Henderson Land's (HK:12) share price droped below HK$40 this morning. Given the size of the discount to NAV, the Chairman's recent purchases, expectations for its development pipeline and the size of its land bank, I find the shares attractive (although the 2.5% yield is not exciting) and have added them to the portfolio. This position taken is a large one and will make Henderson one of my top ten individual equities.
I paid HK$39.80 per share.
Would it be fair to say that you are in the process of moving away from small/mid cap china pays to larger companies?
It's not so much a move away from small caps,as above to simplify the portfolio. Almost by definition, if I want to have fewer stocks in the portfolio, I need to have more invested in each stock and that pushes me to investing in stocks which are generally quite liquid which tend to be large or mid caps.
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