Manchester & London Inve... Share Discussion Threads

[bluetooth] 02/6/2023 11:22

Why is the spread on this so large? It is currently 3.6% the spread on the largest 5 holdings are: MSFT 0.06%, ASML 0.4%, CDNS 1.3%, SNPS 2.8% and NVDA 0.06%.

[takeiteasy] 01/6/2023 08:08

w w w.trustnet.com/news/13378125/seven-charts-showing-how-bearish-fund-managers-are-dumping-commodities-for-tech-stocks

[takeiteasy] 25/5/2023 09:46

Agreed - the price reactions to individual stocks is now so specific eg snowflake and UIpath both heavily down last night and so their approach is interesting and unusual just focus on AI themes pretty much across the board with what they call "hard tech" and none of the trophy software names bar MS...dyor etc

[scottishfield] 25/5/2023 08:37

MNL has nearly 6% of it's portfolio in NVDA. Edit, 7.2% I think is the up to date figure.

[bluetooth] 12/5/2023 14:32

This is finally on the move - a good way into tec companies without all the unlisted stuff of scot mortgage.

[superadams] 26/4/2023 17:46

That was a good call putting 31% of the portfolio in Microsoft.

[chris79] 29/11/2022 13:19

Does anyone know if the recent AGM share buyback authority was something new or routine?

[chris79] 11/11/2022 19:32

When they are only doing NAV weekly (not a huge concern) surely they can publish one that is not three days old!

[spectoacc] 02/11/2022 16:40

Sold the rest in the end, at a loss, but glad I did - NAV down to 415p, the trillion dollar tech behemoths in many cases are no longer a trillion dollars.

Good luck holders - MNL do seem to be managing misstep after mnisstep.

[spectoacc] 07/9/2022 09:29

Such an interesting IT. More than half of it is Microsoft, Alphabet, & Amazon (if they've not done any more sharp turns since last Factsheet). Not sure I trust the valuations of any of those, but then neither are they in any danger of disappearing.

On the watchlist for bigger market falls.

[spectoacc] 16/6/2022 16:29

Sold half at b/e this morning, they can't be immune from the raging bear, even with the discount. Good luck holders.

[sf5] 20/5/2022 10:36

I haven't checked my old notes, but recall they were heavily exposed to China tech until the end of last year when they largely exited with painful losses due supposedly to governance/regulatory concerns. More conventional stuff that they reinvested in likely has fallen since. I do look at their twitter occasionally - refreshingly strong views. Am unlikely to reinvest until I sense a durable long-term strategy emerging. Recent history seems to be ''try a theme, oops that failed, pick ourselves up and try a new theme''

[spectoacc] 18/5/2022 17:09

Illiquidity a negative, but like their concentrated portfolio - prefer paying for conviction over scattergun tracker approach (unless actually a tracker!).

Got eye on a lot I wouldn't normally buy, tho clearly never going to be able to call the bottom. But some bubble stuff looking more interesting - eg ARIX, SYNT, SSON, FGT (the latter two not yet).

[hugepants] 18/5/2022 16:48

ah ok. Looks interesting at these levels. I'll add to the watchlist.

[spectoacc] 18/5/2022 16:37

They've chopped & changed it, the Factsheets are worth a read.

In some ways, MNL reminds me of a hedge fund, only with far lower fees and about the same (minimal) success.

Still - everything has its price.

[hugepants] 18/5/2022 16:35

Weird looking chart. At the pandemic low the share price dropped to 450p but now the shares are only 380p. How did that happen given the composition of the current portfolio which is mainly the big tech companies like MSFT and Alphabet? These stocks are miles ahead of where they were before the pandemic. Must be missing something.

[spectoacc] 18/5/2022 16:19

451p NAV, have a nervous holding that took some acquiring. Hard to believe we've seen the bottom of the bear yet, but the discount gives me hope.

[spectoacc] 10/5/2022 10:05

You're right - not sure HL would know how to account for an S&P short position anyway.

So MSFT 30.5%, Google 25%, Amazon 10%, ASML 8%, Salesforce 5%, S&P short at 6% - hope they've still got it - as of the April Factsheet.

[thruxie] 10/5/2022 09:53

Their 5th largest position as of last months factsheet was a short on the S&P 500 so yeah HL is very out of date!

[spectoacc] 10/5/2022 09:33

Think the thread title may need a tweak.

Considering many believe we've been in an epic, all-time bubble, mainly thanks to ZIRP (eg thought it worth a look at the 5yr performance of the Top 6 at MNL (according to HL making up an amazing 91% of the trust. HL often out of date tho).

Microsoft +286%
Alphabet +135%
Amazon +126%
Adobe +93%
PayPal +61%
Salesforce +83%
ASML +278%

Not quite as bad as I thought, but still at risk of a fair bit of mean reversion and bubble overshoot. Eg Amazon fell 90% in the last bust.

Today's NAV RNS should be interesting.

[jfinvestments] 28/4/2022 21:22

I agree, that's why I topped up. At 22% discount it was worth the risk. Meta, Microsoft and ASML all posted profits. I think there won't be huge growth in the short term, but I'll be topping up for the long term hold. I am prepared for the possibility that there could be a short term upward move, but when the recession hits there might be further losses below the 390.

[thruxie] 28/4/2022 17:45

Topped up this morning, this is oversold with quality MSFT GOOG and AMZN making up 62% of the total.

I think GOOG's results weren't too bad with main business's posting 20% growth but held back by some loss on "other income"

Overall happy to keep MNL as a core holding at around 10% and will keep adding at these prices.

[jfinvestments] 27/4/2022 17:24

At 22% discount to NAV I have added a small amount to the holding. I think it could hit 335p to 300p in a crash, at which point I would top up further. Microsoft posted profits across the board. Even if alphabet doesn't, I see cloud services from the top three holdings dominating the next 5-10 years so it should continue at a steady rate of growth as more businesses move to cloud services and away from internal servers. Netflix position has been reduced to 1% of the portfolio for now which is no bad thing. I would say that interest rates are going to continue to go up from here. I would imagine anything 2.5-5% is possible, so for the time being I will be adding to high dividend paying trusts. 7-8% dividend paying are the target. But this is currently 3.5% so not bad if it can maintain.

[jfinvestments] 26/4/2022 19:42

It sold all its Chinese exposure. Nothing in the portfolio now, I'm not sure what losses that caused or if it did? But they are overweight USA now.

[ceaserxzy] 26/4/2022 19:26

Apart from the high gearing it has a big problem with too much Chinese stuff, which are murdered over the last year and is continuing to drop rapidly.