Sold Vodafone

I sold my position in Vodafone which I have been holding for over a year. The stock has appreciated by roughly 8% and I collected collected roughly 8% in dividends over that time. I was hoping to sell in the mid-thirties and still believe it is very conservatively worth $35 but some factors have changed.

The catalyst for my purchase was an aggressive 4 billion British pound share repurchase program. That share repurchase program is about to be completed and its uncertain if a new one will replace it. Additionally, I own software companies with heavy European exposure and don't want  to be too heavily weighted towards Europe.

It was a difficult decision to sell Vodafone. If my portfolio were doing better I would probably allow this position to stay. I will continue to follow the company and suspect that I may own it again at some point.

No comments: