Jpmorgan Global Core Rea... Share Discussion Threads

[mwj1959] 24/5/2024 09:32

Share buybacks underpinning the share price for now. Given the size and round lot size of purchases (200k, 150k, 100k) there's clearly an institutional seller happy to give up stock at these levels. Is this more unwinding from Quilters?

[mwj1959] 22/5/2024 12:15

There is, of course, no guarantee that the continuation vote will deliver a wind-up result, but given the nature of the underlying assets (majority JPM private UCITs) I struggle to see how any sort of merger with another trust can take place and any partial tender offer would only amplify the liquidity problem. So, I continue to believe that a wind-up is the best solution. Even if the continuation vote passes it may be that there is a such a significant minority who don't want it to continue that the Board ultimately decide that a wind-up is the only sensible option. They've got a month to sort this out before Annual Results!

[affemoose] 22/5/2024 11:34

Looking at trades in this theres a lot of small selling, and only a few large buys - which I assume is JARA purchasing own stock.

Without the buy-back this stock would be going down fast. I cannot wait until COntinuation vote, I just want my money back :-)

[affemoose] 21/5/2024 10:06

Good point

[mwj1959] 20/5/2024 17:40

Thx. Have looked at it in the past and not invested, but share price considerably lower now, so will revisit. The challenge in the current environment for many of these REITs / Renewables / Infrastructure / PE ITs is finding the ones where one can see how the large discounts can be narrowed. JARA fitted that bill nicely (so far!), but many of the others without decisive corporate action or a collapse in bond yields are likely to languish at significant discounts for the foreseeable future. This particularly applies to the smaller, illiquid ones. At least you're being paid a healthy premium to Gilts in many of them.

[affemoose] 20/5/2024 10:25

You may be interested to cast you eyes over PHP - REIT specialising in healthcare facilities, 80++% of tenants are Government agencies in UK and IE (NHS & HSE) so as solid as they can be.

Currently yielding close to 7%

In light of the Inflation data it may be a good time to trap that income in, if that's what floats your boat. I've doubled my position in it recently.

[mwj1959] 15/5/2024 18:10

It might. If they are going to vote for a wind-up, you'd think that they might hold on, but maybe the recent bounce has been too tempting and provided an opportunity to let some go. I can't believe the Board won't have sounded them out as to what they want to happen how they might vote.

[affemoose] 15/5/2024 12:15

QUilter selling - That's interesting!

I wonder if that indicates their voting intention in Continuation Vote

[mwj1959] 13/5/2024 17:50

Quilter been reducing stake. Now 10% from 14%.

[mwj1959] 08/5/2024 08:50

A small drop in the NAV. Note, however, that there is a considerable lag in terms of NAV calculation date for 65% of assets (End Dec 23). Discount at 23%.

[mwj1959] 03/5/2024 09:35

Under two months now for the Board to come up with a plan, and a good and sustainable one at that, to justify shareholders continuing to own this Trust. With the current yield (5.8%) giving only a modest pickup to cash / Gilts and capital NAV performance being poor since launch it is difficult to see why investors would vote for a continuation with the share price still trading at a substantial 23% discount.

[mwj1959] 11/4/2024 08:53

See my earlier posts. There is a continuation vote due in early August, but realistically in advance of that the Board is going to have to come up with some sort of plan to deal with the large discount. Annual results will be published in late June, so expect something no later than that.

[tommygriff] 10/4/2024 18:01

What's the continuation clock? Is there a chance the fund / company could be wound up?

[mwj1959] 10/4/2024 17:40

Moving in the right direction as the continuation clock counts down...

[davebowler] 10/4/2024 10:05

htTPs://event.webcasts.com/starthere.jsp?ei=1661722&tp_key=0e5df189f9

[mwj1959] 08/4/2024 10:38

Marginally higher NAV in March at just over 94p, leaving discount at share price of 68p at 28%. Still far too high given the timelines involved around the Board coming up with a plan in advance of the August continuation vote.

[mwj1959] 27/3/2024 09:01

More director buying too, albeit modest amounts. Back to all-time low and a 33% discount. Clearly, if Director's are still able to buy they won't have yet come up with a plan as to the future for the company. Can't see how on a 12m view, barring a collapse in financial markets, how one isn't going to make a decent return in this. Winding down seems increasingly the only option to me. Getting the share price back to 80p, still a decent discount, gives you a near 30% return.

[spoole5] 27/3/2024 08:31

Buybacks stopped price drops!

[mwj1959] 22/3/2024 09:15

Flat NAV over the quarter, so discount sitting at just under 30% at 66p share price. My buy case with the share price at current levels remains in place (see my previous posts here). I struggle to see this trust still being around in 12 months time, other than in the final vestiges of a wind-down. If that is not the case the share price will likely have moved materially higher.

[affemoose] 15/3/2024 11:38

Thanks mw - interesting, i'll have a look.

Cast your eye over PSH - big discounts to NAV and some drivers to change this - aggressive buy backs, planned fee reduction and a launch in US of a 'sister' fund that may bring PSH discount to NAV to US investors vision.

[mwj1959] 14/3/2024 10:15

AM - I hold a broad range of ITs currently, ranging from conventional equity ones through to alternatives, such as renewables, infrastructure etc. The latter space has been really challenging over the past 12m+ as discounts have widened materially and certainly far more than I anticipated. I think the worst is behind us here, so buying at current share price and DY levels is an attractive proposition on a MT basis, particularly for those trusts that have continuation votes coming up. That's why I like JARA. RECI, which is CRE senior loans, looks interesting at current levels as well. It's well managed and has a near 10% yield trading at a historically wide discount. Others that I have bought into recently include DORE, AERS and FSFL. Historically high discounts, decent covered DYs and should be beneficiaries of falling rates, when they happen. Patience is probably required in all of these, but at least you're paid to wait.

[affemoose] 13/3/2024 12:31

Many Thanks MWJ.

I do like the way you think. May I ask what else you hold?

I'm happy to share if it is of any interest.

[mwj1959] 13/3/2024 11:55

AM - The Continuation Vote will happen at the AGM, which last year was 2 Aug, but clearly investors will vote in advance of that and I would expect the Board to have come up with proposals by the time Annual Results are published at the very latest, which should be the end of June. We didn't discuss Instl intentions at all as I'm sure most of them won't decide on what they want to do until the Board comes up with a proposal. Clearly, the Board will be consulting with major holders (Quilters are the largest)in advance of this, which will have a strong bearing on what they ultimately decide to do. It may be that they go straight to winding up the Trust, if there are no other realistic options, and so the Continuation Vote would become irrelevant

[affemoose] 13/3/2024 10:07

Thank you mj1959. Your update is truly appreciated.

May I check re: the continuation Vote timing - It would be at the AGM this year, anticipated August timeframe?

Did you get any feeling in your conv' about the appetite/voting intentions of the institutional investors holding JARA on a continuation vote? i.e. Are they guessing what their voting intentions will be or is the assumption based on more solid feedback from them?

[jellypbean] 13/3/2024 10:00

Thanks mwj. Makes sense to me. I moved out of 3IN into to this at the end of last week.

Still think 3IN is the better vehicle long term, but this does look to have the potential for decent discount narrowing in the short term, and overall looks solid enough for me to be happy to hold for longer if needed.

In the past I have sometimes chased big discounts where factors such as high fees or poor management meant one didn't really want to hold for any period of time, and often it took longer to resolve than I had hoped (or delisted, which is a PITA). However this doesn't look like one of those to me.