Jupiter Emerging & Front... Share Discussion Threads

[essentialinvestor] 25/1/2022 13:37

Not sure I would pay 96 pence today with a 3% plus bid/offer spread
unless you anticipate a big market reversal is imminent.

[essentialinvestor] 25/1/2022 12:59

city, really difficult to call market direction atm, 50% in cash currently give or take a few %.

Hopefully EM exposure gives some relative outperformance if markets head
lower, all be it about everything will be discounted further on that eventuality.

On historical metrics this would be a very short duration wider equity bull market to end around now, but arguably these are not normal times. Best to stay flexible in outlook.

[citytilidie] 25/1/2022 10:06

Think it is vital at the moment to keep a good amount of cash free to invest, so maybe take a few profits on shares that are suddenly trading above NAV when they normally don’t, or shares like BERI that jumped from 101 to almost 115 in less than 2 weeks. They rose too quickly and are now back down to 104 in just 2 days.
Too much uncertainty in the world with Russia/ Ukraine, China/ Taiwan as well as QE starting to stop and be reduced worldwide( except Europe) and lastly inflation and the increase of interest rates worldwide. Never has so much been borrowed by various Governments who really have no idea of the long term consequences of their actions.
With markets at or near an all time high, cash is king in my view( even 25%)

[essentialinvestor] 24/1/2022 16:39

In property, CapCo looks a pretty compelling play to me as we exit covid,
obvs the risk is something leftfield on that, but would
hope we are moving to an endemic very transmissible, far less virulent virus.


On stocks generally really depends where you see markets heading, temporary correction or
something more serious.

What I expect to happen regardless, is capital being more discriminate, at least for awhile.

[spectoacc] 24/1/2022 16:29

Ha ha thanks @EI - must admit I'm in BREI perhaps in spite of the manager ;) But I think its by far the most likely target for PCTN, if PCTN finally manage more than talk. Very similarly matched, and would put c.30p onto BREI if the combined entity trades at PCTN's par.

Has overtaken BCPT as my largest holding, so am very REIT-heavy. SREI, SLI, UKCM too. None bulletproof, but none seen the end of NAV rises yet. BREI's been doing c.3% a month, which is nuts.

Looking at the crashers and wondering what/when to buy - back into JEFI? Back to MMIT? Surely too early? But equally likely to miss buying.

And will any gems appear. But as per above, something like eg THG 85% off highs appeals no more now than it did then. Likewise all the recent tech-y floats, here and US.

[essentialinvestor] 24/1/2022 16:23

Spec, well done on BREI, unfortunately had sold.

I know the Manger got a little stick from comments on the board
for his video presentation, but he struck me as both likeable and not up his ass.
Which is always a bonus.

[spectoacc] 24/1/2022 16:20

Be interested to hear what you've got your eye on @EI. Other than hard assets (REITs) & deep value (telecoms, tobacco), struggling to see what to buy. Very difficult to assess IT discounts when NAVs are a day behind, and days are seeing c.10% moves in underlying holdings.

So far, none of the big fallers look remotely attractive to me. Will they be when the war starts? Who knows.

[essentialinvestor] 24/1/2022 11:20

Oh my days JEDI is looking ugly.

[essentialinvestor] 21/1/2022 10:50

But that % discount was with an annual redemption in which you could redeem 100%
of a shareholding - all be it at BOD discretion.

So perhaps the question to ask is with redemption every 3 years at a 20% capped max,
where will the NAV discount settle?.


As the proposal requires shareholder approval, rejection of the change could
lead to a 2022 continuation vote?.

[citytilidie] 20/1/2022 14:58

Just gone back in again at 98. Now trading at almost 14% discount which is probably the highest it has ever been. I can understand the managers altering the redemption date but it shouldn’t be to the detriment of their investors. A share buyback would surely have been more efficient, and would have reduced the discount at the same time. It’s not rocket science. Reduce the discount to next to nothing and no one will have the desire to go for the redemptions

[essentialinvestor] 12/1/2022 14:30

Tbf the % discount to NAV is decided by the market.

