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Malcy’s bucket list gets a boost with six new stocks

Portfolio management relies on a spread of exposure on a theme. MalcysBlog.com publishes an annual list of favoured small-cap oil stocks that includes a cross section of exploration, development and production companies that are in geographical locations that are attractive.

Portfolio manager, Malcolm Graham-Wood, has recently published his list of stocks for 2018 and there are six new names. Of the 14 stocks last year, two disappeared; Ithaca was taken over and Bowleven was removed.

Agitation in any portfolio is not uncommon, but when dealing with small-cap stocks, there is likely to be more movement than with large cap portfolios.

Takeover activity in particular is a risk, despite the obvious benefits in terms of a rise in the share price of the acquired company. Less beneficial to a portfolio is when a company goes into liquidation, or continues to trade under curtailed circumstances, such as when operational performance undershoots expectations.

Small-cap oil stocks that are in the process of drilling represent considerable risk, but that is the point of a broad spread portfolio put together by an experienced portfolio manager. There needs to be just one or two big performers in a balanced portfolio that can carry profit for the failure, or underperformance of many of the other stocks chosen.

Malcy’s Blog has introduced six new companies: President Energy, Trinity Exploration & Production, Eco Atlantic, Echo Energy, Reabold Resources and Savannah Petroleum

Of the stocks that survived from 2017, Malcy chooses to look at Jersey Oil and Gas, FAR Ltd, SDX Energy and Hurricane Energy. Hurricane was a ‘very poor performer’ in 2017, but Wood explains what happened, and why he is pinning his hopes on that particular stock to outperform in the future.

IG will return to the portfolio later in the year for another update.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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