Edinburgh Investment Share Discussion Threads

[topvest] 12/12/2019 20:04

Every manager has long periods of under-performance. The trick long-term is to pick a very good manager who has under-performed for a few years, before their approach comes back into style. Mark Barnett has to go after today's stupidity at Raven Russia, selling preference shares and ordinary shares way below intrinsic value. Invesco have definitely been caught in some shockers with the gambler Woodford.

[steve3sandal] 11/12/2019 22:04

Well...somwhat underwhelming. Buybacks have been huge but might now pause. Regrettably the discount won't be closing on this news. The actual pool Edin are fishing might be the issue.

[spectoacc] 11/12/2019 21:47

@topvest - recent performance of manager leaves a lot to be desired. Pity the EDIN board, having waited this long, didn't go for a better manager.

[topvest] 11/12/2019 20:58

Well an interesting move. Unfortunate for Mark Barnett and Invesco, but the overlap with Woodford has holed him below the water line. I think the timing is wrong. Edinburgh have a poor record of switching managers just at the wrong point. If they had retained Fidelity then they certainly wouldn't be in the mess they are now!

That being said, I'm happy to go with Majedie Asset Management, being an indirect shareholder through Majedie Investment Trust. They are a good boutique manager, albeit they had their valuation written-down significantly in Majedie Investment Trust's results today. The boost to their AUM from this win is significant and so I'm sure they will put all efforts into making this trust a success.

[spectoacc] 11/12/2019 15:48

PLI sounded very much like they'll do absolutely nothing.

"In light
of this, and with the General Election taking place this week, the Board does
not consider it appropriate to undertake a review of its investment management
arrangements at the current time. However, the Board has had a number of
discussions with the management at Invesco about the continuing poor
performance and about processes around individual portfolio managers and will
be closely monitoring the situation"

I accept that leaves the door open to booting Barnett, but this was their chance and they've resolutely not taken it.

[shalder] 11/12/2019 15:35

Will be interesting to see what PLI decide to do after the GE is out of the way, as exactly the same considerations apply.

[spectoacc] 11/12/2019 15:14

Can see why they might want to stick with the same value-based approach, but can you imagine how much better it would have been if they'd eg appointed Terry Smith?

[contrarian joe] 11/12/2019 14:32

Apologies just read the rns, surprised by that appointment. .

[contrarian joe] 11/12/2019 14:20

None of them apart from LGEN would be long term holdings, oilers as swing cycle purchases along with GSK & ABF at the right price,they also have the issue of their expensive debt to navigate, I hope for long suffering shareholders they can appoint a capable manager to sort this sorry state of affairs.

[spectoacc] 11/12/2019 10:03

Insofar as the holdings are separated out, from MAJE the favourites seem to be:

BP - Shell - GSK - TSCO - PSON - ECM - MRW - Barrick Gold - ABF - BA. - LGEN - BARC - Orange SA.

Which makes the claim for "..commitment to
Responsible Capitalism.." ring a little hollow - oil majors, British Aerospace, Barclays, Barrick..

[apparition1] 11/12/2019 10:03

Strange choice as Majedie also seem to have been underperforming for the last 5 years. Trustnet shows their Investment Trust as fourth quartile performers over 1 3 and 5 years.

[spectoacc] 11/12/2019 08:10

Missed this morning's RNS! Taken them 3 years to reach that conclusion, I'd have reached it sooner.

[spectoacc] 24/10/2019 13:50

Has been a good bounce though, albeit Brexit-related in part.

[gilesy] 24/10/2019 13:44

sold out today at 6.13
poor performer and plenty of better investment trusts to consider
barnett like woodford is a busted flush

[topvest] 07/10/2019 18:12

Agreed. You can normally get the information you need from the investments note though. The cash flow only really helps to see investment purchased and investments sold, so you can track if they are too active!

[bizzybrizzy] 07/10/2019 11:53

I am never keen to see an investment trust not producing a cash flow statement. Although there is exemption for businesses that hold highly liquid investments, it is part of being transparent with investors to produce one.

[spectoacc] 26/9/2019 08:14

Dumped all my remaining EDIN on the IMB p/w. Barnett very keen on tobaccos.

IMB/BATS are what Woodford's been buying with the cash raised from dumping previous holdings below bid. What a muppet.

[steve3sandal] 24/9/2019 22:32

Another day, another disaster. I see MB was a quite large holder of Thomas Cook even as late as the 30 Jun portfolio disclosure here. Obviously the 18m shares had a negligible value at that point and I wonder how much money he pi55ed away on that one?
I emailed Investor Relations a week ago to find out what was presented, said, slides, Q&A, feedback from the Investor Day 16th. No reply. You can still click their website to book for it. Given its 24 Sept I thought Aug Fact Sheet would be interesting. Not done one yet. At every turn this management of Edin looks poor to me. Bought back 5% of the stock but hasn’t moved the discount. I’d quite like to see an activist shareholder here, I don't have enough money to do that. The other stocks on the portfolio list must be wondering when they will hit the rocks. Sadly I have one or 2 of them. Not usually so grumpy just hoping the Board are looking in for ideas.

[orinocor] 11/9/2019 09:38

im still laughing

[topvest] 04/9/2019 20:43

Well which manager would we like?
I'd like to see either a switch back to Fidelity or what about Lindsell Train global?
Lindsell Train have 2 UK investment trusts but lack an investment trust for their global strategy.

[spectoacc] 03/9/2019 14:41

@Bizzy - don't forget Amigo.

[essentialinvestor] 03/9/2019 12:08

Value investing?, It looks more like value trap investing.

True value investing is holding unloved but financially robust
stocks, the later proviso is key.

I sold completely out of Next this morning as increasingly concerned
about a UK economic hit.

[bizzybrizzy] 03/9/2019 12:03

EDIN has gone from weak to life support status. There are almost daily share buybacks. Is the dogged attachment to so-called value investing worth it? Bad calls have been made in a relatively short space of time on businesses like Provident Financial and now Burford Capital. Burford being an AIM stock should not even be considered as a holding, let alone a top 10 holding.