Active Capital Share Discussion Threads

[foster] 14/7/2005 17:21

From the latest final results statement: -

"Over the past year, we have seen the small companies markets progress with gains of 10.7% for the FTSE Small Cap (ex IC) Index and 11.3% for the FTSE AIM
All-Share Index. The portfolio of Active Capital, however, has not seen this
level of growth with net asset value per share increasing a modest 0.8%. This
can be viewed as disappointing in the short term..."

Indeed.

[foster] 16/5/2005 23:27

Today is the ninth anniversary of the launch of AIM Trust, which was merged with 3PC to form Active Capital Trust.

Latest AIT NAV of 120.79 is equivalent to 131.18 for original AIM Trust shareholders, representing an annual growth rate now down to 3.06% p.a.

And things seem to be getting worse, not better. In TrustNet's NAV performance tables today, AIT is positioned as follows...

...for 12 months, 237 out of 253 available trusts, with a fall of -1.5%
...for 3 months, 256 out of 259 available trusts, with a fall of -13.8%

How can the board's decision to retain this management team be considered to be "in the interests of shareholders as a whole"?

[foster] 02/12/2004 11:38

Today's announcement sheds light on what may have been preoccupying manager Bill Brown recently...

"...Bill Brown, Robert Mitchell and Stuart Rollason will leave F&C to establish a new fund management business..."

Chairman Jon Pither and his board also announce the following...

"having regard to ... the Team's overall investment performance record ...
the board is of the opinion that it is in the interests of shareholders as a
whole that the Company's portfolio continues to be managed by the Team."

Those current shareholders who were original AIM Trust shareholders have seen their net asset value increase by about 34% in the eight and a half years since launch. This represents a growth rate of around 3.5% p.a.

[foster] 03/11/2004 15:13

October's AIT factsheet for September released on the website today.
September NAV performance is stated as minus 0.4%.

(FTSE Small Cap (ex IC) index.....plus 2.7%)
(AIM index .......................plus 6.1%)
(My estimates)

Manager's comment: - "No managers comment available."

Curious, since other managers in the ISIS stable have published their own monthly comments. Makes you wonder if elevation to Director, Head of Pan-European Small-Cap Equities, leaves manager Bill Brown with sufficient time in the day to focus on management outperformance of AIT.

[foster] 15/10/2004 12:33

For the past six months...

NAV of Active Capital............minus 7%
FTSE Small Cap (ex IC) index.....minus 3%
AIM index .......................plus 5%

For the past five years, my estimate of the share price return for AIM Trust shareholders, who converted to AIT shares at a rate of 1.086:1, is as follows...

ATR/AIT share price..............minus 33%
FTSE Small Cap (ex IC) index.....minus 1%
AIM index .......................minus 18%

[foster] 15/10/2004 11:17

September's AIT Factsheet, per manager Bill Brown ...
"August unfortunately saw a fall of 1.8% in the NAV of Active Capital
which was the result of some weakness in individual stocks rather than
the market as a whole which fell 1.0% for the FTSE Small Cap (ex IC)
index and the AIM index actually grew 0.3% (source: Datastream)."

Looks like there will be further underperformance reported for September.

[spin doctor] 11/3/2004 20:20

...until now.
I've sold out for the moment, but will continue to watch.

[spin doctor] 12/2/2004 23:41

NAV 129
The AIM index continues to be a straight line North.

[rambutan2] 11/2/2004 11:13

in short, yes. managers have big incentive to get nav above 155p (my figs approx and need checking).

[ranoszek] 11/2/2004 07:15

Read in their document that the trust will return 115p per share to share holders in May 06. Are they expexting the shareprice to be well in excess of this?

[rambutan2] 11/2/2004 00:27

advance uk trust have topped up recently as think undervalued. i know the manager and rate him. a good institution to have on board.

[spin doctor] 04/2/2004 22:30

Looks like it's Alizyme driving the NAV over the last week or two:

TOP 10 EQUITY HOLDINGS December 2003
% Total Assets
Alizyme 10.5
Auto Indemnity 4.5
Telford Homes 3.7
Parkdean Holidays 3.7
SurfControl .8
PIPEX Communications 2.3
Transense Technologies 2.0
Landround 1.9
Gold Mines of Sardinia 1.8
Monterrico Metals 1.8
TOTAL 35.0

[rambutan2] 03/2/2004 11:32

thanks doc.

[spin doctor] 02/2/2004 23:20

Biofocus 291,748.00 (see post 7, re aug 03 holdings)

Would have increased NAV by 1% over last 3/52.

[rambutan2] 01/2/2004 22:28

no, i very much doubt they would be buying back the shares. they trying to reduce gearing, not up it.

whats their holding in biofocus? had nice move up this week or two and could be going a fair bit higher. i remember it used to be one of the managers faves.

[banovallum] 01/2/2004 21:06

Looks like a rollover. Big money being made. Guessing of course. Nav now 127p

[ranoszek] 01/2/2004 09:52

Big 3.5 mil in trades late on on Friday, look like buys. Could this be a company buying back shares for cancellation? Anyone have any views?

[rambutan2] 25/1/2004 17:53

actually got in at 90p 2/3 months ago. i posted that the previous evening because everything so obviously pointed to some good news being due, as well as my surprise at the lack of interest in such an interesting proposition.

[mangal] 23/1/2004 19:19

Ram, congrats! I see from the RPT thread that you saw this comming almost to perfection - a day before the announcement.

I guess we will see further rise in AIT on back of this excellent news; its NAV should rise some 330k on next valuation.

[banovallum] 23/1/2004 19:08

416,667 Regal Petroleum as of 14th Aug see post 7 of 67

[mangal] 23/1/2004 18:27

Yes, If they do hold RPT then it certainly would explain the rise as RPT jumped some 58% today.

[rambutan2] 23/1/2004 17:04

just catching up on nav. and dont they hold some regal?