Conduity Capital Share Discussion Threads

[hectorp] 31/10/2006 13:52

A fair old bit of buying going on now, though two batches are mine. I'm forcing the ask up.. can't be helped.

[hectorp] 31/10/2006 12:35

I agree in general, Cerrito.
I'm not suggesting the share itself is 'cheap' but its now relatively so compared with its highs over 30% down this year, but mainly as a play on Emerging markets and presumably the far east countries?
I gain the impression they may do well in 2007, which is not the view of a few months ago. It depends if you believe the China story will not collapse when the US turns down.
I'm intersted in taking this risk and accordingly my money is heading into CCAP. Discussion very welcome.

[cerrito] 29/10/2006 17:06

spent some time this weekend looking at them...what has attracted me is that the price has not budged over the last couple of months despite changed outlook for emerging markets and that they are buying back stock even if in limited amounts.
I need to get the prospectus to see how their performance fees are calculated..in the first half year they took into P and L performance fees of $23m even though their increase in AUM as a result of performance was only $37m.
also need to understand how the employees/managers remunerate themselves...quite well as personnel expenses in the first half year were$20m and other expenses were only $1.9m...so not sure if it is worth holding these
One irony is that retail investors are probably not allowed to invest in their funds but can invest in the more risky financial instrument of their stock.

[nickcduk] 11/9/2006 17:30

I was a little suprised that ccap had recovered to the extent they had in the mid 70's. The sharp fall off since hasnt really suprised me. Ccap's hedge funds are doing particularly poorly this year (Only 1 in positive territory i believe) and there seems to have been net outflows in recent months which doesn't bode well. I feel Ccap are long only specialists who have taken advantage of being in the right place at the right time, namely emerging markets and especially russia, and are now suffering because markets are no longer the one way bet they were over the last few years.

Unless Ccap begin to show outperformance in benign conditions they will continue to see large outflows, especially in Magna, where their performance fees will begin to look unjustified against 'normal' long only funds who do not levy them.

[mister x] 10/9/2006 17:29

Hectorp, "several"? I know of at least 15, and shorting or hedging, as is most commonly the term, is involved in over half of the strategies.

[grim] 02/9/2006 13:04

I'm interested - I think they are a good way ito emerging mkts if you're bullish - results will make interesting reading - not sure I undersatnd enough at the mo.

[qs9] 01/9/2006 15:50

Worth a look...tipped awhile back in the Sunday Times at about 60p, they have moved up ahead of their results nicely....their funds were hammered during the dip in the stock markets, but I am hoping the rise ahead of Monday is a sign of better things to come!

Anyone follow??

[hectorp] 30/8/2006 15:20

Yes, there are several 'strategies' employed by Hedge Funds, and shorting is only one.
- RSI coming up to 60 gently, shows the share is being pleasantly saught after for some weeks now.

[mister x] 08/8/2006 19:50

rambutan2 - 8 Aug'06 - 17:08 - 27 of 27

i don't know why ccap is always referred to as a hedge fund manager. the great bulk of its money is long only. thus it has v different characteristics to a hedge fund manager ie will suffer more on the downturns, but benefit more on the upturns

--> The hedge funds use leverage on the long side too, the long only funds cant and dont. Hence why the hedge funds are more than likely to outperform, and have done, when the market rallies.

[rambutan2] 08/8/2006 17:08

i don't know why ccap is always referred to as a hedge fund manager. the great bulk of its money is long only. thus it has v different characteristics to a hedge fund manager ie will suffer more on the downturns, but benefit more on the upturns. it does take performance fees though. so, unless i've got it wrong (always quite possible!) ccap is a pretty leveraged bet on its mkts.

[kingfast] 08/8/2006 15:06

Company tells me announcement due 4th September re dividend rate, ex dividend probably 13th September, payout early November. Dates are approximate they advise.

[hectorp] 11/7/2006 08:56

So Ashley isn't enamoured of CCcap. I assume you a re Mr X? This is your kind of sector, you are an insurance specialist..