Yes it's also influenced by performance.

They look to have significantly increased exposure to China (why?)
and there is very heavy exposure to tech, which is a bit out of favour ATM.

Looks to be limited liquidity on the bid currently, tried a dummy online Sell trade and
could only get a quote for 2,000 shares at £1.

Someone may want out, perhaps.

[citytilidie] 12/1/2022 09:50

It’s their own fault for continually trading at a large discount.
Even with the news they are still trading at a 11% discount which over 2.5 years equals a return of 4.4% if held to the next redemption. Add the 4.4% dividend yield and the return is almost 9% per annum if held until the next redemption. These figures obviously depend on the state of the stock market on the run up to June 2024, but it’s not a bad share to stick away on a fairly safe share.

[essentialinvestor] 11/1/2022 13:31

Spec, surprised they agreed to that 2021 redemption.
Not compelled to, as per the listing particulars.
% must have come as a big shock.

[spectoacc] 10/1/2022 07:22

"...The experience of 2021, when some 30% of JEFI's shares were redeemed, served to demonstrate that the Redemption Facility as currently offered is incompatible with the long term viability of the Company..."


Well, yes, but they might be missing the obvious point here.

(Re plan to make redemption facility every 3 years, not ever year).

[citytilidie] 01/10/2021 11:26

Great final payment today from the last yearly redemption. Total payment equalled just over £1.13 which was 8p more than the share price at the time.

[melloteam] 23/9/2021 11:31

Just to let shareholders and prospective investors know that Jupiter Emerging & Frontier Income Trust and Galliford Try plc will be presenting at Mello Events webinar event on Monday 27th September at 6pm-9:30pm. There will also be interviews with Dorian Gonsalves, Belvoir Group plc and Andrew Hollingworth, Founder and Portfolio Manager. Ed Croft, CEO of Stockopedia will also be presenting Stockopedia's IPO Survival Guide. There will be over 600 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions including the popular Mello BASH (Buy, Avoid, Sell or Hold).
Tickets are still available and if you would like one at half price then enter the code MMTADVFN50.

[essentialinvestor] 25/8/2021 13:35

Hi spec, thanks, just a very small amount for me. not seeing that much of interest atm
given the gigantic re-ratings across markets over the last 16 months.

[spectoacc] 24/8/2021 07:05

Only a rump holding here, but got eye on them. Good luck @EI.

[essentialinvestor] 23/8/2021 23:26

Had a small amount last week.


Dave, that article does not appear to mention a third of shareholders just opted for redemption!.


Chances of JEFI trading above NAV allowing the issue of new shares ... slim to none.

[davebowler] 01/8/2021 16:51

hTTps://www.thisismoney.co.uk/money/investing/article-9847073/JUPITER-EMERGING-FRONTIER-INCOME-TRUST-Seeks-new-frontiers.html

[spectoacc] 23/7/2021 10:01

Pretty good - vast majority coming in first payment:


"The Interim Payment of 101.45 pence per Ordinary Share redeemed will be applied to the amount held by redeeming shareholders as creditors of the Company. The Interim Payment will be made on 30 July 2021.

A further announcement will be made in due course in relation to the final payment to be made once the liquidation of the Redemption Pool has been completed.
"

[citytilidie] 22/7/2021 09:30

I’m still hoping that the discount to NAV will narrow once the redemption is out of the way. Very little chance of a premium in my opinion but a good possibility of 110 on the bid side, plus a lot of people that went for the redemption might buy back in again depending what proceeds they get

[alan pt] 21/7/2021 19:43

An insanely optimistic tone in the recent research note "A return to the pre-pandemic premium share price to NAV rating would allow JEFI to grow by raising capital and broaden its attraction to institutional investors"

More realistically - a return to the premium seen just after launch and for fleeting moments over the last 3 years is unlikely, but the board would like to cling on to this hope because they have no actual plan

I still like the portfolio, but I can't see much hope for the future so, somewhat reluctantly, I'm out