Today I added some more shares in Beijing Capital International Airport (HK:694) to the portfolio. Although the yield is a rather low 2.6% (trailing), my expectation is that this will grow over time and that Beijing's airport represents a solid investment with a reasonable degree of protection from competition. I paid HK$5.00 for the additional shares and my average cost is now $4.40 (after allowing for transaction costs and dividends received).
In an effort to get used to the idea that I will shortly lose my work related income stream meaning that new investments have to be funded from the sale of old ones (or a run down of my cash position), I sold my loss making position in Tontine Wines (HK:389). Although Tontine Wines is still sitting on a lot of cash and has a coherent plan for focused growth, the recent decline in profitability and the cancellation of the dividend have led me to conclude that it would be preferable to invest elsewhere. I received HK$0.45 on sale resulting in a loss of 41% on my net investment. Once again, I have been fortunate in that this was a small position but kicking myself for not selling immediately after the last results announcement.
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