Performance to date

Currently out of equities

Current Strategy
Buying: Tbills
Watching: BOBU
Selling: -

Perfomance to date on USE ( 48 months )

BATU - 1527, BOBU - 205, DFCU - 1000, NIC - 45 ,NVL - 769, SBU - 100, UCL - 41

NVL 5.4 % annualised
DFCU 9.9 %

Consolidated position is 5.4 % annualised.

Current Strategy
Buying: NVL,NIC?
Watching: UCL,BOBU
Selling: DFCU

Best consolidated position has been 11.6% worst has been (18)%

Performance to date on USE ( 42 months)

BATU - 1000, BOBU - 365, DFCU - 1000, NIC - 70 ,NVL - 985, SBU - 170, UCL - 35

NVL 18.1 % annualised
DFCU 11.4 %

Consolidated position is 11.6 % annualised.

Current Strategy
Buying: UCL?
Watching: BOBU, NIC
Selling: none

Best consolidated position has been 11.6% worst has been (18)%

Performance to date on USE ( 29 months)

BATU - 320, BOBU - 440, DFCU - 800, NIC - 60 ,NVL - 720, SBU - 200, UCL - 51


BOBU 20.7% annualised
NVL 6.2 %
DFCU 3.8%

Consolidated position is 4.3 % annualised.

Current Strategy
Buying: NVL
Watching: NIC, BATU
Selling: none

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 28 months)

BATU - 320, BOBU - 310, DFCU - 706, NIC - 60 ,NVL - 540, SBU - 210, UCL - 76


BOBU 7.7% annualised
NVL (13)%
DFCU (-1.5)%

Consolidated position is (4.2) % annualised.

Current Strategy
Buying: NVL
Watching: NIC, BATU
Selling: none

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 27 months)

BATU - 250, BOBU - 282, DFCU - 648, NIC - 45 ,NVL - 465, SBU - 169, UCL - 50


BOBU 4.8% annualised
NVL (27)%
DFCU (-5.5)%

Consolidated position is (9.7) % annualised.

Current Strategy
Buying: NVL, UCL
Watching: BOBU, DFCU
Selling: all others

Best consolidated position has been 7% worst has been (18)%

Perfomance to date on USE ( 25 months )

BATU - 250, BOBU - 300, DFCU - 620, NIC - 45 ,NVL - 450, SBU - 163, UCL - 50


BOBU 8% annualised
NVL (47)%
DFCU (8)%

Consolidated position is (13) % annualised.

Current Strategy
Buying: NVL, NIC
Watching: UCL BOBU, DFCU
Selling: all others

Best consolidated position has been 7% worst has been (18)%

Perfomance to date on USE ( 24 months )

BATU - 280, BOBU - 318, DFCU - 595, NVL - 450, SBU - 155, UCL - 60


BOBU 10% annualised
NVL (54)%
DFCU (10)%

Consolidated position is (15) % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 23 months )

BATU - 330, BOBU - 330, DFCU - 546, NVL - 445, SBU - 159, UCL - 48


BOBU 13% annualised
NVL (63)%
DFCU (15)%

Consolidated position is (18) % annualised.

Current Strategy
Buying: NVL
Watching: DFCU UCL
Selling: all others

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 22 months )

BATU - 370, BOBU - 344, DFCU - 530, NVL - 530, SBU - 160, UCL - 70


BOBU 15% annualised
NVL -57%
DFCU -17%

Consolidated position is -16 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others


Best consolidated position has been 7% worst has been -16%

Performance to date on USE ( 21 months)

BATU - 370, BOBU - 380, DFCU - 500, NVL - 770, SBU - 160, UCL - 70


BOBU 21% annualised
NVL -45%
DFCU -21%

Consolidated position is -13 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU UCL BOBU
Selling: all others


Best this year has been 7% worst has been -14%

Performance to date on USE ( 19 months)

BATU - 370, BOBU - 380, DFCU - 500, NVL - 910, SBU - 150, UCL - 80


BOBU 23% annualised
NVL -44%
DFCU -22%

Consolidated position is -12 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others

Performance to date on USE ( 18 months)

BATU - 510, BOBU - 385, DFCU - 455, NVL - 1060, SBU - 155, UCL - 85


BOBU 25% annualised
NVL -43%
DFCU -31%

Consolidated position is -14 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others

Performance to date on USE (69 weeks)

BATU - 600, BOBU - 380, DFCU - 645, NVL - 1210, SBU - 120, UCL - 80


BOBU 28% annualised
NVL -43% (notice the neat trick of buying into a falling stock price ? compare with last month)
DFCU -12%

Consolidated position is -3.5 % annualised.

