New Star Investment Share Discussion Threads

[jhan66] 16/9/2016 07:31

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.

[spectoacc] 25/8/2016 07:07

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.

[jhan66] 25/8/2016 04:09

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%

[spectoacc] 16/8/2016 14:45

Lol yes - waiting for God, just not waiting for him for me.

[spectoacc] 12/8/2016 14:46

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.

[luckymouse] 12/8/2016 11:00

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

[spectoacc] 11/8/2016 15:33

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).

[spectoacc] 09/8/2016 06:55

Agreed @coolen, though "something" will change eventually..

[coolen] 08/8/2016 22:24

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 ?

[spectoacc] 08/8/2016 11:35

"..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).

[jhan66] 08/8/2016 10:00

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.

[spectoacc] 03/8/2016 16:17

Well done @tilts, "always leave some on the table for the next guy" (in this case hopefully me ;))

[tiltonboy] 03/8/2016 13:56

coolen,

Those sales were mine, and finished me off...just got bored, but made a decent profit!

[jhan66] 03/8/2016 13:13

Looks like another nav increase is expected in the next day or two

[spectoacc] 25/7/2016 09:47

Apropos of nothing, attempted a few NSI RSP quotes this morning - no size of note available. Within 30 seconds of the last attempt, the bid moves up 2p. Coincidence? Probably. But nice to see it's a tight market for NSI.

[spectoacc] 06/7/2016 15:50

@jhan66 - so's money in the bank, & about the same returns as NSI ;)

[jhan66] 06/7/2016 15:35

Good increase in nav.
Not a surprise with Fundsmith currently £2.824 with 60% dollar weighting or thereabouts.
I'm quite critical of NSI management but at least it's safe from the ftse250 rout.

[spectoacc] 02/7/2016 16:16

Wonder what next NAV will come out at - some Euro & gold in there but might only be counterbalanced by UK losers.

[edwardt] 27/5/2016 09:07

anyone know where the high water mark is for performance fee? loving the debate - think someone needs to point out to the big man that unneeded income that is gifted does not constitute a pet- ergo raise the dividend here!

[spectoacc] 17/5/2016 07:27

Lol @topvest - perhaps trying to do us a favour by not doing well enough to charge the performance fee?

Looks like I'm in profit, though don't think I'll test sell size..

[topvest] 16/5/2016 20:33

Yes, and they struggle to even achieve that derisory return.

[rooky4] 16/5/2016 19:35

Performance fee is 15% of growth in net assets over a hurdle of 3-month sterling LIBOR plus 1% p.a.

This has acted, and still acts, as a continual drag on returns while being a nice earner for Brompton. Setting a performance fee against 3 month Libor in the current extreme low interest rate environment just shows contempt for the non-Brompton holders and no wonder the discount stays high.

[spectoacc] 26/4/2016 16:29

Picked some up, despite agreeing with both bears & bulls. I'm a sucker for NAV discounts but I agree there's no catalyst, the company's comments re the discount are scandalous, the performance is poor, & the shares uselessly illiquid. But "one day" it'll amount to something and it's a bet on it being sooner rather than later (gone into the SIPP and not retiring anytime soon).

Joins several similar punts like NCE (which I won't ramp except to say it's available nearer 11p than the 10/12.5p spread would suggest, and manages to make NSI's performance look stellar).