sold Dec 2016 £0.303 -31%
Caledonian T. 7.11.17 £1.23 zero Sold April 2020 for £1.39 13%
J Smart 30.1.19 £1.13 4.14p Sold Mar/Apr 2020 £1.101 1%
Northamber6.12.19 £0.504 0.3p Sold Mar 2020 £0.5717 14%
McCarthy & S. 1.10.20 £0.718 0 Sold 7 Dec 2020 118.5p 65%
Capital & Counties 6.11.20 £1.032 0 Sold Aug 2020 £1.743 69%
J Smart March 2021 £1.253 0.95p Sold 7 Feb 2022 £1.575 28%
Fletcher King Feb20 - May21 £0.3265 0.5p Sold Sept 2021 - Feb 22 £0.40 24%
Orchard Funding 7.6.21 £0.568 6p £0.415 -16%
Caffyns 22.6.21 £4.65 30p £5.25 19%
Highcroft 22.7.21 £8.75 78p £9.10 13%
Town Centre 10.8.21 £1.426 1.75p Sold 2 Feb 2022 £1.581 12%
More Caledonian Trust shares bought in February 2019 at £2.29.
More J Smart bought 30.4.19 at £1.16