Bioventix

BVXP: This stock came on to my radar when it was discussed by Leon Borros and Paul Scott.  The transcript of the interview can be found here.  The audio is on qualitysmallcaps.co.uk.  This well worth a read/listen if this company interests you. At the time of the interview it was Leon Boros’ largest holding.

Additionally Gervais Williams at Miton Group holds just under 14% of the stock.

Additionally the CEO Peter Harrison has a 12% stake in the company.  I like to see directors with good stakes in the companies they run.

I bought an initial stake on 13th October 2015 and topped up on 4th December 2015, 14th April 2016, 23rd April 2016.

I then attended a Sharesoc presentation by the CEO of the company and was much impressed.  So I topped up further on 17th June 2016 and finally again on 28th July 2016.  This gives me an average purchase price of 1068p.

The company is very niche but the ROA, ROCE, ROE and operating margin are extraordinary.  I think in addition they have a great moat.

I am very happy with the stock being 11.5% of my portfolio ex cash or 9.17% including cash.

The price has jumped today by around 20% to 1160p and I suspect that there is more to come.

AIR

AIR: Actually only sold 16% of my holding on Friday because the other transaction that I placed was in my ISA and was on a limit order for one day which was not fulfilled.  So happy failure.  Now I have to decide whether to sell into today’s strength. Am inclined to do so.

I can see no reason, as always, for the move in the price so it is likely to be down 15% tomorrow.

AIR

I have today 19/08/2016 reduced my holding in AIR from 10.3% of portfolio to 5% of portfolio.

Thanks to Imran Khan (Twitter Handle @immikhan) I now remember why I bought this stock. It is one of Lord John Lee’s core holdings and at the time that was good enough for me.  It was good value and did run up nicely to 600p+ but since then has declined as low as 260p . Recovering now to as high as 438p but again has steadily declined to 370p at the time of writing.

My puchases have been

Date Shares Price Cost
10/10/2012 1080 275.00  £  2,970.00
16/10/2012 341 287.86  £     981.60
08/11/2013 353 560.00  £  1,976.80
14/05/2014 388 509.00  £  1,974.92
29/01/2015 721 274.00  £  1,975.54
30/01/2015 650 304.00  £  1,976.00
08/09/2015 1127 440.00  £  4,958.80
25/01/2016 538 367.15  £  1,975.27
 £18,788.93

The share price is annoyingly irrational up 7% one day and down 7% the next for no reason.  So to reduce the impact on the portfolio I have decided to reduce my exposure to 5% of portfolio and may well look to exit if price strengthens from here to anything above 600p unless it looks like the stock is going to be permanently re-rated.

The proceeds will be re-deployed to cash and possibly another purchase or top up.