I did a quick post on the returns of some of my exited net-net positions back in April (https://streetsofvalue.com/2018/04/02/quickview-exited-net-net-positions/). My results were very satisfactory. However I sold each of these positions when they “mean-reverted” to net current asset value. In hindsight, I realise that this was philosophically flawed. While a small sample size, the proof of the pudding is in the eating; here’s the returns of my previous holdings since I sold them:
| Name | Symbol | Original Sell Date | Return % | Return (€) % |
| AS Company SA | ASCO:ATH | 12/04/2017 | 96.64 | 96.64 |
| Autostrade Meridionali SpA | AUTME:MIL | 18/05/2017 | 9.58 | 9.58 |
| Ekter SA | EKTER:ATH | 21/07/2017 | 36.71 | 36.71 |
| Genesis Land Development Corp | GDC:TOR | 23/08/2017 | 19.44 | 17.04 |
| Hakuto Co Ltd | 7433:TYO | 24/08/2017 | 0.96 | 0.85 |
| Odawara Auto-Machine Mfg Co Ltd | 7314:TYO | 14/12/2017 | -15.91 | -14.02 |
| Shinko Shoji Co Ltd | 8141:TYO | 22/12/2017 | -23.46 | -20.53 |
| Taitron Components Inc | TAIT:NAQ | 27/04/2017 | 100.38 | 87.24 |
| Average | 28.04 | 26.69 |
Ouch! My only saving grace was that Shinko Shoji Co Ltd was by far the largest position in my portfolio at the time. Interestingly, selling at NCAV worked out nicely for J-nets. But overall, it’s clear that blindly selling at NCAV was an error.