Smithson Investment Share Discussion Threads

[adamb1978] 26/4/2024 11:58

Easy to have regrets Cruella but they can chew you up.

Its also human nature (I believe) to remember the bad decisions which we've each made (ie not selling at a top, or not buying something which shot up)....but not remember as well the good decisions such as not buying something which they fell or continuing to hold as the price went up further.

All the best with the adjustments to your PF

[cruelladeville] 26/4/2024 10:56

To add for context, I have held since IPO and bitterly regret not selling out over 2000p when I could have.

[cruelladeville] 26/4/2024 10:54

Thanks for the comments. Unfortunately my priorities have changed and I need the money to pay dividends. I have waited to see if the stock pulls back up again but it's showing no signs of breaking out of it's range. Always falls back from 1400p. I considered selling down to create a pseudo income stream, but I'm just eroding the capital as there's no growth to sell down.

[adamb1978] 26/4/2024 09:50

Very much agreed Lowtrawler

[lowtrawler] 26/4/2024 09:31

CDV, the investment approach of Smithson is very much one that requires patience. Essentially, theirs is a buy and hold strategy with conviction the stock choices will deliver decades of returns. Based on Buffett. I envisage a 10 year investment horizon to determine how successful they have been.

[cruelladeville] 26/4/2024 08:50

You were right. Overwhelming majority to continue. I have lost patience and will sell.

[lowtrawler] 19/4/2024 10:46

I can't see anything other than a vote to continue. Smithson were wrong not to initially allow the vote to happen but were likely correct the vote is unnecessary as the outcome is known.

[cruelladeville] 19/4/2024 10:26

AGM soon. Any feelings about how the continuation vote will go? I have seen no press commentary on it at all. My gut feel is that the continuation vote will be in favour of carrying on. If so, I'm selling out.

[mozy123] 27/3/2024 11:41

Diploma helping today.

[cruelladeville] 14/3/2024 10:32

That makes two of us then. Mood music seems to be in favour of continuation. I hope that's incorrect and the trust is wound up like FEET was.

[keit4h] 13/3/2024 14:42

I have voted against reappointment of the directors and against continuation of the company. I urge other shareholders to do the same.

The discount to NAV is now c.13% and the company has significantly underperformed over 1,3 and 5 years.

[donald pond] 10/3/2024 07:53

I have no position here but think it is pretty clear that the board should all resign. Their job is to represent the interests of shareholders and hold the manager to account. That means enforcing the terms of the trust, not just rubber stamping what the manager asks. They have failed and should all go

[cruelladeville] 08/3/2024 10:29

Proxy AGM vote opened today. Have voted against all directors reappointment and against continuation on the company. I guess I'll be in a minority, but at least I've had my say.

[cruelladeville] 06/3/2024 11:53

I will be voting to liquidate the portfolio and return cash to shareholders. Sounds like I'm in a minority though?

[makinbuks] 05/3/2024 13:46

Agreed, humiliating climbdown. Shame they didn't consult before the announcement. Out of touch and underestimating governance

[tiger blue] 05/3/2024 12:58

Pleased with that, obviously better if it had been put forward at the start, but good that board is listening to feedback and as I said earlier, they will sail through the continuation vote and hopefully get on with making us all some money!

[mozy123] 05/3/2024 12:03

Looks like the board have listened to the feedback. Continuation vote in the agm, should help narrow the discount.

[donald pond] 29/2/2024 21:41

It could provoke selling from institutional holders who have to "comply or explain" when they hold stuff that fails the basic corporate governance rules. As you say, a major og

[tiger blue] 29/2/2024 15:28

Which was a complete own goal. I am a solid long term holder here, things are picking up and they would have sailed through the vote and probably narrowed the discount ahead of it. Avoiding it will likely widen the discount and reflects badly on the board.

[spangle93] 27/2/2024 16:05

View from brokers is that they dodged a continuation vote

[spangle93] 27/2/2024 08:00

Annual financial report



"Over the last five years Smithson is the best performing trust in the AICs Global Smaller Companies sector"

"We end this year with significant optimism for the future. Not only is portfolio positioning the best we believe it has ever been, but the subject of much of my commentary over the last couple of years, the interest rate cycle, is almost certainly at its peak. The upward movement in interest rates has been the strongest negative force against the relative performance of small and mid-cap equities and it is perhaps worth observing that over the two years since rates started increasing, the MSCI World Small and Mid-cap index has underperformed the MSCI World Large cap index by over 10%. We wait to see what effect falling rates might have."

[spangle93] 26/1/2024 08:02

Investment manager is very pleased with where things stand



"It has been a busy 12 months, taking advantage of low prices during the weak market to improve and diversify the portfolio. After these actions, we are unashamedly enthusiastic about what we now own. The portfolio is without doubt in the best shape it has been since inception and I am excited to share the changes with you"

[edwardt] 08/1/2024 19:37

I am in then

[topvest] 19/12/2023 16:16

I've exited my small holding despite the discount. I do think they sometimes over-pay.

[danieldruff2] 06/10/2023 14:14

I see it was the second most sold investment trust last month