Well done, am amazed it's gone back up so much. Can't go bust taking a profit. |
Sold at £875 my holding bought in Nov 24 £710 odd as posted. Couldn't resist short term gain, not sure if right as NAV £1000. Kept a 3% stake in LTI of my SIPP at peak I held 15% of SIPP. Been roller coaster last few years two gain trades, one loss trade. Anyway ended up positive gain overall, including divs & retained a good holding which has not cost much, will leave to grandson. Hold for dividend & Nicks musings, I find entertaining. |
Nice uplift to £860 from lows ML still buying acts like a buyback, taking more shares off free float. Good rise today, by Burb, DGE, & HEIN, fall by Ulvr surprised thought on track, incr div, buyback etc. Also Nintendo up a good 20% in month. Going in right direction. |
Thanks for the perspective. Even if FUM stabilises at current levels, and never threatens former highs, I still feel it’s very much a cash cow given the valuation.
The rest of the portfolio doesn’t get me too excited but <£850 seems good value. |
Hello Farmers Son, reason being FUM of fund mgt coy declining, from a peak of £22B to £12.7B, which market does not like, as finances most of the dividend £51.5 last year. Most BB posters are estimating £45 this year still good at share price £830, but worry is further cut in 2026. Rest of portfolio excluding holding in LT has performed well, being mostly solid multinational companies. So the big question is can Nick Train reverse FUM decline?. Funds have performed better last 12 months, but investors keep withdrawing funds. Of course if FUM starts to grow share price will recover closer to NAV. |
For those longer term followers, is there any explanation why the valuation of LTL is so low?
From the Dec factsheet, LTL is 28% of £196M NAV = £55M
The holding is 24% of LTL total issued share capital, implying LTL valued in full at £230M
£230M for a company making £40-£50M per year, distributing most of that as a cash dividend and still sitting on £100M in cash and liquid assets.
A realistic valuation for such an enterprise might easily be >£500M.
I'm probably missing something in terms of related party exposures, key person risk and the longer term decline in both UK and active asset management trends... but still it seems too low? |
Also small sale £300k of LTL shares. FM percentage very slowly getting smaller. |
Diageo to the US or taken out would make me happy! |
Good to see latest NAV over £1,000, ML still buying so clearing sell trades. share price should be nearer £900 IMO. NT Underperformers DGE & BURB up today. DGE overexposure in funds has been a drag on performance, so we need a greater rise to £30, others in portfolio have been great 1 year rises, especially data provider ones. LT portfolio generally exposed to USD mainly which is good in current environment, To start a greater uptrend all we need is FUM to start rising over £13B (saying the obvious). |
Last nav was 985, so a way to go down to get to the 25% discount |
Have had this one on my watchlist a while.
NAV must be over £1000 now, so trading at a compelling discount ? |
I would add.....do they really want to see this trust running round with a 25% discount to NAV again?? Wind up would have to come into peoples thoughts otherwise. |
Good day for largest holdings in funds, LSEG, RELX. Dividend expected about £45, half year cash flow £5m, need £10m to maintain, which looks unlikely. Board will distribute £9m. Should get final dividend from LT soon, as 31/01 Year End. |
musings....
LTL has new Articles of Association. Seems to be formalising how shares can be sold and at what price. Also definitions of 'majority of shareholders' etc. Guessing they are planning for when the kids get hold of the Founders shares and how they can sell them in an orderly manner where the board has some control.
The cash balance at LTL.....given a chunk is in Gilts/ US Treasuries the fact that they are all short dated is good. Also the T bonds should have the currency kicker as well. So cash balance probably holding up nicely.
Most of the FY for LTL FUM will have been north of £13B.
Diageo.....the whole LTL FUM have had to much exposure here (£1B of FUM) and it will have materially hurt performance.
Minimum dividend £40 this year with a possible same again £51.50.
Still trying to work out what the share price should be with an appropriate discount to NAV. |
giltedge1...likewise. Buying at todays price still gives you a decent margin of safety given the ever burgeoning cash balance at LTIT.
Minimum dividend £44 pencilled in for this year but I am starting to think they may 'engineer' a same again £51.50. |
LSEG, RELX, SAGE surging to new highs, US investors like these expensive data analytical shares, think I will hold, graph looks good, rising trend. |
Business as usual New Year FUM 13.2B to 12.5B 30/11 to 31/12 tempted to sell after recent rally. But strangely done better than my other holdings USD strength will help major holdings so maybe FUM back to 13B end of month. |
Well done holders - can't see much reason for it (other than, finally, a month of positive UK inflows, albeit most of it likely to trackers), but it's been a great rise. |
What do people see as the relative merits of investing in LTI vs FGT at today's prices? Obviously LTI has the bigger discount, and international holdings like Nintendo and the Japanese and US funds. It has also previously traded on a premium (but hard to see that returning quickly). On the hand, FGT looks more stable over time and has the continuation vote |
Given it is my biggest holding...great finish to the week. Cheapest I managed to buy at recently was £710. Even at todays price I am still a buyer. |
Sales at 780 Nice finish to week, DGE up another 2%, Global fund & FGT at or near NAV highs, hope positive momentum continues. Glad topped up at 712 few weeks ago, my holding now blue not red, first time in years. |
Good to see lots of buys this morning at around 78. FGT too been doing well recently, and the underlying holdings. Both LTI and FGT still at big discounts though, hopefully more narrowing to come |
They were AT Automatic Trades for only a few. Was it some 'Bot Mania' ? |
Why would someone pay £786??? |
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