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Share Name Share Symbol Market Type Share ISIN Share Description
Downing Strate. LSE:DSM London Ordinary Share GB00BF0SCX52 RED ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 79.50p 77.00p 82.00p 79.50p 79.00p 79.50p 43,461 14:19:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
0.4 -0.0 -3.0 - 44.20

Downing Strate. Share Discussion Threads

Showing 51 to 75 of 75 messages
Chat Pages: 3  2  1
Half-year Report - HTTPS://
Redhall dissapointed today in trading update :-
red ninja
From latest factsheet (Sept 2018)... August commentary In August, the NAV decreased by 0.19%. Positive contributions came from Volex plc and Ramsdens Holdings plc, while there were negative contributions from AdEPT Telecom plc, and Real Good Food plc. Additionally, the Trust made a commitment to a new investment, Duke Royalty plc. As at 31 August 2018, the new position represented 4.45% of the Trust NAV and Downing managed funds combined own over 6.4% of the equity.
Afternoon. Short TV interview with Judith MacKenzie
Meet the managers, latest Piworld video. hTTps:// No position
This is well worth a watch. PI World's Tamzin talks to Judith Mckensie about fund management and a few of their stocks
They have certainly gone all in with Real Good Food. (RGD) The company represented approx 20.25% of investment portfolio at end of March (when around 66% invested). That 20.25% is largely loan note rather than shares. They have been putting a lot of effort into RGD, the management is being replaced and they talk about false accounting at the company. They say they are confident of seeing a positive return from RGD eventually, but it is obviously not ideal to have so many eggs in one basket.
red ninja
I went for it at float, in a reasonably big way, then failed to sell out at £1.08! In for the long haul - it's the nature of smallcaps, and to be fair, even RGD at zero should be made up for in time. Eventually they'll have a few 5-baggers etc (I hope).
Gosh - almost went for this at float. Will RGD end at zero, or recover? I'll wait and see before making any decision.
There was quite a bit in the recent results - basically they got shafted on one investment: "Chairman's statement Your Company made ten investments in the ten months to 28 February 2018. Along with other Downing funds, that makes a portfolio of strategic holdings where stakes of between 22.80% and 5.22% of the underlying companies are held. The Company's holdings are set out below. Nine of those investments we would make again today. All have seen positive developments in intrinsic value through organic growth or decisive, strategic, management action, which we have supported or are on a path to supporting. As value investments these holdings are attractive, and the Manager calculates that the discount to intrinsic value has increased by approximately 10% since investment was made, reflecting the progress of the portfolio. One holding has been disappointing, to put it politely, but the structure of our investment has allowed us to drive change throughout that business. Board members and top management have been replaced, the business has been refocused, and we believe that it should generate a gain for our shareholders in the medium term. Returning to the nine holdings, in our view these businesses represent even better value today than when we initially invested. Although wider recognition of that may call for patience, the scope is greater with strategic holdings in well managed micro-caps. We hold significant positions in companies that we believe have competent management, growing markets, sound and often transformational strategies, good margins, healthy operating cash flows, and who appreciate our support and influence. Where key qualities are lacking, we encourage the necessary strategic action or improvement in performance. That gives us confidence that over the longer term intrinsic value will become evident and our investments will either be revalued or the companies acquired. As to our 'disappointment', we took a board seat suspecting that governance could be improved. What we did not expect to find was both bad governance and false accounting. A disproportionate amount of time has been taken up on this investment in unearthing wrongdoing and a lack of internal controls, replacing the CEO, the Audit Committee Chairman, the Finance Director and some senior management, replacing the auditors, resetting strategy and refinancing the company. I comment later on the importance of competent, thoughtful, engaged directors, and on the need for better oversight of companies. That instance apart, the continuing principles of the Manager's stock selection (set out in more detail in the Manager's Report) have evidently worked well in identifying investment opportunities that prove to be worthwhile. The Board continues to be impressed with the management team, led with vigour by Judith MacKenzie, and there is a good, constructive relationship between Board and Manager on both potential investments and the portfolio's performance. In October 2017, in our interim report, I set out the importance that we place on governance in our investments. Our expectations draw heavily on the General Duties of Directors, set out in the Companies Act and company law, on the UK Corporate Governance Code and on the Quoted Companies Alliance Code. We repeat those expectations in this Annual Report, and may well do in our future reports. Correct governance of companies is critical to their corporate health and investors' confidence. The core of good governance is directors actively 'directing', striving for the success of the companies of which they are fortunate enough to be directors, overseen by nominated advisers (Nomads) who should be doing more than going through the motions, and by an FCA and LSE AIM team that should monitor with determination. As investors we should not have to be as concerned as we are about that."
This has been disappointing not sure wether to sell anyone out there who can convince me to stay.The absence of any news is annoying
Director buying yesterday if a modest 11k of shares
red ninja
Downing Strategic Micro-Cap Trust (DSM) has just announced that it has made three new, larger strategic additions to the portfolio – Science in Sport (SiS), Ramsdens Holdings (RFX), Synectics (SNX), and two smaller, toehold positions. hxxps://
Is the fund fully invested yet?
Thanks @masurenguy
Playing the long game in investment Downing has been running an open-closed cap fund for some years, achieving a good average return. In May it floated Downing Strategic Micro-Cap, a quoted vehicle, raising £54.5m to invest in smaller stocks with a market worth of £150m or less. The trust intended to take relatively large holdings in companies, researching them in the same way that a private equity investor would and being highly engaged with the management. So far, 5 investments have been made, with about a third of that capital deployed. The trust expects to have spent the bulk of the money by next spring and there is the option, contained in the prospectus, to raise about the same amount again in due course when it is needed. For now, Downing is in investment mode. This is a trust to buy for the longer term and for capital appreciation as undervalued companies are identified. MY ADVICE: Buy Complete article:
njb, Agreed, buy any stock on a five-year view, rather than short-term performance over a year or less. Downing will be rated on the performance from launch though, that is inevitable. This isn't one to trade. SM
Found the subscribe button.DbD :-)
death by donut
Thanks guys , I'm not in a hurry , classic I missed that article. Might now start dripping some in on a mthly basis. Thanks again for info. GLADbD
death by donut
SM - I would take a five year view on this one. This is a long term play.
DbD, I suspect the price to get moving, in either direction, once the fund is more fully invested. Downing put out this news yesterday saying they are 1/3 invested so far, and naming some of the stocks they have invested in. HTTPS:// The NAV has slipped back behind the share price (97p v 101p) so has moved to a 5% premium, so we need to see some good performance from the limited underlying portfolio to see the NAV catch-up with the share price for now. I suspect it will be a good long-term performer though, so would look at it over a period of a year or more rather than the last quarter when not fully invested. I may even buy some myself! SM
So as a noob to this type of fund/product is there an avg timescale for it to get going?DbD
death by donut
Hornby off the list then?
death by donut
Ok , tucked away at £1.0232p , happy with that , something different for my sipp.Cheers DbD
death by donut
OK , thanks for the info Spec' . Will do some more reading on the matter at home . DbD
death by donut
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