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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Manchester & London Investment Trust Plc | MNL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 606.00 | 08:00:23 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 606.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 02/5/2024 06:04 by takeiteasy Tweet yesterday from our managersStage 2 of our Investment Thesis is playing out: Microsoft and Alphabet sent a clear message to investors: Our spending on AI and cloud computing is paying off So this is on their radar - longer term I want this to be a nicely balanced fund and not feel a close copy of the SOXX microchip ETF, but our manager knows all this. I think there are a number like PLTR for them to consider. This is not one I follow closely. Amazon and Google are powering ahead better than some of the pure chip plays and certainly well ahead of MSFT so hopefully this is being clocked too - some here like the highly concetrated holdings approach. I for one would much prefer a more normalised structure now that the number of AI winners are being spread out more by sector and globally. Not everyone's view I fully accept. My sense is it is mainly for this reason we continue to have the near 20% discount - but we will never know if we keep to the current approach and the dscount remains wide. |
Posted at 01/5/2024 20:11 by takeiteasy Deffo magic :)Certain things stand out strongly to me in all recent market moves: - AI infrastructure capex in the largest cloud providers is highly significant and rising i.e. background still very supportive - Implementation activity is weighted more to H2 2024 than H1 2024 - and 2025 should be better still -Traders seem in aggregate highly leveraged to market movements in the big AI names resulting is huge up and down swings taking stocks through all range of support and resistance levels (as a longer term investor I have to try to filter this noise out) - Our manager is doing a sterling job of trying to manage the drawdown risk and the fact we had next to zero asset value move over the past 7 days I suspect means he has been trading his options and index shorts to balance the long positions movements -At some point shortly I suspect our manager will swing the portfolio into stage 2 developments and invest in companies that more directly will benefit from AI dyor and no advice |
Posted at 26/4/2024 05:27 by takeiteasy "It is also critical for the Fund that there is no air pocket in the Quarterly Revenues at Nvidia as they introduce the Blackwell architecture chips which willsucceed the current Hopper architecture." factsheet update this month. A very incisive point. Bear traders have pushed the stock below all the various support levels until they have as of last night gone into a bigger retreat. Microsoft, Meta and Tesla to name but 3 mega caps have all confirmed higher and longer term AI capex investments - all including at the heart Nvidia chips. Microsoft and Google had excellent results last night beating forecasts. The other big fear from the bears was that the AI use cases were not strong enough yet to justify the returns - Microsoft helpfully for investors here showed very high activity levels with AI use cases. APR 25, 2024 9:29 PM Google Thinks It Can Cash In on Generative AI. Microsoft Already Has While both Alphabet and Microsoft boasted strong quarterly earnings, only one tech giant showed that its generative AI bet is starting to pay off. "Among Fortune 500 companies, 60 percent are using Copilot for Microsoft Office 365, a virtual assistant that uses generative AI to help workers write emails and documents, and 65 percent are using a Microsoft Azure Cloud service that enables them to access generative AI software from ChatGPT-maker OpenAI. “Azure has become a port of call for pretty much anybody who is doing an AI project,” Nadella said. The $13 billion dollars Microsoft has invested in OpenAI has certainly helped win those clients." So, we run a risk that we have not had AMD/Nvidia results to confirm the thesis, but the possible "elephant in the room" over the long term value add for AI is being built quickly by Microsoft. We do have assurances over AI capex for the largest players out there. Helpfully to cap a very helpful week for the fund we dodged the big drops on Intel and Meta by not having them in the portfolio. The reason I have stopped trading this IT is that when turning points occur, they are picked up sometimes quickly and it is hard to get back a position I may have sold. Let's see for example today what price you can buy back in size with our AI thesis back on track. Dyor and no advice intended. |
Posted at 04/4/2024 16:01 by takeiteasy The one most positive sign over the past 12 months is the improvement in daily volumes - yes, there are some very quiet days, but some time back if you wanted to sell 5k,10k or even 25k blocks of shares you were given shockingly low prices below the bid - the MMs here seem now more comfortable trading these volumes without resorting to low bids.This suggests we now have a wider range of investors some of whom have deeper pockets...and also the AI theme is getting more publicity and general understanding etc etc |
Posted at 24/3/2024 11:39 by iminterested With respects to NAV discounts.By example Pershing Square Holdings have tried very hard, to narrow their discount Initiated a dividend Largescale Share buybacks Entry to ftse 100 Significant outperformance to other funds etc Fee cuts Yet the discount to nav over approx 5 years has gone from -20%, to -35% in Feb 2023, traded -40% a few months later and todau -25%. I have spoken with PSH management and Bill Ackman regarding this. They would like to see parity, they try but they feel that the market will eventually recognise quality and outperformance. RE MNL If this phase one of AI, If MNL management are superior If you would prefer to pay 82c in the $, for msft and nvda, according to intra-week nav's rather than a premium.] Whilst there is a bonus when the discount narrows, ask yourself these questions if the bonus when to parity overnight, would I sell all my shares, none or some? a) If its all of them, then mnl was bought, to take advantage of the discount and not because you believe in the management outperforming over 3,5 or 7 years. b) if its none or some, then you wil probably regret not taking full advantage of -16/18% PSH, MNL and Berhshire Hathaway all have two things in common a management with a very significant percentage of ownership in the fund, which means they are at greater risk to the downside as you or I. Concentrated portfolios in Buffets cases up 35% , Ackman 25% UMG and M Sheppard nvdia and msft. Whilst the discount remains, especially since the Morgan Stanley TMT, investors who follow MNL, should be considering whether their other