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 Trust↓KCB↓ Safaricom↓Scangroup↓ Stanbic (Uganda)↓ in 2008, is much larger.