Poor performance of late compared to peers, and to NAV. We were at a premium for a while, now a discount. Buying opportunity, or is something sinister going on? |
thanks for sharing that db |
hTTps://citywire.com/investment-trust-insider/news/big-broadcast-brunner-finding-growth-whatever-the-market-weather/a2444522 |
On 3 May based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 1389.54p. |
Seems to be underperforming since the new year. Maybe it got ahead of itself in the santa rally. |
NAV based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 1293.26p |
Nice RNS yesterday |
NAV 21 Mar based on the par value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 1158.83p. |
Final results today |
Final results today |
 Brunner (BUT) has also done well over the last 12 months, generating a positive NAV total return. This is not entirely unsurprising though, considering the BUT team’s strict valuation discipline, which has led the trust to avoid the strong growth biases that many of its peers have historically traded with. Instead, the team prefer BUT to be diversified across styles, regions and sectors. The BUT team also invest with a structural bias to the UK, which is a differentiator to its peers as well as a strong driving force behind its positive 12-month returns, given the region’s outperformance. Another factor behind BUT’s performance has been the team’s contrarian approach to investing, where they have typically purchased out-of-favour companies to capitalise on long-term mispricing.
Thanks to the losses over the past year, the closed-ended sector is now behind the open-ended sector over five years. We think this is a reminder that while gearing can lead to outperformance, investors have to be prepared for returns to look dicey in the aftermath of down markets. We note that if we were to turn back the clock to the end of 2021 the relative five-year performance would have shifted substantially, as then the IA and AIC sectors were neck and neck and respectively returning 76.8% and 76.3% in NAV terms. |
We are hosting a webinar with Brunner Investment Trust on the 1st December which may be of interest to current or potential investors. Matthew Tillett (Lead Portfolio Manager) will be updating ShareSoc members. You can register here: |
Discount closing fast. Was never warranted |
So it was 1607 that took the final tranche of Aviva shares. And now holds 6.2%.
The purchase shows up on today's trades - two blocks bought at 925p. |
Agreed. No reason for this level of discount now. |
Going going gone!
Would now expect to see the discount start to wind in to something a bit more in line with the sector ie under 10%. |
The Aviva overhang is getting shifted quite quickly now. Down to 7.8%. |
I have given up on this one for now and sold out. I will revisit if the discount blows out to 20% again. Much better places to place your money currently. |
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