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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Majedie Investments Plc | MAJE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -0.41% | 245.00 | 16:35:06 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 245.00 | 246.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 12/1/2023 00:00 by brwo349 hxxps://citywire.comMajedie to shun ‘alt’ assets with new manager Marylebone By Jamie Colvin 11 Jan, 2023 at 12:33 1 Comment Majedie to shun ‘alt’ assets with new manager Marylebone Majedie Investment (MAJE), the struggling global investment trust backed by the Barlow family, has said its investment strategy under newly appointed Marylebone Partners will avoid private equity, venture capital, property and infrastructure in a bid to overturn ongoing poor performance. Christopher Getley, chair of the £103m multi-asset trust, which had a ‘very disappointing’ 12 months to the end of September from its investments in funds at Majedie Asset Management (MAM), believes Marylebone will offer a range of benefits, including the potential for ‘differentiate Marylebone has a reputation for protecting and growing wealth, he said, returning 8.4% over the 12-month period. This looks appealing to MAJE investors as the trust’s shareholder returns slumped 24.9%. The MSCI World index fell 4.2% by comparison. The investment portfolio fell 20%, with the global absolute return Tortoise fund its sole outperformer over the period out of seven MAM funds. Other benefits under Marylebone, which uses a ‘liquid endowment’ model, include a 7.5% stake in the manager and a 50% management fee reduction for the first 12 months. Marylebone will also contribute to marketing costs. Its $400m multi-asset strategy has three parts: ‘eclectic̵ Getley noted the move would give investors an opportunity to buy shares, which could narrow the 22% discount to net asset value (NAV) the shares currently trade at. MAJE unveiled Marylebone in November, several months after Majedie was acquired by Liontrust, and will put the move to shareholders at the annual general meeting on 25 January. If approved, the company will target annualised total returns of at least 4% above the UK’s consumer prices index, measured over rolling five-year periods. The new strategy will be unconstrained by a benchmark or by geography. A quarterly dividend payment is initially expected to comprise 0.75% of the relevant quarter-end NAV, leading to an annual dividend of about 3%. ‘Careful stock selection based on good fundamental analysis of equities and credit opportunities should offer shareholders good returns and the board believes that Marylebone is well placed to deliver from this outlook,’ Barlow said. At present, the marketing campaign consists of video presentations by MAJE’s CEO William Barlow and an overview by Marylebone’s chief investment officer, Dan Higgins. ‘Turbulence in markets has greatly expanded the opportunity set available to Marylebone to pursue a liquid endowment strategy, in particular in equities and credit. Illiquid strategies that were favoured by low interest rates no longer offer an attractive risk/reward for investors,’ Getley said. The former MAM funds at Liontrust have performed strongly since the financial year-end, with the Tortoise fund rising 9.7% to 20 December. MAJE’s performance over the last 10 years falls well short of its benchmark, with NAV falling 18.7% over five years, compared with the benchmark’s 50.6% rise. Over 10 years, NAV has lifted 77.5% versus the index’s 209.3%, according to Numis Securities data. |
Posted at 29/3/2022 18:26 by topvest This is a disastrously timed deal for Majedie. Swapping a value investor for a growth investor (in paper) when Majedie was valued at a 5 year low and Liontrust at a 5 year high. Why did they not fix a cash price?hxxps://citywire.com Let's hope they don't sell the Liontrust shares and make things worse! Liontrust is a good business (but much better value at £13 than nearly £25). You would have thought that value investors would have known better than fall for this one! |
Posted at 02/5/2021 08:56 by makinbuks hxxps://www.trustintFeatured by Kepler, might spur some interest |
Posted at 18/3/2021 17:02 by makinbuks Spec, Did you watch this?hxxps://www.trustint It was not the most inspiring presentation. I thought the outperformance of the Turtle Fund was the highlight and interesting they referred to it as a hedge fund which sounds better than absolute return. Don't get me wrong I rate James De Upagh highly but he didn't sell it overly well here |
Posted at 10/2/2020 19:21 by hugepants The Barlows hold 40% which may dissuade other institutional investors buying the shares? |
