Independent Investment Share Discussion Threads

[douglas fir] 04/10/2018 07:10

tx for that..

I've always followed Douglas McD on this one.

[robow] 03/10/2018 17:42

from Investment Trust Insider

Not every investment trust bargain has to offer a wide double-digit discount like Patient Capital. Sometimes a trust can be cheap when it no longer trades on an expensive rating.
A great example of this is Independent (IIT) investment trust run by veteran stock picker Max Ward (pictured). Independent has a magnificent track record, delivering a 454% total return to shareholders over 10 years, smashing the 138% gain in the FTSE All-Share index. Last year the shares soared over 70%, as Ward’s big bets on house builders, Blue Prism (PRSM), the automated business software provider, and tonic maker Fever-Tree Drinks (FEVR), surged, leading to Independent winning a Citywire investment trust performance award. All this caused eager investors to pile in and propel the stock to a 20% premium over NAV.

That was clearly unsustainable and after concerted share selling by Ward and his co-directors, and with builders retreating in response to a house price slowdown in London and the South-East, the bubble burst. After a 16% slide over the summer the shares have lost their premium and at last night’s close of 668p stood close to ‘par’ or NAV. This could be a good entry point into the £374 million fund if you trust Ward’s nose for good growth businesses.

[douglas fir] 30/9/2018 12:08

have always been a fan and supporter of Max...but...

top 5 hldgs now comprise >40%

Blue Prism plc Ordinary 1p 13.20%
Fevertree Drinks plc Ordinary 0.25p 9.80%
On The Beach Group plc Ordinary Shares 1p 6.37%
Ashtead Group plc Ordinary 10p 6.22%
Redrow 5.76%
Herald Investment Trust Ordinary 25p 5.33%
Midwich Group plc Ordinary 1p 5.33%
Crest Nicholson Holdings plc Ordinary 5p 4.03%
FDM Group plc Ordinary 1p 3.73%
Motorpoint plc Ordinary 1p 2.75%

now trading at a discount for the first time since Spring 2017...does this signify an increased perception of risk,or a natural pullback to become better value?
Certainly very little margin for error/the unexpected here whichever way you view it IMHO

[merrimac] 14/8/2018 14:30

And this IT has shown decent swings in the past...just read their material and ensure you have bought into their abilities. If I had spare cash, I would be buying in again plus I would add to my mnks holding

[drrobin] 14/8/2018 11:56

Douglas McDougall sold 25,000 shares on 1st August, but then he has sold similar batches over the last few months, so probably just exercising rights whilst the price was good.

The price is close to the NAV, so I expect the price will rebound in the next few days. There has been 127,000 shares traded today so far, probably a lot of selling, may be stop losses. Their main holdings are looking okay so unless there is any other bad news I can't see the price going below the NAV and it should rebound.

Best to sit tight and avoid panic selling.

[robow] 14/8/2018 09:35

These are their top 10 holdings

Blue Prism Group PLC 10.8%
Fevertree Drinks PLC 9.5%
Ashtead Group PLC 6.4%
Redrow 5.9%
Herald Ord 5.4%
Midwich Group PLC 5.3%
On The Beach Group PLC 4.9%
Crest Nicholson Holdings PLC 4.2%
FDM Group (Holdings) PLC 3.9%
Motorpoint Group PLC 3.0%

[chc15] 13/8/2018 14:43

Indeed, the nav has been constant last few days around 650, so drop is odd, maybe sellers around.

[merrimac] 13/8/2018 12:09

Just watch its premium and buy when it is low enough to satisfy you. It is a well run trust.

[chc15] 13/8/2018 09:11

Yes premium was v high. Possibly buying opp u reckon soon?

[merrimac] 12/8/2018 04:42

Only guessing that the premium became just too high....I think it got to around 2o+% vs its lows of -12% discount. I am not sure if their holdings as I sold out a while ago due to the high premium.

[chc15] 10/8/2018 13:42

Dropping a bit, any reasons why..

[rogerbridge] 19/4/2017 12:50

I love IIT a well run I.T.

[rambutan2] 19/1/2017 02:02

For the header please.

[getscenic] 30/1/2016 20:22

This came to my attention recently, any thoughts, followers?
hxxp://www.independentinvestmenttrust.co.uk/

[pb10] 17/9/2007 11:24

Max didnt you see this coming; do we still hold 5% of our assets in Northern Rock?

[frank spencer] 20/2/2007 17:40

Do you have a relative or a friend that works at a PLC ?

Is your wife a finance director at an AIM company ?

Does your cousin work in the postroom of a biotech company ?

Please post all inside information here, so that your fellow free bb posters can share the good luck.

To kick off, my brother works at Barclays in Maida Vale, and one of their tills was £30 short last week. At Barclays, there is a huge investigation if the till is more than 5p out, so I suspect their results for next year won't be as high as £7.1billion.