Has anyone else noticed that we've had a few shockers in the small/mid cap portfolio in recent years? We've got 10 percent of Monash IVF which has just cratered and from what I can see there were substantial purchases made in February at between $1 and 80c (61 cents today)
This got me thinking back to John Lyng Group which we own 4% of (looks like that stake was actually inherited via the Milton merger in late 2020) and we also participated in the Evans Dixon IPO with a 2% stake that got wiped out completely.
We also took a heavy loss on the TOT shares that we inherited from the URB Investments merger.
Clearly these are all pretty much immaterial to the size of the overall portfolio (and small cap investing will by nature always come with more risk) but it does make me wonder a little bit about the level of due diligence on these smaller stakes.
Maybe we don't have the man power at HQ to look into them closely enough?
SOL Price at posting:
$39.42 Sentiment: Hold Disclosure: Held
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