Bmo Private Equity Share Discussion Threads

[vacendak] 04/7/2022 10:05

I have created a new thread for CTPE.

[vacendak] 01/7/2022 15:58

The name has changed and the ticker is now CTPE.
I shall wait for the update on the new website and updated company blurb, then create a new thread.

Simpler with BCPT, the B changes from BMO to "Balanced" and same ticker. :)

[rambutan2] 15/6/2022 21:41

A thumbs up for taking the plunge and buying back its shares:

[vacendak] 27/5/2022 07:40

Still, we got used to nice uplifts.
I am not really blaming them, with Ukraine and all.

[rambutan2] 26/5/2022 20:41

Nav progression not expected because...

"As is usual for the first quarter most of the valuations are based upon 31 December valuations. Very few March reports had been received by the date of compilation of this valuation. 14% of valuations are based on 31 March data with the remaining 86% based on December reports. This is in line with the usual proportions at this early point in the year."

[vacendak] 26/5/2022 17:11

The quarterly update is up, a disappointing 0.4% NAV progression and a drop in the share price as we already know.

[rambutan2] 24/4/2022 21:47

Noted:

Remains fairly inexpensive, assuming good growth, although no growth figs given:

The fair values of the unlisted investments have been determined principally by reference to earnings multiples, with adjustments made as appropriate to reflect matters such as the sizes of the holdings and liquidity. The weighted average earnings multiple for the portfolio as at 31 December 2021 was 12.2 times EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) (2020: 10.0 times EBITDA).

Re foreign currency, consisting of Euro (120m) and US$ (65m), also SEK 12m:

To highlight the sensitivity to currency movements, if the value of sterling had weakened against each of the currencies in the portfolio by 5 per cent at 31 December 2021, the capital gain would have increased for the year by £10.8 million. If the value of sterling had strengthened against each of the currencies in the portfolio by 5 per cent, the capital gain would have decreased for the year by £9.8 million.

[rambutan2] 24/4/2022 20:50

re my previously posted query about AT.

"Subsea equipment rental and solutions company Ashtead Technology has been partially realised through a floatation on AIM on 23 November 2021 which enabled c.26% of the holding to be realised with £4.2 million returned in cash representing 53% of invested capital with a money multiple and IRR to date of 2.3x and 18%. The deal is led by Buckthorn who will continue to hold the remainder for the time being."

[rambutan2] 24/4/2022 20:17

Annual report now available:

[rambutan2] 02/4/2022 21:42

Reason for last week's droop in share price would appear to be that M&G let go of some/all at 452p - will need to see if any further rns appears beyond friday's. In any case, a piece on cit ywire reported that:

"Prudential’s £94bn with profits fund, a leading investor in investment trusts, has sold down a swathe of its holdings, adding to the recent share price volatility in the UK’s closed-end fund sector.

Well-known global investment trusts such as Caledonian (CLDN), F&C (FCIT), Hansa (HANA) and RIT Capital Partners (RCP) are among the many London-listed funds whose stakes are thought to have been sold or reduced by M&G Investments, the overall manager of the with profits fund housing the savings of millions of policyholders.

The move, which increased the pressure on investment trust share price ratings during the turbulence sparked by the war in Ukraine, came after M&G outsourced the management of a passive UK equity portfolio within the historic with profits fund to an external index-tracking specialist."

[skyship] 25/3/2022 16:02

Indeed. NAV well ahead of my personal estimate; however discount @ 25.0% suggests share price won't make progress from 480p as now in line with HVPE, NBPE & PIN. All vulnerable again if market sells off.

[rambutan2] 25/3/2022 15:18

Nice set of results, as expected:

Preliminary Announcement for the Year Ended 31 December 2021

BMO Private Equity Trust PLC today announces its unaudited financial results for the year ended 31 December 2021.

Financial Highlights

-- NAV of 640.30 pence per Ordinary Share (up from 588p at end sept) reflecting a total return for the year of 35.8 per cent.*

-- Share price total return for the year of 66.2 per cent for the Ordinary Shares. *
-- Total quarterly dividends of 20.04 pence per Ordinary Share.
-- Dividend yield of 4.1 per cent based on the year-end share price.

[westofengland] 06/3/2022 09:14

Well done Sky on raising your liquidity at the right time. Let us hope Rambutan is right about BPET.

[rambutan2] 06/3/2022 04:29

SKY, but have to remember that most of BPET port still valued as at 30/06, not the 30/09 or later of the rest of the pack. So swings and roundabouts...

