Choppy Capital

UK based investor and trader, occasionally in things that go up.

[Choppy Capital @ChoppyCapital]

UK investors can access investment trusts that hold Anthropic (Claude), with #SMT #USA and #MNTN all giving exposure between 2.5%-7.4% of NAV. A really good example of the uniqueness of investment trusts and managers with conviction/skillset to back private companies early.

[Choppy Capital @ChoppyCapital]

Decent news from CVS #CVSG today, announcing an Australian acquisition and share buyback. Shares are still treading below the 2025 VWAP (1266p), expect move upside if it can close and hold above this.

[Choppy Capital @ChoppyCapital]

Oxford Instruments #OXIG recently broken out to ATHs, not surprising with end markets including semiconductors and quantum computers. £500m revenues, £1.8bn mkt cap seems reasonable relative to US peers - more upside to come?

[Choppy Capital @ChoppyCapital]

European and Asian markets having a good day. UK bank holiday today but it should be a decent move when they reopen tomorrow!

[Choppy Capital @ChoppyCapital]

UK financials at 52 week/all time highs, charts setting up really well. #HSBA #SDLF #ADM #STAN

[Choppy Capital @ChoppyCapital]

#WOSG chart looking strong, clear break of the downtrend since the 2021 ATH.

[Choppy Capital @ChoppyCapital]

@fundhunter_co Also the types of companies they invest in. As a holder I’d hoped they would stick to Fundsmith type businesses (small, predictable, everyday products/services) but they’ve gravitated towards consultancies (Exponent) and now an AI/beauty data business that’s only just IPOd (2/2)

[Choppy Capital @ChoppyCapital]

@fundhunter_co The market is probably looking at their portfolio on a sub 2.5% FCF yield versus rates now 5%+ and concluding there are better opportunities. Might also be do to with #SSON being weak at the “Don’t Overpay” point (1/2)

[Choppy Capital @ChoppyCapital]

@MaynardPaton I hope I’m wrong but this could be the start of something. Struggle to trust a CEO who claims to be the “Amazon of cakes”. Back of the fag packet numbers showing avg store turnover around £365k pa when a cursory visit to one could show this probably isn’t the case. CAKE 2.0?

[Choppy Capital @ChoppyCapital]

@MaynardPaton Excellent article Maynard. Auditors rarely resign without reason - especially when they’re working with companies with good growth prospects/scope to provide additional services to. Inventory days was the big red flag for me + the auditors stating issues with control env (1/2)

[Choppy Capital @ChoppyCapital]

@CapitalPmh @eggfreecakeuk @SukhChamdal @pardip_dass For what it’s worth, I tried one of their cake slices and it was fantastic! I hope my concerns are misplaced.

[Choppy Capital @ChoppyCapital]

@CapitalPmh @eggfreecakeuk @SukhChamdal @pardip_dass They did. They also said “Control weaknesses were identified over the implementation of the new stock system and stock costing procedures”. Inventory days o/s are 54 - sounds like a lot of stale sponge. Another franchiser (DOM) are 18 days. Food for thought.

[Choppy Capital @ChoppyCapital]

@FinanceFunky Agree to a point. Time is important too e.g holding Microsoft from $60 in 2000 to $15 in 2009 would obviously look like a poor investment but time has been a healer since.

[Choppy Capital @ChoppyCapital]

@fundhunter_co @ITinvestorUK https://t.co/JSFA5Q5IcL

[Choppy Capital @ChoppyCapital]

@fundhunter_co @ITinvestorUK Latest 13f is showing a holding of $491m for $CHD which will include both funds - given their Sustainable fund is £424m in size. It's an interesting addition but probably reflects the fact that few quality stocks currently meet their valuation requirements