holdings should be sold to purchase more AI, via mnl. It is our prerogative to manage our risk it is the fund managers we have confidence in to manage theirs! I have heard far too many asset allocators complain about PSH being to concentrated in risk,as there are only 8 stocks, but 8 is less concentrated than buying a single stock. If a fund has over 18/20 in a portfolio, why bother paying a fee instead just buy an etf. In the case of MNL, for one account I manage I sold polar technology in june last year to buy MNL, for that reason. Also consider why funds that proport to cap holdings by market capitalisation may be selling their winners and reweighting to losers. In PSHs case, they have found that 2020 +70% and 2021 +27% their discount widened. The market is the market, but the team has continued to out perform NACV up as is the quoted price. Berkshire Hathaway have always suffered from a conglomerate discount to NAV as well, some believe as high as -50%. To conclude, in time it is performance that counts!!!! The current discount is an advantage to those who know the stock well. I have and continue to reassess and buy more, when the opportunity arises. I sell non-performers and ask myself if the AI story is still in its infancy, (who understands it the most, those bothered to go back to university ?), where my portfolio can outperform. If the risk is to big the beta that AI has means I can allocate to cash or bonds against that risk. Because of the discount advantage the man fee change of 0.5 to 0.75 less relevant. If MNL was trading at parity, one good argument to buy is lost! Warren Buffet "Diversification is protection against ignorance. It makes little sense if you know what you are doing." "A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them." "Wide diversification is only required when investors do not understand what they are doing." "A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them." "Diversification may preserve wealth, but concentration builds wealth." |
Posted at 16/3/2024 06:30 by takeiteasy good link...www.trustnet.com/new We are not officially a tech fund, so not allowed to compete in this analysis but some interesting comments on how experts assess tech investors. "Which trust do experts back? However, Williams favoured Polar Capital Technology Trust, as Rogoff and his team have taken a bigger bet on AI...He noted, for instance, the trust’s overweight exposure to Advanced Micro Devices, one of Nvidia’s rivals, that could start taking market share as AI infrastructure spend and chip demand continue to soar". PCT has 4.4% AMD exposure vs. ATT does not even have AMD in a top 10 (cutoff 2.7% size) - perhaps one of the more important reasons they are well behind MNL NAV growth wise in the most recent past. dyor and no advice |
Posted at 15/3/2024 10:37 by iminterested ReImintested, I can assess and manage the risks, and it sounds like this is fine for you - but what if a number think the concentration too high and we are simply too much beta for their needs. We ironically become less popular and are a marginal holding. The same argument was used on psh where the nav traded at -40% this year now-25. The managers tried numerous ways to narrow it Share buybacks can work However their belief is that it is fund performance that is the most beneficial way Also it should be noted that after strong performance many potential investors wonder whether it is achievable in consecutive years |
Posted at 15/3/2024 08:30 by iminterested The Intelligent InvestorBuffett also wrote the preface to Benjamin Graham's book — The Intelligent Investor — and called it "by far the best book about investing ever written." "There should be adequate though not excessive diversification." Benjamin Graham, Chapter 5: The Defensive Investor and Common Stocks, The Intelligent Investor |
Posted at 14/3/2024 09:52 by takeiteasy Some thoughts after reading and reflecting on the report in more detail"It should be noted that the average discount for the Company for the last 5 years sits at ~10.8 per cent (Source: Bloomberg) which, considering the free float of the Company is less than £150m, could be argued as ‘in line’ with expectations (if not ideal) ...The concentration of investment in the two largest holdings is material and all shareholders should consider whether they are comfortable with this concentration risk when deciding whether to continue to invest in the Company". Why - we have had terrific returns here now well ahead of benchmark, why force investors to leave due to extreme positioning as a permanent strategy. This will reinforce a high discount imvho which is now nearly 17% and rising and this has simply not been acknowledged in the report. There are a number of large cap stocks to consider and there is no harm in reallocating holdings better to remove large overweights. If the managers read this thread - can you please have a serious think about the link between very low investor interest, high spreads, a stubbornly high discount and managing position sizes more sensibly. imvho, dyor and no advice |
Posted at 09/3/2024 06:25 by takeiteasy A picture paints a 1,000 words - the sheer amount of capital in 2024 YTD alone that has gone into boosting nvidia to such lofty levels has meant mere crumbs for not only the rest of the S&P 500 (Mag 7 excluded of course) but also much of the rest of the tech market - especially unprofitable and smaller cap tech.So literally nothing to show for SMT YTD (well 0.5%) and comparatively next to nothing to show for the equal weight S&P 500 (well 3%). EWI is actually meaningfully down YTD based around small cap tech and pharma. SMT does have Nvidia/ASML holdings but AI is a small minority of fund (perhaps under 15%). So the implications of a strongly or lowly weighted nvidia portfolio strategy are becoming at the moment very stark. If this is a short term boom and bust the naysayers will all come back to us and say "told you so!" and if we are right there will almost be a generational transfer of wealth from the have nots to the haves (AI/Nvidia wise)over the next 5 years if any of the grander nvidia predictions materialise. This all matters as imvho this links to the huge discount here that seems to refuse to budge. If investors start to see this AI theme as mainstream and "must have" and not a satellite "nice to have" holding and more importantly for the medium /long term investment planning- we will be become an acceptable mainstream alternative compared to SMT /Fundsmith/Lindsell Train etc - rather than an option that is seen as very "far left field" etc etc. A mate last week told me he had shifted his SIPP towards ASML/AMD and he is by no means a sophisticated investor- so somehow the message is leaking out across the airwaves :) Dyor and no advice of course.... |
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