Downing Strategic Micro-... Share Discussion Threads

[spectoacc] 07/11/2019 08:25

I spy a twitch.

[spectoacc] 24/10/2019 16:21

A tick-up in the NAV, share price following.

[red ninja] 19/10/2019 14:31

I see your point on a NAV basis.

DSM holds stakes mostly of less than 10% of companies equity and only 4 greater than around 10% in the 11 - 17% range.

DSM has cash in the company and other Downing funds that have been investing in DSM so do not see it having to make distressed sales.

Its performace is deplorable especially in Redhall and Real Good Food.

However, it also has winners in Adept and Volex.

Even Real Good Food looks like it may be a medium to long term winner.

Still deplorable performance, but I don't think it in the same boat as WPCT and maybe even in time it will prove a winner for investors, although it looks like there may be global recession to get through before that becomes clear.

[spectoacc] 19/10/2019 14:10

DSM - 100p to 69.84p (NAV)
WPCT - 100p to 63.47p (NAV)

In "Investors money" terms, that stacks up. But not in share price terms, hence my point about not being comparable.

The "worse" refers to timescale - WPCT's had longer to lose more money. Mind you, until a matter of weeks ago, the Not Asset Value at WPCT was higher.

Yes - WPCT is going much, much lower IMO, nearer to 0p than 20p. But can you imagine selling any of DSM's holdings in size, despite them being listed?

[red ninja] 19/10/2019 14:02

DSM has lost around 31% of investor money.

WPCT has lost around 67% of investors money, but based on a unquoteds that could be more so do not see the comparable argument.

[spectoacc] 18/10/2019 14:00

First para of Investor Letter should make holders a little sick:

"In the two and half years since its inception, the Trust and its underlying holdings have been through significant strategic change. At the outset we identified businesses that we thought had great potential to generate strong returns over the long-term; which were attractively priced; and where we could achieve a material and influential stake. All these companies presented a problem or misunderstanding which we believed could be addressed through our involvement. In our view, this was the reason that they presented good value versus their long-term potential. "

NAV from 100p to 69p.

Arguably, that's worse than Woodford's WPCT (it isn't, but it's comparable).

[red ninja] 20/8/2019 21:46

Looking at the graph, the Questor tip effect is largely out with price levels back to pre tip levels.

[spectoacc] 01/8/2019 15:41

Noticed it had gone back to 62p bid yesterday & wondered what all the 70p+ buyers - of whom there were many - must think!

[robow] 01/8/2019 14:48

a couple of large buys did the trick

[red ninja] 31/7/2019 05:44

Good trading update from Volex, second largest holding :-



NAV stll increasing at 74.17p while the share price goes down.

[spectoacc] 26/7/2019 08:26

Clearly some are a day behind with their papers. MMs still making out with a 5p spread.

[red ninja] 25/7/2019 18:29

Latest Nav 74p

[tomboyb] 25/7/2019 13:48

Are those share buybacks -

Looks like more money wasted -

Who trades at a premium no nav in these market conditions -

NUTX -

[tomboyb] 25/7/2019 10:00

Nav is 72p! -

Why would anyone buy this close in NAV is nutx -

[spectoacc] 25/7/2019 09:55

Thanks @robow. Interesting that she's "highly experienced" but still pumped £5m into Redhall! Investor letter from yesterday is full of apology and "won't make that mistake again". Shouldn't have made it in the first place.

Buyers still getting in well under NAV but MMs are really stitching them - early buyers at 68p, 69p when it was 61/64 yesterday pm.

[robow] 25/7/2019 09:53

more than a mention.

We won’t advise readers to follow suit exactly for fear of burdening them with too many funds. But we have already tipped R&M UK Micro Cap and Henderson Opportunities, so will now add Downing Strategic Micro-Cap, which Mr Greenwood said would complement the other two well.

The Downing fund is highly concentrated and has suffered a couple of failures among its holdings. But Mr Greenwood said this was now in the past and the manager, Judith MacKenzie, was highly experienced.

This relatively new fund has traded at a premium for much of its life but is now at a discount of 14.3pc.

Questor says: buy

Ticker: DSM

Share price at close: 62.5p

[spectoacc] 25/7/2019 09:36

Possibly a mention in Questor in the Telegraph, but not registered so can't read it.

[tomboyb] 25/7/2019 09:30

Spec -

Need to filter me as i'm not going away from this p.o.s. -

[spectoacc] 25/7/2019 09:26

Not much on here once @tomboyb is filtered :)

Some keen buying today - tipped somewhere? Seem quite keen prices when NAV c.72.5p.

[tomboyb] 25/7/2019 08:12

What nutters are buying so close to NAV -

Crazy -

[red ninja] 24/7/2019 18:11

Nav rises again.

Note, in July letter Dsm apologises for redhall.

[tomboyb] 24/7/2019 12:11

Why this is still above 60p is beyond me -

[red ninja] 22/7/2019 18:01

Chairman of Audit Committee

[tomboyb] 22/7/2019 10:31

rns out -

chairman retires -

[tomboyb] 22/7/2019 09:39

Iliquidity over hols -

Works both ways up and down -

Expect this to go down on thin volume -