Majedie Investments Share Discussion Threads

[topvest] 03/7/2021 17:21

MAM are better than average as an investment manager and so should turnaround their performance as value comes back into favour. I do agree though that adverse momentum is difficult to turn around. EDIN, which I also hold, is critical to MAM given its a very public shop window. 5 years from now I think MAM will have recovered, but near term it’s going to be tough. I am happy to hold MAJE long term.

[andycapp1] 02/7/2021 23:09

Let’s see. I do think it’s ok at 220 odd. Dull maybe but ok. Agree EDIN better vehicle. I’ll feedback next week. Might be illuminating.

[makinbuks] 02/7/2021 14:59

Yes, agreed. Listened to De Upagh om Kepler yesterday presenting Edinburgh which is a success story. Like all things with momentum they get a bit of luck too - they are overweight Morrisons. Maybe a better bet than Majedie to play his skill

[andycapp1] 02/7/2021 12:40

Hmm that sounds about right. Rest assets probably ok but is 18% discount enough when 15% of your assets are performing so poorly? And MAM is big income generator. Momentum is a difficult thing to turn around when going the wrong way.

[makinbuks] 30/6/2021 17:35

MAM have released details of their troubles through last year hxxps://citywire.co.uk/investment-trust-insider/news/majedie-slashes-bonuses-as-profits-fall-55-but-keeps-24m-dividend/a1525099?re=86629&;ea=1707516&utm_source=BulkEmail_Investment+Trust+Insider+Daily&utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily Not pretty

[andycapp1] 18/6/2021 06:59

Price is probably about right now given the poor news on MAM. MAM is only 13% odd now of assets (albeit more of cash contribution)so in a sense the thing is less risky. But still odd structure and poor long term performance. I’m a big holder and I’ll continue to be in the hope it delivers its 5% yield and some capital growth.

[makinbuks] 14/6/2021 16:31

Horrible fall today, must be another seller in the wings. 12p spread.

[andycapp1] 28/5/2021 16:33

Think it’s ok here. Discount is almost 19% and perhaps MAM, after a fire couple years, might start to benefit from rotation. It’s also only 15% now. Slightly worried about divi as perf fees are a reasonable component of MAM income which is critical still but overall price looks bit cheap. I’m holding.

[spectoacc] 27/5/2021 09:24

I hear what you're saying, but that discount to NAV... And eg SoftBank, Amazon, FB have been the place to be lately. Would struggle to let it go down here.

[makinbuks] 26/5/2021 11:47

Wow yes St James's news is really bad. I find the detailed analysis of the over and under weightings of the MAM funds excessive and unnecessary. A more focused report and commentary is required

[ladywormer] 26/5/2021 09:32

Bit horrified about the SoftBank, Facebook, Amazon etc holdings

[andycapp1] 26/5/2021 09:08

Hmm poor. St James pulling £1.6bn from MAM so big hit there. Other funds did ok. But not what mkt (or me) expecting. Held div but perf fees big component. Hmm

[andycapp1] 20/5/2021 08:22

Results on 27th so guess update on Majedie value then?

[makinbuks] 11/5/2021 10:02

Interesting comment here, regarding Brunner being held back as Aviva took since 2016 to unwind a 20% stake but now being touted for a narrowing discount. Very similar to Majaedie hxxps://www.edisongroup.com/publication/overhang-lifted-potential-for-a-narrower-discount/29462

[andycapp1] 08/5/2021 08:46

It’s around about now that is unless there is no change. Still expect an RBS. Still shares going ok. And Aviva down.

[makinbuks] 07/5/2021 12:59

Not seen anything this week Andy. Is there an announced date? Next week maybe?

[andycapp1] 04/5/2021 08:31

It’s Majedie 1/4ly valuation week. I’m hoping for a decent uplift? Mkt probably does too!

[makinbuks] 03/5/2021 08:17

More fool them

[rambutan2] 03/5/2021 04:09

Aviva dropped below 3% last week, which is good news. They got 245p... https://uk.advfn.com/p.php?pid=trades&dt_select=1619769600&trade_set=1&symbol=LSE%3AMAJE

[makinbuks] 02/5/2021 09:08

hxxps://citywire.co.uk/investment-trust-insider/news/trust-watch-majedie-makes-a-big-impact-on-edinburgh/a1501644?re=84843&ea=1707516&utm_source=BulkEmail_Investment+Trust+Insider+Weekend&utm_medium=BulkEmail_Investment+Trust+Insider+Weekend&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekend And a bit of positive comment for MAM

[makinbuks] 02/5/2021 08:56

hxxps://www.trustintelligence.co.uk/investor/articles/features-investor-the-benefits-of-flexibility-in-a-topsy-turvy-year-retail-apr-2021 Featured by Kepler, might spur some interest

[ladywormer] 16/4/2021 16:42

Andy - you are correct about the Barlow family. It was Guthrie rubber plantation and when that was taken over in the 70's the family turned themselves into an investment trust.

[andycapp1] 15/4/2021 09:20

Sorry cut myself off!! Yes it’s a bit odd, reflected in the discount I guess. They should buy back shares, the fees are too high and the ring a ring a roses with MAM is off putting albeit I can see why it is as it is, and it’s not unique. But the structure, as with NAS, weighs and unlike NAS/Mills the performance is nowhere near as good albeit maybe the governance is a bit more transparent? Dunno. I own a big slug of it and I think I’m ok but be interesting to see how the MAM NAV develops.

[andycapp1] 15/4/2021 09:05

Not sure how old De Uphaugh is now? Late 50’s?? The senior guys must own a big slug of the equity. What’s Barlow like? I tried Googling him and he’s a bit enigmatic to say least. Isn’t the family the one who sold rubber plantation and rolled into the Trust? It’s a funny structure and few things need sorting.

[makinbuks] 14/4/2021 15:55

Don't expect them to do anything as its only recently they changed the method of valuation when AUM was declining. As you pointed out AUM should now be significantly higher given MAM's value reputation so we'll see an upward valuation I hope. Another question is what is the plan for the MAM stake in the medium/long term. What are MAM themselves thinking? I had dealings with the guys when they established the business back in the early noughties and they must all be looking for an exit fairly soon. When MAJE was selling down their stake it was management that was buying up the stock. Not sure there's going to be appetite for that now. Might we see a takeover?