Finsbury Worldwide Pharm Share Discussion Threads

[m.t.glass] 06/9/2002 12:57

rdj20 - thanks for that. Useful stuff. Is it readily available in that format on all ITs, or did you have to assemble it?

I'm short (363.5).

[rambutan2] 05/9/2002 21:09

Thanks for that matthewa, i agree on the IT values. Have enquired about shorting FWP on a spread bet but my usual, Financial Spreads not interested in anything with a mkt size below 5k. Same with SVI which i tried to go long on at start of wk as knew results would be better than expected.

[matthewa] 05/9/2002 20:36

rambutan2 - There are plenty of bio IT's with better track records lower mangement fees (FInsbury's are above the average) trading @ 10-20% discounts to NAV. I dont think we are going to see a recovery in the bio sector for a long while so I am simply short FWP. However if you DO think there is a recovery long another Bio @ a big discount and use FWP as a hedge. YoOu cant lose!

[rdj20] 05/9/2002 17:52

FWP got sold down today and rightly so. Arbitrageurs moving in to cut the premium out.

Everyone can hope for a bio bounce but it ain't happening. This market is going lower and investment trusts trading at premiums will fall ever further. Still short and happily so.

[rambutan2] 05/9/2002 09:37

Not many sells.
Long-term track record of manager.
Mainly institutions hold.
Everyone hoping for a pharma/bio bounce and this a good way to catch it.
Not so easy to get hold of any decent amount of the shares once youve got out, so just hang on in there.
The mms know it.

[rdj20] 05/9/2002 07:40

Below is a simple comparison of the closing price and previous days NAV (as announced) since 01/08/02. It clearly shows the share price has failed to keep pace with the drop in NAV in recent days.

FWP Closing NAV Discount/(Premium)
01/08/2002 373 381.45 - 8
02/08/2002 369 372.48 - 3
05/08/2002 359.5 367.12 - 8
06/08/2002 350 357.71 - 8
07/08/2002 356.5 369.01 - 13
08/08/2002 362 378.55 - 17
09/08/2002 367.5 393.82 - 26
12/08/2002 365 400.36 - 35
13/08/2002 366.5 400.27 - 34
14/08/2002 362 391.37 - 29
15/08/2002 368.5 399.62 - 31
16/08/2002 371.5 407.52 - 36
19/08/2002 372.5 403.92 - 31
20/08/2002 373 402.32 - 29
21/08/2002 373 399.2 - 26
22/08/2002 378.5 405.19 - 27
23/08/2002 382.5 415.78 - 33
27/08/2002 386.5 404.64 - 18
28/08/2002 382.5 394.31 - 12
29/08/2002 380.5 387.18 - 7
30/08/2002 380 385.25 - 5
02/09/2002 380 379.97 - (0)
03/09/2002 376.5 375.48 - (1)
04/09/2002 367.5 356.23 - (11)

[rdj20] 04/9/2002 20:38

Below is an analysis for FWP showing the discount it usually trades at to NAV. It is clear that over the last week NAV has fallen and overtaken the fall in the share price producing a premium! Nice little short IMO.

FWP Closing NAV Discount/(Premium)
01/08/2002 373 381.45 - 8
02/08/2002 369 372.48 - 3
05/08/2002 359.5 367.12 - 8
06/08/2002 350 357.71 - 8
07/08/2002 356.5 369.01 - 13
08/08/2002 362 378.55 - 17
09/08/2002 367.5 393.82 - 26
12/08/2002 365 400.36 - 35
13/08/2002 366.5 400.27 - 34
14/08/2002 362 391.37 - 29
15/08/2002 368.5 399.62 - 31
16/08/2002 371.5 407.52 - 36
19/08/2002 372.5 403.92 - 31
20/08/2002 373 402.32 - 29
21/08/2002 373 399.2 - 26
22/08/2002 378.5 405.19 - 27
23/08/2002 382.5 415.78 - 33
27/08/2002 386.5 404.64 - 18
28/08/2002 382.5 394.31 - 12
29/08/2002 380.5 387.18 - 7
30/08/2002 380 385.25 - 5
02/09/2002 380 379.97 - (0)
03/09/2002 376.5 375.48 - (1)
04/09/2002 367.5 356.23 - (11)

[byrdsong] 04/9/2002 16:20

Interesting

I hadn't seen any of this when I attempted to short it yesterday.

