QAV Club Weekly Update 2025-03-11

Stock Analysis

We’ve done quite a bit of trad­ing for the Light port­fo­lios recent­ly, so if you’re a Light or Club sub­scriber, you should check out the analy­sis of those stocks here. Includes overviews of DSK, FWD, SHA, AMI, PRN, RMS, RRL and PRU.

Portfolios

The Dum­my Port­fo­lio has tak­en a beat­ing recent­ly along with the mar­ket, but is still +9% for the FY. I recent­ly sold VVA (04/03/2025) and haven’t replaced it yet, as I don’t have enough cash to buy a full par­cel. 

The U.S. port­fo­lio has also tak­en a recent beat­ing but is +27% for the FY.

BUY LIST

Each week we pro­duce a buy list based on our val­ue invest­ing sys­tem that we share with our QAV Club mem­bers. The intend­ed pri­ma­ry pur­pose of this buy list is for club mem­bers to use as a ref­er­ence for com­par­ing their own buy list. In the­o­ry, all of our buy lists should look pret­ty sim­i­lar each week.

As always, please check our work, DYOR, con­sult a finan­cial advi­sor before mak­ing any invest­ing deci­sions.

After get­ting a mix­ture of feed­back on last week’s exper­i­ment with the cut-down ver­sion of the buy list, this week I’m pro­vid­ing TWO ver­sions – the small ver­sion just has the basic buy list and the full ver­sion has all of the reg­u­lar sheets. Hope­ful­ly that keeps every­one hap­py!

1. QAV AU SCORECARD 2025-03-10 — SMALL VERSION

2. QAV AU SCORECARD 2025-03-10 — FULL VERSION

QAVAU #809

In episode #809, we review recent half-year­ly results and mar­ket volatil­i­ty, dis­cussing notable move­ments in the dum­my port­fo­lio com­pared to the bench­mark, as well as sig­nif­i­cant shifts in com­modi­ties such as crude oil. We dive into report­ing-sea­son sur­pris­es from com­pa­nies like Qan­tas, Hel­lo World, Pep­per Mon­ey, and Karoon Ener­gy, explor­ing the lack of time­ly “con­fes­sion sea­son” dis­clo­sures and how that impacts invest­ment deci­sions. The top­ic of whether to pause stock pur­chas­es dur­ing report­ing sea­son is debat­ed, express­ing our frus­tra­tion over abrupt CFO depar­tures and earn­ings “shock” announce­ments. We con­clude with a “Pulled Pork” deep dive on min­ing ser­vices group Per­en­ti (PRN), ana­lyz­ing cash-flow quirks, fore­cast earn­ings, and over­all QAV met­rics.

QAVUS #001

For those of you who are inter­est­ed in the U.S. mar­ket, we record­ed our first ded­i­cat­ed U.S. episode last week. In future it will be com­ing out on a sep­a­rate feed. More details about how that will work lat­er. 

In the pre­miere episode of the QAV U.S. pod­cast, Cameron Reil­ly and Tony Kynas­ton intro­duce Amer­i­can lis­ten­ers to their estab­lished val­ue invest­ing approach, known as QAV (Qual­i­ty at Val­ue). They dis­cuss their check­list-dri­ven, rule-based invest­ing method­ol­o­gy designed to iden­ti­fy under­val­ued stocks with­out emo­tion­al deci­sion-mak­ing. Tony overviews their sys­tem, empha­siz­ing its sim­plic­i­ty, low emo­tion­al involve­ment, and focus on long-term con­sis­ten­cy and low risk com­pared to spec­u­la­tive invest­ing. They address recent port­fo­lio adjust­ments, such as sell­ing Lands’ End (LE) and Glob­al Ship Lease (GSL), and pro­vide a detailed analy­sis of ZIM Inte­grat­ed Ship­ping Ser­vices (ZIM), high­light­ing its strong finan­cial met­rics and explain­ing their ratio­nale for invest­ment deci­sions.