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Borsgade
In its December 2023 update, Kurt Kara and the team behind their Value Stocks fund provide an update and developments in the portfolio portfolio. Here they mention, among other things, that the ECB and the Bank of England both rejected the end of the fight against inflation. According to Kara, this put a damper on the market, which was otherwise positively affected by announcements from the Fed to lower interest rates in 2024.
Here they also unveil a new position that they have added to the portfolio: the American pharmaceutical manufacturer Johnson & Johnson. In relation to the portfolio, they write:
The American company Johnson & Johnson, which among other things manufactures products in the healthcare field, was added to the portfolio. The company has consistently demonstrated the ability to deliver high returns on invested capital. The stock was bought at 15 times estimated earnings. We divested the position in Intel to finance the acquisition of Johnson & Johnson. Intel has delivered a good performance in 2023, but in our opinion, Johnson & Johnson was a more attractive company on quality and valuation at the time of acquisition.
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The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk
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