Current Strategy
Buying: NVL
Watching: UCL DFCU
Selling: all others

Performance to date on USE (64 weeks)

BATU - 670, BOBU - 385, DFCU - 660, NVL - 1300, SBU - 135, UCL - 65

All counters have made losses lately

While I am following suit, I am not doing so with much haste thankfully.


BOBU 31.3% annualised
NVL -66.6%
DFCU -11.2%

Consolidated position is -1.6 % annualised.

Current Strategy
Buying: NVL
Watching: UCL DFCU
Selling: all others

Performance to date on USE ( 57 Weeks)

BATU - 770, BOBU - 470, DFCU - 700, NVL - 1450, SBU - 140, UCL - 120

We continue to see the share price of BOBU plumet.

Soon all unrealised profits on BOBU will varnish completely. After which we may consider buying BOBU again. Which would mean we have turned full circle. One thing that remains is the unrealised losses on DFCU which are not increasing wildly (majority of holdings are in DFCU)


BOBU 59% annualised
DFCU -7.2% annualised

Consolidated position is 7.0 % annualised.

Current Strategy
Buying: DFCU
Watching: BOBU UCL
Selling: all others

Performance to date on USE ( 367 Days)

BATU - 900, BOBU - 680, DFCU - 710, NVL - 1510, SBU - 145, UCL - 125

For the last 3 months I have been unable to sell my BOBU for lack of demand and watched in dismay as the price went up through the roof and then came down again to a point where I think the shares are at a fair value. This means I will now hold the ones I was unable to sell (90% of them)

BOBU 130% annualised
DFCU -7.1% annualised

Consolidated position is 23% annualised.

Current Strategy
Buying: DFCU
Watching: UCL BOBU
Selling: all others

Performance to date on USE ( 325 Days)

BOBU 250% annualised
DFCU -13% annualised

Consolidated position is 57% annualised.

Current Strategy
Buying: DFCU
Watching: UCL SBU
Selling: all others

September 11 State of Affairs at the Uganda Securities Exchange (Stock Market)

BOBU - 630, DFCU - 780, NVL - 1970, SBU - 205 UCL-250
I have already covered my sentiments about the valuations of the UCL counter in June but now things are bordering on ridiculous. The P/E ratio favoured by many people for the counter has hit 100. We are yet to see a major decline in the USE index since its inception and probably that of the exchange itself. People seem not to want to lower thier expectations on that counter. Expectations on it are even worse than those on the stanbic counter. I wonder if the Ugandan Government would bail it out in case of a collapse like the US government did for Fannie Mae and Freddie Mac earlier this week. Mark you this counter is one of the smallest in equity terms on the exchange -- not too big to fail unless we have some politicians invested there.

Interestingly, Mr Owiny the general manager of Stanbic Investments, East Africa had this to say in one of the top papers in the land (monitor) (Sept 7th 2008 in the monitor). "Uganda Clays is doubtlessly the company of the future" !!!!! I really have to spend time and find that icon for eyes rolling -- it seems well deserved here. Either he is getting ready to offload his UCL shares for stanbic investments, or something even worse. (There is a slight chance that my radar is off on this one but I wouldnt bet on that -- obviously)

Stanbic continues to see little change in share price. They have opened up thier internet banking platform to customers for a one off payment of 5000. And for the most part it works well except the feature to send email to the. They dont read the mail. Also if you need to do a transfer of more than 1 Million, well you are out of luck. They have also become more aggressive on the loan front where they will come to your office with the application forms for you to fill !

Pound rate has dropped from 3500 to about 2900 in the last 3 months. I wonder how- if at all - it will affect inflows from investors in say the UK.

DFCU. This continues to be my fav. counter. For now price still hovers around the 780-820 range for the last six months. I believe there is untapped potention in this stock. I am buying as much as possible of this. Currently I have made about 2% on this counter annualised.

BOBU Got my first dividend cheque last week. If the trend continues I may have to part with this stock next month or at 1000. Since Dec I have made 130 % return annualised on this stock. I am holding this

NVL. This has moved from 2500 to 2000 in one trading day and is now heading lower. This is as a result of rights issue shares that began trading earlier in the week. I am anxious to see and over correction so that I may jump in (around 830) !

My performance on the stock exchange since I began in Dec 2007

BOBU 104% annualised
DFCU 8.3% annualised

Consolidated position is 42% annualised.

Current Strategy
Buying: DFCU
Holding: BOBU
Selling: all others