Jupiter Emerging & Front... Share Discussion Threads

[spectoacc] 08/3/2022 15:37

Size is a real issue on JEFI. But agree you're unlikely to lose at these prices.

IN NOMINEE ACCOUNT, 'AVE FILL, CROSS FINGERS ETC ;)

[essentialinvestor] 08/3/2022 14:43

Current wind up around 93/94 pence now, less costs?.


Risk for those buying on the news is further market falls.

[essentialinvestor] 04/3/2022 16:10

My only gainers this week - OXIG on the bid and that just 450 shares now sold, CHG,
very small position and COA on the FY, a larger position.

[spectoacc] 04/3/2022 16:00

Think you'll be OK on them, but am a bit wary of anything with Taiwan exposure.

[essentialinvestor] 04/3/2022 15:10

So take off say 5.5% from NAV, I'm assuming worst case here that remaining
exposure is now worthless, which is a realistic assumption.


So NAV perhaps around 97 pence atm, But then markets may fall further, or a lot further!.


Realistically I'm looking at a haircut here now (unless markets bounce), hopefully just a trim rather than grade 2!.

[spectoacc] 04/3/2022 14:54

Missed this, and credit to them for exiting Sberbank:

"As at 23rd February, prior to Russia's invasion of Ukraine, the portfolio had direct and indirect exposure to Russian securities representing 6.3% of net asset value and no exposure to Ukrainian securities. Since that time, exposure has reduced, partly as a result of selling down Russian securities and also due to price declines in those securities. The portfolio no longer holds shares in Sberbank, as the position was exited on 24th February."

[citytilidie] 02/3/2022 09:04

I think it will be good if JEFI allow themselves to be wound up. They had 8% of the holdings in Russian stocks and didn’t think about selling or transferring them even though there was potentially going to be an invasion months in advance. On top of that, they still have 14% in Chinese stocks according to a fairly recent update. They have already said they want Taiwan back and will take it by military force if need be. No sensible fund managers should be, or have been invested in those two Countries in recent months. Are they asleep? or just totally oblivious to world events!

[essentialinvestor] 24/2/2022 10:58

spec, would hope worst ways I could exit about even, which given current markets
might be considered a result. If we are in the early stages of a new bear market
then that will not happen.

[spectoacc] 24/2/2022 09:59

Good luck - think there's enough margin in it, but also think the Russian holdings could be potentially worthless (would you rule out Putin nationlising them for his war machine?).

[essentialinvestor] 24/2/2022 09:33

It looks game over?.

As recently mentioned this was always a possibility following the huge 2021 % redemption.

I mentioned JEFI may not get institutional support for the proposed changes and
that is what looks to have happened - added a small amount.

[spectoacc] 24/2/2022 09:16

I read it as being the endgame for JEFI - only deterred from buying due to the couple of Ruskie holdings they have. Russia is uninvestable IMO.

[citytilidie] 24/2/2022 08:16

And here’s me, thinking I understood English. What does that announcement mean?

Hopefully they now realise that they will have to wind up the company early, or just after the redemption facility this year (if they can’t stop it). This should be very good news for shareholders imo

[essentialinvestor] 22/2/2022 12:32

Added back 30007 shares in 2 trades, which I sold at an average of £1.005,
reduces the holding cost by a few hundred £.


Having to run fast to stay still atm, or in my case to go backwards more slowly!

[essentialinvestor] 10/2/2022 10:47

That's a jump in NAV, cheap as chips if markets hold.

Mentioned recently NAV could hit 1.15 pence with a fair wind,
nearly there!

[citytilidie] 10/2/2022 10:45

These are looking better day by day, although the market is helping at the moment. From not being able to sell any 2/3 weeks ago I can now sell 50k with ease. Personally, I think the higher the NAV at the time of the vote this month, the less chance the board have of changing the redemption date from June 22 to June 24. This could force an early redemption which at the current time would yield a 14% return in just 4 months.

[essentialinvestor] 04/2/2022 12:58

Manager buying again. If we get some sharp market down days may be another opportunity to grab a few of these lower down.

[essentialinvestor] 01/2/2022 17:27

Multiple directors buying.

[essentialinvestor] 31/1/2022 12:52

Getting some support.

[essentialinvestor] 28/1/2022 12:42

I'm sure the proposed changes are to secure the longer term future of the Trust.

JEFI say they have consulted with holders (today's AR) however it does not necessarily
follow they will back proposals when put to a vote!. Institutional holders will obvs decide this.

What we have in the meantime is JEFI trading on a double digit current NAV discount,
nice Q divi payments and the possibility of a wind up at very close to NAV - as per
previous tender offers.


Perhaps how equity markets perform over the next few weeks is a factor.
Personally would prefer the Trust to continue as rate Ross, who has also invested a decent chunk of his own money in to JEFI. Luck to holders.

[citytilidie] 27/1/2022 14:55

My thoughts as well as it’s only a small fund in the scheme of things. It makes you wonder whether the managers had the same idea when they thought about changing the redemption date. They must have known there might be a backlash. 30% of holders went for the redemption last June. That is certainly not just private investors but institutions as well.

[essentialinvestor] 27/1/2022 13:22

Could this be a possible shorter term redemption play?.
If institutional investors do not back the proposal to alter the redemption period,
would guess that might prompt a 2022 continuation vote and then it's game over?.

So trading at a 12% approx NAV discount, this may have been noticed.


Speculative musings on my part.

[essentialinvestor] 27/1/2022 13:17

You can Sell 60,000 shares at 97.32 pence atm,

so guessing there may be a big buyer/s somewhere as no online quote on the offer.

[essentialinvestor] 26/1/2022 13:55

city, possible to buy.

Try a kill of fill at just a fraction over 97 pence, should be accepted.

They gave me a price on the bid for 30k.


Not necessarily saying to Buy today, should stress.


Markets were perhaps overdue a better day, one swallow does not make a summer etc.

[citytilidie] 26/1/2022 09:08

I think they are on the turn. 94 bid in size and unable to buy any. I think the managers have messed up as shareholders are likely to turn down the change in redemption date as it stands. Why wouldn't they if they can force an early redemption at 109/110 as well as receiving 2 dividends before that