A disappointing performance in November with a negative performance. The portfolio is now well off its high for the year, by around 10%.

I’ve got some of my recently opened positions wrong and the shares that have performed well over the last few months have mostly underperformed over the last 6 weeks or so.

Eros International (EROS), Polo Resources (PRL) and Hirco (HRCO) are all recent purchases that are all well down, however I still see reasons to hold all three and have recently added to the EROS & PRL positions.

The big disappointment in November was the Niger Uranium (URU) special dividend, this would have generated real value for holders. The share price had already risen in anticipation of the dividend being approved, so when surprising it was voted down the share price was quick to drop back. It was badly handled by management and I got out as quickly as I could at 35p. Fortunately still locking in a good profit but far less than I was expecting. I now prefer to invest in Polo Resources (PRL) to gain exposure to the Extract Resources (ASX:EXT) story.

I remain hopefully of a good December to close the year, traditionally its a strong month for the market but this year being far from typical I don’t think that counts for much!