Baillie Gifford China Gr... Share Discussion Threads

[arja] 05/1/2021 18:14

you are welcome sport .

[jockthescot75] 05/1/2021 16:46

Thanks Arja

[arja] 05/1/2021 16:15

about 12% based on NAV on 4.1.21 Jock . But based on bid price of 516 at the moment

[jockthescot75] 04/1/2021 15:58

Afternoon all.

Just looking at this. I assume at the current share price of £5.15, it's trading at a c. 14% premium to the last announced NAV on 31st Dec?

thanks

Jock

[godin] 30/12/2020 10:05

iash tracks csi300 index but at a more reasonable premium to nav.

[andyj] 30/12/2020 10:00

I agree the premium is off putting. Now a hard to justify 20%. I feel like every time I go to a shop to buy a coat the price keeps going up, but the product stays the same.

[arja] 29/12/2020 11:37

but such a big premium to NAV is a real concern if the chinese indices suddenly took a decisive turn southwards, holders would then be hammered I suspect . BUT lovely uptrending chart and odds are that the aforementioned situation will not arise in near future .

[andyj] 18/12/2020 09:30

Personally I would not be too concerned with the movement of the NAV at this point. This is all about potential growth and over the last decade few have beaten BG in finding growth companies.

[vacendak] 17/12/2020 17:57

I meant the flare-up at the start came from some nice momentum in the NAV.
Now the NAV is not moving so fast.
I did not expect the premium to stay above 20%, which was totally irrational.

[ali47fish] 17/12/2020 17:49

vacendak and andy-in plain english this share is volatile- does the share price to come down further to then benefit from a discount and are the managers fulfilling their promise! would appreciate your comments

[vacendak] 17/12/2020 17:20

Nice to see the hot air leave the balloon, but I would not like it to become a lead balloon... The shape of the share price curve is not reassuring! :(

[andyj] 17/12/2020 13:46

Currently 7% premium at the time of posting, a little bit further down please

[lilly 01] 17/12/2020 12:34

Thank you very much Vacendak,it was puzzling.

[vacendak] 17/12/2020 12:11

Good question. I picked that up on one of the latest factsheets too.
Not sure myself, but it could be related to the deal they had with JP Morgan (I think it was them) to hoover the shares from people exiting Witan Pacific in cash.

These were counted officially as treasury, but assuming some accounting wizardry they could be a debt of some sort. Again, just wild speculations on my part, but the order of magnitude of the "missing" market cap could align with that.

Another explanation would be a lot of cash hoarding; but then it would not make sense to issue shares and do that (it costs money to hold large amounts of cash nowadays with negative rates).

So, indeed, good question.

[lilly 01] 17/12/2020 11:10

Hi,
Could anyone tell me, with so many new shares being issued, why does the market cap remain unaltered?

[vacendak] 14/12/2020 17:02

The NAV is ticking up again. The premium carries on falling towards 10%, another 5% to shave and this would become reasonable.

[uapatel] 10/12/2020 16:25

Snap,

Still keeping an eye on a re entry, but would like the NAV to catch up a bit or the share price to pull back.

At least there is more detailed list of holdings now.

[vacendak] 10/12/2020 16:21

Premium still bonkers at 20% but not as silly at it used to be.

The NAV growth has been anemic, even flat lining, for about a month now.
I am kind of old school when it comes to ITs, I like to see the NAV go up... and right now it does not seem to do so.

[uapatel] 25/11/2020 10:32

Checked the website, unfortunately still no full list of holdings.

Still keeping an eye on the SP/NAV premium before reinvesting.

[vacendak] 25/11/2020 09:38

The October factsheet is out:


The format is the same as before, only the numbers, no running commentary or any more information on the holdings beyond the top ten.

Odd thing is that by the end of October the total assets had shrunk by £35mils (£240.44 mils in September, £205.88mils end of October). It may have been due to the stocks churning (moving from WPC to BGCG). Then again, the NAV was duly up from September 30th. Maybe I am missing something.

The premium was only 6% back then.

Alibaba now represents 13.1% of assets, up from 9.4%.

[ali47fish] 24/11/2020 18:17

Vacendak-so you bought the oiec/ unit trust- analysts including the AIC have always found that over the long term trusts always outperform- i am happy to stay in the latter in spite of the premium

[gp1948] 23/11/2020 09:14

vacendak - thanks for posting that clip. Baillie Gifford certainly sound very enthusiastic for this unit trust, but the premium to the NAV (25% with the latest figures) puts me off buying.
As an alternative, I have bought into the Baillie Gifford China fund which has a similar set of constituents to the BG China Growth trust, but excludes the unlisted companies. The price for the fund is quoted daily at the NAV of the fund and there's no stamp duty to pay.

[vacendak] 22/11/2020 10:33

Got this from a weekly news round-up email:

[vacendak] 20/11/2020 19:36

BoJo should threaten to nationalise it. :)
It scared people away from investing in Heathrow, this could work here.

I am also surprised at the decision to stop the treasury shares issueance. Maybe they have run out of investment ideas, or do not want to add too much to a position to avoid concentration?
Not that offloading the shares did much to cool down the premium to be fair.