FAX capital - small cap portfolioFAX Capital offer investors a simple platform to invest in the small cap world.
FAX Capital has invested in four companies, Hamilton Thorne, Points International, Information Services Corporation and People Corporation. I like three of the four companies.
The dog of the group is Points International. Since February 2020, Fax Capital invested ±$17,000,000 (average $20 per share) in Points International. It seems to me that Points International business model was proem to a severe downturn. Points International business won't pick up until the Covid crisis is well under control.
FAX capital will collect annually $766,000 in dividend from Information Services Corp.
On October 16, 2020, FAX Capital share price ended the day at $3.20. Ignoring Points International's contribution to FAX Capital book value ($0.26), if Fax Capital were to liquidate its three remaining investment and return the cash on the balance sheet, shareholders would get back $4.31 per share. Fax capital is trading at a ±34% discount.
| FAX Capital | | | | 2020-06-30 | Value has of October 16, 2020 | Book | Total return |
| | | | | value |
| Hamilton Thorne | | HTL | $ 18,343,000 | $ 21,744,246 | $ 0.51 | 19% |
| Points International | | PTS | $ 17,067,100 | $ 11,098,815 | $ 0.26 | -35% |
| information Sevices Corporation | ISV | $ 14,031,000 | $ 17,724,240 | $ 0.42 | 26% |
| People Corporation | | PEO | $ 13,654,000 | $ 20,532,000 | $ 0.48 | 50% |
| Liquidity | | | | $ 123,423,000 | $ 123,423,000 | $ 2.90 | |
| | | | | $ 186,518,100 | $ 194,522,301 | $ 4.57 | |
| | | | | # of shares | 42,570,911 | | |
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