This article is excerpted from a letter by MOI Global instructor Jim Roumell, partner and portfolio manager of Roumell Asset Management (RAM), based in Chevy Chase, Maryland. Jim is a valued participant in The Zurich Project.
(Note: All figures in Canadian dollars)
Dundee reported a loss of $1.34 per share and NAV of $8.70 per share in the second quarter (down from $10.01 as of 3/31/18). The company is continuing to focus on repositioning its overall investment portfolio. CEO Jonathan Goodman stated that what was once a portfolio of about 100 investments is current at approximately 75 with a goal to get down to a manageable 30 in the not-to-distant future. The company has been unambiguous that everything in the portfolio is up for sale at the right price. That is, there are no sacred cows.
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Disclosure: The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and the reader should not assume that investments in the securities identified and discussed were or will be profitable.