Ecofin Water&powr Opportunities Share Discussion Threads

[bangor] 26/12/2008 12:01

Hi to Praipus and all the thread stalwarts - hope you are having a great Xmas and New Year break.

At the end of the year I take stock of my calendar year performance. It's a useful discipline for me. I don't normally post on threads where I don't hold, but miss the civilised and knowledgeable banter here. (I sold out at various prices around the mid 600s.)

Had I held ECWC I would be down around 42%. I sold off a bunch of other commodity related stocks (CED, AIGA, BG, VPC etc) well below their peak but above current prices. I held on to gold and silver stocks and ETFs, including some small caps who are so battered selling is pointless, now being almost 50% in cash.

Now to get to the point - my stocks are down 32% and total assests around 25%. Yet it started so well, with record gains posted by March 08. As Warren Buffet once said, the year would have been better spent sneaking off to the movies. Fortunately retiring is some way off so I hope I have time to recover from this set-back.

For the future - what are you all planning? When I polish my crystal ball further falls loom and cash is king so I may sell rather than buy shares. Despite immediate deflation I can't interest myself for gilts and bonds. I favour precious metals over base metals. Just as I dropped dot.com shares in 2000 after a good ride, I hope to lessen my dependance on utility and commodity stocks next year. Now seems a time to preserve wealth rather than increasing it.

I'll stop here as I am rambling, but hope you have not fared too badly and I'd be interested to hear some thoughts.

[praipus] 24/12/2008 12:35

Merry Christmas and Happy New Year to all.

[praipus] 19/12/2008 16:49

Ecofin Water & Power Net Asset Value(s)

RNS Number : 5038K
Ecofin Water & Power Opps PLC
19 December 2008


ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 17 December 2008, the un-audited Net
Asset Values per share of the above investment
trust company were:-
Income Shares: Net Asset Value: 100.29p per share (including undistributed revenue)

Capital Shares: Net Asset Value: 533.22p per share
Ordinary Shares: Net Asset Value: 157.33p per share (including undistributed revenue)
Gross Assets: £560,928,000
Loan Facility: £135,713,000
Net Assets: £425,215,000
Phoenix Administration Services Limited - Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange

END

[praipus] 18/12/2008 16:22

ECWO: Might get a bit choppy Dexia who have lost $221 million USD in the Madoff fraud have a 5.45% holding in the ECWO's according to the 2008 Ecofin Report and Accounts. The holding in ECWO is through Dexia Credit Local not sure if its the same fund or even if they are linked.

[praipus] 16/12/2008 17:14

Following the renewables theme I've got a few BRNE where incidently one of the Ecofin board is also a director. I've also been following IPX and IEM. Also have REH and RWE but showing huge losses on them so probably a good time to buy.

[mangal] 16/12/2008 14:18

Yes, all very encouraging for renewable enegry & this may well be the right time to get exposure to that sector. I have a small holding in "Premier Renewable Energy" ords, which currently trade at some 20% "discount" to NAV. However they don't have much exposure(about 10%) to the US, which is where the impact of Obama policy will be most beneficial. I also have a holding in LNEW, which has a greater exposure to US but is currently trading at a slight premimm to NAV.

[praipus] 16/12/2008 12:38

From the FT

"In the 21st century, we know that the future of our economy and national security is inextricably linked with one challenge: energy," Mr Obama told a news conference. "All of us know the problems that are rooted in our addiction to foreign oil. It constrains our economy, shifts wealth to hostile regimes and leaves us dependent on unstable regions."

[praipus] 15/12/2008 15:55

Ecofin monthly update

[praipus] 13/12/2008 10:50

Some thought provoking words from an interview with Sir John Templeton

[praipus] 12/12/2008 17:38

Answered your own question extremely well Clusium.

Ecofin Water & Power Net Asset Value(s)

RNS Number : 0447K
Ecofin Water & Power Opps PLC
12 December 2008

ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 10 December 2008, the un-audited Net
Asset Values per share of the above investment
trust company were:-
Income Shares: Net Asset Value: 100.17p per share (including undistributed revenue)

Capital Shares: Net Asset Value: 522.53p per share
Ordinary Shares: Net Asset Value: 155.19p per share (including undistributed revenue)
Gross Assets: £605,753,000
Loan Facility: £186,387,000
Net Assets: £419,366,000
Phoenix Administration Services Limited - Company Secretary

This information is provided by RNS
The company news service from the London Stock Exchange

END

[clusium] 11/12/2008 07:29

Looking for clues in the interim statement for preponderance of selling (small though it is) of selling over the puny buying, and reasons for concern, I have not come to much. Clearly there has been a move to reduce gearing and there is a general long term optimism, but the penultimate paragraph in the Outlook is worth careful reading:

