Archive - Superfluous Value

2023 Portfolio Review

For calendar year 2023, the Superfluous Value portfolio gained 24.9%, modestly outperforming the MSCI ACWI IMI which rose 20.8% (both in AUD). The…

Mar 26 •

Petrobras: They're Panicking Again

I just wanted to share a quick note regarding last week’s sell-off in Petrobras, as my thoughts have deepened over the weekend. My initial reaction was…

Mar 10 •

August 2023

H1 2023 Portfolio Review

For the first half of 2023, the Superfluous Value portfolio gained 10% in AUD, underperforming the MSCI ACWI IMI, which climbed 15.3% (also AUD). The…

Aug 31, 2023 •

Superfluous Value on Tour: Ashmore Plc

Hi all, I guest wrote an article for my friend Olivier while he is enjoying a sunny August in Barcelona. I dig into UK fund manager Ashmore Plc, who…

Aug 10, 2023 •

July 2023

Brazilian Value: The Trade of the Decade

Value investing is often described as running towards the fire or seeking out disaster. Often, outstanding returns can be had as the market reverts from…

Jul 25, 2023 •

April 2023

CBD: When the Catalyst Is Slapping You in the Face

I recently made my first purchase for the year, buying a core position in Brazilian holdco Companhia Brasileira de Distribuição (CBD:NYSE). I believe it…

Apr 20, 2023 •

March 2023

2022 Portfolio Review

For calendar year 2022, the Superfluous Value portfolio fell 12.4%, essentially steady against the MSCI ACWI IMI which lost 12.5% (both in AUD). The…

Mar 22, 2023 •

December 2022

The Bubble Isn't Where You Think It Is

Just a short pre-Christmas note today. A number of market pundits have been giving the all clear to jump back in the pool now that crypto has been nuked…

Dec 24, 2022 •

November 2022

Petrobras: Pricing Amargeddon, With a Muddle Through Likely

I had to write a brief note about the panic whipped up by UBS’ downgrade of Petrobras, cutting its price target from R$47 to R$22 on fears of a policy…

Nov 23, 2022 •

September 2022

Let's talk about LILAK

“Overall, we believe that through our operational and inorganic progress, we are set to deliver meaningful adjusted free cash flow growth in the coming…

Sep 28, 2022 •

August 2022

The Micro Focus Buy-Out: Vindication?

After banging the drum on Micro Focus for several years, a suitor has arrived, with Canadian software firm OpenText offering to acquire the company for…

Aug 31, 2022 •

July 2022

H1 2022 Portfolio Review

For the first half of 2022, the Superfluous Value portfolio fell 14.7% in AUD, modestly outperforming the MSCI ACWI IMI, which fell 16.5%. The weaker…

Jul 27, 2022 •

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