Portfolio Update

I have exited my position in Cegid. The absolute loss was small but the opportunity cost of holding it was high. My intrinsic value estimate hasn’t changed – I still believe that it is easily worth EUR25 to EUR28, but the truth is that I shouldn’t have bought it: it wasn’t cheap enough at 14.91, and there weren’t catalysts to force the issue. In the end, I lost patience with it.  

I am replacing it with Northgate Plc. I will add Northgate to the tracking portfolio when I have a full position.