Thanksgiving Portfolio November 2012

Compared to last quarter  and four years back.
The Stable
Barclays
Bralirwa (Rwanda)
Diamond Trust Bank
East African Breweries (EABL)
Equity Bank
Kenya Airways
Kenya Commercial Bank (KCB)
Kenya Oil Company (Kenol)
Safaricom
Scangroup
Stanbic (Uganda)
Unga ↔
What’s changed?
In: Unga
Out: None
Increase: None
Decrease: None
Dividends: Safaricom, KCB, Barclays, EABL
Unexpected gains/losses: Bralirwa’s share price appreciation and Safaricom’s rebound (back up to the Kshs 5/+ IPO price) coupled against another shocking half years Kenya Airways forex loss
New listings not taken on: There are on-going rights issues for Family Bank, UAP Insurance, SMEP Trust, Uchumi and CFC Stanbic

Best performer: Bralirwa’s (up 54% in 3 months) then Safaricom, Diamond Trust, KCB
Worst Performer: Stanbic Uganda (down 33%) 
Performance Summary: The NSE 20 share index is up 10% in the last three months, while this portfolio is up 22%. Compared to four years ago, the NSE Index is up just 6%, but the portfolio only had Diamond TrustKCB SafaricomScangroup Stanbic (Uganda)↓ in 2008, is much larger.

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