Global Fixed Income Share Discussion Threads

[zcaprd7] 02/6/2017 11:54

I think the Brazilian scandal is part of the cleansing process, the fact it happened and wasn't ignored liked before is positive. Large inflows to Brazil after the drop as with most BRIC "disasters" people are buying the dips...

[tiltonboy] 02/6/2017 11:50

I wanted 20p before it all blew up in Brazil.

I'm not certain how they will monetise some of the assets, so I take the NAV with the biggest of pinches of salt

[luckymouse] 02/6/2017 11:29

56% discount

free stock charts from uk.advfn.com

[zcaprd7] 02/6/2017 11:21

Was that your blue volume today? I thought you wanted 20p...

[tiltonboy] 02/6/2017 09:25

I've taken 17.25p, and now out.

[zcaprd7] 02/6/2017 02:39

Both sure. Those "green" buys could be them, let's see if there are any rns'...

[tiltonboy] 01/6/2017 12:49

Just under 17p...but will they pay that level.

[zcaprd7] 01/6/2017 12:01

17p ish now?

[zcaprd7] 25/5/2017 15:19

I guess every day they wait, the average increases...

[tiltonboy] 24/5/2017 16:07

Cannacord picked the stock up yesterday!

It looks like Numis will edge the price up until they get to a level where stock comes out, and the company are still happy to buy them back.

I think the 5 day average will be 15.55p after today's close.

[zcaprd7] 24/5/2017 16:02

What's the 5 day average price at now?

[zcaprd7] 24/5/2017 15:33

Are they buying yet do you think? Some volume yesterday...

[zcaprd7] 22/5/2017 17:12

Yeah. Me too. What's wrong with a special dividend?

[tiltonboy] 22/5/2017 15:18

Not surprised they didn't get any. Question is, what price are they willing to go up to, to get stock. I would find them a few at 20p.

[zcaprd7] 22/5/2017 13:53

No takers lol

[tiltonboy] 05/5/2017 15:13

If they get their Brazilian assets away, I think they could have 20p in cash.

[zcaprd7] 05/5/2017 15:09

Yes. Puts a nice floor in place though

[tiltonboy] 05/5/2017 11:28

It will be interesting to see if GFIR manage to buy back any shares at 14p!

[tiltonboy] 03/5/2017 08:21

The Autonomy holding on its own covers the current share price. A partial recovery on others should see around 20p recovered.

[zcaprd7] 03/5/2017 08:06

Still some problem children in the portfolio it seems... GLOBAL FIXED INCOME REALISATION LIMITED 3 Investment Manager's Report For the year ended 31 December 2016 Introduction Gottex Asset Management (UK) Limited ("Gottex" or "the Investment Manager")) has continued to act as the Investment Manager of Global Fixed Income Realisation Limited ("the Company" or "GFIR") during this financial year pursuing its mandate of making realisations in an orderly and timely manner. There have been distributions from the following holdings: • Autonomy Global Macro Class L • Clearwater Capital Partners Side Pocket • Serengeti Opportunities • Sola La Paloma Co-Investment (fully redeemed) • Trafalgar Discovery Fund (fully redeemed) • Apollo Asia Opportunity (fully redeemed) No positions were sold in the secondary market or via auction. One small position was funded, in an attempt to protect the Company's existing investment in the Vision FCVS PB Fund. The Company now has holdings in 1 company and 16 fund entities (10, if the Vision funds are considered as a single entity) managed by 6 different investment managers. Since the appointment of Gottex, holdings in 19 fund entities have been fully redeemed or sold. As at 31 December 2012, immediately prior to the effective date of Gottex's appointment as Investment Manager, the market capitalisation of the Company was £41,718,226 (based on 77,113,172 shares at a price of 54.1p) and the net asset value (the "NAV") was £71,626,559. 72.5% of the starting market value of the Company's equity and 42.2% of the starting NAV has been returned to shareholders in cash over the 4 year period since that date. As at 31 December 2016, the Net Asset Value per ordinary share was 38.90p, an increase of 7.78% during the financial year 2016 (31 December 2015: 36.09p). The single largest negative contributor to performance was South Asian Real Estate ("SARE"), reflecting updated third party valuations of SARE's underlying properties and additional debt and liabilities, contributing -6.2% for the year. The Vision funds were another negative contributor, -3.5% across the various vehicles, through a combination of additional reserves on the FCVS funds and markdowns reported by the manager, largely reflecting additional uncertainty and a likely extension to the timeline for novation. The impact, however, was partly offset by FX gains. Offsetting these losses was positive foreign exchange impact from the only Brazilian Real ("BRL")-denominated holding, Autonomy Fund II D. Though performance was flat in BRL terms, performance in GBP terms was 45.2%, resulting in a strong positive contribution of 12.1% for the year. A cash distribution well in excess of marks from Trafalgar Discovery Fund towards the end of the year was another strong positive contributor, approximately 4.6%.

[tiltonboy] 27/4/2017 13:42

Surprised there was no reaction to the announcement this morning...perhaps nobody is left here!

[zcaprd7] 02/3/2017 15:16

Hmm, are they as conservative on their other provisions, or was that a one off...

[tiltonboy] 02/3/2017 11:44

Was out of the office yesterday, so unable to comment too much without having details in front of me.

This is a very interesting result, and one that I only considered briefly, but dismissed as not being possible. The Trafalgar holding that has been sold for £626k was in the books at £4600..and I haven't missed any noughts off!

[tiltonboy] 01/3/2017 22:43

They must have a lot of faith in the Autonomy valuation as they have taken no provision previously, and are now confident of marking it up. Might even get 20p plus for these which would represent a result.

[hugepants] 01/3/2017 22:08

Yes I think the increase in value of the Autonomy fund is even more significant given its 34% of the NAV.