Gcp Infrastructure Inves... Share Discussion Threads

[williamcooper104] 26/6/2023 17:40

Nope; gilts That's it

[kinbasket] 26/6/2023 17:18

I've had a small toe in here for the first time.

I'd be interested to know if Passive is causing some of this decline. Also in Reits/PE/VC etc. I doubt passive reaches far into these corners of the market but volumes are low so it only needs a small amount of bot trading to move the price.

[jonwig] 26/6/2023 16:59

I bought back in last week, too after the latest presentation and results.

Since all these asset-backed things are bombing, we can probably forget company-specific issues, which are always the most worrying. ("We're all in it together" is quite reassuring.)

What's interesting is that I don't think selling here and elsewhere is all that heavy, so lack of buyers is having a disproportionate effect. Also, in all my portfolio of similar companies, there are no holdings RNSs showing a reduction, but a few showing an addition. So institutional holders aren't selling in quantity. But directors are buying in many cases. Also there's a lot of daily buybacks.

What's behind it all? Simple answer: we've no idea how far the BoE needs to go, and the BoE has no idea either. Or is it more complicated?

[stewart64] 26/6/2023 16:52

There are some top QUALITY bombed out Bond proxies out there. TRIG is probably the most highly regarded (it's Equity in renewables rather than just debt). Six years of prices increases undone(flash crashes aside) and back to the early 2017 price of 108p. ( 20% nav discount). I reckon maximum distress for Equities generally might be circa February 2024 ( housing correction plus 18months). Certainly was the case back in the Spring of 2009 whence the FTSE 100 plunged to 3500.

Which is why I am sheltering in Cash Bonds just now.

[spectoacc] 26/6/2023 16:40

Bought GCP (& SEIT) too early but agree there's a lot of value around atm. Perhaps one question is with them all selling off, is it better to identify the best quality & buy those.

[donald pond] 26/6/2023 16:38

It is incredibly cheap. There is a very low default rate on loans, lots of inflation linkage and the energy price predictions are well above where they were when this was trading at 130. It's not baffling as the whole sector is in the gutter but that surely cannot persist. But obviously nobody is buying when sellers are around

[spangle93] 26/6/2023 15:16

Who said "bottom is here" a week ago, sigh.

Looking to do the same as hugepants and invest more in SEQI and here, but at what point do you catch that falling knife?

[chucko1] 26/6/2023 15:07

All infra and renewables ITs seem to have joined the slamathon. I see that as encouraging.

[hugepants] 26/6/2023 14:17

On a 40% discount and 9.6% yield now.
Also got some SEQI which is on a mere 22% discount and 9.4% yield

[belgraviaboy] 22/6/2023 14:19

In for a chunk today, looks a tad oversold...

[donald pond] 21/6/2023 08:38

My guess is that some of the big holders here - local authority pension schemes and fixed income funds - have been/maybe still are reducing holdings. If their sole focus is to match income to liabilities and they need say 5% a year they have lots of options. But the dividend here looks secure. I would not be surprised if the portfolio was sold down tbh. Gravis can't be a happy place now: GABI has lost its managers and the team sold a big chunk of the business to ORIT at the top of the market. They can't sensibly make new investments or raise funds when trading at such a discount to NAV so fees will be down too. Be interesting to see if PDMRs buy in big here now closed period is over. They said they would when buyback started and share price was 20% higher

[donald pond] 21/6/2023 08:02

Results look ok. Amusing that the biggest downside NAV risk is if inflation drops sharply

[hpcg] 20/6/2023 13:23

I'd also add that the most recent big volume day was Friday, but it was nothing exceptional like a final liquidation, and volume for the month is pretty much the same as any other month.

I am still very slowly accumulating. I think it is following short yields a bit too closely. If 5 year auction at par 4.5% fills at that rate or close then this still offers a substantial margin even for a 10% principal loss with a 10% reduction in income.

[ptolemy] 20/6/2023 11:25

Why? Nothing technical to suggest the bottom is in; down 12 out of 15 days. It's oversold but need to see some elements of stabilisation.

[donald pond] 20/6/2023 09:03

Yup. Bottom in imo

[panshanger1] 20/6/2023 08:50

Anyone calling the bottom here ?

[spectoacc] 20/6/2023 08:12

13th June that D Stevenson CityWire piece - already hasn't aged well.

[tonytyke2] 19/6/2023 19:27

Five decent debt funds for income and growth:-

hxxps://citywire.com/investment-trust-insider/news/david-stevenson-five-decent-debt-funds-for-income-and-growth/a2419209?re=110192&refea=1488244

[the deacon] 19/6/2023 17:27

https://quoteddata.com/2023/06/gcpfinanced-geothermal-eden-project-operational/

[spectoacc] 19/6/2023 17:19

There's certainly a sale on.

[the deacon] 19/6/2023 16:55

Have my eye on HICL too, though haven't pulled the trigger yet

[donald pond] 19/6/2023 16:48

Thanks, I'd been looking at TRIG HICL and INPP but not decided quite yet

[the deacon] 19/6/2023 16:47

Added here, SEIT, TRIG and JLEN today