Majedie Investments Share Discussion Threads

[makinbuks] 13/8/2020 10:37

Agreed, even after this mini rally the discount is 20% so why are they buying only 432 shares back? I do have concerns about the Tortoise Fund and whether it has proved a flawed concept like so many Absolute Return Funds

[edwardt] 11/8/2020 17:33

they should be buying back lots at this discount,surely? also mam on a mark to market would be far higher imo. time for a rally here me thinks!

[makinbuks] 03/7/2020 16:59

Yeah I just don't get it. Is it buying back from staff leaving maybe rather than a market transaction?

[edwardt] 02/7/2020 14:12

watch out the force of the buyback is here again. not.

[ladywormer] 07/4/2020 17:36

Daveb - that was a good find. So little is written about MAJE

[davebowler] 07/4/2020 09:14

HTtps://citywire.co.uk/investment-trust-insider/news/majedie-soars-as-perpetual-income-and-growth-pulls-trigger-fires-mark-barnett/a1344017?

[spectoacc] 06/4/2020 16:30

Coronavirus, what coronavirus?

[makinbuks] 14/2/2020 15:45

I don't see what fundamentally there can be to be concerned about. Obviously theres the value of MAM which is subjective and under pressure recently and the only other issue for me is the poor performance of the Tortoise fund where they increased the holding at the wrong moment. MAM themselves seem to have lost their golden touch. Perhaps the success they had initially was hard to maintain as they got bigger

[essentialinvestor] 14/2/2020 15:42

Mentioned that in the context of the comment that there may be something to be concerned about here. It just looks out of favour to me?.

[essentialinvestor] 14/2/2020 12:15

The discount has been significantly wider than current levels. Look at 2011-2013, it was over 30% at one point from memory.

[gez] 14/2/2020 00:12

not only is the yield high and growing, it appears they have dividend cover/ reserves of almost 4.5 yrs....well ahead of most investment trusts!!?

[earwacks] 13/2/2020 14:04

£2.82 nav. £2.26 share price and today have purchased another wapping 1800 shares for cancellation. I suppose if they keep this up they could have further reduce proportion of shares available to make it even less attractive. the family do hold too many shoes. From their days of rubber plantations. Even so 5% yield does it really explain what is going on here?

[earwacks] 10/2/2020 19:55

Quite right HugePants. You definitely need them investing here. Thats why the buybacks seem rather superfluous especially in such trivial amounts. Looks like they are terrified the share price will fall further. It just looks like something is terribly wrong. Have they been following Neil Woodfords tips or something. They went from being quite reckless in 2010 to rather over cautious at the beginning of last year. My family invested here for the widows and orphans strategy which worked quite well in the previous century but look completely out of their depth in the 21st century. They used to be on a par to Merchants Trust both in price share investment and dividends now they are pathetically not even half the share price of Merchants. Just feels a bit fishy to me

[hugepants] 10/2/2020 19:21

The Barlows hold 40% which may dissuade other institutional investors buying the shares?

[earwacks] 10/2/2020 18:09

Quite hard to understand this investment trust performance. They have made some terrible investments in recent years, but thought they Had begun to pull it round. The dividend is quite attractive now at 5%. But do they have some skeletons in the cupboard? Their recent buybacks like today 2000 shares FFS. What is that about. Edinburgh Investment trust pulled out of another fund to invest here recently. Is it the blind leading the blind or are is the market missing a bargain. Too many sellers for comfort. This has been as low as £1.40. Surely not again!

[makinbuks] 06/2/2020 18:02

Is there a big seller driving this down? Discount close to 18% seems far too high

[davebowler] 30/8/2019 09:00

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%.

[earwacks] 22/8/2019 10:24

The 1600 odd trades this morning were my buys not sells as incorrectly published. Not sure the yield is right either. 2.9%. If they are paying a div of 11/12p this year thats closer to 5% yield nearly twice. The fund has performed poorly over the last 20 years but have admitted they went defensive too soon this year. Better than too late. In my book I'd rather be here at 20% discount to net assets than 'star performer' Woodford funds

[earwacks] 19/8/2019 16:15

in fact it seems Aviva, far from unloading has slightly increased its holding recently

[earwacks] 19/8/2019 12:31

Trading at a substantial 20% discount to nav. Aviva part of the problem as they are possibly withdrawing their holding. At least it is being managed. Is this a operate issue from the share buy-back program I wonder. They also seem to be more active in their investments than the past , although trimming down their holding in individual stocks particularly outside uk, but still have global vehicles. Nearly 3% div which could improve. Interesting former Malaysian rubber company. Must be due a bounce...

[edwardt] 23/1/2019 13:32

i hope you tucked a few away; wonder why the extent of the buy back, my guess is to close out a rather large stock overhang...

[topvest] 21/12/2018 11:44

This investment trust is starting to look good value again. I like it because its the only way you can get exposure to their investment manager, Majedie Asset Management. Will add more maybe if the yield goes above 5%.

[topvest] 29/8/2018 17:50

Shares are volatile. Just noise!