Manchester & London Inve... Share Discussion Threads

[iminterested] 04/4/2024 17:00

US non farm was good re future rates which will probably lead to nav discounts retracting as money leaves cash and goes into the mkt

[takeiteasy] 04/4/2024 16:01

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

[iminterested] 04/4/2024 14:34

MNL have said i previous factsheets that, many peripheral AI companies over the first half of the year are likely to outperform the 2 key holdings msft and nvd. If they change their sore view and decide to buy those outperformers, then from an investment point of view, it could seem that they are chasing returns over their core convictions. Many portfoio managers do that and end up with a badly conceived book. One example is Woodford, who had preconceived in investment style which he changed etc etc. Not the best comparison re selling nvidis and buying micron but over 6 months, 1 year and 5 years nvidia outperformed micron. I hold mnl in different portfolios, it is not a trading position,I believe that the AI story is still early and gratefully have a better understanding to AI courtesy of the manager's. It is their responsibility not mine. If I do not like it, I can sell and try my hand at doing their job.

Thats all

[takeiteasy] 04/4/2024 13:16

I just hope micron has been moved to a top 5 holding on our list and definitely more than the 2% where we were recently....


dyor etc

[iminterested] 03/4/2024 15:59

Great time to ADD msft and 100 rocking up

[takeiteasy] 03/4/2024 15:11

new NAV - 20% discount again :)

[iminterested] 01/4/2024 21:32

I am sure they know this already

[takeiteasy] 30/3/2024 17:43

Please write to the firm and explain all this - surely :) (makes sense to me!)

[iminterested] 30/3/2024 12:11

THere is a SOLUTION


Manchester & London Investment Trust Plc is listed in the Finance Services sector of the London Stock Exchange with ticker MNL. The last closing price for Manchester & London Inve... was 660p. Over the last year, Manchester & London Inve... shares have traded in a share price range of 370.00p to 690.00p.

Finance Services sector of the London Stock Exchange!!!!

If MNL was instead Quoted as Technology INV TR, on the LSE, it might be not only viewable alongside comparables it would probably lead to a re-rating.

[iminterested] 27/3/2024 16:38

Another problem w the investment trust sector is demographics As the majority of holders are 55+ , and interest rates at 5% many holders are selling funds and going on deposit Only when rates have a clear trajectory down will this bringing buyers

[takeiteasy] 27/3/2024 14:55

The unaudited fully diluted net asset value per share (including income and excluding shares held in treasury) was 812.9p as at 26 March 2024.

We have broken through 8 quid- nice to see and c.35% NAV upift 2024 YTD :)

dyor etc

[iminterested] 26/3/2024 18:42

It’s not my first Rodeo ✔️

[iminterested] 26/3/2024 12:57

UBS raises target price from $800 to $1,100
Top of the range estimates pitched at $1,400
$150 billion revenues predicted for calendar 2025
Analysts at UBS have upped their target price on AI (artificial intelligence) chips champion Nvidia (NVDA:NASDAQ) by 37.5% as the Santa Clara, California company continues to trump market expectations.

In February 2024, Nvidia posted the market’s most crucial results this year and it was blockbuster action all the way. Revenues surged by a remarkable 265% over last year, and were up 22% on the previous quarter, sending the stock surging 14% to $739, and it hasn’t looked back since.

$1,400 NVIDIA SHARES?

Nvidia’s share price now sits at $950, almost double where it started 2024, and up 550% since the start of 2023, making consensus next 12-month estimates of $955.60 look ridiculously off the pace. Top of the range projections stand at $1,400.

[iminterested] 24/3/2024 11:39

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."

[takeiteasy] 19/3/2024 05:43

hxxps://nvidianews.nvidia.com/news/tsmc-synopsys-nvidia-culitho

TSMC and Synopsys Bring Breakthrough NVIDIA Computational Lithography Platform to Production NVIDIA cuLitho Accelerates Semiconductor Manufacturing’s Most Compute-Intensive Workload by 40-60x, Opens Industry to New Generative AI Algorithms
March 18, 2024

Our 6% holding of synopsys got a nice boost in after hours trading from this progress with nvidia at the conference yesterday. This stock does not appear to be held in either ATT or PCT portfolios :)

Also, our manager made a purchase of MNL stock yesterday to provide some support.

dyor and no advice

[takeiteasy] 17/3/2024 07:20

Following SMT announcement, I think we should make a serious chunk available for buy backs if this would allow the discount to narrow and we keep to the existing investment strategy.


dyor and no advice

[takeiteasy] 16/3/2024 07:38

www.msn.com/en-us/money/markets/microsoft-stock-hit-a-record-high-after-launching-an-ai-cybersecurity-tool/ar-BB1jXvpX

www.uk.investing.com/news/stock-market-news/citi-bullish-on-amd-stock-following-february-notebook-shipments-data-432SI-3378082

www.msn.com/en-us/money/markets/asml-benefits-from-chinese-demand-but-future-remains-unclear-bernstein/ar-BB1jHvFy

Bernstein increased its price target on ASML to $1,072 from $963, and maintained its Outperform rating.
They also increased the price target on Applied Materials (AMAT) to $240 from $230, while maintaining an Outperform rating on the Santa Clara, California-based company.





dyor and no advice etc

[takeiteasy] 16/3/2024 06:30

good link...

www.trustnet.com/news/13407982/the-battle-for-technology-allianz-vs-polar-capital

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

[iminterested] 15/3/2024 22:33

hxxps://x.com/mlcapman/status/1768640930658091204?s=46&t=brRkvtA3wFLMnd6zRII6AQ

Mnl and GS

[takeiteasy] 15/3/2024 14:55

MNP IT is a global IT that has performed OK and keeps consistently to a very tight discount and I provide simply as an illustrative example - so the MNL management should not say that all ITs have wide discounts so having one with us is therefore not so bad, the best run ITs do not.