Henderson Opportunities Share Discussion Threads

[mad foetus] 22/3/2017 09:34

Wasn't expecting such a drop here. Any further decline and I'm a buyer.

[mad foetus] 17/3/2017 15:40

Sold half of mine and put it in hsl which is on a bigger discount

[robow] 16/3/2017 13:10

and Questor did analysis of another of my holdings MNL last week and that resulted in a similar rerating

[mozy123] 16/3/2017 13:03

As Long as mr Henderson grows the portfolio Nav faster than the all share - thats all i want him to do.

[mad foetus] 16/3/2017 12:57

Thanks Robow, that explains things. They did a similar write up on RMMC a few months ago and that led to a sharp rerating. James H was on Citywire recently talking about how he was going to explain the trust more widely and referring to the fact that it traded on a premium a couple of years ago. Let's see.

[robow] 16/3/2017 12:53

Questor this morning has helped this along

[18bt] 16/3/2017 09:50

Top sliced one of my larger holdings on the rise

[steve3sandal] 16/3/2017 09:43

It is today of course but I suspect the board will win....

[mad foetus] 16/3/2017 08:21

Nice pick up today, wonder whether it is linked to the continuation vote?

[mad foetus] 07/2/2017 12:19

Fair enough but what I would personally like is for the company to stop paying a dividend and use the cash to buy back shares. When the shares were at a 20% discount, that would instantly have been value accretive without reducing the size of the fund. But I know some people like dividends.

[matchmade] 07/2/2017 11:33

The trouble is, doesn't a DCM limit the freedom of movement of such a small trust, to be constantly having to attend to the level of discount? Doesn't it mean the manager has to keep larger cash reserves, in order potentially to buy back shares rather than investing in promising assets or offer a larger dividend? Plus if the trust kept buying back shares because there is a discount, it could just keep getting smaller and smaller and diminish into insignificance.

Arguably the manager should just be left to focus on what really matters - growing NAV for a "growth" trust like HOT - and supply and demand will look after themselves. If there's a discount, then clearly the market is nervous about the prospects for small UK companies generally, and perhaps Henderson are not marketing the trust sufficiently too. In which case once market sentiment improves, and NAV performance is good, then the discount should narrow. This is all to the good of existing shareholders, and is one of the reasons people invest in investment trusts; otherwise, if discounts are such an issue, why not just buy a unit trust and there's nothing to worry about?

[nimbo1] 06/2/2017 09:56

It feels shocking when you own an IT but discounts for us humble PI's can provide very good money making opportunities. I am quite happy buying at huge discounts in sectors with poor sentiment - you get a double uplift when the tide turns. I will vote for it to be wound up...they should be trying to narrow the discount in some shape or form.

[mad foetus] 06/2/2017 08:47

Don't get me wrong - I want this trust to continue. But I think it shocking that the discount can widen to 20% and the board do nothing about it. Still, as that was what prompted me to buy I suppose I shouldn't complain!

[topvest] 06/2/2017 08:44

Well I will vote for this fine trust to continue.

[mad foetus] 06/2/2017 08:29

So, a continuation vote on 17 March. It will be interesting to see how that goes, it may be that Hendersons policy of not having a discount control strategy bites them this time. I'm going to vote for it to be wound up, for two reasons: firstly, a 15% instant uplift is never to be scoffed at; secondly, and more importantly, it may send a shot across the bought of other ITs that large discounts are not acceptable. When SVI was taken over it led to a rerating in the PE sector. If HOT was discontinued, it would lead to an uplift in other funds.

[nimbo1] 03/2/2017 14:32

another nice leap : )

[nimbo1] 02/2/2017 10:50

Out of interest there was a Henderson trust which wound up in 2016 - into their other investment trusts. I wonder if some sort of action will happen in HOT.



HENDERSON GLOBAL TRUST PLC



HENDERSON INVESTMENT FUNDS LIMITED



23 March 2016



Henderson Global Trust plc



Recommended Proposals for the Reconstruction and Winding-up proposals of Henderson Global Trust plc



On 1 February 2016, the board of directors (the "Board") of Henderson Global Trust plc (the "Company") announced that, following a strategic review, it had agreed, in principle, terms of a combination with Henderson International Income Trust plc ("HINT"), a global income investment trust, and in order to cater for those Shareholders who wish to retain exposure to a global growth strategy, the Company had also agreed, in principle, with the board of directors of The Bankers Investment Trust PLC ("BNKR") that BNKR would act as an alternative rollover option for Ordinary Shareholders (the "Proposals").

[mad foetus] 30/1/2017 15:09

Hmm, NAV up 14p today as well!

[mozy123] 30/1/2017 14:52

Great move - glad my discount bottom fishing worked for once!

[nimbo1] 30/1/2017 12:50

£9.49 to sell

[nimbo1] 27/1/2017 10:29

Another top up. 7% in here now. Gulp.

FYI here is the info on the wind up vote from trustnet.

A continuation vote will be held every three years. The Directors intend to hold Shares that have been repurchased in the market in Treasury if they consider this to be in the best interests of the Company. The authority to allot up to a maximum of 5% of the issued capital will apply to the aggregate of sales of Shares held in Treasury and new issues of Shares. At the AGM held on 19-Mar-08 the Company's authority to make market purchases up to 14.99 % of the issued capital was renewed. The resolution to continue as an Investment Trust was passed and therefore, barring unforeseen circumstances, this will be considered in three years time.

[nimbo1] 27/1/2017 09:32

Don't get me wrong I like HOT - but if I was offered NAV or keeping them I would be out.

[topvest] 26/1/2017 18:49

Well I'd rather keep my HOT shares. Got Lowland as well and that's an excellent investment trust. HOT is more speculative but James Henderson is a good stock picker. Wonder whether he is getting close to retirement though given he has shared the management on Lowland.