Downing Strategic Micro-... Share Discussion Threads

[red ninja] 02/12/2020 11:59

Well I think Braemar Shipping Services and Pennant share prices have both recovered to some degree since DSM exited. Doubtless some of their share price weakness was due to Downing selling out.

Downing said it still rated Braemar Shipping Services and Pennant, but there was better investment opportunities elsewhere that is probably logical as a lot of good stocks have also crashed.

Maybe they have the same rationale if they are selling out of Science In Sport.

Yes Volex has been there one and only clear success of their long term holdings.
I see SWSC has £4 target for Volex. I certainly think they will do well, but not sure how quickly they will get to £4.

Hopefully Digital Box and Toe Holds 1-3 will impress with time.

[spectoacc] 02/12/2020 06:46

Interesting, thanks - perhaps acknowledging some early mistakes, and taking action (at last).

Grates slightly considering how they've previously talked up all their holdings.

They'd be nowhere without Volex success.

[red ninja] 30/11/2020 12:25

Yes DSM still buying, but others investor buying in.

The market as a whole seems to be rising.

[spectoacc] 30/11/2020 11:42

111k bought back at 59.5p last week, missed that. Was wondering who the buyer in the market was :)

[hugepants] 20/11/2020 15:59

Yes agree on Hargreaves which I hold separately.

[spectoacc] 20/11/2020 15:27

"Saved" made me chuckle ;)

Agree DSM's deep value punts may come back into play eventually - but 15% pa from the listing price is a distant memory.

[red ninja] 20/11/2020 13:48

Yep Volex appears to have saved this trust.

Only DBox and perhaps the new toeholds have shown capital appreciation besides Volex.

However, maybe we will see a rerating from Hargreave Services it does seem on a big discount to NAV and it is supposed to be paying a good dividend next year.

I notice PREMIER MITON GROUP PLC has slightly increased their holding.

[hugepants] 20/11/2020 12:46

Great performance by Volex since start of the year

[spectoacc] 20/11/2020 07:50

Thanks @RN - having thought about it, the gating could be a good thing - no selling pressure on the holdings now for a while, when there presumably had been before.

Now, would DSM buy any of the co-holdings on the cheap I wonder.. We know they've got cash.

[red ninja] 19/11/2020 09:24

Well the funds top ten holdings includes Volex, Synectics and Real Good Food loan note.

eg Synectics holding is 3.75% of 8.4 million = £315,000 of Synectics which is not huge.

Don't think the RGD loan note or Volex holdings are a problem either.

[spectoacc] 19/11/2020 07:01

Haven't looked, but any holdings in common between the two Jill-managed entities? Wouldn't fancy the UT having to sell things the IT holds.

[red ninja] 18/11/2020 18:56

Thanks for that SpectoAcc.

It's not just DSM then that Downing haven't performed for. I am hopeful with DSM that they are turning it round although not helped by Covid. Time will tell.

[spectoacc] 18/11/2020 13:47

DSM gets a mention:

[spectoacc] 13/11/2020 13:38

Missed that, thanks @RN

[red ninja] 13/11/2020 13:15

DBox up over 17% today which will feed into tomorrows NAV.

However, with illiquid shares like this they shoot up and down very quicky.
I presume DSM would be looking for a takeover exit assuming it does well.

[red ninja] 04/11/2020 15:25

There is a presentation on at 12:00-12.45 tomorrow by Kepler making the case for investing in DSM at (www.trustintelligence.co.uk) in case anyone is interested.

You have to register to see the presentation.

[spectoacc] 02/11/2020 13:56

Lol.

Targeting management returns of 15% per annum long term.

[red ninja] 02/11/2020 11:35

Mmm did they miss out a sign there ie :-

"...targeting a compound return of -15% per annum over the long term."

[spectoacc] 02/11/2020 07:28

"...targeting a compound return of 15% per annum over the long term."

A little surprised they keep mentioning that :)

[red ninja] 19/10/2020 14:45

PREMIER MITON GROUP PLC holding has gone from 11.10% to 10.88%. The reason sighted is "An event changing the breakdown of voting rights"

A note at then end states :
"Please note that with effect from 27th April 2020 all investment management related activities for the Premier Miton Group plc will be carried out by Premier Fund Managers Limited. Miton Asset Management Limited and Miton Trust Managers Limited have ceased to carry out regulated activities."

Have they just sold some to DSM buyback I wonder ?

[red ninja] 15/10/2020 11:22

You may be right, have to wait and see after interims to be sure.

Volex keeps delivering for DSM.

[spectoacc] 15/10/2020 07:37

The title of that RNS is "Share buy-back authority through closed period", so I'm pretty confident it doesn't stop on 2nd Nov - it just kicks off again as a non closed-period buyback.

Decent from VLX this morning, two in two for DSM!



"Volex's performance has continued to improve since the group last updated the market at our Annual General Meeting on 30 July 2020.



Consequently, the board now expects revenue and profitability to be above current market expectations for both the half-year period and the full year as a whole. "

[red ninja] 14/10/2020 11:27

Ramsdens (RFX) having a 15% bounce today on a positive trading update :-



Buyback announcement states :-

"Downing Strategic Micro-cap Investment Trust plc (“the Company”) announces that it has authorised its broker, Shore Capital Stockbrokers Ltd (“Shore Capital”), to repurchase ordinary shares in the Company (the “buy-back agreement”) within the parameters set out below from the date of this announcement until the announcement of its half yearly results expected to be 7am on Monday 2 November 2020 (the “buy-back period”)."



I read the above as the buyback will stop on the 2nd November.