Asset Management Investment Share Discussion Threads

[tiltonboy] 11/5/2009 06:52

sponges,

As before; general market conditions. The value of their holding in CLIG has risen substantially over the past couple of months. Asset managers are very highly geared to movements in the market.

tiltonboy

[sponges] 11/5/2009 00:12

Tiltonboy - You still in these ? recent big move upwards is great ! but I will be honest can't work out why ? if you are still in can you proffer a reason/s etc ? hope everything is is okay life wise with you and good luck
Sponges

[sponges] 15/4/2009 00:09

Tiltonboy - thanks as ever !

[tiltonboy] 10/4/2009 14:39

sponges,

Sorry, been away. General market conditions. Nothing more.

tiltonboy

[sponges] 06/4/2009 23:51

Hi Tiltonboy - any reason for recent upward move here ?
Thanks
Sponges

[kristobelle] 11/3/2009 09:54

Wanting to buy but spread too great. Frustrating!

[sponges] 04/3/2009 18:56

Cheers Tiltonboy -

[tiltonboy] 14/2/2009 18:11

Sponges,

It looks as if they have taken a further drastic write down of IFDC. If world markets continue to fall, then the NAV will come under further pressure. Against that you have a dcent dividend stream for a couple of years. A recovery in markets would obviously help.

Probably about the right price at the moment.

tiltonboy

[sponges] 14/2/2009 15:37

Tiltonboy/GlynneF - what's your bottom line thoughts/summary as to where this share currently is and possible upside/downside etc from here on in ?
Cheers
Sponges

[glynnef] 03/2/2009 21:02

I am not a holder any more. Sold after the CLIG interim results. see post 433.
Not 100% sure it was the right decision, but I have the cash !
G.

[tiltonboy] 03/2/2009 18:00

Not me. Not much to say really.

[asmodeus] 03/2/2009 17:05

Are either of you going to the AGM (Glynne, Tilton)? (This Thurs.5th).

[tiltonboy] 28/1/2009 09:37

Glynne,

They have already taken the knife to the IFDC valuation, but whether they need to take some more off I'm not sure.

tiltonboy

[glynnef] 28/1/2009 09:12

CLIG half year results out today. Funds under management less than half the year end figure. Divi maintained though. CLIG down 12.5p or 7.5% as I write.
Am a bit concerned these results might encourage the directors of AMN to revalue downwards their unquoted investments. Thoughts ?

[glynnef] 21/1/2009 21:41

Another small step in the right direction . . . .

The Company announces that on 21 January 2009 it repurchased 142,500 ordinary
shares for cancellation at a price of 57.50 pence per share. Following the
purchase and cancellation of the shares, 18,865,833 ordinary shares of 25p eachwill remain in issue.

[sponges] 21/1/2009 19:03

Thanks GlynneF ! I can "see" that now when I read it again ! but only after yor explanation
sponges

[glynnef] 20/1/2009 08:39

sponges,
A bit like shares going ex-dividend. If you bought them anytime after about Dec 12th you won't get the capital repayment in Feb.

[sponges] 19/1/2009 23:25

Cheers GlynneF - What does that mean exactly re "trading without the rights to the capital repayment" etc ?
Sponges

[glynnef] 19/1/2009 10:51

sponges,
you are right - week commencing 9th Feb I think.
But they have been trading without the rights to the capital repayment since early Dec08.
They go ex-div for the 4.5p divi this wednesday Jan21.

[sponges] 17/1/2009 17:30

Hi all - Thought payment was due Feb 09 ? not December ? Have I got this right?
Thanks for any info
Sponges

[asmodeus] 14/1/2009 20:52

Annual report just out. See amicplc.com

[tiltonboy] 14/1/2009 09:42

osi,

AMN now has a relatively concentrated portfolio of stakes in other asset management companies, having divested a number of it's holdings over the last year or so.

It's largest holding is in IFDC, which manages money specialising in Japanese investments. City of London Investment Group which specialises in emerging market investments is it's second largest investment. In addition there are holdings in AIM quoted Integrated Asset Management and US fund manager Lombardia. The final holding is in the loan notes of FX Concepts.

Valuation of the portfolio is difficult as it's largest holding is not quoted, and may prove difficult to sell. Equity market weakness has impacted heavily on asset management companies funds under management, and also on their share prices. With revenue streams substantially lower, it is likely that the dividends AMN receive will also be lower, with the exception of FX Concepts where trading continues to be strong.

FX Concepts contributes $1.4m towards the income account of AMN, but the loan note will be repaid in 2011. Thereafter it is extremely probable that the dividend will be cut substantially.

The shares currently trade on a large discount to assets, but with some of the assets not being readily realiseable that discount is probably be merited.

A decent recovery in stock markets, would probably leave the shares looking cheap, but for the time being they look about right.

[osirisra] 14/1/2009 03:45

Totally new here. I see there was a payment to holders back in DEC but this one has come up on my hit list due to final divi qualifying on Tuesday 20th Jan paying 4.5p
Is this correct?
Looking at right downs, share price to history, market cap, divi,,,, this all looks good to me but would appreciate a pointer or two. Cheers, Osi'.

[davebowler] 11/12/2008 13:14

There is a similar fund to this -which invests in financials that is- called
Aurora Russia .Its at a 85% discount to asset value!

[tiltonboy] 27/11/2008 06:53

Glynne,

I think the shares will fall by 27p (or the equivalent of it), unfortunately, as the NAV will fall by that much. I know the discount to NAV will widen, but I don't think that will help too much.

Going forward, we need markets to recover, especially Emerging Markets and Japan. The income from the FX Concepts note looks safe, but I'm sure it will be lower from the rest of the portfolio.

I am disappointed that more shares in CLIG were not sold, especially as I had reminded GR that his mandate was to liquidate holdings and not take a view. I wish I had been firmer in my requests.

What had been a good performer has now turned disappointing.

tiltonboy