Manchester & London Inve... Share Discussion Threads

[takeiteasy] 20/6/2024 08:53

Locked in a few around 4,5 and 6 each time thinking this was the absolute top - and where are we now :)

[thamestrader] 20/6/2024 07:42

I only track MNL against my other tech IT holdings, Allianz and Polar Cap, and it's knocking spots of both of them.

Call me chicken, but this week, I have started to lock in some profits.

[takeiteasy] 19/6/2024 14:26

The unaudited fully diluted net asset value per share (including income and excluding shares held in treasury) was 951.8p as at 18 June 2024. 8% uplift over the week that I think is a weekly performance PB for our fund - would need to check to be 101% certain.

Nice timing - discount still 15% not making any inroads into this yet - not sure if our manager can do any more with all the buys, extra dividend shortly, I have no complaints :)

dyor/nai etc

[scottishfield] 19/6/2024 14:12

Mark S buys 25000 shares at £8.12 today - rns'd

[takeiteasy] 19/6/2024 09:04

Indeed.

Our manager is bashing the poor helpless software firms again. I think on this thread we are now getting the point :)

hxxps://x.com/MLCapMan/status/1802655796133531919

Ironically, if institutions pull back on software trades to make up their overall tech sector allocation they may add even more from our side (i.e. hard tech). And you reinforce the loop we seem to be in :)


dyor/nai

[shavian] 19/6/2024 08:51

I'm beginning to question the title of this thread! Dull? Anything but! 'But you won't lose any sleep'? Hmmm, not yet.....

[takeiteasy] 19/6/2024 06:00

Our manager's c.$200 share price target for Nvidia has been way ahead of all the other Wall St analysts for a while now - except for an update yesterday.

hxxps://uk.investing.com/news/stock-market-news/nvidia-stock-jumps-as-analyst-predicts-200-share-price-the-real-narrative-lies-in-the-software-3553705

Well done to our manager (again)for keeping a fleet foot one step ahead of the Wall St boys :)

nai/dyor etc

[shavian] 18/6/2024 10:38

Discount down to 10% this morning

[takeiteasy] 17/6/2024 14:24

"We remain very selective within software given uncertainty associated with generative AI which has the potential to reshape the software industry".PCT trust April 2024

Warning signals coming in now from all angles - being aware of all this seems key :)

dyor/nai (well done again to the Manager for spotting this so early)

[bigwadds] 17/6/2024 14:07

WOW - 800p to buy now :-)

All time high AGAIN!

Well done to our Fund Manager (Mark Sheppard) and his team.

[takeiteasy] 17/6/2024 12:21

I would never have had a clue about any of this without the amazing updates from our manager, but the market seems already to be aware of all this...simply compare the software only sector vs the nasdaq 100 qqq trust just in 2024 and over 5 years...





dyor /nai etc

[takeiteasy] 17/6/2024 10:59

hxxps://brainhub.eu/library/software-developer-age-of-ai

"Programming trends suggest that software development will undergo a radical change in the future: the combination of machine learning, artificial intelligence, natural language processing, and code generation technologies will improve in such a way that machines, instead of humans, will write most of their own code by 2040
......Software developers are understandably worried. In fact, nearly 30 percent of the 550 software developers surveyed by Evans Data Corporation, a California-based market research firm that specializes in software development, believe that their development efforts will be replaced by artificial intelligence in the foreseeable future" interesting times as they say
dyor/nai

[takeiteasy] 17/6/2024 10:19

28 minutes in - enterprise software impact from AI

"Why are tech investors being so discerning here?"

answer
"AI is really bad for these software names"
"software names being hammered...going to be screwed from the switch to AI"

The view fron Dan Niles - lends support to our manager's assessment on tech investing post AI...

dyor/nai etc

[takeiteasy] 16/6/2024 09:02

If that is not bonkers our manager has articulated his personal share price target for NVDA as c. $2,000 (stated as 5bn MCap) on his twitter feed.

He implies therefore a portfolio target NAV of just under £11 for the fund (estimated if this NVDA share price applied).

At least our manager has the humility to accept that some think his number is bonkers.

Discount still unmoved around 17-18 pc on HL. We should not blame him for trying to talk up his own prospects given this scenario and that he has moved NVDA to an outlier portfolio sizing.

nai/dyor etc

[takeiteasy] 14/6/2024 09:18

NVDA milestone of $1,300 in pre-market pre-split ...

dyor etc

[takeiteasy] 14/6/2024 06:06

Manager explained their investment thesis in May 2024 fact sheet ...

"Turning to another of our Maxims that is less consensus: Ai will disrupt Software. ....Valuation multiples are high in the Application Software sector, too many players don’t make Profits and too much of the EDITDA is diverted to Management not Shareholders. Application Plague!

In our portfolio we hold: CDNS, SNPS, ORCL, MSI. We see CDNS and SNPS as niche
EDA software companies; for ORCL (classified as Infrastructure Software not Application (as is MSFT)), we do see the business facing headwinds from this trend that it is countering by growing OCI, its Cloud offering; and MSI (actually classified as Communication Equipment) is another niche business that we believe is protected from the Application Plague. Just shows that all Tech Funds are not the same"

I think he is politely saying in my view that this strict exclusion rule is helping drive alpha outperformance vs. SMT, ATT, PCT.nai etc

[takeiteasy] 14/6/2024 06:04

Stated strategy -
Mega and large caps
Profitable
Hard tech
Software linked to AI infrastructure applications -servers,networks, cloud centres
Will not overpay for high PEs

Me guessing how they might apply the filter to PLTR - 49bn MC far too low for our fund, not in the AI right market sector (for now) and PE likely to be too high. There is three for a start. We are basically a very cautious/conservative selection here in a Fundsmith LTBH style but aggressive portfolio sizing to suit the brave only :)

imvho/nai etc



listen 12.20 about their view on the stages of AI rollout and pessimism over application services firms (at this very precise moment) - it helped me grasp their rationale deffo.

[shavian] 13/6/2024 16:06

Haha. I'm a recently retired IFA myself. A mostly clueless breed when it comes to actual investments, it must be said! I have developed the utmost respect for our manager over the past 15 months but I don't share his antipathy for TSLA and all things Muskoid. Elon is very 'Marmite' but I admire his mission to convert the world to renewable energy and I think he deserves the outrageous pay award being re-voted on today, as he had set himself insane targets back in 2018 and would not have earned a cent in 6 years had he not achieved targets beyond even his own wildest dreams: good luck to him I say, and a pox on the woke lawyers trying to take him down (and steal a big chunk of the takedown in the process).My other go-to AI choice is PLTR, which is another stock shunned by our manager, I'm not sure why as it is running hard on the heels of NVDA. Any thoughts?

[takeiteasy] 13/6/2024 13:39

Mentioned this to my mate yesterday again who is an IFA and you could hear a pin drop...strangest investment paradox I think I have seen - someone needs to pay for FB shorts to get some basic level of interest :)
nai etc

[takeiteasy] 12/6/2024 21:41

Our holding in broadcom announced results and is up 13% tonight,our Oracle holding also up 14% following their results earlier on.

Crafty timing to have topped up today it seems then, not least that nividia a 33% portfolio allocation is up c.4.5% :)



nai etc