Manchester & London Inve... Share Discussion Threads

[takeiteasy] 13/11/2024 14:33

Well done to the lads NAV 915 pence great stuff!nai etc

[takeiteasy] 13/11/2024 11:12

SoftBank's (OTCPK:SFTBY) telecom unit will receive the world's first AI system featuring Nvidia's (NASDAQ:NVDA) Blackwell chips to build Japan's most powerful supercomputer, and plans to use the Grace Blackwell platform for its next supercomputer.

The announcements were made by Nvidia's (NVDA) CEO Jensen Huang during his keynote at the company's AI Summit in Japan.

SoftBank Corp. (OTCPK:SOBKY) will use its DGX SuperPOD supercomputer - built using the Blackwell-powered DGX B200 system - for its own generative AI development and AI-related business, as well as that of universities, research institutions and businesses in Japan.

Nvidia (NVDA) and SoftBank (OTCPK:SOBKY) estimate that telco operators can earn about $5 in AI inference revenue from every $1 of capex it invests in new AI-RAN infrastructure. SoftBank expects to achieve a return of up to 219% for every AI-RAN server it adds to its infrastructure.

This is the side of the argument where you end up with a 38% holding - while SMT/BG pare their NVDA holding back for different reasons :)

nai etc

[takeiteasy] 12/11/2024 15:27

www.trustnet.com/fundswire/13429043/scottish-mortgage-portfolio-update-q3

How SMT trust is navigating the AI investment landscape - some areas the same as us and some very different :)

nai/dyor etc

[iminterested] 12/11/2024 13:25

In reply to taking profits, its actually easy to take profits as an investor or trader, but then you need to re-allocate the funds realised. Its also not unrealistic that traders take profits too soon and run losses for longer. The key p0int is whilst MS continues to buy for his account he his telling all investors that the price is still cheap relative to future expectation of where the shares will be etc etc How many fund managers at Schxxxxrs have their own skin in the game, I ask?Ultimately if investors want a less concentrated fund then there are plenty to choose from, however if you believe that MS concentrated portfolio will give the most upside, then stick with it , its our choice to decide how we allocate our assets, its MS choice how he allocates assets in MNL, that's it in a nutshell.

As for discount to NAV that's everywhere and buybacks aren't the best solution, marketing and interest rates are. However winning CITYWIRE again does help and re this years end of year result will help.

"Build a better mousetrap, and the world will beat a path to your door"

I do think its funny when someone goes back to University to get a computer science degree, w AI + Quantum Mechanics and is has to explain his investments to stodgy fund managers with PPE degrees from OXbridge. This reflects my personal, experiences re PPE, not me having MS's academic background.

[shavian] 12/11/2024 12:59

I have twice trimmed PLTR and may do so again soon, same with TSLA. Nothing wrong with a bit of money in the bank. May redeploy some to SOFI

[takeiteasy] 12/11/2024 10:32

PLTR pe ratio over 300 according to two websites I glanced at so it not likely to end up in MNL any time soon. Have folks never heard of taking profits with the new AI go go stocks like PLTR, Innodata and Applovin :)nai/dyor etc

[takeiteasy] 12/11/2024 05:53

To follow on from the dissussion here about what might be the next NVDA or perhaps better put as how to build a portfolio that diversifies with NVDA/MNL, BG trust have articulated their views for background interest..

www.trustnet.com/news/13429780/where-baillie-gifford-is-looking-for-the-next-nvidia

nai/dyor etc

[takeiteasy] 12/11/2024 05:43

From Sep'2024 but only just picked up on it - explains the NVDA competitive moat and business priorities as articulated by CEO of NVDA..

nai etc

[takeiteasy] 11/11/2024 12:36

Nvidia (NASDAQ: NVDA) stock has been on a tear, and one Wall Street analyst sees plenty of reasons for that. Mizuho's Vijay Rakesh just named Nvidia the new top pick for November in the semiconductor sector.

According to reports, the analyst note contends that Nvidia's dominance in supplying chips to the growing number of companies building artificial intelligence (AI) models will only expand. With that market also growing quickly, Nvidia should benefit, and that justifies Nvidia's "outperform" rating from the analyst....Rakesh estimates that Nvidia has greater than a 95% market share in a market expected to grow at a 74% annual growth rate for the next several years. In his research note in Barron's, he wrote: "We see AI server penetration growing to >10% by 2027 from ~1% in 2023 and Nvidia continuing to dominate with solid road map execution."

Good thing we have c.38% in NVDA :)
hxxps://www.msn.com/en-us/money/topstocks/nvidia-stock-is-a-top-pick-for-november-according-to-1-wall-street-analyst/ar-AA1tKa1o

nai

[scottishfield] 11/11/2024 12:19

Good to know.

[takeiteasy] 11/11/2024 12:18

Noting another big slug of 40k from our manager, reinforces my earlier point today about lack of other IIs engaged here to make any sort of meaningful two way market :)
nai etc

[takeiteasy] 11/11/2024 12:16

I am now agreeing with you...just take EWI small cap global tech trust that has effectively zero discount as of this morning at 175p - incredible from where it was.

In the excitement post Trump election bitcoin, small cap and memes seem to be where higher risk investors are going. So if we ever could expand here to broaden the appeal a smaller discount would quite likely to follow. SMCI blow up says you have to be mightly careful though with where you land in small cap world.

nai etc

[shavian] 11/11/2024 12:05

It's because most investors remain queasy about the concentration on the 'sector of the moment'. Personally I would welcome a bit more diversification away from our 'big two'. For now I hold MNL as a cheap way of accessing NVDA and MSFT, and diversify my portfolio elsewhere in the sector: PLTR, TSLA and more recently SOFI. It seems to be working.

