Global Fixed Income Share Discussion Threads

[tiltonboy] 01/3/2017 14:48

A surprisingly high final distribution from one holding, and a write-up in value in another represents the increase in cash and NAV. It would be nice if they could liquidate the Autonomy fund.

[zcaprd7] 28/2/2017 17:09

Me too. Hasn't gone up for about three years. Was worried this would be a slow burner...

[tiltonboy] 24/2/2017 15:52

HP,

I would have thought so. Hopefully they will clarify the situation soon.

[hugepants] 24/2/2017 15:15

Do they have enough to make a further distribution?

[tiltonboy] 22/2/2017 14:00

I've spent a good few hours now looking through the portfolio, and I have probably underestimated some of the assets. Sufficiently enough to pick a few up at 13.75p.

[tiltonboy] 22/2/2017 12:24

Unfortunately no read across from ALF. Their last Factsheet was end November, and there was no apparent movement in any of the mutual holdings.

[zcaprd7] 22/2/2017 10:35

Any read across form the ALF fact sheet? They have similar holdings, no?

[tiltonboy] 22/2/2017 10:03

Given that the last Factsheet was end September, it is more likely that we have had an asset sale plus an NAV adjustment on another part of the portfolio.

There is a holding of an Abax Arhat fund which was valued at £545k in June that could fit the bill.

The interim report gives plenty of detail on the discounts applied, and it is interesting to note that the Autonomy fund 11D has not had one applied, so they must be confident of getting their capital returned.

[zcaprd7] 21/2/2017 22:47

Yes. Seems a bit bizarre, unless it's part of an existing asset that had been written off?

[tiltonboy] 21/2/2017 18:20

I'm struggling to work out the circumstances which would lead to a £600k increase in cash, £1.2m increase in assets, yet not narrow the difference between the two NAV's.

[zcaprd7] 21/2/2017 17:53

And the increase is different across the two navs. It will be interesting if the disposal exposes a relaxation of the reserves?

[zcaprd7] 21/2/2017 15:44

I guess a disposal moves the two nav figures closer together?

[tiltonboy] 21/2/2017 08:41

The Factsheet should be out in the next week, and it will be interesting to see which asset they have sold. With NAV increasing by £1.2m (8.39%), and cash increasing by £601k, it looks as if they have made a partial sale of an investment.

[zcaprd7] 21/2/2017 07:42

Yes, that's quite a good spot, seems small, but as the discount to NAV is so large, it limits the downside (unless they fritter it away of course)...

[tiltonboy] 17/2/2017 12:07

Indeed, cash has gone up by 600k. Hopefully they have got out of an asset at above holding value. The next Factsheet should resolve the question.

[hugepants] 17/2/2017 11:29

Interesting update yesterday. NAV up to 41p and cash now about 40% of market cap. They must have sold some assets.

[zcaprd7] 10/2/2017 09:52

Apparently, "The Fund has moved to quarterly valuations and factsheets as part of the cost saving programme"...  

[zcaprd7] 09/2/2017 23:37

I've emailed Nathan, see what he says, the fact sheets have been monthly, but had abruptly stopped?

[zcaprd7] 06/1/2017 13:23

Pretty sure we're due an update here?

[zcaprd7] 20/12/2016 23:43

No worries. It's in my sipp. I am a very patient man...

[hugepants] 20/12/2016 19:06

As I pointed out on the ALF thread GFIR are not expecting any significant realisations for about 3 years so good luck. I think you may have a long wait. The reason I mentioned GFIR was because it has some of the same investments as ALF and so you have another perspective on how to value them.

[zcaprd7] 20/12/2016 18:52

I was sent this way by hugepants on the ALF board. Similar sort of investments, but ALF have been returning cash lately, and have a less aggressive write down on those similar assets, so there should be value here soon. Brazilian market is up 50% from the lows...

[tiltonboy] 20/12/2016 17:54

...lol...more!

Caught by the apparent discount...Tendered as many as I could but left with a few.

I'm amazed that the board haven't been put to task on this one, as the portfolio looked nothing like the mandate on which it was floated.

There have been no meaningful disposals over the last year or so, and you have to wonder if they will ever be able to sell the remaining holdings, let alone at their holding values. There is a little bit of cash, but that can disappear over the years.

[zcaprd7] 20/12/2016 17:28

Thanks. Have you been in for 2 years?

[tiltonboy] 20/12/2016 16:11

Good luck; you are going to need it!