Jz Capital Partners Share Discussion Threads

[pugugly] 20/4/2017 07:48

jonwig: That is what it appeared to be from the "Following the review, which included consultation with the Company’s largest Shareholders" Market is so illiquid that I suspect the larger shareholders were/are effectivly locked in.

[jonwig] 20/4/2017 07:31

PUG our posts crossed! So institutional holders may have forced this? You could be right ...

[jonwig] 20/4/2017 07:28

New distribution policy:



Dividends suspended. Profits to be used for share buybacks in order to reduce discount.

So in theory I'll get a higher share price rather than a handy USD dividend. The market in the shares is fairly thin, but a sustained rise might be thwarted by selling.
No idea what the market's reaction will be, but the 30% discount to NAV will take a bit of closing.

[pugugly] 20/4/2017 07:28

Dividend suspended - buy back initiated - Big holders appear to have forced through - Subject to level paid for buy back might be OK but will have to see reaction from Mr Market - Personally unhappy -

[jonwig] 26/10/2016 07:53

Interim results:



Very satisfactory progress, dividend 15.5c, which I receive in USD.

[topvest] 15/10/2016 17:19

OK fair point - will take a look.

[jonwig] 15/10/2016 15:28

I'd agree they haven't been spectacular, and I think they did a dilutive equity issue last year which wasn't popular.

But everything has its price, and a return of over 25% in under 6 months is satisfactory! I think PE is getting more interest from investors and the discount here is still higher than most. The fact that its assets are almost all EUR and USD is an important thing, too.

[topvest] 14/10/2016 21:41

Yes, performance has been poor in recent years though. NAV rises have been pedestrian given the strong economy particularly in the US.

[jonwig] 14/10/2016 10:17

End-July NAV was unchanged at $10.41. using current FX rate (1.22) this equates to 853p. With some recent disposals coming in above carrying value that looks conservative. Discount 41% still gives space for upside.

[jonwig] 21/7/2016 07:41

During June 2016, the NAV increased by 9 cents (or 0.9%) from $10.32 at 31 May 2016 to $10.41 at 30 June 2016. This was driven by FX gains of 10 cents and investment gains of 3 cents offset by net expense/finance costs of 4 cents.

So 788p at current fx, or 45% discount. Even after the recent good run.

[jonwig] 07/7/2016 15:09

Is there a more positive attitude to PE as a neglected asset class in the current climate? Smaller companies might be less affected by macro issues, and the prospect of lower interest rates for years to come won't harm.

A monthly NAV statement is due for May, but it's doubtful they can be over-optimistic.

[jonwig] 20/6/2016 11:02

deadly - I think it's rather out of favour, as with a lot of other PE funds.

The big drop last year was down to an equity fundraising which was pretty dilutive, I think.
Gearing will be lower next week, of course. The yield of over 5% is a decent compensation for waiting around!

[deadly] 20/6/2016 10:27

Looks exceptionally good value, but must be a catch? Investment in microcaps and property in the US is perhaps a risk but not enough to warrant the discount. And the gearing will reduce soon when the zeros are redeemed.

[jonwig] 20/6/2016 07:17

NAV at 31/05 was $10.32 or 711p spot, so 45% discount. This comes after a dividend payment of 15c (10.3p).

[jonwig] 29/1/2016 07:08

NAV as at 31/12 was $9.55 (or 663p, spot) so 41% discount. Even with gearing, that looks excessive.

ZDP redeem in June 2016, CULS in June 2021.

[jonwig] 15/12/2015 10:23

Well, someone thinks they're worth buying: First Eagle Investment Management, increased to 4,366,136, 6.72%.

[jonwig] 29/11/2015 07:48

Most recent document, H1 results presentation:



Dividends (last two): 33.5c = 22.3p, yield 5.6%

Latest NAV (23/11/14): 952c (635p), discount 38%.
Explained, I think by gearing in capital structure:

Gross assets. 1040 ($m)
Bank ......... 167
ZDP .......... 110
CULS .......... 67
Net assets ... 693

[jonwig] 27/11/2015 09:13

I never did get around to buying way back in 2009, but Citywire's "Investment Trust Insider" has a section on PE, and JZCP has some good looking numbers.

The discount to NAV isn't really the main reason, because it's been persistently high for years.

Will get the header updated over the weekend.

[hindsight] 09/9/2015 14:44

Hopefully ok posting here as no zero BB

For zero holders there appears some smoke and mirrors as surely to get the yield to maturity one should use the redemption in 22 june 16 of 369.84p plus the further 3.7p so total 373.54p. Then work out the compound rate from then till the Oct 2022 over 6.35 years ie the 4.75% they say 483.7p is , is infact 4.15% from the 2016 maturity value 22 jun 2016 373.54p to 1 oct 2022 483.7p

[insipiens] 12/5/2015 11:23

damn the FCA and their risk aversion ;)

HL has an arrangement with Equiniti that dividends are paid in sterling in such cases, probably the same for other large internet stock brokers.

[pugugly] 12/5/2015 11:12

Could be as the dividends are paid in US$ unless teh registrar is informed that a sterling payment is required and some of the internet brokers cannot be bothered to (or too difficult for them) to make the notifications.

May also be that

The funds described on this site are unregulated collective investment schemes, and the site is therefore only available to certain persons listed in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. These persons include:
(a) high net worth corporate and other non-natural persons; and
(b) certain investment professionals.

[insipiens] 12/5/2015 10:47

specialist? As in private equity...seems strange.

TDW and HL allow it.

[stevenlondon3] 12/5/2015 10:21

Quite a lot of the internet brokers do not allow investors to hold because of the specialist listing. HSBC Direct forced me to sell and Charles Stanley Direct will not allow me to add to my holding.