Active Stock Portfolio Updates - April 2019

The Equity Growth, Equity Income, Hybrid Income and Australian Small Companies Fund quarterly updates are now available.


Intelligent Investor Equity Growth Portfolio

The share price of casino operator Star Entertainment has fallen by almost a third from its peak. It now trades on an attractive EV/EBITDA (enterprise value to earnings before interest, tax, depreciation and amortisation) multiple of just over eight compared to a multiple of thirteen for Crown Resorts should James Packer get his price. Star also yields a handy 5.5% while we wait for the completion of its massive new Brisbane casino in 2022...

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Intelligent Investor Equity Income Portfolio & ASX:INIF

How do you spot a bubble in technology stocks? A good sign is when investors are paying many tens of billions of dollars for ‘platforms’ that lose billions of dollars while their private sponsors that get paid huge fees sell out.

Pinterest, WeWork, Uber and Lyft are just some of the US names that have listed recently or are about to. The common thread, aside from the fact that Uber and Lyft are rivals, is that they boast multi-billion-dollar market values and either measly profits (Pinterest) or large losses without a clear path to profitability, yet alone profits that justify a near US$100bn valuation in Uber’s case...

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InvestSMART Australian Small Companies Fund

Outside of a handful of quarterly results that met our expectations it was a quiet month for portfolio news, so we’ll take this opportunity to discuss our thoughts on portfolio management. One of the less discussed but more important parts of investing.

When we hunt for new investments, we generally look for four things: competitive advantage, scalability, alignment and execution. We aim to find companies that rank well across all four, but in practice, we often compromise in some areas. Perfect investments are extremely rare, so the art of investing is knowing when to bend the rules...

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InvestSMART Hybrid Income Portfolio

For the month of April, the total portfolio return was 0.35% and 1.40% for the three months since end of January. Since inception, the total return of the portfolio is 4.57%.

April was a low-income month, with no securities trading ex-dividend...

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