Jup Ord. Share Discussion Threads

[skyship] 04/7/2021 16:31

Hi Gary - yes, pleased with 17% YTD - 8% Q1; then 9% Q2.

Currently 100% invested; with of course major exposure to REITs & PE Trusts. Nothing new there then!

Likewise re FI - sold my Zeros to use the cash elsewhere...

[gary1966] 30/6/2021 17:55

Smidge over 8% return for the second quarter having been up about 12% at the peak. 19.66% YTD.

Main drivers this quarter were Steppe Cement that had a great run and I traded once for 6pps. M&G were strong and sold position a little early at 238.5p. Imperial Brands did ok and traded for a few pence there as well. ULS was a very quick trade but made a nice contribution. TRIN chipped in nicely as well but I sold too early on an increased position at just over 15p. Good income received during the quarter as well.

Major overhaul of the portfolio in June which I hope will reap rewards in the next quarter. All fixed income gone which was 25% of the portfolio. M&G obviously has gone and that was a large position. Major purchases are a large position in HSV at around 977p average. I have added substantially to DEC and this now makes up a third of the portfolio. Took positions in CSN and BREI as well.

GLA and suspect you have had a very strong quarter Sky.

[gary1966] 24/6/2021 16:44

Yes had them on my watchlist and bought just over 30K at just over 72p some time ago. Looking for 90p minimum as historically haven't traded at a big discount to NAV, which has returned to last years levels.

[skyship] 24/6/2021 10:42

As SREI closes in on 50p (currently 49.6p for a 17.9% discount); BREI still languishes at c72p for a 27.3% discount!

I've added to the latter as IMO they seem anomalously cheap versus their peers.

[skyship] 22/6/2021 20:50

NB Private Equity Partners (NBPE) delivered a 12-month NAV total return to end-May 2021 of 52.3% in US$ terms, strongly supported by its exit activity. This includes 10 deals announced in 2021 with an estimated uplift of US$160m (15% of end-2020 NAV), most of which is reflected in the current NAV. NBPE received c US$139m from all its realisations in 2021 until 15 June and expects a further c US$116m once all the above deals have closed. The remaining portfolio also performed well, benefiting from long-term secular trends. The portfolio is currently valued as at end-March 2021 (except for public stocks). Despite the strong returns and a one-layer fee structure, NBPE trades at one of the widest discounts among peers.

[davebowler] 13/6/2021 17:41

PPIX ( see the thread) features highly on Stockopedia screens and may be worth a look. One aspect is that its sophisticated LED Tech can zap the Covid virus. Very small market cap though.

[skyship] 13/6/2021 13:30

CIP moved up strongly to 60p bid after Simon Thompson (IC) re-tipped. Personally I took the quick turn in the high 50s.

There are serious corporate governance issues there in that the two directors levy an annual management fee of 2%, INCLUDING ON CASH BALANCES. Of the £2.88m extracted as fees over the past 3yrs, 52% was levied on cash balances!

Simon Thompson should be using his high profile to call directors to account; regrettably he never does so.

[skyship] 27/5/2021 13:41

CIP is an investment company - like PRIM though 5x the size.

CIP is an interesting one as over recent months they successfully rejected a "fishing" putative offer of a miserly 50p/share when the NAV was c75p!

The rejected suitor (Corp. Financiere Europeene) was left with an unmarketable 16.36% stake. What does it do - well, on 30th March it increased its stake, adding c418,000 shares to increase its stake up to 17.12% (9.413m shares).

So what next, will they return with a more sensible offer; or will they do a deal with CIP and convince them to buy back their stake at, say, 55p.

Would seem a sensible solution as it would of course be accretive to CIP's underlying NAV. The current 85.3p would rise to 95.1p

CIP shares recently traded slightly higher due to an increasing NAV following a couple of good investments (HSS & VTU) and a bid for one of their holdings (PHD).

Today the shares are 51p-53.7p, so on a 37% NAV discount.

They don’t pay a dividend; still, with the possibility that CFE might return with a more sensible offer; coupled with the likelihood that a 37% discount will attract new investors, CIP looks very good value.

[skyship] 22/5/2021 13:45

On 7th April I suggested a purchase of Private Equity trust NBPE @ 1185p, at which level they traded at a 23.7% discount, anomalously and unaccountably higher than their peers. Happily just a fortnight later they announced a supercharged 8% increase in their March NAV; so the shares responded nicely with an 18% rise to 1400p.

Since then profit-taking has seen them drift back to 1310p; this in spite of a yet further 3.3% NAV increase for April.

At 1310p they are trading at a 26.7% discount; so higher than when I posted on 7th April; and in spite of the fact that further gains are baked in! (see the NAV statement below).

I am confident that the share price will shortly re-challenge and break through that recent 1400p high.

[skyship] 20/5/2021 07:42

Coats (COA) - Sp breaks through the downtrend and above the SMAs after an encouraging Update. Target - the December level of 73p. Could be a good trade...


free stock charts from uk.advfn.com

[8w] 13/5/2021 16:50

Agreed, if that was the case. For some reason they couldn't make the numbers stack up.
Without having looked at M&G in depth I believe their fund management side has not covered itself in glory and perhaps Schroder's were nervous of reversing those trends in the future.
Having said that I have traded M&G when the company came to market and once subsequently. So they have been a good friend!

[gary1966] 13/5/2021 16:18

8w,

Too expensive in terms of what the bid price would have to be to win? If that is the case then surely it highlights the undervaluation case even more?