Posted at 30/8/2019 09:00 by davebowler Kepler -Majedie Investments (MAM) aims to maximise total shareholder return while increasing dividends by more than the rate of inflation over the long term. The portfolio is divided into six funds, all of which are managed by the well-respected boutique fund managers at Majedie Asset Management. MAM was launched in 2002 using finance provided by the investment trust and was led by a team that previously worked at Mercury Asset Management and Merrill Lynch. The strategy was to manage UK equities on behalf of institutional clients, but this has since been broadened to include global equities and an absolute return strategy, and clients now include wealth managers and endowments alongside institutions. The trust has a 17.1% stake in the privately-owned asset management company itself, which as of 31 March 2019 had £11.6bn of assets under management and makes up 27.5% of NAV (as at 30 June 2019). The team at MAM uses a bottom up, fundamental research-based approach and a high emphasis is placed on risk aversion. When considering investments, the various investment teams look to extract the maximum return per unit of risk taken and try to understand how the holding will hold up in different market environments. As an illustration, over the past year the trust has the lowest down capture ratio, at 46.32, in the AIC Global sector, and a standard deviation of 10.86 relative to the sector average of 16.9, when excluding the effects of the holding in MAM. Since the revamp of the trust in 2014, performance has been a tale of two halves. In the two years leading up to the 2016 European Union membership referendum, the trust delivered NAV returns of more than 50%, outperforming the MSCI World Index (49.9%), AIC Global peer group (41.7%) and the IA Global peer group (36.3%). However, the referendum result hit the trust hard, principally due to its large exposure to the UK and the cautiously positioned absolute return fund. Since then, the trust has struggled relative to global peers as investor sentiment towards Britain has soured. Over the past three years, the trust has delivered returns of 23.4% relative to 58.5% from the MSCI World, 69.4% from the AIC peer group and 52.3% from the IA peer group. With this said, the Global underlying funds have performed strongly relative to their respective benchmarks. Alongside capital growth, dividend growth is an important part of the trust’s investment proposition. The board re-set the dividend in 2014 and, since then, shareholders have seen compound progression in excess of 10% p.a. Currently, the trust is yielding 4.7% comfortably the highest yield in the Global sector, where the weighted average is 1.3%. In fact, it is the second-highest yield of any trust in the AIC Global Equity Income sector. As of the most recent annual report, the trust retains historic revenue reserves of close to £26m. Currently the trust is trading at a discount a little over 18%, considerably wider than the sector weighted average of 0.2%. |
Posted at 24/5/2018 13:54 by sharesoc Majedie present at our London seminar on the 13th June which may be of interest to shareholders or potential investors, limited places available: |
Posted at 25/5/2017 11:08 by rambutan2 Yes agree.Also to note from the interim statement was that the Aviva "overhang" is now less overhung: It is pleasing that the discount at which the Company's shares trade has narrowed over the six months to 31 March 2017 from 14.2% to 8.9% (debt at fair value). The Chairman and Chief Executive have previously commented that a large holding in the Company was transferred to Aviva Investors, who are not expected to be a long term investor. We have met with representatives of Aviva Investors to understand their views and they confirmed that they are comfortable holders in the medium term given the uniqueness of the Company's investment proposition. This notwithstanding, the Board has and will continue to explore options to help Aviva Investors to exit their position as and when they might wish. |
Posted at 16/1/2014 08:55 by edwardt well why not get the discount in and raise more money here. the free float is not big enough here and most wealth manager firms would not touch a fund unless it is way over 100m. Also is tortoise shut to new investors, in which case this may be a good route to access - the performance on a risk adjusted basis has been superb..also the debt needs sorting out, anyone provide any colour on this? |
Posted at 23/9/2009 09:36 by washbrook I am an Investor in Investment Trusts for over 30 years.Looking at web sites of various Trusts on Sharescope. Most of the company web sites have up to date Fact Sheets ie 31.8.09 Not Madjedie looking at their web site the latest info with difficulty give information at 30.6.09. I like this Investment Trust but I am not going to purchase their stock if they cannot be bother to keep their shareholders up to date. I have sent an email to them. -------------------- |
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