NAV now 390p. They've invested some of the cash. It's now 34.3% of the NAV.
December factsheet
Portfolio holdings at end Dec 24
They've added to the Japan Special Situations. It's now 11.9% (probably more now its up 10% since start of the year)
Actually quite like this. It's the kind of thing Id interested in buying on its own.
"The Investment objective of the Fund is to achieve long-term capital appreciation through investing in a portfolio of over-capitalised small-cap Japanese equities. Asset Value Investors will leverage its three decades of experience investing in asset-backed companies to engage with company management and help to unlock value in this under-researched area of the market." |
nav 378p which includes cash of approx 165p. Shares on a 25% discount to NAV |
Latest factsheet (November)
The big news is they've disposed of their largest position (14%) which was the Templeton European Long Short Thingiemabob. So cash is now 44% of the NAV (if you strip this out then the portfolio is on a 42% discount)
The portfolio top ten is now;
AVI Japan Special Situations Fund Financials Japan 8.0
Volunteer Park Capital Fund SCSp Financials Luxembourg 7.2
Unilever Consumer Staples United Kingdom 3.3
TotalEnergies Energy France 3.0
Imperial Brands Consumer Staples United Kingdom 2.7
Jet2 Industrials United Kingdom 2.4
Tesco Consumer Staples United Kingdom 2.4
Alibaba Consumer Discretionary Hong Kong 2.4
Qinetiq Industrials United Kingdom 2.3
ENI Energy Italy 2.2 |
Yes. Or UK Gilts?
Or even better give it back to the investors? |
I am interested in this one now. The discount is massive, considering the size of the cash position. Strange they don't just invest it in 3 month US treasuries, unless they are theorising the US govt itself will have issues paying them out? |
Back up to a 24% discount here with 30% cash (as per latest fact sheet on website) |
Followed Nairn in.
The US stock market vs US GDP is over 200%:
and US debt is at a real high:
I think we may well see a post-election correction.
Can GOT exploit it all though? IMHO GOT should sell most of their stocks
and go into cash. That will make the trust's 25% discount really attractive! |
Nairn in for another 140 grands worth |
They should do. They've been waiting long enough for one. |
If you think there will be a major crash then buying this now at a 24% discount looks attractive. Hopefully the managers know what to do in a crash though!? |
Nairny bought 25K yesterday.
NAV 371p |
Averaged down a bit but it's looking pretty abject here on a 24% discount.
I had a look at the latest factsheet (August)
7.8% of the portfolio is invested in AVI Japan Special Situations Fund which is a new addition from the last time I checked.
Cash has reduced a little but it's still the largest single "investment" by a long way at 29.2% of the portfolio. |
I listened to them on Money Makers podcast this weekend. Over complicating things sums it up. I'm not sure who this trust is for. |
I sometimes wonder why I'm still holding this. These guys are waiting for a crash that may not happen. OK it will happen who knows when? It could be years or decades away.
The discount is now 23% but not far off 40% stripping out the cash.
Results:
Latest factsheet. |
Suspect the answer is that the cash is mostly in US$ and Japanese Yen. Makes you wonder whether they are over-complicating things. Holding in sterling short-dated gilts would have yielded 3% more which is not insignificant to shareholder returns. Also, share buy-backs would have been quite accretive given the 18% discount. Is capital allocation as smart as it could be whilst they wait a bear market returning?
On the capital preservation investment trusts, my rankings would be:
1. Capital Gearing Trust plc
2. Personal Assets Trust plc
Joint 3, 4 and 5th. RIT Capital Partners plc, Ruffer Investment Company Limited and Global Opportunities Trust plc
Looking to increase my positions in 1. and 2. in my SIPP. Not quite as convinced on the other three. |
Yes, I understand their positioning. However, I cannot understand why they haven't bothered to earn a sensible risk-free return on c£40m of cash. Not impressed with this and I have taken up the Chairs offer to ask a question.
