After the announcement of a wind-up nearly at time of post of last post…

I ended up selling my position that morning, as money in bank is better than waiting for a drip feed of returns (which I see as the likely FCIF outcome) – and buying SKG as a replacement from my “targets list”. Smurfitt Kappa are a paper/card producer with huge market reach across the globe, and my current “valuation” metric has them trading below their true value (which should be 15% above current market by my calculations (as a lower-end estimate)). Given that and a 3% dividend, it met my up to >20% growth in a year metric. It also has the owners heavily invested in the business’s future stake (which I love to see in a company), and is trading at a healthy PE. The Venezuala situation did hit this years bottom line, but I don’t see it being repeated.

As this is going ex-dividend shortly, I expect to expand on this position in 2019 as the price drops – it looks like a long-term holding potential for me – I may not sell this position for 10 years if I’m right, given how cheap it seems right now.

I’m also intending on buying the same share in the SIPP over time, as I do see it being a core-industrials holding, and the current move to home-delivery is really helping SKG.

One small point, this does place me reasonably underweight reference Bond/Loans in the portfolio, so I do need to replace this percentage over the coming year. I may top up CGT, which has been a good exposure to this market which actually has made me money in last year (circa 8% in 13 months, as I purchased on a dip!).