New Star Investment Share Discussion Threads

[chillpill] 11/12/2024 08:52

I take it JD fit and healthy?!

[spectoacc] 07/12/2024 07:21

Same old. When I look back on here to see when I bought, ready for Mr Duffield to shuffle off/do something, it was 2016. What chance the same position 8 years from now.

I'd better not go before he does... ;)

[ijamlon] 07/12/2024 07:03

Thank you - very interesting

[c3479z1] 06/12/2024 22:27

agm rather shambolic, John Duffield 10 mins late, limited time for questions, a shareholder queried the NAV vs share price, oblique reference to the need for capital returns or buy-in of shares to close perhaps, investment manager gave a presentation, looks as she sold the gold fund at the wrong time and has a low weighting now to USA, I note that many think US could be the best market again next year with small caps taking up the running, no specific questions asked about whether there could be another capital return, no director apart from Duffield holds any shares, low-key affair, geriatric board, with one exception, performance pedestrian similar to Hansa Trust, won't shoot the lights out, change in the investment mandate to capital growth and income from just capital growth approved though reorientation towards income appeared already to have begun,
Won't see much radical action, one surmises, with the Board constituted as presently and with Duffield holding 60% of the shares, the others none.

[ijamlon] 05/12/2024 20:22

Anyone attend the AGM? Any discussion of more capital return?

[essentialinvestor] 06/11/2024 23:52

Well we are fortunate to have a BOD that continue..to keep the NAV discount under review ;

[ijamlon] 06/11/2024 22:04

My guess is the NAV as of today is going to be very considerably higher than last reported. Probably approaching an extraordinary 40% discount. Even with shareholder structure as it is, you wonder how long it can sit down there.

[ijamlon] 09/10/2024 07:39

The overall market effect of all these possible tax changes is clearly a short-term negative for the market. In the case of NSI, however, there is a possible implication that might accelerate its wind-up. Under current rules, capital gains reset to zero upon death, strongly incentivising you to pass on your appreciated assets as they are and eliminate the tax liability. If, as rumoured, they make historic CGT payable by your heirs then I suppose it removes one tax incentive to leave the messy business of winding-up the fund at NAV to your children, especially if he has the ability to offset some losses and gains before then.

[ijamlon] 29/8/2024 20:24

No - but I know enough about the family to be convinced it wont outlast him.

[sleepy] 29/8/2024 13:46

Ref 260 - are you privy to his estate planning?

[essentialinvestor] 29/8/2024 13:11

Some more selling to come pre budget?.

[ijamlon] 29/8/2024 11:58

Yes. It's kind of amazing to think you can buy into the personal portfolio of one the UK's most successful ever fund managers at a massive discount, and you're more or less guaranteed to get it all back at full face value (ie 50% higher) plus the growth within a few years, not to mention some big tranches along the way. Just proves how ridiculously short-term so many investors have become - too impatient to wait more than a few months for free money.

[edwardt] 29/8/2024 05:38

Let's hope the old boy needs some more money out soon

[ijamlon] 09/8/2024 19:20

HL too. New discount to NAV ~36% based on mid price. Or as I like to think about it: 56% additional upside on top of any future growth. Enough to keep me patient.

[97peter] 09/8/2024 12:17

Just paid in by II.

[spectoacc] 09/8/2024 09:55

Jarvis credited it yesterday, fwiw, so NSI have definitely paid.

[97peter] 09/8/2024 08:29

NSI slow at paying out? No b share money in yet?

[97peter] 08/8/2024 13:55

Nothing in from Interactive Investor!! No surprise they like to keep theseforaday or two to get lots if interest!!

[ijamlon] 08/8/2024 08:27

Anyone had their B payment yet? Nothing on HL

[97peter] 07/8/2024 10:36

I reckon they will do this after the 8th and b share payments. I reckon around the 170p mark as the new NAV.

[ijamlon] 07/8/2024 09:28

How come no updated NAV yet?

[bench2] 29/7/2024 15:34

I agree Ijamlon , it could be a one off and as you intimate to pre-empt any rise in CGT . I will try to attend the AGM in November with an old City friend who used to work with Duffield at Jupiter/New Star he owns a large tranche of NSI , so we can see how Duffield is looking . It is just a 1% holding for me in my ISA. I am surprised tha t all the non execs hold no shares in NSI .

[ijamlon] 29/7/2024 12:27

Bench - to me that's the key question, if it's a B issue every year then this is free money requiring not huge amounts of patience. If this was a one-off for a Duffield cashflow or tax policy reason then people will have to play the (very) long game.

[bench2] 29/7/2024 11:25

105p bid 112p offer with ii today

[bench2] 29/7/2024 11:24

There will never be buybacks for NSI , as similar to Hansa , when an individual owns a large block in excess of 30% , any buy backs will increase his/her stake and they may be forced to buy the whole company . Hence the B share distribution .. cash goes to all holders and Duffield retains the same 59% stake in the company which is now circa 12% smaller . So expect generous dividends and probably a B share each year , rather than any buybacks .