Herald Investment Share Discussion Threads

[amt] 22/4/2020 07:00

Discount has gotten over bloated again. Buying own shares yesterday to reduce the gap.

[quepassa] 19/3/2020 15:26

Over-bloated discount to NAV makes this compelling.

Thank you, Mr. Market!

ALL IMO. DYOR.
QP

[rambutan2] 14/3/2020 20:48

Always worth a read:



And a couple of snippets:

I remember when I started in the City during Thatcher’s reign the atmosphere was “we need small companies to create wealth, added value jobs, taxes and future big companies” and there was an enthusiasm to allocate capital accordingly. It is within the Government’s powers to direct UK savings to alleviate the disastrous decisions made over the last twenty years: after all, they provide a subsidy to pensions, ISAs and private equity. Now that we have left the EU, there is an opportunity for government to create a really positive environment for innovation and growth.


PROSPECTS

We remain confident that there is growth in the sector above that of the wider economy and that much of the sector now has non-cyclical spending. In particular, the recurring revenues associated with IT infrastructure and applications, used by corporations, the consumer and governments alike, have the defensive characteristics of utilities without the regulatory issues, which benefit so many companies within our universe. However, the geopolitical uncertainties, the illiquidity associated with smaller companies and valuation levels which will be vulnerable when interest rates rise, means that we prefer to keep higher than normal cash levels (circa £90m + £45m in US Treasuries) to ensure we can exploit buying opportunities, which will inevitably occur. For reassurance, valuations are in general not in bubble territory and the difficulty which central banks have in raising interest rates means there is a good chance that valuations could rise further.

KATIE POTTS
FUND MANAGER
18 February 2020

[rambutan2] 22/2/2020 20:47

AND KP is on the IC Personal Finance Show podcast this week. Well worth a listen.

[weatherman] 19/2/2020 12:13

Financial report out today - interesting reading - and NAV now 1730p

[psync] 06/2/2020 21:06

When you need cash or can get better returns elsewhere. If it's the latter then let us know what you're buying!

[dplewis1] 06/2/2020 20:24

The hard thing is, when do you take some money off the table..?!

[robsy2] 06/2/2020 19:47

Happy days!

[quepassa] 06/2/2020 10:12

New All TIME HIGH at 1520p

[weatherman] 13/1/2020 21:17

NAV 1705p vs 1490p

[davebowler] 13/1/2020 14:38

Net Asset Value as at 10 January 2020

Net Asset Value - including current year income 1705.17p

[davebowler] 10/1/2020 11:07

More in depth than the monthly summary but July 19 info -

[davebowler] 10/1/2020 11:03

I've started another thread with Herald Investment Trust in the title for clarity.

[amt] 09/1/2020 08:09

Gone back to a large discount of about 15%.

[davebowler] 06/1/2020 10:36

Net Asset Value as at 2 January 2020

Net Asset Value - including current year income 1690.62p

[davebowler] 30/12/2019 12:47

Net Asset Value as at 24 December 2019

Net Asset Value - including current year income 1677.76p

[davebowler] 29/12/2019 20:41

Inspiring Tech talk

[spangle93] 20/12/2019 17:54

Maybe folk have switched some profits to SMT, which has had a good run this week

[weatherman] 20/12/2019 17:03

While the NAV has gone to 1656p, the share price has come back to 1458p - thus returning to ~200p below NAV (~12% below).

[quepassa] 18/12/2019 06:52

The massive political and economic risk of a left-wing Corbyn government has now evaporated. This had made the UK uninvestable for most overseas buyers and had made the UK markets the very worst performer of 2019 and earlier.

By any standards, the UK market has become extraordinarily cheap.
With political de-risking and a solid pro-business Johnson government, overseas money has already started to flood back into the UK.

Top-rated funds and investment trusts, such as Herald, will be major early beneficiaries of this rapid flood of overseas money back into the UK markets.

Good Luck All.

ALL IMO. DYOR.
QP

[shavian] 18/12/2019 06:16

Some chunky buys after hours yesterday

[psync] 17/12/2019 09:36

Discounts have been getting squeezed across the board on trusts holding UK domestic stocks since October. I keep reading that UK stocks, small caps in particular, are trading at a discount compared to global peers. Can only think that traders are piling in, anticipating that valuation gap to close. Seems to me we'd need to see the NAV heading north at a decent clip to hold on to the gains, but who knows. Sterling is already pulling back from the recent highs.

[amt] 17/12/2019 08:19

The discount has closed from about the normal 12 to 20% range to about 7 or 8%. Not seen this for ages if ever. How come?

[rambutan2] 16/12/2019 19:59

1510p on the bid at close means that HRI breaches a £1bn mkt cap for the first time.

And noting that its share count is down a few million over recent years as it buys them in at a discount every so often. In fact on Dec 2 it bought 130k at 1411p - every little helps compound out our returns!