Never sold them. Luckily this was one of my smaller positions so I am not particularly worried. I need to start looking at them again at the sub-2 level but I prefer my "core" holdings.

I have been transitioning a larger % into my "Core" picks. 5 comprise 85%+ of my total holdings in value.

I don't mind lower prices given there may be value if the firm is doing OK over time.
To paraphrase WB: Socks or stocks, I like them at a discount!

This is a FTG thread but here goes in no particular order:

Centum
Kenya Re
Banks (mid-sized I&M, NIC (now large as NCBA), DTB)
Unga

The reasons are posted elsewhere.

Please search. I did this in 2018 and 2019. My reasons on why. I may need to update the reasons/logic to reflect changes.

Centum
Kenya Re
Banks (mid-sized I&M, NIC (now large as NCBA), DTB)
Unga

OR

FTGH?

@sparkly - Manufacturing in Kenya suffered in 2019 and is still suffering. At best, I expect modest results from FTG for FY19. Nothing to write home about.

Except for "sin" manufacturing eg EABL and BAT, I don't think the other manufacturing firms (BOC, Bamburi, EAC, etc) did well in 2019.
Even the once unassailable Bamburi has been hurting.

On the other hand, at sub-2 (vs 7 at one point), perhaps FTG is well priced.

FTG's level of receivables and debt is higher than I would like but if FTG can grow the business without increasing receivables and debt then it looks more attractive.

I bought Centum at 28-35 given it looks very attractive compared to the NAV.
Kenya Re at 3/- given the low P/B and high PER.

Finally, not that it's a guarantee of success (see ARM) but the CEO owns 80%+ which is a lot of skin in the game.