F&C Private Equity Share Chat (FPEO)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
F&C Private Equity Trust	LSE:FPEO	London	Ordinary Share	GB0030738271	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+2.00p	+0.58%	348.00p	345.00p	351.00p	350.00p	350.00p	350.00p	29,917	16:35:27

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments	1.5	-0.4	-0.6	-	257.32

F&C Private Equity Share Discussion Threads

Showing 176 to 199 of 200 messages

Chat Pages: 8 7 6 5 4 3 2 1

Date	Subject	Author	Discuss
06/6/2018 10:37	347p-350p- Premium beginning to unravel as Stifel recommend a sell due to over-valuation...	skyship	Read Full Thread Reply
29/5/2018 00:09	I was at the FPEO AGM on Thursday. As usual the Fund Manager came over well and gave a good presentation. We did not get into why so many coinvestments had been disappointing and with hindsight should really have done more to get to the bottom of what learning there is in the context that they will be increasing further the amount of coinvestments they are doing. We were told that Weird Fish is doing well and let's see if they have had a profitable exit from Ambio via an IPO by the time of next year's AGM. Given that the shares have been trading at a premium- excellent given the track record of other listed PE companies- the Board is reviewing the possibility of doing an equity raise which could be good that with the increased size of the Trust it could get more institutional support and liquidity perhaps leading to a reduced bid: offer spread. That said they have plenty of fire power as it is and not clear to me that all that many good deals out there at the current time so would be happy if they did nothing. However comfortable I am with Management I have no desire to buy more and may well lighten up. PS I just looked at today's FT which had information on 15 conventional PE investment trusts and FPEO was one of two who are trading at a premium and their's at 2.8 pc was the highest- a good show even taking into account that you have to take these figures with a bit of a pinch of salt	cerrito	Read Full Thread Reply
24/5/2018 14:16	Specto - if you're still in here surely time to take profits as the latest stats show how over-valued this PE Trust now is. At 362p now on a near 4% Premium: ============================================================================ Quarterly results for the three months to 31 March 2018 (unaudited): -- Share price total return for the three months of 6.1 per cent for the Ordinary Shares -- Quarterly dividend of 3.57p per Ordinary Share payable on 31 July 2018 Manager's Review - Introduction: As at 31 March 2018, the net assets of the Company were GBP258.2 million, giving a Net Asset Value (NAV) per share of 349.24p, which taking into account the dividend of 3.55p per share paid on 31 January gives a decrease in total return over the quarter of 1.2%, mostly due to currency movements. At 31 March, the Company had net cash of GBP1.9 million. Outstanding undrawn commitments were GBP140.6 million with approximately GBP17.0 million to funds where the investment period has expired. In line with the Company's policy to pay dividends on a quarterly basis, a dividend of 3.57p per share was paid on 30 April 2018 and a further dividend of 3.57p will be paid on 31 July 2018 to shareholders on the register on 6 July 2018.	skyship	Read Full Thread Reply
01/5/2018 15:48	It's a bit cheeky picking out iii I admit, but does show FPEO not an outlier. Interestingly, iii's swung between a discount of around 60% (2008) & premium of over 50% (2017).	spectoacc	Read Full Thread Reply
01/5/2018 14:03	Agree that iii's premium is too high, but it's the only PE fund liquid enough for the big funds to hold, and also it's self managed and earns fees from external investors in its funds. In comparison, FPEO has two layers of management fees and two layers of performance fees.	rambutan2	Read Full Thread Reply
01/5/2018 13:46	iii's premium worth looking at in comparison.	spectoacc	Read Full Thread Reply
01/5/2018 11:17	NAV at 31/12/17 = 357.23. Sp now at c380p! The 6% premium looks rather absurd considering they grew the NAV by just 5.3% in 2017 - hardly stellar. Take a look at my 27th April post on the PE thread for a comparison of Discounts across peers. Current Best Buy looks to be NBPE rather than HVPE, they also offer a 3.7% yield whereas HVPE (like PIN) still failing to pay a dividend. https://uk.advfn.com/cmn/fbb/thread.php3?id=26570589	skyship	Read Full Thread Reply
01/5/2018 10:21	why have these gone to a near 10% premium while HPVE and SLET languish I wonder. HPVE likely to do something about their discount at results in a week and a bit imo.	nimbo1	Read Full Thread Reply
24/3/2018 20:05	@Skyship You were right back on post 174; it has been going sideways. Damn tea leaves... :)	vacendak	Read Full Thread Reply
24/3/2018 14:52	Specto - yes, I see I thought they were fully valued back in November @ 355p, since when they slid to 310p before recovering nearly all of that loss. Time for them to drop back again IMO... Asmo - LTA - yes indeed, I bought back in this week as the discount has opened up to c37% - the widest in the sector. Also now offering a 4.8% yield. I suspect APAX will be under pressure to adopt measures to cap that discount.	skyship	Read Full Thread Reply