"Although the sector has defensive characteristics, it will not be unaffected by the credit crisis, the recession and falling commodity prices. As a capital intensive sector, companies with high gearing or large capital expenditure needs, or both, are vulnerable in an environment where credit is scarce and expensive. Given the financial strength of the industry, however, we would expect most companies to be able to access the capital markets, albeit at higher cost. The electricity industry is also likely to see some erosion in demand-typically in industrial demand-although this is unlikely to be severe. Since 1947, electricity consumption in the US, for example, has declined in only three years, and then by an average of only 1.4%. Power prices are falling in some markets in response to sharp falls in gas and coal prices as economic growth slows. This is likely to result in some earnings downgrades for power companies but we expect these to be relatively modest-especially when compared to earnings downgrades in other sectors-and we still expect the industry, on average, to report earnings gains this year and next."

Perhaps I/we shuld look more closely at the position of the chief component parts, with particular note taken of "refinancing", "gearing" etc.

I scaled down earlier but am encouraged to think long term ECWO is a winner and may buy in again when the present slide seems to have bottomed.

Would be most grateful to read better informed views than mine.

[mangal] 10/12/2008 23:56

ECWO seem to be reasonable well covered at the current share price of 128p. I think the total assets($602m) have to fall by some 12% by Mar 2009 before the ords begin to lose money.

[clusium] 10/12/2008 17:30

Mangal, thank you that encouraging comment. I am going to get my head round the interim statement, but am still down about the fall in ECWO - which is of course where we'll end up if we hang on till next March.

[mangal] 10/12/2008 15:50

According to splitsonline(& I have roughly checked the comparative figures), the ords seem to offer much better value than the Caps.

[clusium] 09/12/2008 19:07

Can anyone throw some light on the fall in ECWO? Is here some probeam ahead re refinancing, restructuring? What once looked like a very solid earner in utilities is fast becoming a dog. And I do not understand the discrepancy shown today between the healthy rise in the caps and fall in the ordinaries. There appears to me to be an underlying weakness and I can't put my hands on it.

[asmodeus] 08/12/2008 18:51

I bought them in May '07. They were doing well - climbing from 106 to 128, but then dropped viciously in Aug. this year.

[praipus] 08/12/2008 16:50

Looks interesting, how long have you been invested assuming you hold some?

[asmodeus] 08/12/2008 15:09

The Epic is HICL. I can't remember full details, but it invests in Schools, Hospitals, etc., - i.e the UK "infrastructure", and is based offshore, so divs pay gross. But please do own research - I may have got it wrong!

[praipus] 08/12/2008 11:28

Should say infrastructure as you pointed out. How humiliating. Enthusiasm exceeds self discipline on occasion, sorry.

I was referring to the familiar companies named in the FT Financial Times article (link above) seemingly queuing to buy Gatwick airport.

Looking at most infrastructure or utility asset prices you would think M/A was over the above is firm evidence to the contrary IMHO.

Don't know HSBC Infrastructure at all feel free to enlighten and post the EPIC etc.

[asmodeus] 07/12/2008 21:22

Praipus - please would you give a bit more detail? e.g. - did you mean Infrastructure? And if so, HSBC Infrasructure? Many thanks.

[praipus] 07/12/2008 20:40

Infrastructe back on the Private Equity buy list

[praipus] 05/12/2008 16:06

Ecofin Water & Power Net Asset Value(s)

RNS Number : 6357J
Ecofin Water & Power Opps PLC
05 December 2008

ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 3 December 2008, the un-audited Net Asset
Values per share of the above investment
trust company were:-
Income Shares: Net Asset Value: 100.06p per share (including undistributed revenue)

Capital Shares: Net Asset Value: 525.09p per share
Ordinary Shares: Net Asset Value: 155.42p per share (including undistributed revenue)
Gross Assets: £601,710,000
Loan Facility: £181,575,000
Net Assets: £420,135,000
Phoenix Administration Services Limited - Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange

END

[praipus] 25/11/2008 09:34

Interims for United Utilities on Wednesday and for NWG and PNN on Thursday.

[praipus] 21/11/2008 16:03

Ecofin Water & Power Net Asset Value(s)

RNS Number : 6946I
Ecofin Water & Power Opps PLC
21 November 2008


ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 19 November 2008, the un-audited Net
Asset Values per share of the above investment
trust company were:-
Income Shares: Net Asset Value: 99.83p per share (including undistributed revenue)
Capital Shares: Net Asset Value: 539.51p per share
Ordinary Shares: Net Asset Value: 157.33p per share (including undistributed revenue)
Gross Assets: £597,182,000
Loan Facility: £171,275,000
Net Assets: £425,907,000
Phoenix Administration Services Limited - Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange

END

[praipus] 17/11/2008 15:07

Jim Rogers video on US $, Obama, emerging markets and real assets, very interesting