|New Star Investment Trust
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
New Star Investment Trust Share Discussion Threads
Showing 126 to 147 of 150 messages
|cgt dies on death so will be a pivotal moment here.|
|Duffield's 77, he could easily live to be 100. Actuarial tables alone say he has another almost 10 years, and why would his death lead to a winding up? Priorities at NSI may change, but generally heirs seem happy to keep ITs going (look at the plethora of "family wealth" trusts around).
"...The fund also provides a steady stream of fees for his new venture and it is not cheap. On top of the basic management charge of 0.75% there is a performance fee of 15% of the growth in net assets over 3-month Libor plus 1% subject to a high watermark. There are also the fees charged by the managers of the underlying funds, hence the ongoing charges figure of 0.93%."
Performance fees always rankle, but 0.75%/0.93%? That's one of my cheaper ITs. Of course be lower, particularly as a fund-of-funds, but there's ITs out there charging 1.5% basic, and some inc performance fee getting up to some really daft levels. NSI isn't an outlier on fees.
I'm a fan of NSI - I like "cheap" - and it's true that one day the discount should come in, but I'm expecting it to be the same in 7 years time as it was 7 years ago, and as it is now.|
Not too unreasonable to have a tender 10-20% above current price|
|Maintaining more or less the same NAV discount. One day, it'll close.|
|nice little climber recently|
|Up again today, tracking NAV - 136p month-end will have improved a little with £ tank.
No nearer seeing any kind of return, but still get a warm glow.|
|I would love to see their definition of the word independent.|
|The directors have discussed various options to reducing this discount, but have not yet found a satisfactory solution.
This is being kept under continual review by the independent board.
these statements are almost laughable....|
|Can't recall where I found that FO Crux rise but clearly incorrect
Nevertheless still 33% discount on some of the most stable, liquid investments around. Ungeared & secure. I wonder what it would take to make this share price behave realistically.
I do find it irksome that they keep using the expression 'your company' it manifestly isn't.|
|It's still a good investment because you're buying at such a discount, and it's risen with the NAV (ie the discount persists, but the share price rises with the NAV). But it's certainly "different" - one day the discount will close, but that could be 20 years away.|
|In normal circumstances this would be a good investment.
FP Crux European (12% holding) is now up 45% in a year
Fundsmith (9%) up more than 30%|
|Lol yes - waiting for God, just not waiting for him for me.|
|Unfortunately they don't "have" to do anything whilst Duffield's around - there's been no interest for some time in lessening the discount, despite occasional weasel words from the managers.
Most of us in are in for the long haul.|
|Nice chart here (recently) - They have to do buybacks or crystallise & return a profitable investment if you want the nav gap to sharply close - either that or become a pension sipp favorite by putting in a steady LT climb
Management need to be a little more aggressive in both depts perhaps|
|NSI hardly alone in this, but it's still within 1% of 12 month average discount - ie the rise is justified by the NAV increase (with no doubt a chunk of that due to £ weakenss).|
|Agreed @coolen, though "something" will change eventually..|
|Plenty of reasons for a large discount, with no sign that anything is to change.
I suspect it is a shrewd IHT ploy: given the share quote, how can HMRC dispute that 120p per share of wealth is worth anything more than 85p ?|
|"..Pretty accurate & liquid NAV" is a good description, even if the "liquid" part doesn't apply to us shareholders! But it's certainly an unusual discount play in the genuine/realisable nature of the NAV (eg vs smallcap ITs, where valuations are done on bid, but trying to sell their holdings in any size can be impossible).|
|6% increase in NAV. Happy enough with that, makes for 35.5% discount which should hopefully reduce a little this month.
I prefer to view it the other way around, we need a 55% share price increase just to catch up with a pretty accurate & liquid NAV.|
|Well done @tilts, "always leave some on the table for the next guy" (in this case hopefully me ;))|
Those sales were mine, and finished me off...just got bored, but made a decent profit!|