Manchester & London Inve... Share Discussion Threads

[thruxie] 02/6/2021 22:25

Part of the recent decline has to be down to the strengthening pound which is up approximately 15% over the past year v the dollar. The NAV seems to track FAANG stocks quiet closely but the share price discount has widened. PCT is also now on 7.5% discount SMT on 2.5%.

My view looking at the underlying holdings there's every good reason to expect the share price to increase and reward us so buying more on dips while the £ is stronger and quality is on sale at a discount.

[superadams] 02/6/2021 18:02

Now on 10% discount. Nice if you're buying. Not so clever if you're a holder. Still suffering from questor article hangover.

[novision] 26/5/2021 17:43

beginning to think I should have sold at 7 quid....

[2torrance] 18/5/2021 17:01

Thaiger Agreed completely baffling and then up again? Did the company step in to buy shares?

[thaiger] 18/5/2021 11:49

What causes MNL share price to be down so much when others are up today?

[superadams] 29/4/2021 15:44

Took advantage of the drop to double up here.

[thruxie] 13/4/2021 00:35

Alibaba up 9.27% on the day and it makes up 11.5% of the trust!

[jfinvestments] 12/4/2021 20:10

I'm not overly concerned about movement up or down in what is a very volatile market. It is to be expected with money transitioning into value and the gains last year. Look at how it did in the crash - fairly impressive.Monthly factsheet released today.

[sf5] 12/4/2021 10:19

Given the price gyrations/decline since July, isn't it time someone renamed this board?!

[jfinvestments] 09/4/2021 17:05

Back to 600p. Hopefully Telegraph panic didn't force too many to sell on here.

[thruxie] 29/3/2021 18:00

Twitter @MLCapMan

[jfinvestments] 29/3/2021 16:26

What is there @ on twitter?

[thruxie] 29/3/2021 11:51

@JF I agree. From reading through their past reports I'd surmise they are betting on a strengthening of the China/Yuan over time so yes.

They are active on Twitter with a few posts about the recent drop and calls, worth following.

[jfinvestments] 28/3/2021 15:58

I still think this will be worth more money in ten years time. China's growth isn't stopping anytime soon so I presume he is backing their currency to strengthen? Seems a safe enough bet over the longer term?

[thruxie] 28/3/2021 14:34

Well, time will tell. Rising interest predictions and a general rotation into cheaper value. It's possibly going to be an interesting 12 months ahead.

[riskvsreward] 28/3/2021 12:50

I would not like to see the manager speculating on forex. It has already exposure to yuan with holdings in Tencent and Alibaba. So the risk is on the yuan depreciating not appreciating. Betting one way only is gambling. This is a high growth tech trust so the focus should be to select best companies in the tech sector.

[riskvsreward] 27/3/2021 06:51

Its Feb./21 portfolio shows about 3% from derivatives which I take to be covered call options sold. It has about 8.5% gearing.

It is weird that the manager borrows 8.5% to have a 8.5% bond holdings of iShares China CNY Bond ETF in a growth focused technology investment portfolio.

Looking at the ytd, 1yr and 5 yr performance of this bond etf, its return is negative or less than 10% over 5 years.

[riskvsreward] 26/3/2021 14:49

I think the manager takes a longer term bullish view but also a view of possible short term correction and volatility, as well as the differentiation from other tech trusts of it paying a dividend.

Therefore it may under-perform a fast moving bull market of last year but it will outperform in the current tech. market of a correction.

[fez77] 26/3/2021 11:45

Thanks all. I'll pop some cash in once I've got some free.

[thruxie] 26/3/2021 10:56

@vacendak agreed!

OK so I've been scouring the accounts and reading up to try and get my head around this negative press about calls. Questor touches on it but doesn't really explain.

The way I understand it is that, they had a view say that the market was going to drop. They sold calls 20% higher than their then current positions. However the market continued to rise so they had to buy back at a higher rate and made a loss on that trade. Conversely if the market had fell they would have protected their previous gains and made a profit? So basically they hedged their portfolio and if right they'd be praised as geniuses ;)

A little bit unusual as they're perhaps acting more like a hedge fund than a trust hence perhaps the volatility. But feel free to correct me if I'm wrong about this or you have other information.

[vacendak] 26/3/2021 09:19

Tech and China have been hammered lately, look at BGCG which is pure China for an example, so no real surprise that MNL's boat is being rocked a bit.