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FPEO F&C Private Equity Trust

336.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
F&C Private Equity Trust LSE:FPEO London Ordinary Share GB0030738271 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 336.00 331.00 337.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

F&C Private Equity Share Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
28/6/2019
10:23
I have set up a new thread to reflect the change from FPEO to BPET.
vacendak
12/11/2018
13:12
@zangdook
Sorry, just following you. :)

It seems that ADVFN does not yet track the new tickers.
FCIT, BPET and BHI/BHIU (for those I have anyway) do not seem to work yet.
I guess we need to wait until midnight or something.

The old ones are flat today but they are unlikely to see no trade, especially FRCL/FCIT.

vacendak
12/11/2018
12:14
now BMO Private Equity Trust BPET
zangdook
25/8/2018
16:05
Respectable results but the NAV is the same as June 2017.
I did wonder about buying more but passed as the current share price for me is correct.

cerrito
06/6/2018
09:37
347p-350p- Premium beginning to unravel as Stifel recommend a sell due to over-valuation...
skyship
28/5/2018
23:09
I was at the FPEO AGM on Thursday.
As usual the Fund Manager came over well and gave a good presentation. We did not get into why so many coinvestments had been disappointing and with hindsight should really have done more to get to the bottom of what learning there is in the context that they will be increasing further the amount of coinvestments they are doing.
We were told that Weird Fish is doing well and let's see if they have had a profitable exit from Ambio via an IPO by the time of next year's AGM.
Given that the shares have been trading at a premium- excellent given the track record of other listed PE companies- the Board is reviewing the possibility of doing an equity raise which could be good that with the increased size of the Trust it could get more institutional support and liquidity perhaps leading to a reduced bid: offer spread. That said they have plenty of fire power as it is and not clear to me that all that many good deals out there at the current time so would be happy if they did nothing.
However comfortable I am with Management I have no desire to buy more and may well lighten up.
PS
I just looked at today's FT which had information on 15 conventional PE investment trusts and FPEO was one of two who are trading at a premium and their's at 2.8 pc was the highest- a good show even taking into account that you have to take these figures with a bit of a pinch of salt

cerrito
24/5/2018
13:16
Specto - if you're still in here surely time to take profits as the latest stats show how over-valued this PE Trust now is. At 362p now on a near 4% Premium:
============================================================================

Quarterly results for the three months to 31 March 2018 (unaudited):

-- Share price total return for the three months of 6.1 per cent for the Ordinary Shares

-- Quarterly dividend of 3.57p per Ordinary Share payable on 31 July 2018

Manager's Review - Introduction:

As at 31 March 2018, the net assets of the Company were GBP258.2 million, giving a Net Asset Value (NAV) per share of 349.24p, which taking into account the dividend of 3.55p per share paid on 31 January gives a decrease in total return over the quarter of 1.2%, mostly due to currency movements. At 31 March, the Company had net cash of GBP1.9 million. Outstanding undrawn commitments were GBP140.6 million with approximately GBP17.0 million to funds where the investment period has expired.
In line with the Company's policy to pay dividends on a quarterly basis, a dividend of 3.57p per share was paid on 30 April 2018 and a further dividend of 3.57p will be paid on 31 July 2018 to shareholders on the register on 6 July 2018.

skyship
01/5/2018
14:48
It's a bit cheeky picking out iii I admit, but does show FPEO not an outlier.

Interestingly, iii's swung between a discount of around 60% (2008) & premium of over 50% (2017).

spectoacc
01/5/2018
13:03
Agree that iii's premium is too high, but it's the only PE fund liquid enough for the big funds to hold, and also it's self managed and earns fees from external investors in its funds. In comparison, FPEO has two layers of management fees and two layers of performance fees.
rambutan2
01/5/2018
12:46
iii's premium worth looking at in comparison.
spectoacc
01/5/2018
10:17
NAV at 31/12/17 = 357.23. Sp now at c380p! The 6% premium looks rather absurd considering they grew the NAV by just 5.3% in 2017 - hardly stellar.

Take a look at my 27th April post on the PE thread for a comparison of Discounts across peers.

Current Best Buy looks to be NBPE rather than HVPE, they also offer a 3.7% yield whereas HVPE (like PIN) still failing to pay a dividend.

skyship
01/5/2018
09:21
why have these gone to a near 10% premium while HPVE and SLET languish I wonder.

HPVE likely to do something about their discount at results in a week and a bit imo.

nimbo1
24/3/2018
20:05
@Skyship
You were right back on post 174; it has been going sideways.
Damn tea leaves... :)

vacendak
24/3/2018
14:52
Specto - yes, I see I thought they were fully valued back in November @ 355p, since when they slid to 310p before recovering nearly all of that loss. Time for them to drop back again IMO...

Asmo - LTA - yes indeed, I bought back in this week as the discount has opened up to c37% - the widest in the sector. Also now offering a 4.8% yield. I suspect APAX will be under pressure to adopt measures to cap that discount.

skyship
24/3/2018
14:24
Have to say, looking at the graph, I am quite pleased not to be in LTA now....
asmodeus
24/3/2018
07:36
@Skyship - you've been saying "sell" on FPEO for quite some time! :)

(I sold out a while ago so perhaps I can't talk - left at least 50p on the table. But I always remember iii is on a massive premium).

Chart looks good for a retest above 360 - if you believe that sort of thing (I don't).

spectoacc
26/11/2017
10:35
Assam or Darjeeling? :)...

Seriously though, I do look at the chart before making my move; and the obvious double-top @ 360p does suggest caution. Technically they would have to make a convincing break through 360p to become a buy; but just how likely is that with the NAV at just 361p? A HOLD at best - a SELL may be the better proposition.

skyship
25/11/2017
18:35
Bah!
I read tea leaves and fish entrails before investing, better than consulting
silly reports. :)

vacendak
25/11/2017
13:59
Specto - wouldn't recommend buying in here on a mere 1.7% NAV discount!

Sorry Vacendak, but surely that stat suggests at least another 6months of sideways consolidation.

Bear in mind these comparisons:

# ICGT - NAV disc. = 15.7%
# HVPE - NAV disc. = 15.2%
# JPEL - NAV disc. = 16.9%
# PIN - NAV disc. = 19.0%

HGT & PEY also too dear at the moment on discounts of 3.7% & 5.7% respectively.

Current best buys? Well, IMO:

# LTA on 29.9%
# JPEL on 16.9%; and ahead of another liquidation payment shortly

As you know, the runners and riders can be viewed on the PE thread.

skyship
24/11/2017
12:55
@Specto
No worries.

Now could be a good time to re-enter. The share price is still stuttering and could be due for a jump soon.

vacendak
24/11/2017
12:51
@v - apologies, my post sounded a bit brusque on re-reading! I'm no longer a holder having sold out around £3 (from memory) - wish I'd held on. Keeping an eye on them all the same.
spectoacc
24/11/2017
12:40
Sorry if I sounded too negative, this was not the aim.
Glad to be holding FPEO and happy with the new quarterly divi policy.

vacendak
24/11/2017
09:39
And still below a conservative NAV, and still the divi along the way.

And still "cheap" compared to the likes of iii.

spectoacc
24/11/2017
09:34
Q3 quarterly report:

The PDF version should be on the company website soon.

Upbeat, with still a lot of cash in the bank.
As usual, a very detailed account of all the holdings bought and released.

The NAV returns are not as impressive as they used to be, 4.7% over nine months compared to 23% over 2016. The share price has not moved much over the past six months, but it is still doing 20+% on YTD.

vacendak
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