Jupiter Emerging & Front... Share Discussion Threads

[spectoacc] 08/6/2020 13:26

Another Johnwig handle - there's at least 10 of them, this could go on a bit.

[pete_bane] 08/6/2020 13:24

Typical lying Speccy behaviour. He claims he filters everybody that does not agree with his repetitive posts then answers (dishonestly) every one of them

[chuckol] 08/6/2020 13:16

SpectoCack. You are making it worse not better. You simply refused to observe the self-distancing rules. You're so bloody lucky you didn't catch coronavirus yourself. It rather likes attacking widbags, I gather. I am certain that you are lying about the gloves and mask. In April? In Leeds? PS. And was YOUR post in April relevant to investment topics then?

[spectoacc] 08/6/2020 12:49

Another @Johnwig multi handle, soon to be re-filtered. Yes - the lady at Morrisons wasn't keeping 2 metres, didn't have a mask, or gloves, unlike me. I went through and kept 2m. Was responding to: "qvg13 Apr '20 - 17:12 - 1495 of 1734 0 0 1 ... Yes, that happened to me [at Tesco]. Then the cashiers changed shift. And when i left the store the narrow walkway meant that i had to walk half a metre distant from the first cashier, through his cigarette smoke. Usual mismatch between rules and common sense!"

[chuckol] 08/6/2020 12:42

"SpectoAcc13 Apr '20 - 19:20 - 1496 of 1734 0 0 1 @qvg - indeed. I fear I ignored it and went through anyway, which prompted the Stasi lady to tell the checkout girl not to scan my shop until the adjacent bloke had paid. Probably because, as she'd told me the rule earlier, I'd responded: "But you're way closer than 2 metres telling me this rule, shouldn't you & I be further apart?". She had no mask, or gloves, & not a job I'd choose."

[spectoacc] 08/6/2020 12:17

Had to temporarily unfilter one of @Johnwig's (many) multiple handles to check. Seems he's posted the same bizarre thing on about 20 threads. Seems to think I live in Leeds.

[essentialinvestor] 08/6/2020 12:02

Is that relevant to JEFI in any particular way?. Dont shout, just saying.

[1tcm1] 08/6/2020 11:57

The most important thing in this pandemic is to observe the rules of lockdown. At a guess, 80% of the adult inhabitants of the UK did so pretty punctiliously. This served the country well, I believe. Not, however, our voluble hero SpectoAcc. He was boasting, on ADVFN of all places, that he refused requests to keep social distancing in his local Leeds Morrisons, called the staff person who asked him a "Stasi" and elbowed his way to the front of the queue. He is very lucky that the majority of the population avoided this disgusting, unintelligent behaviour

[spectoacc] 07/6/2020 06:37

Agree it needs to outperform to go to a premium, but has been there quite a few times before, inc most of the first year. Surprised not more than 5.5% tendered. Be interesting to see if that means a tighter discount (those who wanted out, are out), or wider one (12 months to the next chance to exit).

[essentialinvestor] 06/6/2020 14:34

They must hope at some future point the shares trade at a NAV premium allowing the issusance of equity to grow JEFI. There is no guarantee of that, otherwise it may be wound up?, which would be undeserved. Bottom line is it may take significant benchmark outperformance to grow.

[essentialinvestor] 05/6/2020 14:43

% gearing is hefty, so this should outperformance in rising markets. Are we in a new bull market?, we might be.

[spectoacc] 05/6/2020 14:33

86p NAV now, creeping back.

[gopher] 04/6/2020 23:15

I have read through this and am still not 100% but the redemption price is NAV less expenses at 30th June as I think NAV and dealing value are the effectively the same. The Directors have a few weeks to find new investors and its all worded in a way that gives them total discretion which is the backstop I assume. I must admit my original intention was to sell in the market but Barclays kindly removed the sell option because of the corporate action so I did something else at the last minute because I have a job which starts at 8:30am

[spectoacc] 03/6/2020 09:23

Effectively a buy-back at an only marginally accretive price I guess. £87m heading to £82m of assets - but could make same argument re the divi, which takes out slightly more each year.

[essentialinvestor] 03/6/2020 09:19

It's another 5% gone though in an arguably already sub optimal sized trust. Cant understand the rational of offering this year's tender.

[spectoacc] 03/6/2020 09:16

5.1% tendered, a vote of confidence in the Trust since it was a guaranteed profit. I must be wrong about the price having been set already tho? (c.80.5p): "The total number of Ordinary Shares in respect of which valid redemption requests were received for the redemption point on 30 June 2020 ( "the Redemption Point") was 4,607,803 (representing 5.1% of the issued share capital). A further announcement will be made on or before 14 July 2020 to notify the Redemption Price. Further details of the redemption facility are set out in the Company's Articles of Association, the Share Issuance Programme prospectus issued on 19 April 2017 and are also available from the Company Secretary. The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price."

[essentialinvestor] 02/6/2020 22:17

Annual tender at the discretion of the BOD.

[gopher] 02/6/2020 22:07

The default decision must always be to tender unless you are in sector that runs at a premium like Infrastructure. I can't think making this annual is good for portfolio management as its the best most liquid stock that must be sold. They must surely have thought the market decline scenario through as it would seriously disadvantage stayers - i didn't read the prospectus in full.

[essentialinvestor] 02/6/2020 20:03

Still surprised by the decision, but they must be hoping very few tender. NAV gap may possibly open a little again in July/August. Unless wider markets continue on up.

[spectoacc] 02/6/2020 19:50

Opted not to tender in the end, but was a close run thing - the 80.5p was tempting :) But no guarantee being able to buy again in size. Is a strange way of running a tender - price decided 6 weeks earlier, without knowledge of how many will take it. NAV up, so is good for those left in, but if NAV had gone down - or plummeted, say by 10 or 15p - would they still have had an IT to manage?

[gopher] 02/6/2020 16:16

i tendered my holding at 80.5p. This is an annual event designed to keep the discount in check by offering the April 30th NAV. I then covered with a purchase of Genesis EM and will wait the cash in anticipation that the discount will widen out and I can repurchase if I chose. Not sure this is entirely the right course but I did have concerns that the sector discounts were much wider for better performance.

[spectoacc] 20/5/2020 06:01

I admit I'm a sucker for discounts :) JEFI NAV not as good as I'd hoped, post-bounce, but should be far fewer tendering at the current share price than when it was 73p.

[gopher] 19/5/2020 22:18

I can see MMIT has its attractions, the discount for starters, the JEFI manager has been caught out by gearing the portfolio, that was working well until March but to be fair he hasn't cut back. Both Trusts are similar in size and really need inflows into EM sector as whole to bulk up. I think both could benefit from Black Frontiers problems, the manager has talked up the fact that frontier markets would prove less correlated with major markets but that has simply proved wrong.

[spectoacc] 19/5/2020 07:29

@gopher - every chance I'm a sucker on MMIT, but do like the concentrated holdings & BTEM-style activism. ATR I've not looked at, but seems to have enjoyed a decent bounce. Today's JEFI NAV should be interesting.

[gopher] 18/5/2020 18:16

SpectoAcc - MMIT has too much in Brazil and India for me 35% against 10% here. keener on ATR as trying to invest where Cofid-19 is less of a problem Like you in SQNX not SQN,