Readers of my blog know that I am not a big fan of doing “sell side” style quarterly updates on my portfolio companies. Quite a few of my holdings don’t even report quarterly.
On the other hand, especially in times like this with fast moving fundamental changes, only looking at the holdings once a year is maybe not enough especially for those positions where my investment horizon is shorter and where I have not yet build up long term confidence.
Therefore I’ll start with half year updates in order to at least look at all my portfolio companies in a systematic way once during the year. In this installment I have selected the larger positions first with a few exceptions.
Admiral reported a solid set of numbers for the first 6 months. Net income is slightly ahead of my estimates with a run rate of around 1,34 GBP EPS vs. 1,2. Interestingly, no specific reserve strengthening seems to have been necessary. The stock market seems to have been positively surprised. Even after the recent recovery, the stock trades below 10x P/E for 2022.