Ecofin Global Utilities ... Share Discussion Threads

[orinocor] 24/11/2016 08:13

Dropped more than the divi
I'm getting a quote to buy at 109.259

[orinocor] 23/11/2016 09:34

Bought a few more at 111.5p since its been oh, nearly a day since I last bought any.

There is still an overhang.

Big euro holdings up about 0.4% on average this morning.

Citywire gives NAV as 127p

Ex quarterly dividend (1.6p) tomorrow

[spectoacc] 22/11/2016 15:56

Have to assume BTEM want out of the remaining 2.7m shares they held at last update; pity EGL NAV tanked too, as would have loved to buy them at 111.5 with NAV still in the mid 130s.

[orinocor] 22/11/2016 15:34

If BTEM wanted out why the hell did they not tender their shares for cash. Not that I'm complaining because I managed to tender nearly all of mine for cash only because the likes of BTEM did not.

[orinocor] 22/11/2016 15:32

OK just did a quick check of the top holdings. Most seem to be well up. Shares are 111.5p to buy, unchanged or even down today. Maybe BTEM still unloading.

Top holdings (38%)

NextEra Energy Partners (4.9%) + 1.6%
EDP Renovaveis (4.4%) +0.4%
SSE (4.1%) + 2.02%
NextEra Energy (3.8%) +0.2%
Algonquin Power and Utilities (3.7%) -0.2%
Iberdrola (3.7%) +0.5%
Engie (3.6%) +1.1%
Enagas (3.5%) +0.3%
Innogy (3.4%) +0.0%
Veolia Environnement (3.4%) +1.4%

[spectoacc] 22/11/2016 15:25

Fair point. Don't forget the effect of gearing too - is hitting it harder on the way down so the reverse will be true on the way back up. If you think they bond proxy trade isn't over at least..

[orinocor] 22/11/2016 15:09

0.075%

Rightly or wrongly I'm using SSE as a proxy for EGL - can't be bothered checking the other portfolio holdings.

[spectoacc] 22/11/2016 13:03

What's 1.5% of 5%? ;)

[orinocor] 22/11/2016 12:27

picked up a few more at under 112p. Will get the 1.6p quarterly divi at least. Goes ex this week.

Yield is 5.7% and discount > 11%

SSE is up 1.5% today which is 5% of the portfolio.

[orinocor] 17/11/2016 16:21

ouch! It looks like the smaller holdings may have been hit harder. This is all Trumps fault.

[jimcar] 17/11/2016 16:17

Yes and EGL's gearing has rocketed in the past week

[spectoacc] 17/11/2016 16:02

That NAV's terrible, they've been getting a good price!!

[jimcar] 17/11/2016 15:14

But still a lot more to go :(

[spectoacc] 17/11/2016 09:44

Avg'd a few, trade not showing, might be too early but got one more avg in me I reckon.

Will have to see re NAV - they've an awful lot of holdings.

[orinocor] 17/11/2016 09:12

The big European holdings are up again. Around 0.75% on average.

Dummy trade showing ask price now 114.75p up a little from yesterdays 113.4p

[spectoacc] 17/11/2016 08:25

@Praipus - hadn't thought of it like that before, I like it!

[praipus] 16/11/2016 13:54

With UTL I was once told (though I ignored the advice) to see the Z's and the ords as a package. That way the discount on the ords is balanced by the premium on the Z's....actually if i'd just bought Z's (UTL's and ECW's) I'd be a rich man........

[spectoacc] 16/11/2016 13:23

UTL is certainly complicated. MVI has indeed said no disposals likely for at least 5 years - but there's a 5.8% yield and massive discount.

Own a lot fewer SHRS than I did but still like them, for the prefs/ASCI as much as the direct equity exposure

Suspect EGL's fall more about the possible end of the bond-like boom, but we'll see. I hold from higher. @Jimcar - you could be right re BTEM reducing, no longer seems to fit their activist approach.

[orinocor] 16/11/2016 11:43

spectoacc
You mentioned MVI and UTL. MVI looked interesting until I read they don't expect to make any disposals for 5 years! Regarding UTL I don't like the ZDPs, I like things simple. Will give both a miss.

Did some dummy trades. EGL is now 3% cheaper than SHRS compared to NAV with similar yields. Previously I had them neck and neck. EGL not flavour of this month. I wonder if its because its a newly formed trust and is off the radar.

[jimcar] 16/11/2016 09:36

It could be BTEM. They are value investors looking for changes in businesses. They seem to have taken the cash after the reorganisation and probably can't see any more restructuring for now. They are left with a small holding in EGL and they say they want a more focused portfolio, so it seems likely they would want out.

[orinocor] 16/11/2016 09:27

Definetly someone unloading but why would it be a worry? The stock is cheap and I'm buying shares not placing a spread-bet with a stop loss.

[spectoacc] 16/11/2016 09:23

Good luck; still sitting on hands here. Worries me when MMs happy to sell large quantities (loads of buys yesterday) at below mid.

A few more director buys at these lower levels wouldn't come amiss.

[orinocor] 16/11/2016 09:10

NAV is 131p, up 2p from yesterday, according to citywire Picked up a few more at 113.45. Discount 13.5% and yield 5.6%. Not too bad. Big director buys last week at 121p!

Main European holdings all up again this morning by about 0.5% so expecting NAV to go up.

[orinocor] 15/11/2016 15:57

I did a quick check of the share prices of the top ten holdings which are about 45% of the NAV.

hxxp://citywire.co.uk/money/investment-trusts/investment-trust-factsheet.aspx?FundID=3949

On average about 1% up I'd say so today's 1%-2% drop looks unwarranted. FTSE up as well. This trust is not flavour of the month!

[orinocor] 15/11/2016 14:24

A 1.6p quarterly dividend to be paid in early december. No announcement yet as to when it goes ex-divi.