BrainJuicer: Partial profit realization

Shares of market research provider BrainJuicer performed well since I bought them in February this year. Market concerns about the company’s growth prospects seem to have abated in the meantime. Numbers for the first half 2016 being released on Friday confirmed that view. After two years of revenue stagnation, topline grew nicely by 12%. Gross profit was up 15% and earnings per share increased 41% over the same period last year. As I discussed in my initial analysis, the company’s product mix has been changing over the last years with growth in new so called “Juice products” substituting for declines

Read More…

BrainJuicer – Investment Case

Brainjuicer (BJU) is a small player in the market research industry. Market research  provides information to identify and analyze the market need, market size and competition. Market research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. The industry is dominated by Nielsen Holdings , Kantar (division of WPP), IMS Health, Ipsos, GFK and Information Resources who together combine more than 40% of total worldwide revenue on marketing, advertising and public opinion research services for all for-profit firms (in total roughly USD

Read More…

BrainJuicer (AIM: BJU)

I have been waiting for quite some time to establish a position in this micro cap company. Today’s large trading volume provides me with the opportunity to build a 3% position around 275 pence per share in line with portfolio rules. A  detailed case will be published soon. Disclaimer The content contained on this site represents only the opinions of its author(s). I may hold a position in securities mentioned on this site. In no way should anything on this website be considered investment advice and should never be relied on in making an investment decision. As always please do

Read More…

Q1 2017 Performance Review

In the first quarter of 2017 the portfolio gained 4.9% against an increase of the benchmark of 6.8%. Largest contributors to performance were BrainJuicer +1.9% (rebranded as System 1 Group at the beginning of April) and AO Johansen +1.7% (split their shares by 1 for 10 at the end of March). The largest detractor was Dundee Corp -0.7%. At the end of the quarter cash made up 24.2% of the portfolio. During the quarter, I have sold Lectra (total profit of 216.3%) and Passat (total loss of 27.2%). At the end of the quarter, I started to increase my allocation

Read More…

Q3 2016 Reporting and Thoughts about portfolio management

In the third quarter the portfolio gained 6.4% while the benchmark gained 8.2%. YTD the portfolio increased by 9.0% while the benchmark added 2.8%. Since inception in January 2014, the portfolio grew by 28.8% while the benchmark grew by 31.4%. Largest contributors to performance during the quarter were Brainjuicer (+1.5%), A&O Johansen (+1.1%), a basket of Italian real estate funds or REIFs (+1.0%) and City of London Investment Group (+0.8%). Largest detractors were Dundee Corp. (-0.5%) and Sports Direct (-0.5%). An overview of the portfolio’s ten largest investments ex cash is outlined in the table below: Some thoughts about portfolio

Read More…

Q1 2016 Reporting and Addition to A&O Johansen

In the first quarter of 2016 the portfolio gained 1.4% 1.9% (Edit 4/13/2016: I forgot to include City of London Investment Group’s dividend paid on 3/11/2016; Edit 5/6/2016: I forgot to include Fairfax Financial’s dividend paid on 1/28/2016; Edit 8/4/2016: I forgot to include dividends paid by Unicredito Immobiliare on 3/16/2016 and by Amundi Europa on 3/23/2016) while the benchmark lost 4.7%. Largest contributors to performance were Fairfax Financial (+0.7%) (0.8%), A&O Johansen (+0.6%), Dundee Corp. (+0.6%) and Houston Wire & Cable (+0.6%). Largest detractors were Par Pacific Holdings formerly known as Par Petroleum Holdings (-0.8%), City of London Investment

Read More…

WordPress Backup