Establishment Investment Share Discussion Threads

[topvest] 16/6/2018 13:06

Just reading the Annual Report. Not the strongest trust of all time, but seems to get by with its rather eclectic approach. I think some form of merger or liquidation is possibly on the cards for next year. Blackfriars Asset Management only has c£100m under management and so half of it is this tiny trust. The asset manager is losing roughly £1 on every £1 of fees, with £1m of revenue. Its shareholder keeps having to put more money in. Both the investment trust and the asset manager don't look a sustainable long-term approach, which could well trigger a change. Next continuation vote in 12 months time.

[luckymouse] 12/10/2016 17:20

Leg2 coming if that discount IHS breaks

[davebowler] 11/10/2016 10:10

7 October 2016, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by Blackfriars Asset Management Limited, was:

The Establishment Investment Trust plc - 257.33 pence per ordinary share

[davebowler] 10/10/2016 13:47

30 Sept 16 NAV The Establishment Investment Trust plc - 247.61 pence per ordinary share

[davebowler] 30/8/2016 11:40

It is announced that at the close of business 19 August 2016, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by Blackfriars Asset Management Limited, was:

The Establishment Investment Trust plc - 248.11 pence per ordinary share

Revenue to date is included in the above calculation.

[davebowler] 15/7/2016 15:59

Wide spread.

157p to sell in 25k and 177.5p offered in 5k.

[davebowler] 07/7/2016 11:05

Liquidity 10.1% Dollars
COUNTRY BREAKDOWN- equity positions- 89.9%



CHINA 12.5% MALAYSIA 1.9% UK 19.2%
HONG KONG 0.0% PHILIPPINES 4.5% JAPAN 5.5%
INDIA 9.3% SINGAPORE 0.0% ASIA EX REGIONAL* 13.7%
INDONESIA 1.6% TAIWAN 5.7% * via investment vehicle
KOREA 7.6% THAILAND 8.4%



SECTOR BREAKDOWN (directly held equities only)
UTILITY 6.5% INDUSTRIAL 11.2% CONGLOMERATE 1.9%
FINANCIAL 7.0% CONSUMER 28.6% TELCO 4.9%
PROPERTY 5.4% INFO TECH 6.5% HEALTH CARE 4.1%

[davebowler] 06/7/2016 16:18

It is announced that at the close of business 1 July 2016, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by Blackfriars Asset Management Limited, was:

The Establishment Investment Trust plc - 239.39 pence per ordinary share

[davebowler] 25/4/2016 11:28

It is announced that at the close of business 15 April 2016, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by Blackfriars Asset Management Limited, was:

The Establishment Investment Trust plc - 219.73

[davebowler] 30/3/2016 12:35

21 March 2016

The Establishment Investment Trust plc

It is announced that at the close of business 18 March 2016, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by Blackfriars Asset Management Limited, was:

The Establishment Investment Trust plc - 208.79 pence per ordinary share

[davebowler] 25/11/2015 12:06

Extract from half yr report -its beating the Asia ex Japan Equity average ;
Financial Highlights

Performance comparisons 31 March 2015 - 30 September 2015


31 March 30 September
2015 2015 Change
Share price 178.0p 150.4p -15.5%
Net asset value 229.6p 201.5p -12.3%
FTSE WMA Stock Market Balanced
Index* -5.7%
MSCI UK Equity* -9.2%
MSCI AC World Equity* -10.9%
MSCI Japan Equity* -10.8%
MSCI Asia ex Japan Equity* -18.2%

[davebowler] 05/9/2014 14:11

hxxp://www.blackfriarsam.com/uploads/teit-1408.pdf

[davebowler] 13/6/2013 16:39

The Establishment Investment Trust plc

It is announced that at the close of business on 07 June 2013, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by BDT Invest LLP, was:

The Establishment Investment Trust plc - 247.08 pence per ordinary share

[elmfield] 23/5/2013 21:07

Piece in ic this week, am going to research this over week end, may join you!

