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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
|
|
|---|---|---|---|---|
| -1.00 | -0.41% | 243.00 | 16:35:22 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 243.00 | 242.00 | 243.00 | 243.00 | 244.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 03/8/2019 07:29 by peanut100 Investec sell 2/8/19Slump in performance threatens premium ratingPhoenix Asset Management Partners were appointed manager in January 2016. Since that time, the company has consistently traded on a premium rating and it has been able to increase the number of shares in issue from 10.4m to 64.9m, with the market cap rising from just £16m to £124m. The manager has a distinctive investment philosophy and process, which focuses on identifying great businesses at attractive prices, defined as half their intrinsic value at time of investment. The portfolio is concentrated and turnover is very low.The fee structure is novel. There is no management fee, but an annual performance fee (payable in shares) equivalent to one-third of the NAV total return outperformance of the FTSE All Share, subject to a high water mark and clawback. Due to the underperformance since the management change, no fees have been paid to the manager, and indeed, a significant improvement is required before any fees will be generated.Investec view: The Board and manager deserve credit for reinvigorating the fortunes of the company.However, a function of the philosophy and a highly concentrated portfolio is that the performance is likely to materially diverge from the benchmark, and investors must be comfortable with this risk profile. At the end of June, the three largest holdings were easyjet, Sports Direct and Dignity; these represented 28% of NAV but have been a material drag on recent returns.Since January 2016, the NAV total return is 24.4% vs. a benchmark total return of 44.3%; we note that these numbers include a material enhancement from the share issuance program, and obviously reflect no management fee.For longer-term performance, the manager highlights that the Phoenix UK Fund has generated a total return of 487% since launch in 1997 vs 195% for the FTSE All Share, equating to an annualised outperformance of 3.5%. We have included this track record on page 2. This highlights how the performance diverges from benchmark but notably the relative chart highlights that the long- term record is flattered by three exceptional years in 2000, 2002 and 2003, a period when the fund grew from £18m to £45m.Although we would expect a less hostile environment at some point, value investing remains a very lonely place at the moment. Against this backdrop, we struggle to reconcile the current premium rating, which we believe looks vulnerable. We initiate with a SELL recommendation. |
Posted at 17/9/2010 21:59 by sellandrepent Why five years MOTW? I may be wrong but many investors nowadays buy and sell when they make a resonable profit. This might be in weeks or months. I think the days of buying shares with the view of keeping them for five years are long gone.Personally i bought these within the past six month and am looking at a 20% return on my investment. I think James Barstow and his team are doing a great job and we appear to be in good hands. Personally, I am considering selling my shares but feel a price target of 250p is achieveable first. Best wishes to all holders. |
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