1-The most complete portfolio of Emerging market companies around, with diversified stocks in all EM regions.
2-A complete set of quality value Euro small caps.
All run by a private investor since 2012, with experience in Fintech and Internet industries, multilingual, with over ten years of emerging market investments.
My focus is value investing, combining the best aspects of value and growth.
The Value methods historically outperforms:
PERFORMANCE:
I have been doing about 18% a year since opening the newsletter in 2021. I think that I only matured as an investor after covid and I am still learning. This is ok during a horrible time to be an EM, Europe value investor.
Significant portfolio performers over 80% including adding up and down
(Update Mon 27 - 2025) - Now I will just count the multibaggers because it’s too time consuming to count the exact percentage returns of ideas every few months.
6 baggers
-Modern Dental Group - low valuation and lucky covid momentum, pre newsletter.
5 baggers
-Glintt Global - very low valuation - quality and growth - SOLD - (4x after tax)
-MTN Group - very low valuation covid buy, pre newsletter, small amount
4 baggers
-Bank of ireland - very low valuation covid buy pre newsletter
3 baggers
-Terravest Industies - low valuation - incredible acquisitions
2 Baggers
-Newlat Food - low valuation - incredible acquisitions
1 Baggers
-Alpha Purchase - low valuation - quality and growth
-First Pacific - very low valuation
-Airtel Africa - very low valuation
-Boustead Singapore - very low valuation
-Embotelladora Andina - low valuation - quality
80% or more ex dividends:
-Grupo Catalana Occidente + 77% acquired. - low valuation - quality
-EM finance company
Downgraded from double to normal performance:
-Kaspi - very low valuation - quality and growth
Significant portfolio performers over 80% including adding up and down
(Update Sept 3 - 2025) - Now I will just count the multibaggers because it’s too time consuming to count the exact percentage returns of ideas every few months.
A lot of companies are in the 30-60% range, which is what we expect with steady compounding.
List and reason for returns.
3 baggers
-Terravest Industies - low valuation - incredible acquisitions
-Newlat Food - low valuation - incredible acquisitions
2 Baggers
-Glintt Global - very low valuation - quality and growth
1 Baggers
-Alpha Purchase - low valuation - quality and growth
-First Pacific - very low valuation
-Airtel Africa - very low valuation
-Boustead Singapore - very low valuation
-Kaspi - very low valuation - quality and growth
-Embotelladora Andina - low valuation - quality
80% or more ex dividends:
-Grupo Catalana Occidente + 77% acquired. - low valuation - quality
This does not include Baggers bought 1 year before the newsletter started during covid lows like MTN Group, Bank of Ireland, Modern Dental group commented in the newsletter.
I also had very few large losses due to the quality value approach.
Significant bad performers under 40%
Yes I was adding to some losers, so it’s skewing the game, but these are real returns on my holdings based on my strategy. I also added up to some names like JD.com, removing it from the list of baggers.
UK small cap - 43% since 2021 despite adding so let’s keep it in the hall of shame
Significant portfolio performers over 80%
(July 1 - 2025)
TerraVest Industries Inc +451% since 2023
Newlat Food +218% since 2021
Glintt Global: +154% since 2024
First Pacific Co +145% since 2019 - Write up in 2021.
Embotelladora Andina +106% since 2021
Alpha Purchase +134% since 2024 - Idea I copied from “MadeInJapan” substack
Kaspi - Over 100% since 2022 - 43$ purchase price (ex dividends.)
Supreme PLC - 95% since 2022
Hidden Brazilian quality with almost 0 write up - 92% since 2024
Airtel Africa +85% since 2023 - Thanks Spanish Fintweet
Coca Cola Femsa +84% since 2021
Polish small +91% since 2023
Singapore small - 80+% since 2023 - (my broker shows 104% but I had made an earlier profit on the name years ago, messing up the total result).
Bank of Ireland over 80% with dividends since 2022 and +395% on my average prices.
Catalana Occidente +77% (below threshold but acquired by the founding family)
A closed idea was Associated British foods in 2022 that did 59% in a short time
Tim SA that did 77% in a short time too, but my real portfolio missed the upside here.
Alibaba was closed in Early 2025 at about 50%.
MTN group that I bought before the newsletter started is up 415% in my portfolio but it does not really count, since it was a quick post covid recovery.
Significant bad performers under 40%
Yes I was adding to some losers, so it’s skewing the game, but these are real returns on my holdings based on my strategy.
Beximco Pharma -36% since 2021 despite adding so let’s keep it in the hall of shame
UK small cap - 43% since 2021 despite adding so let’s keep it in the hall of shame
I have no automated way to track each performance including dividends and excluding past sales with my broker, and I am not interested in tracking +30 -30% movements.
Therefore I will track only large winners (+80%) and losers (-40%) disclosed in the newsletters.
The performance is based on real portfolio gains, including additions, and not on write ups. The newsletter is following a real portfolio with a long term approach.
Sometimes the portfolio return is not reflected in a timely write up (Kaspi), just shown in portfolio movements), and sometimes portfolio return is worse than a write up published after a significant drop already (Beenos write up).
Thanks @Michael for all the Support: you can subscribe to his publication here
Thanks @Guy for all the support as well
Quality & value approach, mainly in Europe and Emerging markets, and of all sizes. High quality stuff, he’s no fluff and has good ideas. (The intellectual Hedge)
I had a few big winners such as adding to Bank of Ireland and MTN during covid for like 5 and 10 bagger on these reinforcements, but this was easy money.
I picked up the bottom in Alibaba and also on Brazil, by focusing on fundamentals and not momentum, or being a contrarian to the negative momentum.