"I was just reading the annual report release today and have followed Dr Sandy Nairn for a few years. I am a shareholder.
One question for you please. Why has only £619k of bank interest been earned on £42m of year-end cash and likely average cash of c£39m? It is very easy to earn a 4-5% risk free return on such balances, but only approximately 1.5% has been achieved." |
17% discount to NAV. Certainly hedging their bets with this portfolio!
Nov 23 factsheet.
Cash 39.7%
Templeton European Long-Short Equity SIF 14.5%
Volunteer Park Capital Fund 7.6%
TotalEnergies Energy France 3.6%
Unilever Consumer Staples United Kingdom 2.7%
ENI Energy 2.7%
Samsung Electronics Information Technology 2.6%
Sumitomo Mitsui Trust Holdings 2.6%
Orange Communication Services 2.5%
Panasonic 2.1%
General Dynamics Industrials United States 2,151,981 2.0 |
I've recently topped-up here. Dr Sandy Nairn has called it right so far. I'm reasonably confident that he will protect capital and move back into equities at the right time. Yield is disappointing, but that may rise at some point given their defensive positioning. |
 Re management arrangements:
The Company is pleased to announce that, effective today, Dr Sandy Nairn has
been appointed as a full time executive of the Company, having resigned from
his executive position with Franklin Templeton. The Company is taking steps to
terminate its investment management agreement with Franklin Templeton
Investment Management Limited (the "IMA"), such termination currently expected
to be effective by mid-May 2023, and the global listed equities portion of the
Company's portfolio will be managed by Dr Nairn going forward. The Company
thanks Franklin Templeton for its services to date and throughout the Company's
transition to a self-managed structure.
The Company is also pleased to announce that it has entered into a strategic
relationship with Goodhart Partners LLP ("Goodhart") through which Goodhart
will introduce opportunities in the private markets to the Company. As part of
this strategic relationship, terms have also been agreed with Goodhart to
provide investment sub-advisory services to the Company to assist Dr Nairn in
managing the global listed equities mandate and the FX arrangements. |
Worth reading yesterday's rather good results via the full Annual Report which is available on the website (see link in header):
Cahal Dowds, Chairman - "This is the first full year of the Company operating
under its expanded investment policy. As was articulated in the shareholder
circular which preceded the changes, the Board felt strongly that such were the
excessive conditions in asset markets, greater flexibility was required in
order to protect shareholder capital. I am pleased to report that the results
for 2022 have supported this view, with the NAV total return of the Company
appreciating by 15.8% and the total return to shareholders of the share price,
with dividends reinvested, rising by 9.8%. This was against a backdrop of
synchronised declines in almost all asset classes. Shareholders should note
that a substantial component of the positive return relates to the decline of
sterling. However, even without the currency effect, the assets of the Company
would have appreciated. |
Interesting news today. Getting Sandy Nairn full-time |
Holdings as at end Jan. Two things to note. A large cash position has been held for a long time now, helping on the downside, but of course dragging on any upside. And the largest position, a long/short hedge fund, performed very well last year. |
No thread for this differentiated Sandy Nairn investment vehicle, so here we go... |
GoTech announces that at its general meeting held earlier today, all resolutions were passed, including the resolution to approve the proposed cancellation of the admission of the Company's ordinary shares of 0.1 pence each ("Ordinary Shares") to trading on AIM. Trading in the Company's Ordinary Shares on AIM will be suspended with effect from 7.30am on 21 June 2018 pursuant to AIM Rule 15. Therefore, the last day of dealings in the Company's Ordinary Shares on AIM will be 20 June 2018 and at 7.00 a.m. on 25 June 2018, the Company's Ordinary Shares will be cancelled from trading on AIM. As detailed in the Company's announcement of 11 June 2018, the Company has made an application for its Ordinary Shares to be admitted to trading on the NEX Exchange Growth Market ("NEX") and it is anticipated that dealings in the Company's Ordinary Shares on NEX will commence at 8.00 a.m. on 25 June 2018. |
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