[shavian] 11/11/2024 12:00

Will PLTR eventually overtake MSFT? This would take awhile but they seem to be heading in that direction.https://youtu.be/E_Ie6bjSiNo?si=EXIsHAth8XoLR4GR

[takeiteasy] 11/11/2024 10:23

Intriguing anecdote of our manager's twitter feed recently where he visited one of the largest UK wealth managers (perhaps to drum up some new investors?) and they demonstrated from their questions some degree of challenge in understanding the investment approach here.

A major reality check in perhaps explaining why volumes remain light even with positive alpha - is the large profitable tech cap AI theme so hard to fathom?

nai/dyor etc

[takeiteasy] 11/11/2024 10:18

I take the point over the high PE for PLTR, but two US Nasdaq smaller AI application developers I have recently picked up on are up way ahead of PLTR performance wise 2024 YTD - I wonder if our manager can ever consider smaller caps in his investment process where business cases are compelling?

Not invested in them but seeing how they grow their franchises....

[takeiteasy] 09/11/2024 07:49

From the fact sheet: "ASML reported 12 per cent revenue growth but cut revenue guidance for 2025 from €30-40bn to €30-35bn. We increased our hedges on the position following results, as the company faces numerous headwinds for 2025 and poor visibility leaves us less confident in management’s ability to deliver stated targets".

We only have as I see one total dog stock in the portfolio (i.e. down now over 3 years), and I have huge respect for our manager for facing into this so transparently and acting to mitigate further losses with a hedging strategy. If you are not prepared to get rid or reduce to the very smallest level as I might hope they would this seems the next best strategy.

MSFT is proving a major underperformer vs index in 2024 ( not over a longer term view), so one I note our manager is watching closely over the next year for more progress.

Given we are so far YTD ahead of our rivals performance wise, I am not sure we can argue our manager can be doing much more atm to protect the investment approach :)

nai/dyor etc

[takeiteasy] 08/11/2024 12:37

Monthly update out.

hxxps://mlcapman.com/wp-content/uploads/2024/11/MLIT_Factsheet_202410.pdf

wow - up to 38% holding now in Nvidia and an open and honest account of the huge discount here.

Respect for the public discourse!

nai/dyor etc

[takeiteasy] 08/11/2024 08:08

Results from Arista one of our large holdings last night

hxxps://siliconangle.com/2024/11/07/arista-networks-beats-expectations-offers-strong-guidance-ai-demand/

For the current quarter, Arista sees no sign of the AI demand letting up. It’s anticipating revenue of between $1.85 billion and $1.9 billion, well ahead of the Street’s forecast of $1.8 billion. It also forecast an adjusted operating margin of 44%, compared to the analyst forecast of 43.5%.

Discount heading back up to 20%....intersting times...nai/dyor etc

[takeiteasy] 07/11/2024 05:29

hxxps://citywire.com/funds-insider/news/mike-seidenberg-i-couldn-t-sleep-with-full-index-weights-to-magnificent-seven/a2452432

"Mike Seidenberg: I think a couple of things. We have underperformed it as of late. We typically haven’t underperformed it over the long-term, over the duration. I think that the important thing here is we’ve had a headwind of the Magnificent Seven. They’ve been really, really strong stoc
Too true Mike and honest of you to admit it!
MNL trust vs ATT trust...2024 performance
1 month - 14% vs. 4%
2024 YTD - 35% vs. 25%

and short term measures are not sensible to use when making investment decisions of course...but interesting how disparate the outcomes remain atm near term..

Our discount seems to be unwilling to depart much from the 15-25 % range...at some point punters may realise that the larger profitable tech / MAG7 bias is proving a valuable feature here and maybe not something that needs to be so heavily discounted for?

hxxps://citywire.com/funds-insider/investment-trusts/sector/equity-it-global-funds/i6140?expandedList=true&league=funds

[...]

nai/dyor etc

[takeiteasy] 07/11/2024 05:12

145.30 close so we got the closing all time high after all :)

hxxps://www.msn.com/en-us/money/other/nvidia-stock-surges-to-a-record-high-solidifying-its-position-as-the-world-s-most-valuable-company/ar-AA1tDssQ
"Nvidia hit a record high, becoming the world's largest company by market valuation at $3.58 trillion."

For anyone new to MNL and aware of the 35% large NVDA holding here is a nice overview of the ups and downs of holding this stock over many market cycles....volatility comes with the territory as they say.



nai/dyor etc

[takeiteasy] 06/11/2024 15:20

"The all-time high NVIDIA stock closing price was 143.71 on October 21, 2024."

price now nudges above 144 - fingers crossed it is trying to break out :)

nai/dyor etc

[shavian] 06/11/2024 13:17

Tempted to top slice my PLTR after these astonishing results. P/E over 100 looks difficult to sustain pending further stonking results in Q4. Plenty of scope for retracement methinks. Not so much with NVDIA and TSLA both reacting well to Trump win.

[takeiteasy] 06/11/2024 13:11

The manager seems rather happy wiith a Trump win and the share price move on his twitter feed - what with winning the award and the share price uplift he must be quite chuffed :)nai etc

[takeiteasy] 05/11/2024 15:27

PLTR up over 21% - what a miss ... nai/dyor etc