October was dominated by the closely-watched US election campaign and the ongoing war in the Middle East, which continues to threaten to spill over into a wider conflict between Israel and Iran. This left the market in a very risk-off mood, with ongoing worries about the Chinese economy adding to the gloom.
We continued to look in fairly good shape across our five current portfolios. The venture portfolio reflects the ongoing malaise in the small caps market, which is frustrating. However our gold bet continued to make money in October, up 46% by the end of the month. The short trade on Estée Lauder proved to be a very early success, with the shares dropping sharply in the last trading day in October.
Next month (December) we will be attending the Resourcing Tomorrow conference in London. If you are at the conference, please do stop by our booth to say hello.
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