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ARR Aurora Investment Trust Plc

0.00 (0.0%)
27 Sep 2023 - Closed
Delayed by 15 minutes

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Share Name Share Symbol Market Stock Type
Aurora Investment Trust Plc ARR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 210.00 16:35:06
Open Price Low Price High Price Close Price Previous Close
208.00 208.00 212.00 210.00 210.00
more quote information »
Industry Sector

Aurora Investment ARR Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 27/7/2022 20:30 by spectoacc
Yes, it's paying off - FRAS seemingly the only retailer not getting hammered by rising utilities, rising wage costs, rising production & shipping & materials (no pun intended) costs.

Now what would impress me is if ARR took profits.
Posted at 05/11/2021 15:50 by spectoacc
That's really interesting, thanks @Molrey. I bet not many ARR holders know about their exposure to an interest rate hedge.

Is probably the one thing you can't easily replicate in your own portfolio! Otherwise, I've never seen the point of holding ARR when you could just buy the individual shares.

(HL doesn't include the interest rate hedge, which must be why they have the likes of FRAS so much higher).
Posted at 29/7/2019 08:11 by spectoacc
If HL's holdings list to be believed, ARR got 9% of the fund in SPD. For "Buffetology", they seem to invest a lot closer to Buffet's UK punt on Tesco!

Top 10, which is most of the fund:

Randall & Quilter

Seems to be quite a few bad performers in there, not least the top 3 which are 28% of the fund.

Same point as previously - why buy ARR at a premium when you could buy the holdings.
Posted at 11/10/2016 14:26 by spectoacc
Tempted to call this the single most over-rated IT on the market, but realistically it's only Top 5.

Cannot understand who'd want to pay a premium (& an annual management charge of 2.58% according to HL, though I think that's wrong) for a Trust with so few holdings - just buy them yourself! If you believe Barratts, Bellway, Lloyds, Tesco, SPD, JDW, MRW, GSK, Vesuvius & Hornby are good buys, then buy them, don't buy ARR. That's 89% of the portfolio covered (inc 5% held in cash), and would give you a much better yield. Then just keep an eye on their Top 10 for changes, there's unlikely to be many.

Sports Direct, lol.. Tesco also highly dubious (the claim "Buffettology" - Buffett got out), & Lloyds is a long after the govnt sell down, not before IMO. Hornby I don't follow, Vesuvius I like, Glaxo is over-distributing and has become one of the "bond proxies" that won't be this high indefinitely. The housebuilders I like but not for a quarter of the portfolio. They're deep value but they can't run on forever. I keep hearing how we're not building enough houses but hear very little about how that was the case when the housebuilders were 90% lower. Sure, they won't get done by debt this time - IMO it'll be either input costs (labour, already in shortage, going to get much worse nearer to Brexit) or adverse legislation (eg forcing land with PP to be built on, not land-banked).

And all that, for an 8p premium? Strewth. NAV 161.7p, yours for 171p.

Edit - no, they really do charge 2.58% pa, and worse:
"The ratio is calculated excluding finance costs but including operating expenses charged to capital and applied to the average NAV of the year. Expenses of a type not expected to recur under normal circumstances are excluded from the calculation"

So potentially even higher in reality. About the only arguments for ARR are 1. You've no time to monitor your portfolio (though ARR claim very low churn); 2. You're investing tiny amounts, where the fixed commission charge on buying the Top 10 is outweighed by the single commission on buying ARR at a premium, but even that doesn't apply if you're a long-term holder: -2.58% pa will really eat into returns.

Edit - and I accept the argument that if you buy on a premium, but also get to sell at the same premium, then in some ways it's irrelevant. But it's not irrelevant to the portfolio yield, nor the risk that a premium becomes a discount when you come to sell.

To give an example of the effect of 2.58% charges (and they're at least that, more likely higher):

Assume everything grows at a very tidy and consistent 10% pa compound, 100k invested. Buying the shareholdings individually:

£259k after 10 years.

Buying ARR, ignoring the premium:
199k after 10 years

So a £60k difference, or 60% of the initial amount invested, just for a 2.58% charge. And that's after only 10 years. (Yes - I've ignored the extra commission costs, say £100 vs £10, with a change or two each year. I've ignored the effect of tax on the divis, and the cost/hassle of reinvesting where those holdings don't have a reinvestment scheme. But £60k!! Also, if you're putting the 100k into ARR at a premium, you're getting more in yield buying the holdings, which would cover some extra commissions to reinvest).
Posted at 21/3/2016 10:42 by wirralowl
More insight into Aurora's new philosophy in a detailed 2 page article with Aurora director Tristan Chapple, in Shares Magazine this week.

Some points from the article:

* New IM took over the fund in January 16 and cleared out all the small illiquid stocks and has already replaced them with a portfolio of stocks more representative of their value investing style,‘Aurora’s portfolio today is a Phoenix portfolio.’

* ARR scan the market for quality companies trading at what they consider to be half their 'intrinsic value'. Can take many years for firms to reach this target valuation, consequently ARR has a concentrated portfolio of just 15 stocks at present.

* ARR would be quite happy with a market wobble caused by Brexit or other event ' Crisis is opportunity for us' says Chapple.

* Biggest holding currently is LLOY @ 13%, followed by Tesco (11.8%) and BDEV @ 9.2%
Posted at 10/3/2016 10:02 by wirralowl
Felt a new beginning deserved a new thread...

Aurora Investment Trust plc is a listed investment company formed on 13 March 1997 and domiciled in the United Kingdom. With effect from 28 January 2016, the Trust is managed by Phoenix Asset Management Partners Limited ("PAMP").

Gary Channon, Manager of the Phoenix UK Fund since 1998, will run ARR. His Phoenix UK fund, is an Institution-only fund, that has increased its NAV by 416% since launch, with an investment return of 706% (12.5% annualised). He will take charge of Aurora and plans to replicate, as closely as possible, its offshore, existing Phoenix fund.

The Manager's Investment Approach is 'long-term, value-based and focussed' and is inspired by Warren Buffett and Phil Fisher. ARR will be a concentrated portfolio of high conviction stocks, held for the long-term:

Dividend Policy: It is a requirement of HMRC that an investment trust distribute at least 85% of its net income and we intend to comply with that minimum. Therefore the dividend will be a function of the dividends paid by the companies we own and the Trust cost base. We will make no attempt to smooth or flatter the dividend

Cost structure: The manager will not charge any admin or basic management fee of any kind. Instead there will be a performance fee (1/3rd of the out-performance (over the FTSE) paid in shares to the Managers), but with a 3 year clawback period if any of that performance is given back. In other words the Manager will only make money if he does well on a rolling, long-term basis; so interests very much aligned with shareholders...

At 166p, the current market Cap of ARR is £20.1m, which the Manager admits is too small, so there will be a rights issue / open offer of sorts in the near future, to raise the market cap of the company to c.£50m.

More details from the Company website:
A short introduction to the 'new' Aurora:
A table of the Phoenix Fund's impressive track record:

Excellent MoneyWeek video interview with Gary Channon, March 2016:
Posted at 23/10/2008 13:14 by bigwadds
This company seems to be in a terminal decline. I believe they heavily invested into commodoties stocks which are collapsing daily.

I know most stocks are falling rapidly but these have halved in the past month!!

Does anyone else have any opionions on ARR.
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