Salvus to capitalise on pockets of value

Salvus Strategic Investments today said it would capitalise on "a number" of attractive investment opportunities emerging on the sharemarket in coming months.

Salvus today issued its monthly update to NZX and said it had increased its holdings in retail firm Hallenstein Glasson and hire firm Hirequip.

"The cash weighting at 15 per cent (of the Salvus portfolio) is still relatively large and is considered a positive in the current market environment," Salvus said in the statement.

"The market reacted to profit warnings from Feltex and Nuplex, with the prospect of additional downward revisions to earnings forecasts and a slowing macro environment to come," it said.

"A number of attractive investment opportunities are now starting to present themselves which the manager expects to take advantage of over the coming months."

Salvus' holdings included: Hallenstein Glasson (8.4 per cent); Provenco (7.4 per cent); Methven (6.3 per cent); 42 Below (6.3 per cent); New Zealand Exchange (5.5 per cent); and CDL Hotels (5.4 per cent).

In all Salvus has holdings in 22 firms.

At 1pm, shares in Salvus were unchanged at 82c, having ranged between 76c and 94c in the past year.

- NZPA