FFXDF. Looks like amounts to retained earnings fluctuate quite a bit. In 2017 they added $417M to retained earnings in 2Q. In 2Q 2018 they had a loss of $40.8M. Additionally in this latest reported quarter they had unrealized foreign currency translation losses of $149.8M which they put in a category "accumulated other comprehensive income (loss)".
This all led to a 6/30/2018 balance (in $000) of $2,056,208 common shareholders equity, down slightly from 6/17 reported number of $2,075,590.
Company has 155.8M weighted outstanding shares. So book value is $2.056B/.155B =~ $13.26. Subsequently there was the announcement of a transaction which mgmt said would add $1.62 to book value.
Of course, if there are further losses -- earnings, foreign currency -- after June 2018, that will detract from bv in their next report.
I don't know if foreign currency losses will continue or to what extent. I assume that FFXDF holding several private and public companies means that earnings might fluctuate if one or several companies report negative quarters, offsetting what the better quarters other companies might have.
My overarching theme is that I would like to have exposure to the Indian economy. Betting alongside Prem Watsa (sometimes called the Warren Buffett of Canada) or his surrogate managers here, is an idea that appeals to me. For me, I'd rather have this team, than go with an Indian-focused mutual fund or ETF. My only other idea would be to try to follow Monish Pabrai Indian stock picks (when I can find them). He has had great success (at least one one-hundred bagger) with his Indian investments - some of those having been purchased a decade or more ago. |