Thx matthew

[m.t.glass] 04/9/2002 16:13

Cheers matthew. 12.5 = about 3.5% prem

[matthewa] 04/9/2002 15:00

NAV 3.56 Thats a 12.5p premuim!

[rdj20] 04/9/2002 13:44

shorted some today

[matthewa] 04/9/2002 13:42

M.T.Glass - PLease dont qoute me on this I dont get the FT in Thailand but I believe the average discount on BIO IT's is betweem 7-10%. Dont qoute me on this. Not sure what the usual discount on this stock has been in the past but very few (especially Bio & IT Trsuts trade @ a premuim these days.)

One of my fav IT shorts HSL - Henderson Smaller Companies trades @ a 22% discount! If you get a copy of todays FT it should give you an idea. There is/was an excellent IT magazine which used to go into great detail with very thoruough analysis about 2 years ago not sure if it is still around. Hope this helps!

[m.t.glass] 04/9/2002 13:34

Matthew - any idea what the more usual discount has been on this stock in the past? Or how discount on the smaller IBT compares? (Are there other peers?)

Edit: I see 27 Aug nav on IBT of 101p and ended that day at 75-79p, so discount somewhere in the 20-25% area at that time.

[matthewa] 04/9/2002 08:52

Tanking now and Rightly so!

[matthewa] 04/9/2002 08:52

Tanking now and Rightly so!

[matthewa] 04/9/2002 07:06

Trading @ a preuimuim to NAV - Why?


.

[matthewa] 04/9/2002 07:05

Trading @ a preuimuim to NAV - Why?


.

[billy17151] 04/5/2002 00:56

Anybody any ideas why this fund is dropping so much?
Accepted the market is volatile,but this has taken a dive over a month.

[rambutan2] 03/5/2002 15:47

He's doing you a favour by propping up the price, and as their are now less shares in issue it means more assets for the one's left.

[morose] 03/5/2002 14:41

billy

My guess is the fund manager's on his yacht paid for by the mugs who invest in these funds.

Unit/investment trusts are a con job.

The so called "active" managers buy a basket of shares and go on holiday.

The funds get so big, they are un wieldy and cannot keep up with a rapidly changing market scenario in a way you could do yourself.

They are only any good in a rising market where there's not too many surprises.

The press and media push these funds down your throat, same with ISA's etc.

ISA another con - I had a share ISA with only one share in it yet I was charged a substantial quarterly fee for "management".
Charges negate any tax advantages.

Fraid I'm very cynical having invested in useless funds like FWP,FCV, Framlington and Fidelity health funds for my grandkids thinking they would be good for long term investments, rely on the professional and forget the hassle.

All they've done is lose most of my cash ansd charge me for the priviledge of doing it.

Worst of all I'm still hanging in there hoping things will improve but the way the markets work nowadays, i can't see any improvement in the pipeline.

[joeycooper] 01/5/2002 19:36

Henderson Smaller Co has done the same and their performance is absolutely dire.
If they can't hack it they should liquidate and give shareholders back their money. But I doubt it what with school fees and all.

[derek wild] 28/3/2000 08:48

ADVFN NewsWire (08:45) - Finsbury Worldwide Pharmaceutical Trust yesterday repurchased for cancellation 500,000 of the company's Ordinary shares of 25p, representing 1.3pc of the issued Ordinary share capital, at 368.0 a share.

Following the repurchase, there are 38,640,000 Ordinary shares in issue. The company has authority from shareholders to repurchase a further 4,516,986 Ordinary shares before its next annual meeting, which will be held in August.
dw

[derek wild] 28/3/2000 08:47

ADVFN NewsWire (08:45) - Finsbury Worldwide Pharmaceutical Trust yesterday repurchased for cancellation 500,000 of the company's Ordinary shares of 25p, representing 1.3pc of the issued Ordinary share capital, at 368.0 a share.

Following the repurchase, there are 38,640,000 Ordinary shares in issue. The company has authority from shareholders to repurchase a further 4,516,986 Ordinary shares before its next annual meeting, which will be held in August.
dw