||INCOME SHS 1P
||EPS - Basic
||Market Cap (m)
|Nonequity Investment Instruments
JPMor. I&G Share Discussion Threads
Showing 26 to 50 of 50 messages
|It's been a wonderful investment for the last 5 years, and quite sad to see it go...but hey, onwards and upwards!|
|Dust to dust|
It's been a wonderful investment for me over the years, having bought at a large discount, and enjoyed an attractive yield.
Will be quite sad to see it go!|
|Couple of months to go here. Finally the market makers have woken up to the fact that the capital shares JIGC have come well into the money for now. NAV today is 8.55p pence for the capital shares. Discount vs the offer, massive gearing to portfolio but can only lose 7p, the optionality is worth a few pence over the NAV for me.
The income shares JIGI are more likely than ever to pay off in full, should be a total of about 110p to come including dividends. Quite remarkable given the 8 year history of these things.
I think the board already provided in last years account £350k for windup/reconstruction fees. Happy days|
|sold this recently, NAV on capital at zero.|
|JIGI now into their final year!|
|Sorry - didn't post on all the threads of all the stocks I sold when moving to 50% cash!
In the event though my timing was impeccable, my selection of which to sell and which to hold was fairly indifferent.
I still like JIGI as an effective liquidation play; but their underlying portfolio seems to fairly accurately track the FTSE so the redemption price obviously vulnerable to any major correction. I see the surplus represented by the capital shares NAV has now been entirely eroded.|
You didn't detect the tongue was very much in the cheek!|
|''but on another thread''
Was that on the Freemasons thread? :)|
|To be fair to Skyship, Tilton, he did tell us much earlier, but on another thread.|
|Ramper SKYSHIP strikes again!
Promotes it on a number of boards, then gets out and only tells you a month after the event...lol...|
|JD - the cover article in the 3rd October issue of the IC is on investment trusts. Of the 10 "Overlooked & Outperforming" trusts - 4 are under the JPM umbrella - JAM, JAI, JMO & JCH.
I sold out of here back in early September when I decided to go to cash - liquidated 50% of my portfolio.
Will keep them on my Monitor...|
|The 7.5% return target is capital as well as income on a long term basis.
I have a JP Morgan SIPP so I have a number of JP IT + a small amount of EMG.
Over the last 10 years the lowest average annual return I have made on my current holdings is from JCH (Claverhouse) at 10.9% p.a, all dividends are all automatically reinvested. JMI (Smaller companies) is the highest at 16.6% p.a.
The conclusion I have come to is to not tinker with my holdings unless they fail to meet my target over a long term basis. With the exception of the mistake of investing in (JFJ) Japan this has worked & I have exceeded my target to date from 2003 at 11.3%. This of course includes the GFC period where my SIPP fell around 40% over a 12 month (07/08) period & then rose around 40% (08/09)!
List of holdings
JMG (recently switched half holdings into JEMI)
JEMI (new 2014)
EMG (new 2014)
The other reason why I have a 'passive' management approach is because I am no longer making contributions into the SIPP.|
|JD - As a matter of interest, where else do you hold or look for your 7.5%pa.
Personally I target 12%pa for my SIPP, but to achieve that I have to be fairly active with the c50% of the portfolio not hard-wired to Absolute Return investments such as ACD & RECP.
Much of that activity is commented upon in the CP+; PE; JDT & SL threads...|
|Oh OK thanks.|
|If you can buy at 95.5p (96p inc SD) then the GRY is 7.94%. You have omitted to add in the Revenue Reserve of 1.72p which will either be added into future dividends, or be added to the 103.4p at the end.|
|Sorry, you're right I can't count!
The biggest factors impacting the yield you actually get rather tha the GRY are the spread & buying costs (depending on size of purchase).
There isn't a great deal of liquidity to buy in large quantities.
Buying 3k based on last buy on Friday at 96p your cost would be 96.81p, 4.55% annual yield.
Redemption value of 1.036p + 9.9p dividends is a total gain of 14.71% or 6.53% pro rata over 2 years & 3 months.
So buying now you wouldn't get anyway near an 8% return.
My annual target return for my SIPP is 7.5% so I won't be looking to buy unless I get in below 93.5p.|
|JD - 9 (not 11 of course!) to come as I assume that last one will have been earned. Using two different methods I arrive at a Gross Redemption Yield (GRY) of 8.35% & 8.69%.|
|Can someone confirm that there are 11 further dividend payments of 1.1p remaining (excluding the one just gone XD) I.e 1 2014, 4 2015 & 4 2016?
Wasn't sure whether with wind up date on Nov-16 you'd get the last div of 1.1p paid in Dec-16.|
|My Capital shares NAV estimate based on yesterday's close was 6.77p. They actually achieved 6.80p. Not much in it - only £19k in a £68.2m portfolio - but still £19k on the positive side!|
|As a matter of interest, to reduce the JIGI payment to the offer price of 96p would require a FTSE100 fall to c5850 - a 13.3% fall from the current 6750.|
|DOH - of course, should perhaps have stressed that all those figures relate to the CAPITAL shares NAV, which falls to Zero @ c6386!
I've amended the first line of Post No.6 above...|
|Skyship - surely you intended to state that a 4.84% fall in the markets takes us to redemption value of 103.6p. We would need a much bigger fall - which is not recovered by November 2016 - to bring us down to only receiving the current price in the market of about 96p.|
|Here are the recent CAPITAL share NAV movements resulting from the recent FTSE moves:
So, after the close yesterday @ 6672, I calculated on a straight comparison basis that the NAV return today would be 5.03p. And so it proved - 5.03p.
So, using the same progression, the NAV falls to 0.00p @ 6386; a figure rather higher than I thought - no doubt due to the gearing - as pointed out by others!
So a further fall of 4.84% is all it takes to wipe out the Capital share surplus.
No matter, still happy with JIGI at its current yield and discount.|
|Tilts - I quite rightly always accept your comments as Gospel; but also wished to establish the position with the Company in the hope that they might indicate when/where the excess might be paid, ie as increased dividends (surely the most likely) or as a rump payment in Nov'16.|