24/3/2018 14:24	Have to say, looking at the graph, I am quite pleased not to be in LTA now....	asmodeus	Read Full Thread Reply
24/3/2018 07:36	@Skyship - you've been saying "sell" on FPEO for quite some time! :) (I sold out a while ago so perhaps I can't talk - left at least 50p on the table. But I always remember iii is on a massive premium). Chart looks good for a retest above 360 - if you believe that sort of thing (I don't).	spectoacc	Read Full Thread Reply
26/11/2017 10:35	Assam or Darjeeling? :)... Seriously though, I do look at the chart before making my move; and the obvious double-top @ 360p does suggest caution. Technically they would have to make a convincing break through 360p to become a buy; but just how likely is that with the NAV at just 361p? A HOLD at best - a SELL may be the better proposition.	skyship	Read Full Thread Reply
25/11/2017 18:35	Bah! I read tea leaves and fish entrails before investing, better than consulting silly reports. :)	vacendak	Read Full Thread Reply
25/11/2017 13:59	Specto - wouldn't recommend buying in here on a mere 1.7% NAV discount! Sorry Vacendak, but surely that stat suggests at least another 6months of sideways consolidation. Bear in mind these comparisons: # ICGT - NAV disc. = 15.7% # HVPE - NAV disc. = 15.2% # JPEL - NAV disc. = 16.9% # PIN - NAV disc. = 19.0% HGT & PEY also too dear at the moment on discounts of 3.7% & 5.7% respectively. Current best buys? Well, IMO: # LTA on 29.9% # JPEL on 16.9%; and ahead of another liquidation payment shortly As you know, the runners and riders can be viewed on the PE thread.	skyship	Read Full Thread Reply
24/11/2017 12:55	@Specto No worries. Now could be a good time to re-enter. The share price is still stuttering and could be due for a jump soon.	vacendak	Read Full Thread Reply
24/11/2017 12:51	@v - apologies, my post sounded a bit brusque on re-reading! I'm no longer a holder having sold out around £3 (from memory) - wish I'd held on. Keeping an eye on them all the same.	spectoacc	Read Full Thread Reply
24/11/2017 12:40	Sorry if I sounded too negative, this was not the aim. Glad to be holding FPEO and happy with the new quarterly divi policy.	vacendak	Read Full Thread Reply
24/11/2017 09:39	And still below a conservative NAV, and still the divi along the way. And still "cheap" compared to the likes of iii.	spectoacc	Read Full Thread Reply
24/11/2017 09:34	Q3 quarterly report: Http://tinyurl.com/yd2zr3hn The PDF version should be on the company website soon. Upbeat, with still a lot of cash in the bank. As usual, a very detailed account of all the holdings bought and released. The NAV returns are not as impressive as they used to be, 4.7% over nine months compared to 23% over 2016. The share price has not moved much over the past six months, but it is still doing 20+% on YTD.	vacendak	Read Full Thread Reply
22/9/2017 09:55	Ticking back up nicely and steadily despite Sterling's sugar rush.	vacendak	Read Full Thread Reply
27/8/2017 21:57	Good points raised in 163 and 164 and have noted it down to bring up at next year's AGM if I can make it-could not go this year as it clashed with another	cerrito	Read Full Thread Reply
27/8/2017 17:08	@Cerrito About their shifting towards coinvestment, this may be linked to a more active PE stance from the people at F&C in general. They could indeed become more engaged and move away from the fund-of-PE funds approach. From the last AR (the 2616 annual report, not the latest HY 2017 report) of Foreign & Colonial Investment Trust (FRCL): "The Board has agreed to recommit capital to a new private equity programme taking a more focused, opportunistic and direct approach that is ﬂexible and will ultimately be considerably cheaper. We are doing this by making good use of the internal expertise at F&C. New commitments to this programme have been made over the course of the year." [page 7]. They have been discussing the fees they pay to Pantheon, Harbourvest and a few others for a while now, and concluded that they were becoming a bit dear. Hence the extract about the direct approach. It may only be circumstantial of course, but these two ITs are from the same BMO/F&C stable, so could take advantages of synergies if they expanded their PE expertise.	vacendak	Read Full Thread Reply
26/8/2017 06:03	vacendak, thank you for your reply. Part of the reason that PE funds have done well recently is the strong performance of the listed market, since PE funds value their holdings, at least in part based on the ratings applied to comparable companies that are listed. Therefore a 3.5% gain in NAV over the last 6 months could easily be a fall in the actual real performance of the underlying companies, that is certainly my understanding. A PE fund that is not outperforming the wider market is holding stakes in companies that are not doing well, in my opinion. A 10% increase in EBITDA for a company held by a PE fund could lead to a 20% increase in the value attributed to that holding if the wider market ratio applied to such companies has also increased. I haven't drilled down into the actual holdings of this fund in any detail, probably that is my weakness, but IMHO in the current market PE funds should be making good gains and this fund are not.	rcturner2	Read Full Thread Reply

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