[davebowler] 16/5/2013 14:02

13 May NAV 263.03 pence per ordinary share

[davebowler] 15/5/2013 15:43

www.bdtinvest.com/pdf/establishment-investment/eit-factsheet.pdf

[davebowler] 24/4/2013 10:54

At 19 April 2013, the unaudited net asset value per ordinary share of the undermentioned investment company, managed by BDT Invest LLP, was
257.98 pence per ordinary share

[davebowler] 27/11/2012 14:01

Chairman's Statement

During the first half of the financial year the share price rose by 3.4% while the net asset value increased by 3.7%. In addition a final dividend of 2.6p was paid to shareholders during the period thus lifting the total return on the share price and net asset value to 4.8% and 4.9% respectively. This compares to the 2.1% increase in the FTSE APCIMS Stock Market Balanced Portfolio Index and 0.3% gain in the MSCI World Index in sterling terms.

I am pleased to note that your investment manager increased exposure to gold bullion during the period under review, reversing the partial disposal in the third quarter of 2011. Gold Bullion Securities again account for approximately one eighth of the net assets of the Company.

The recent open ended commitment by both the European Central Bank and the Federal Reserve to continue printing money is a course of action that should be of great concern to investors for two important reasons. First, it is a course of action that, simply put, is impossible to reconcile with sound long term monetary policy. Second, this policy occurs at a time when regulators continue to apply rigid formulaic assessments and measures of risk where the most basic building block of the calculation rests upon the ludicrous assumption that cash is both risk free and, by implication, a store of value. This is patently not the case. Since the United States abandoned the Gold Standard in 1971, consumer prices in that country have increased by well over five times. In other words, cash today buys substantially less than one fifth of the goods today that it did 40 years ago. The Company holds exposure to physical gold because it is a proven store of value and central banks can't print it.

Elsewhere, the Company retains substantial exposure to domestically orientated businesses across the Asia Pacific region, both directly and via the investment manager's open ended funds. The subdued outlook for growth in the global economy obviously impacts the short term outlook of many countries in this open, trade orientated region but your Board continues to believe that the Asian equity markets offer great long term potential.

The Board has declared an interim dividend of 1.8p per Ordinary Share, a 5.9% increase on last year's interim dividend.

Sir David Cooksey GBE Chairman

23 November 2012

Investment Manager's Report

The Chairman's statement notes the modest upward movement in the share price and net asset value of the Company during the six month period. The discount has remained stable over the period and stood at 14.7% on 30 September 2012. For comparative purposes, over the period, the MSCI UK Equity Index rose 1.8%, the MSCI World Equity Index rose 0.3%, the MSCI Asia ex Japan Equity Index gained 0.8% while the MSCI Japan Index declined 9.0%.

The sharp deceleration in the Chinese economy in 2012 appears to have come as a surprise to many. We discussed the implications of the post global financial crisis Chinese credit and investment boom in

the annual report. Rudimentary macroeconomic analysis was more than sufficient to suggest that recent growth rates, generated almost exclusively by investment in the property and infrastructure sectors, were unsustainable.

Some superb work on balance sheets and cash flow generation from Forensic Asia, an Hong Kong based independent research firm, has shed light on the current slowdown in China from a corporate perspective. In brief, data from 2011 published accounts suggests that following the recent credit boom Chinese companies are left with highly leveraged balance sheets and exceptionally weak cashflow. The normal reaction of management to this state of affairs is to improve cashflow, reduce liabilities and reduce or defer capital expenditure (voluntarily or involuntarily if creditors have stepped in). This has clear implications for an economy where gross fixed capital formation accounts for roughly half gross domestic product.

Much slower economic growth in China and a collapse in the growth in demand for commodities - if not an outright decline - remains the base case of your investment manager. We remain fairly optimistic on the outlook for Chinese consumption and, indeed, consumption trends elsewhere in the region. The Company retains significant exposure to consumer businesses.

It is important to note that the stretched balance sheets and weak cashflows of corporate China is the exception, and not the rule, in Asia. The lessons of the Asian crisis of 1997-1998 have been learnt in countries such as the Philippines and Thailand and a long overdue investment cycle, especially in infrastructure, is underway across the Association of Southeast Asian Nations (ASEAN). The Company has significant investments in this area.

Your investment manager hopes to build on recent progress in the second half of the company's financial year.

BDT Invest LLP

[davebowler] 27/11/2012 13:58

23 November 2012, the un-audited Net Asset Value per share of the undermentioned investment company, managed by BDT Invest LLP, was:

The Establishment Investment Trust plc - 224.44 pence per Ordinary Share