Since I last posted on 27th June Contrarian is up 9% but the FTSE 350 Mining Index (TR) is up 15% in the same period – in theory, a disappointing week. But the portfolio now stands at £147,138 – up 47% since I started and £11,900 in the past week. And I am very happy with that. Which leads me to the conclusion that for the private investor, performance is not all relative. Chart below.

Changes to the portfolio in the past week:

1. Sold the remainder of my FRES (175 shares) at 1720p. Of course the shares are up another 10% since, but I had already made a 148% gain on them so happy enough
2. Bought a further 14,000 Gemfields at average price of 35.8p. Gemfields share price remains consistently weak despite positive news from the company. The latest ruby auction netted higher than expected revenue taking total rough gemstone revenues in H2 to $94m and for the year to $174m – a significant increase from FY15’s $153m and a clear sign that despite subdued market conditions the company is succeeding in building sustainable demand for its product. When I last posted on this stock I said I was buying it despite the fact it wasn’t really a “value” stock. Now I’m not so sure – I think current operations could generate EBITDA of >$70m per annum against which the current US$285m EV does not look overstretched at all.

Full portfolio below.