Eaglet Share Discussion Threads

[hilly] 07/3/2001 11:27

Thanks Chester. Interesting selection.

Hilly

[ingrid] 07/3/2001 11:16

hi Chester, no it's fine by me to mention other well performing funds, they are so rare these days, and in the current climate investment trusts are a way of protecting yourself from the risks of profit warnings etc, will look into the above, ing.

[chester] 07/3/2001 11:10

This year the warrants are up 28%+, ord 16%+.

[chester] 07/3/2001 10:54

Hilly : A real selection for Fidelity as of Feb 1st.

bank of Ireland 2.8%
Carillion 2.4%
Reed Intl 2.3%
BAA 2.3%
British Energy 2.2%
Gallacher 2.0%
De La Rue 2.0%
Safeway 1.9%
Iceland 1.8%
Royal Sun 1.8%


These are the top 10 holdings. A real mixture, but obviously well timed purchases, with some near their highs.

Sorry everyone to go 'off thread' but it does compare favourably with EIN for performance.

Chester.

[morose] 07/3/2001 10:36

Good article on City Wire yesterday about Peter Webb buying EIN shares,6500 @450p for himself - also EIN have bought up 170000 HDT shares for the trust.
I've followed fhis example and bought EIN this morning and so have a few others.All buys on the trades this morning so far.

[hilly] 07/3/2001 09:03

Chester, let me know if you come up with anything interesting?

Hilly

[kaliman] 07/3/2001 08:58

An interesting thread. I have just invested in Eaglet, mainly based on past performance and sector (pretty new at this, and still finding out how to do research - and understand the findings). Anyone know why it is so rarely mentioned? Whenever any recommendations made for investments in this sector seems that this one is nearly always missed out.

[chester] 07/3/2001 08:56

Don't worry Hilly, I'll ring them. Cheers.

[hilly] 07/3/2001 08:54

Give me the no. and I'll ring them up for you!

Hilly

[chester] 07/3/2001 08:43

Any ideas ?

[chester] 07/3/2001 07:47

I've found this thread interesting reading and possibly along the same lines of investment is FEV- Fidelity special values. Excellent manager and past performance. But where can I find their top holdings without ringing them up ?
Thank you in advance.

[nulliusinverba] 07/3/2001 06:58

Peter Webb is one very shrewd guy, a little homework will tell you that he doesn't just buy for Eaglet, there are three sister institutions tied in.

Incidently, Webb has just purchased a further 25000 shares in Eaglet.

[ingrid] 07/3/2001 00:52

hi Morose, sorry for not getting back sooner, i don't check this thread very often, NAV is available on ADVFN, go to quote and below price info there is a company announcement section see post for 1/3/2001, cheers, ing
PS. for more info on Peter Webb the guy who runs it, check citywire.co.uk and type in his name on search engine top right.

[hilly] 06/3/2001 13:42

I'd very much like to know the answer to that as well. Asked on the pbb but no one seems to know.

Hilly

[ingrid] 06/3/2001 13:18

hilly, how can something move so far with such small trades ??? ing.

[hilly] 06/3/2001 13:06

EIN have lots of WTT and look at that!

Hilly

[brnf] 06/3/2001 00:20

EIN and ATR are really quite different. ATR is much more growth orientated, whereas EIN is GARP, if not leaning towards value. That's why EIN has been outperforming ATR recently - and probably why it is less volatile.
I think it's much better to own EIN than try to cherry pick the stocks for a number of reasons. 1 - EIN can trade free of CGT, whereas your trades are potentially taxable. A long term holder of EIN will benefit from taper relief whereas it is unlikely that you would hold the individual stocks long enough. 2 You only hear of some of Webb's trades, so you won't get the sector and stock diversification, nor the overall management of beta which Webb will achieve within the fund. 3 Webb will only announce that he is interested in a stock when he has finished buying and when perhaps the stock has moved; likewise you will not know about the selling. 4 These points come on top of Webb's superior access to managements and ability to research the stocks.

As to whether EIN should be bought today, I'm not so sure. As a holder of EINW, I'd be more inclined to sell. Premia in the IT sector are almost always short or medium term. They tend to disappear when a manager has a poor run, thus doubling the pain for holders - look at Primadonna, or indeed COT or ARR where it is possibly happening now. It may even start with ATR. Not only that, managers tend to issue more shares when there is a premium (Webb has his own company so would be especially keen to increase FUM). In my experience a premium of 5% seems to be enough to tempt a share issue whereas it seems to take a discount of near 20% (or aggressive action which is unlikely in a trust like EIN) before buy backs happen. I suspect buyers would be better off in EINW - the cfp is quite low and why would you be buying at all if you don't expect that sort of return over the life of the warrants?

Should EIN be sold? In the short term, probably. Weak markets, the probable relative outperformance of large caps in the coming months, a recent good run, a premium rating - all these add up to difficulties. In the long term (ten years), however, you have a good manager who generally outperforms, you have reasonable management fees and a tax efficient vehicle, so probably not.

[jgb] 01/3/2001 17:33

I'm a great EIN fan too. I like the consistency of good performance. It has long tended to have a small premium to NAV but I feel it's worth paying because the management is so good. Even in poor market conditions this IT seems able to make progress.

[morose] 01/3/2001 16:41

Where do you get the NAV's - FT?

[ingrid] 01/3/2001 14:23

hi, NAV out today up 1% to 454.17 per share undiluted. does not sound impressive i know but techmark down 18% and FTSE down 6% over the same period, so i for one am pleased with the performance in the the current climate, ing.
(prem of 4% average currently price below NAV !!!!)

[mad mike] 14/2/2001 22:39

morose,
You are correct EIN(Eaglet IT) has been a better performing than ATR(AIM Trust) recently(over last one, two, three, and four months). Also EIN over time has been less volatile than ATR. Both currently hover around zero discount to NAV.

By the way, I am not sure that EIN just invests in AIM stock (as someone above suggested).

In summary, I think both IT are good investments, but EIN has the better track record. I decided to invest in both about five months ago, but put twice as much in EIN as ATR.

mad mike
P.S. ATR is better at keeping the market informed about NAV. ATR does it almost every day, whereas EIN only gives an update once a month.

[lemming1] 14/2/2001 20:47

PhilJH,
Of course you could end buying the 4 best performers! I think he's been tipping his most hopeful stocks because it acts as a kind of advertising showcase for his fund. I don't think he'd be staking his reputation on his least hopeful stocks.

L1

[philjh] 14/2/2001 11:04

And today the shares are off a couple of p. Did we say something wrong?

[scripophilist] 13/2/2001 22:46

You will probably find, Citywire comments alot of PW because he owns a stake in it!! Of course this is purely a coincidence.

[salar] 13/2/2001 22:38

I have also been monitoring EIN and in particular reading the citywire articles which give a good insight. Like others I've thought of simply buying constituent stocks, but in addition to comment made in PhilJH's post above can think of the following reasons for going with EIN itself:

-Webb visits his companies regularly, gaining knowledge no doubt denied to the average punter, and hence can make superior buy/sell decisions.
- He, with other institutional investors, has access to placings/IPOs at prices we cannot obtain.
- He is spending all day researching and refining his strategy, and has better all round access to knowledge.
- To match his performance, you would not only have to buy the stocks he holds, but sell as he does (the difficult part). Some of Webbs sells have been very well timed -again, the benefit of more in depth knowledge I suspect.