Portfolio performance 2017

It’s the time of the year to fill out the tax forms.

2017 was the second full-year of the bargain hunting strategy.  The total return for the portfolio was 18.8 %. This return includes fees, FX and taxes (transaction taxes and realized capital gains). The average share return was 23.9 %, which may interest anyone considering the NCAV/Market cap as a key ratio.

Unfortunately, I have stepped on a mine. Swing Media is trading halted and the situation smells bad. Either due to poor management or some shenanigans the company is facing bankruptcy due to liquidity problems. I’ve taken the conservative stand and marked it to zero value. Maybe I’ll write some more on the lessons learned later.

Open Positions
Company	Ticker	BOY/Entered	Dividends	EOY	Return
Boom Logistics Limited	ASX:BOL	0.105		0.26	147.62%
Nireco Corp	TYO:6863	605	20	1175	97.52%
Sanshin Electronics	TYO:8150	1128	25	1923	72.70%
ODAWARA AUTO-MACHINE MFG.CO LTD	TYO:7314	507		818	61.34%
NICHIWA SANGYO CO., LTD.	TYO:2055	214	5	340	61.21%
EIDAI KAKO CO., LTD	TYO:7877	255	10	387	55.69%
Emerson radio	NYSEMKT:MSN	1.01		1.46	44.55%
Renesas Easton Co Ltd	TYO:9995	524	12	738	43.13%
Magnificent Hotel Investments	HKG:0201	0.173	0.0064	0.23	36.65%
Kawasumi Laboratories, Incorporated	TYO:7703	657	17.5	864	34.17%
Coventry Group Ltd.	ASX:CYG	0.89		1.15	29.21%
NIPPON ANTENNA CO., LTD	TYO:6930	555	21	695	29.01%
Sanko	TYO:6964	460		593	28.91%
KK Chuokeizai-Sha Holdings	TYO:9476	413	10	515	27.12%
Tiemco Limited	TYO:7501	487	12	592	24.02%
Oriental Watch Holdings Limited	HKG:0398	1.5	0.054	1.78	22.27%
Sasakura Engineering Co Ltd	TYO:6303	2250	7	2703	20.44%
Dickson Concepts (International) Ltd	HKG:113	2.69	0.17	3.05	19.70%
Charle Co Ltd	TYO:9885	475	15	535	15.79%
Clarius Group Limited	ASX:CND	0.089		0.098	10.11%
GigaMedia	NASDAQ:GIGM	2.94		3.0399	3.40%
Sin Ghee Huat Corporation Ltd.	SGX:B7K	0.2	0.002	0.2	1.00%
Ambertech Limited	ASX:AMO	0.12		0.12	0.00%
CosmoSteel Holdings Limited	SGX:B9S	0.124	0.005	0.115	-3.23%
C C Land Holdings Limited	HKG:1224	2.08		1.73	-16.83%
QC Holdings, Inc.	QCCO	0.74		0.46	-37.84%
Sino Agro Food Inc	SIAF-ME	32.5		8.67	-73.32%
Swing Media	SGX:BEV	0.59		0	-100.00%
Closed Positions
Company	Ticker	BOY/Entered	Dividends	Exited	Return
Kingboard Copper Foil Holdings Limited	SGX:K14	0.28	0	0.405	44.64%
UKC Holdings Corp	TYO:3156	1627	0	1922	18.13%