[8w] 13/5/2021 15:09

Not completely good news... Schroders pulled out thinking M&G would be too expensive!
Haven't read Bloomberg so don't know how they came to that conclusion. Headline numbers look a bargain..perhaps challenges foreseen for the future?

[gary1966] 13/5/2021 14:47

M&G finally getting a bit of attention. Bloomberg and then followed up by the Evening Standard reporting that Schroeders spent a few months running the slide rule over them. Didn't lead to anything but highlights the value on offer at M&G that hopefully the market will now start to realise. Yielding 8% at 230p and PE of around 5.

[gary1966] 11/5/2021 15:11

Key support on the FTSE at 6910 and so I am glad it bounced quite strongly at 6912.

[gary1966] 11/5/2021 10:17

HSV at £10.365 and an RSI at less than 21.5 was too hard to resist.

[gary1966] 11/5/2021 08:57

Sold my ULS today as they were up nicely on a weak day in general for the markets this morning. Just under 14% in 3 days is good enough for me but will put back my transfer on that account by a few days no doubt.

Just checked MVI and I see the price has moved back up to the 119-120p. Such a wide spread and management puts me off what is clearly very good value.

[gary1966] 10/5/2021 14:40

Thanks Sky. Have them on my watchlist but I am currently changing brokers and so can't trade as it mucks up the transfer process apparently. Really frustrating. Nice move on ULS today and thankfully STCM seem to be holding up well. IMB had a really good week last week and so even more thankful for the remarks by Joe Biden that enabled me to return.

HSV getting very interesting as well at current prices. RSI well into oversold territory.

Hope you are keeping well and have to assume you are having a good quarter so far with some of your picks.

[skyship] 10/5/2021 14:03

Could be an opportunity in Private Equity play MVI today. Seems as though there is a seller in the wings as the Quote is 110p-120p; but can be bought @ 112p for a 38.4% NAV discount. Buyers were having to pay 119p last week.

[gary1966] 07/5/2021 07:21

SIGC have announced this morning that the Barclays stake has been sold and are currently investing the 79pps of cash in their follow on investment which will be disclosed once completed. Will be interested to see where £550m goes. Will be interesting to see if they follow the lead of Kenneth Dart who has invested £5bn, the majority of his wealth, in BAT and IMB recently.

Price looking like it is up strongly at the open. Shame I just mentioned them and didn't buy!!

[gary1966] 06/5/2021 16:52

Bought in to ULS Technology today and may be of interest. Stuffed with £25m+ of cash after selling a division last year. Profitable business left behind with a cash adjusted PE in single figures. Trading update due imminently if last years timescales are to be repeated. Very impressive shareholder list with River and Mercantile, Gresham House and Schroders all big supporters. Online conveyancing provider. Moving towards being a major disruptor in the conveyancing process by linking up all the parts to buying a house on an online platform. Housing market has bounced back incredibly strongly which will directly feed through to ULS and I don't believe this has been reflected in the share price. RSI appears to have put a bottom in and moving up nicely.

Vox markets discussion here with River and Mercantile at 51:35

[skyship] 28/4/2021 16:45

Gary - very well done with your STCM play. An investment in Kazakhstan just doesn't tick my boxes!

NBPE - sold in my trading a/c; kept 80% in my SIPP. Built-in NAV growth still to come, so will try not to take profits.

VTY - no, merely a few trades last year when blatantly oversold.

[gary1966] 28/4/2021 15:53

STCM has been consistently strong lately and hopefully results and dividend announcement by the end of the week. Starting to move into overbought territory but cannot bring myself to sell as cannot see it as being anything but undervalued presently and if dividend confirmed at 5p for the year then still yielding well over 10% at the current price of 43.5-45p.

Sky-Have you been tempted to take any off the table at NBPE? Are you still in Vistry?

[gary1966] 27/4/2021 12:32

Labrum and Holden already own shares in the company that they are getting PRIM to take a stake in.

Only on the 12/3 they gave 16.25% of the enlarged share capital to Acacia at 10p and they have the option to buy the same amount of shares at 18p so more dilution to come. Shares up six fold since Nov/Dec last year.

Are PRIM entering at the most opportune moment and is it all a bit incestuous? The positive is that Labrum loses all round if it doesn't pan out.

Reinvesting the proceeds was always going to be a leap into the unknown for PRIM but the timing after such a big rise in MUST share price and the connected parties would probably have had me taking the profit today if I hadn't already done so.

Good luck though Sky as based on that PRIM will be 20p by year end. Will continue to watch closely though.

[skyship] 27/4/2021 12:01

RNS today from PRIM announces the first large investment to be made by the new management.



For sure, a rather complicated deal, but essentially buying into a play in the battery technology sector; in this case Vanadium Redox Flow Battery – of which no doubt readers are fully conversant!

Tech is not my thing, but I am prepared to trust in the judgement of Exec. Chmn Rupert Labrum, who does of course have skin in the game as the owner of c22% of PRIM.

Rupert Labrum, Executive Chairman of Primorus, commented: " We believe the opportunity to participate in this area of the market through Mustang's interest in Enerox presents an exciting opportunity for our shareholders. We believe the market for vrfb products has been earmarked for significant growth, as demand for vanadium continues to rise on the back of growing interest from the battery sector, and look forward to updating shareholders on progress regarding this investment. "