Model Portfolio
The model portfolio’s return is +5.55% YTD compared to +4.1% for the S&P500, and +71.33% versus +46.41% for the S&P500 since inception (September 2022). The model portfolio, as of Friday’s close, is as follows:
Now, let’s review the main developments among the companies in the model portfolio for the week:
Dynacor Group
Dynacor Group has closed 2024 with record gold sales figures, reaching $284.4 million (C$389.5 million), representing a +13.7% increase compared to 2023.
These results are at the upper end of the guidance range ($265–$285 million), highlighting the company’s solid performance in a favorable market environment.
The annual sales growth was primarily driven by a 21.2% increase in the average gold sale price, which reached $2,626 per ounce in December, despite a 7.5% decline in processed volume due to lower ore grade.
For 2025, the company is expected to begin operations at the Senegal pilot plant and possibly announce further progress on capacity expansion initiatives.
Cresud S.L.
Meanwhile, in response to the drought affecting the country, Argentina has temporarily reduced agricultural taxes slightly (until June). This adjustment forms a key pillar of our thesis in $CRESY, and I expect it to solidify and expand throughout 2025, leading to a significant boost in the company’s fundamentals and profitability.
Golar LNG
Golar LNG announced that on January 18, 2025, its floating liquefied natural gas (FLNG) unit, Gimi, received feed gas from the FPSO operated by bp at the Greater Tortue Ahmeyim project, located offshore between Mauritania and Senegal. This milestone marks the official start of the full commissioning phase for the FLNG, following the use of gas from the LNG carrier British Sponsor for advanced pre-commissioning work. With feed gas now supplied by the FPSO, commissioning activities will intensify, with the first LNG export expected within the first quarter of 2025 and the start of full commercial operations (COD) projected for the second quarter of 2025, subject to all established conditions being met.
This achievement not only represents the final adjustment to the Commissioning Rate under the revised commercial agreement from August 2024 but also paves the way for the commencement of the 20-year lease and operation contract, unlocking an adjusted EBITDA backlog equivalent to approximately $3 billion attributable to Golar. Furthermore, COD will enable the recognition of both capital and operational contractual payments in the company’s financial statements, marking a significant financial milestone.
Another good week of value creation by portfolio companies.
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All content on this website and publications, as well as all communications from the author, are intended for educational and entertainment purposes only and should under no circumstances, whether explicit or implicit, be considered financial, legal, or other types of advice. Each individual should conduct their own analysis and make their own investment decisions.