I see its been tipped as a buy in the Press today. I think it was our chum, TEmpus.

I'll not try to go against the idea that the Emerging markets are due a further fall, due to credit squeeze conditions, furthermore, rich investors are staying shy of EmergingMarket Hedge Funds as such - IMO>
Even so: at this price a 40% discount to the floatation price and after a decent RNS recently, the current price should prove attractive .
Anyone got the press story? I assume it works on a versition of the recent news?

[m4m] 20/6/2006 18:31

must be something to do with the originator of the thread ram ?

;)

[rambutan2] 20/6/2006 01:04

fum down nearly $1bn between start of may ($5.83bn) and start of june ($4.9bn). and unlikely to be reversing that direction at mo.

why are all postings boxed? never come across that before.

[mister x] 04/6/2006 14:58

edited. Sunday morning hangover ;-)

[nickcduk] 04/6/2006 14:14

I think your getting a little confused Mister X! This is the charlemagne board not the abcap board! Ive been looking through CCAP in detail over the last few days. It is heavily reliant on emerging markets staying strong so it can earn its performance fees which have hurdle rates of 10-15%. If fund inflows continue to stay strong and their hedge fund division OCCO continue to rake in inflows and maintain a decent performance then it could be worth buying. At the moment though its on about 25 times earnings assuming 0 performance fees. As the performance fees are heavily reliant on magna umbrella and have a hurdle rate I dont think its worth including in forecasts if markets are not rising sharply. The board seem to think we simply have a correction and have therefore been buying stock for themselves and the company on the assumption a sharp rise resumes in the not too distant future.

[itansey] 03/6/2006 18:54

Its after coming down a good bit. Good company that will be taken over in the next year or two. Wouldn't get into it yet as the emerging markets sector is experiencing big fund outflows at the moment.

[kingfast] 18/5/2006 12:10

Try 79. I don't think they'll get any hedge fund floats away easily now. Sold last slice at 89.

[m4m] 08/5/2006 11:33

Well it has stayed above it for a few days so 98 to now become support ?

[kingfast] 25/4/2006 19:39

Agreed, five up days, could stall here, 448k buys yesterday, similar sales today, but mm's happy to move it up.

[m4m] 25/4/2006 18:13

Needs to get past and close above 98 on stronger vol for confirmation tho ?

[kingfast] 20/4/2006 15:51

Breaking out now

[m4m] 10/4/2006 13:17

Thx for the info Mr X and let's hope Chavski lose their bottle ;)

 

Charlemagne Capital Limited
10 April 2006



Quarterly Update

Group Assets under Management total US$5.2 billion as at 31 March 2006

Charlemagne Capital Limited ('Charlemagne', the 'Group') sets out below the
Group's Assets under Management ('AuM') as at 31 March 2006 and the movements
experienced in each fund group in the period since 31 December 2005.

31 December Net Net 1 April Movement
2005 subscriptions performance 2006 in
period
--------------------------------------------------------------------------------
AuM (US$m) (US$m) (%) (US$m) (%) AuM (US$m) (%)

Magna 987 100 10.1% 113 11.5% 1,200 21.6%
OCCO 254 104 40.8% 8 3.1% 366 43.9%
Institutional 1,998 431 21.6% 242 12.1% 2,671 33.7%
Specialist 844 (28) (3.3)% 140 16.6% 956 13.3%
--------------------------------------------------------------------------------
Total 4,083 607 14.9% 503 12.3% 5,194 27.2%
--------------------------------------------------------------------------------

Since 31 December 2005, Group AuM has grown by US$1,111 million or 27.2% of
Group AuM. This growth is comprised of a combination of positive net flows into
Group funds of US$607 million and market performance of US$503 million.

The movement in Group AuM since 1 March 2006 is set out below. This shows the
movement in Group AuM by fund group in the period since the data published in
the AIM Admission Document dated 30 March 2006.

