Edinburgh Investment Share Discussion Threads

[steve3sandal] 16/6/2022 00:14

I suspect Cazoo is the stub following the take private of Daily Mail. The Board haven’t covered themselves in glory for a long time. From the outside even I could see that the previous manager had gone wrong in his stock picking. At YE the NAV is the same as 2015 and the Trust is £200m smaller after buybacks. Chair stepping down is more tenure than any admission of, well, add your own word. But I do like what JDU has done and I keep adding when I see the portfolio and share price dips. Liontrust takeover of the manager promised a higher level of promotion but not happened yet. The rebased dividend won’t help Edin reissue shares at a premium which they aspire but they might trade close to NAV with 3 years of JDU outperformance of the All Share and a quieter macro background. One of my larger holdings.

[topvest] 15/6/2022 21:42

Just taken a look at the Annual Report. Majedie seem to be performing as expected really; slightly above the benchmark. Not sure why they have £2m in Cazoo at the bottom end of the portfolio. Seems a bit odd for their "value style". I can't help thinking that the board could have kept the dividend flat again really, maybe with a special dividend again, as they have the reserves to do do. Lost opportunity now as the record has gone - will take 19 more years to get it back! I also think the Board should be making more of the 130+ year history. Again, a missed marketing opportunity. To be honest, I am not that impressed with the Board - they seem a bit light weight for such a historical institution.

[chc15] 27/5/2022 15:00

Another purchase by James. Confidence returning to mkt, this has held up well. I have bought this, TMPL, MYL and 3i, all solid.

[melloteam] 22/5/2022 18:06

Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows: Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). There will be a variety of Trusts and Funds attending. There will also be educational sessions and keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: Https://melloevents.com/mello2022/

[chc15] 19/5/2022 13:00

Have added to this today at 5.95, also added to TMPL and 3i.

[bluemango] 27/4/2022 09:58

Nice to see an increased dividend, now 6.4p a quarter, translates to 4.1% yield if they maintained that level for all four payments - but surely there's a good prospect of a larger final in July (as in previous practice) to boost it still further.

[chc15] 27/1/2022 14:59

True, but it's held up v well, good signs.

[essentialinvestor] 24/1/2022 13:39

Looking for a bit lower, whether that will happen.

[spoole5] 15/1/2022 12:31

Started to buyback

[chc15] 04/1/2022 10:32

And a very good start to the year, this is also a core holding of mine, along with DIG and TMPL.

[steve3sandal] 01/1/2022 19:27

Thanks for your contribution here, interesting tale and I think lots could benefit from selling poor companies and buying good ITs. My recent position here was started a year earlier when I felt Barnett was supporting some of Woodford's blue sky deals and his position and performance became untenable, and the discount opened up. I got some decent entry points and flagged a number of things to the Board though I'm sure that was incidental. I'm very impressed by James DeUpaugh and they've done a great job getting the NAV where it is. Sadly the discount which appeared under previous management is still with us but I'm hoping this will change. An improvement to UK sentiment and the takeover of Majedie by Liontrust may bring about more buyers than sellers. Also at its size Edin should be looking at a zero discount control policy.

[chc15] 22/11/2021 13:13

Yes seems just ok, they should do something abt the discount, buy backs possibly.

[ec2] 22/11/2021 10:03

Pleasing interims today. Continuing outperformance, this time 1.8pct. over the last 6 months. Trust seems overdue a re-rating as it trades on an over 8pct. discount to NAV compared to others in the UK Equity Income and Growth sector that are on sub 1pct. discounts eg. Merchants, City of London, Dunedin, JPM Claverhouse. The refinancing of the hugely expensive 100 mln. debenture down from 7.75% to average debt financing of 2.44% will also be further beneficial to performance going forward.

[essentialinvestor] 08/11/2021 19:20

EDIN was overdue some catch up, which is why I highlighted it recently. Now XD as well.

[andycapp1] 08/11/2021 19:13

Yes saw that. NAV is going great guns. I own Majedie too. Worth a look. Almost 5% yield and same manager albeit invested in a range of their funds.

[chc15] 04/11/2021 16:37

Up on the ex div day, nice.

[essentialinvestor] 01/11/2021 10:09

Was way overdue a move.

[chc15] 29/10/2021 12:49

Topped up earlier here, along with IPU

[essentialinvestor] 27/10/2021 16:59

XD for 6 pence next THursday, managed to add a small amount under £6.16

[essentialinvestor] 26/10/2021 10:53

Also gives some MCX exposure which should help growth and they can hold a % in oversees equities.

[rcturner2] 26/10/2021 10:17

Yes I agree, it is a pretty bog standard trust, but it does what it says on the tin, it gives you exposure to decent stocks at a discount with a steady dividend.

[ec2] 26/10/2021 10:16

The way I view this IT, is that it gets you the better placed stocks in the FTSE-100, at a 10% discount and on a better yield than simply buying the index.

[essentialinvestor] 26/10/2021 09:42

Added two lots.

[rcturner2] 14/10/2021 21:38

STOCK NAME SHARES BID MARKET VALUE (GBP) % INVESTMENT PORTFOLIO Ashtead Group PLC 1,089,932 58,681,939 4.8 Anglo American PLC 1,666,187 53,159,696 4.4 Unilever PLC 1,280,950 53,153,020 4.4 AstraZeneca PLC 628,823 51,984,797 4.3 Tesco PLC 20,801,862 48,457,938 4.0 Royal Dutch Shell PLC 3,296,802 46,807,995 3.8 NatWest Group PLC 20,552,745 41,578,203 3.4 BAE Systems PLC 6,951,977 40,043,388 3.3 Ascential PLC 8,849,215 38,228,609 3.1 Mondi PLC 1,818,758 36,302,410 3.0 Electrocomponents PLC 3,472,580 35,316,139 2.9 Weir Group PLC 2,046,672 35,274,392 2.9 Smith & Nephew PLC 2,344,887 34,270,524 2.8 Diageo PLC 957,166 34,175,612 2.8 Hays PLC 21,406,104 31,681,034 2.6 Dunelm Group PLC 2,382,168 31,539,904 2.6 Wm Morrison Supermarkets PLC 11,417,185 30,552,387 2.5 Direct Line Insurance Group PLC 8,437,218 25,109,161 2.1