[skyship] 05/3/2022 15:57

BPET has held up very well recently; but in doing so now looks over-valued versus peers. I posted the piece below on the PE thread today:
========================================================

A pretty devastating week; and the PE sector no exception.
An update on my 19th Feb. post shows:

EPIC……High……..04/03 Low……230;Sp……….Fall from High…..NAV Discount
CLDN...4100……..3210……….3260230;…..….20.5%................31.4%*
HVPE...2940……..2240……….2260230;………23.1%................33.9%
ICGT…..1314230;…..1060230;…….1120……230;…14.8%...............31.8%
NBPE…..1950230;….1465R30;…….1480……R30;…24.1%...............31.4%
PEY……..1480…….1255……R30;1260……;…….14.9%................14.7%
PIN……230;.350….R30;…274…………;.281………….19.7%................33.3%

*NB: All NAV’s updated to Jan’22; except for CLDN – Oct’21

HVPE, NBPE & PIN certainly looking interesting; as does CLDN in view of its recent
Biotech sale, which will only show through in its March NAV update….which
won’t be revealed until May! PEY looks expensive.

[westofengland] 04/2/2022 13:34

I got involved in BPET at 470p when there was the placing last month and envisage it as a long term hold alongside HGT, SLPE, PEY, ICGT, NBPE and for fun, JPEL.

Find the observations on the PE site here as excellent- thank you all!

[chc15] 04/2/2022 13:10

Still holding, sold HGT today after good rise. I am still adding 5 pe stocks on large drops : BPET, NBPE, HVPE, APAX, PIN. Will be long term holds after.

[madmix] 03/2/2022 13:15

Also took my profits in PIN on the bell this morning on the back of the NASDAQ futures hit.

Ok, there's not a direct correlation, but PIN had got back to the levels where it spent most of December, so not much short term upside.

Just holding HVPE in the sector now.

Edit: Sold HVPE also. Feeling like there will be more buying opportunities ahead, and happy to sit on a larger cash balance for the time being.

[skyship] 03/2/2022 08:47

madmix - well timed with PIN. Also took the turn there yesterday @ 333p.

Also sold remaining NBPE; so in the PE sector now only holding the long-term JPEL - waiting for the next redemption or a total trade sell-out. Oh, and also a few CLDN bought on yesterday's fall.

[spectoacc] 03/2/2022 08:33

Had hoped to run, but also taken the turn - 482p, could have had 10p more yesterday but "could have" doesn't pay the bills.

[madmix] 31/1/2022 12:47

Agreed. An (almost) 10% return in a few days is too hard to resist in the current market.

Picked up some PIN this morning, given the 24% discount there.

[skyship] 31/1/2022 11:43

492p - Looking rather toppy now - taken the nice turn - hope I'll have a chance to get back in later...

[skyship] 30/1/2022 15:00

Was lucky enough to buy back in on the fall. Hold just a 5% allocation as very nervous of Markets overall - currently 29% CASH.

Just replayed the excellent InvestorMeet presentation of 13th January. For any BPET potential investor the presentation is an excellent element for your research:



One of the key facts reaffirmed is the quarterly dividend policy - 4%of NAV pa. Annualising the last 5.27p dividend would give us 21.08p, ie a yield of 4.55%; but with further NAV growth coming through I suspect we're on a prospective 5%pa.

[apple53] 29/1/2022 22:53

Thanks Ragged - just catching up on messages after a few hectic days.
I should have logged in earlier as skyship's timing to cut BPET and/or PE holdings was just about in time.
My review, which I posted in the PE thread, which suggested HVPE and PIN, at least, had less upside to real NAV than at any point since before Covid, should have persuaded me to cut at least some of my PE exposure. Sadly I mostly held fast (sold a little HVPE when it held up in the early tech sell off) and looked to increase exposure by buying new names.
BPET was one of them, when it had fallen slightly due to the placing. I sodding nearly bought a chunk more yesterday morning but narrowly plumped for Herald and ICGT instead, as BPET was already up slightly on the day. Bad move (well so far anyway!).

The largest jump is intriguing. We'll see if it holds on Monday. If Putin doesn't invade then at least Friday's rally in the US PM should help across the board.

To be fair, I did also buy (back) quite a lot of HVPE when it did, belatedly fall, which has worked well so far.

[madmix] 29/1/2022 07:54

Interesting, thanks.

Discounts in the sector have widened to the 22-25% range (to end Dec'21), but some of the listed holdings have tanked recently, so real discounts likely to be slightly less.