I wonder if Joe has looked at Porsche??
There's a powerful case behind it as a 'back door' to Volkswagen shares and therefore a play on the growth in EV car adoption.
XE:PAH3 |
thanks for comments vacendak . Not bothered about owning something but just about
making money and CFDs and occasional spreadbet suits me fine but financing charges are a pain if I hold for a while which I tend not to . As a trader it is easier to cut loss quickly and not hang on as paper losses mount when "owning " the shares . But each to his own as they say and not only one way to make money . |
I notice it is not very diversified with 59% in about 8 holdings although PSH is a trust and I hold a small position there though a spreadbet , |
thanks for interesting link davebowler and I tend to trade this Trust and re-entered at 944 after exiting at about 960 I think . It is a very slow mover but nice long term uptrending chart . Not sure what the following means about 32% discount as is nothing like that ? maybe trusts within trusts ?
AVI Global Trust (AGT)’s NAV gained +2.8% in February. Returns were driven by a combination of underlying NAV growth and
a tightening of the portfolio discount (32% to 31%) |
not sure why AGT has fallen quite a bit today ! wonder what NTA will be later today . |
I'd imagine the Japanese holdings would need some patience for value to be unlocked, so may lag broader market in near term, but quite optimistic about this part of the fund overall. At the very least gives some nice diversification. |
AJOT has been disappointing for a while now indeed.
So long for the "rotation in value" for this one.
Oh well, I have more money on AGT than AJOT, so I am not going to call for the head of Bauernfreund.
Ironically AJOT is at a (very) mild premium, it has been bobbing up and down but mostly above zero.
Very nice run by AGT with the NAV firmly above £10 a share now. |
Its certainly showing better returns than AJOT, I'm glad to say, but I do like the Japan small cash rich companies story that Bauernfreund promotes.On top of that its at a wider discount. |
That was half the top up not half the holding. |
Discount closing. Perhaps the results finally being recognised. Recently topped up at 885p which was difficult but 10%discount, selling half at 917p not my best idea. |
NAV at the close of business on 12th March 2021 was as follows:
Net Asset Value -- Debt at par value: 1,031.31 pence
Net Asset Value -- Debt at market value: 1,016.51 pence |
NAV at the close of business on 11th March 2021 was as follows:
Net Asset Value -- Debt at par value: 1,025.69 pence
Net Asset Value -- Debt at market value: 1,010.92 penc |
 Liberum update on OCI -one of our holdings-
Oakley Capital Investments
Additional liquidity from CPG refinancing
Mkt Cap £528m | Prem/(disc) -27.9% | Div yield 1.5%
Event
Career Partner Group, OCI's largest portfolio company at 14% of NAV, has completed a refinancing as a result of continued strong performance and cash generation. Career Partner Group achieved record student intake during the last 12 months and has been one of the key drivers of OCI's 18% NAV growth in 2020.
OCI's share of the proceeds via Fund III will be £28m and will result in liquid resources available for deployment of £197m.
Liberum view
Career Partner Group is the largest and fastest growing private university group in Germany. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term.
Following the transaction, OCI will have a cash balance of c.£197m (c.27% of NAV). This leaves the company well placed to capitalise on opportunities arising as a result of Covid-19 and we expect cash deployment to pick up over the next 12-18 months. Despite being the one of the best performing fund its its peer group over the last five years, generating a 17% CAGR, OCI continues to trade on the widest discount in the sector (ex-funds in realisation) at c.28%. We regard this as highly attractive given the manager's track record and the NAV growth potential of the fund. |
AGT really hit in last few days but not alone and even TEM is well down, Start to wonder if more downside to come ! |
Latest update - |
I notice it is quoted in $US on my level 2 with IG which seems odd although occasionally happens . I use a CFD to trade but how does that affect those who actually buy the shares with the broker ? |
I notice TPOU has a lovely uptrending chart and almost a NOR situation as quite a lot of these trusts are . But why is there no latest NAV shown on ADVFN rambutan as nice to check the % discount ? |
One I share with AGT is Third Point (TPOU), which has performed very well as the nav rises and the discount shrinks over the last year. |
thanks for info vacendak and interesting . |
I have just realised this is the AGT thread, not the AJOT thread, but most of us who yik-yak here know the two are related. |
Investment trusts are "closed" in the sense they have a finite number of shares. Subject to approval of the shareholders they can expand mostly in two ways:
* Big chunks or placings, usually waiving preemption rights from shareholders, i.e. selling to one or more institution who has agreed to buy at a slight premium. At times, this is done on the open market and shareholders are given the right to buy the new issue (at a potential discount) up to their current holdings for them to avoid dilution.
* On and off to the market over the year via a special authorisation, usually asked every year (and renewed), to issue shares. These, as agreed with the shareholders, must be sold at a premium up to a specified number. This authorisation is usually lumped with a right to do buy-backs, again at a minumum discount.
They can also raise funds via borrowing, up to the gearing limit that must be specified in the articles of incorporation.
AJOT has, from the beginning, suffered from its small size. It needs to expand to lower its costs. I am glad they managed the latest placement. |
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