1 March Net Net 1 April Movement
2006 subscriptions performance 2006 in
period
-------------------------------------------------------------------------------

AuM (US$m) (US$m) (%) (US$m) (%) AuM (US$m) (%)

Magna 1,276 (37) (2.9)% (39) (3.0)% 1,200 (5.9)%
OCCO 347 21 5.9% (1) (0.3)% 366 5.7%
Institutional 2,713 73 2.7% (115) (4.2)% 2,671 (1.6)%
Specialist 939 (10) (1.1)% 28 2.9% 956 1.9%
-------------------------------------------------------------------------------
Total 5,274 47 0.9% (127) (2.4)% 5,194 (1.5)%
-------------------------------------------------------------------------------


Since 1 March 2006, Group AuM has declined by US$80 million or 1.5% of Group
AuM. This is comprised of a combination of positive net subscriptions into Group
funds of US$47 million and a negative fund performance of US$127 million
resulting from declining equity prices across the markets in which the Group's
funds are invested.

'March saw another of the temporary corrections that have occurred in emerging
markets over the last three years', said David Curl, Finance Director and Head
of Investment. 'Within Charlemagne's favoured markets, the correction was
especially sharp in Turkey as the index fell by over 10% in dollar terms. This
market has performed very well in the last year and we continue to find value
opportunities. Charlemagne's diversification, however, meant the impact on Group
AuM was muted. Overall, we are optimistic on the outlook for emerging markets as
a whole'.

Jayne Sutcliffe, Chief Executive commented: 'We are pleased to see continued,
strong fund flows into both our institutional and OCCO fund ranges. Given the
negative market performance in March, the limited level of net outflows from the
Magna fund range is not unusual.

'Looking at the first quarter as a whole, the business continues to deliver
strong levels of inflows with AuM having grown over 25% since the beginning of
the year with over 50% of this growth having been derived from net inflows. We
believe that Charlemagne is well positioned to deliver future growth.'

Enquiries

Charlemagne Capital 020 7518 2100
Jayne Sutcliffe, Chief Executive
David Curl, Finance Director & Head of Investment

Smithfield Consultants 020 7360 4900
John Kiely
George Hudson

This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses of Charlemagne
Capital Limited. These statements and forecasts involve risk and uncertainty
because they relate to events and depend upon circumstances that will occur in
the future. There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied by these
forward-looking statements and forecasts. Nothing in this announcement should be
construed as a profit forecast.

Notes to Editors:

Charlemagne Capital is a specialist emerging markets equity investment manager.
The Group was admitted to the Alternative Investment Market of the London Stock
Exchange on 4 April 2006.

Charlemagne's product range comprises mutual funds, hedge funds and
institutional and specialist fund products primarily covering GEMs, Eastern
Europe, Latin America and Asia. Charlemagne Capital employs a range of
investment strategies including: long only, long/short, structured products and
private equity. Charlemagne Capital's funds aim to exploit the inefficiencies in
the market via a strict bottom up approach and focused stock selection.

Through the strong long-term investment performance track record of its
principal funds, Charlemagne Capital has established itself as a market leader
in emerging markets investment management. Its performance has been recognised
through numerous awards and top rankings for its funds, including the 2005
Standard and Poor's 5-year best performing fund award in Austria, the 2006 Swiss
Lipper Leaders 5-year award winner for Emerging Markets Europe and an AAA-rating
by Standard & Poor's for its Magna Eastern European sub-fund.




This information is provided by RNS
The company news service from the London Stock Exchange

[mister x] 08/4/2006 18:43

m4m, yes i'm looking forward to it, even mroe so to tomorrows game!

With regard to Emerging markets, yes - you can always call the top of the market when the private investor is piling in - just as it happened back in 2000. The private investor usually knows very little about the fundamental reasoning behind an investment and even more so in Emerging markets! and just basically follow the herd after hearing of the profits being made.

Credit spreads are historically tight especially in these regions depsite their external debt, companies are trading on high multiples AND central banks are ALL raising rates, when the liquidity crunch does eventually come its the emerging markets who will be hit first. The emerging markets have onyl gained due to foreigners investing their capital in the emerging markets, and they will be the ones to pull it out just as quick.