New Star Investment Share Discussion Threads

[spectoacc] 22/3/2021 07:15

Copy and.........paste.

"DISCOUNT

During the period under review, your Company's shares continued to trade at a significant discount to their NAV. The Board keeps this issue under review."

[arja] 12/2/2021 13:56

massive discount to NAV I see and must be a reason. But nice looking chart although wide spread on this MM dominated AIM stock

[spectoacc] 05/2/2021 12:00

Not touched them in yonks - one day...

[spectoacc] 19/8/2020 13:46

Will close co rules apply to a listed co, despite the Duffield holding?

This one never seems to change - and starting to think Duffield will be around forever :)

[edwardt] 18/8/2020 12:34

close company rules must be an issue here or why the ridiculous discount?

[rooky4] 28/1/2020 14:09

Thanks for flagging up the performance fee demise. Using Libor as a performance measure has been wrong for years. Now one (of many) reasons for the discount has been chipped away.
So why now? I hoped it was the board getting a grip, but it's still the same old trio (Chairman has been there for 10 years. John Duffield has 60% holding)

Only clue I can think of is the following from the last report:
"The Company is a small registered Alternative Investment Fund Manager under the European Union directive. The Company’s assets now exceed the threshold of €100 million. As a result, should it wish to borrow it would require a change in regulatory permissions.

Just maybe the trust is growing (numerically) to the point where it has to reform?

(P.S. just checked an AIFM quickly, the trust can qualify up to €500 million if it is unleveraged, so NSI is an IT that can't borrow. Not such good news as leverage is one of the claimed advantages of an IT)

[davebowler] 26/1/2020 10:48

Great. Thanks for the background.I've bought more, based on its low Price to NAV and good track record , and now lower annual charges.

[rambutan2] 25/1/2020 20:56

MERI finals out yesterday and this was what it said about Embark:

Embark Group Limited

Embark Group is a full-scale retirement solutions provider, with platform, investment wrap, e-SIPP, SIPP, SSAS, fund research and employee benefits consulting capabilities. The Group trades under the subsidiary brands Embark, Vested, Rowanmoor, EBS, The Adviser Centre, DISCUS and Hornbuckle. It also operates a wide portfolio of white-label technology solutions for businesses such as RBS Coutts, Standard Life, Nutmeg, BestInvest, Charles Stanley, Moneyfarm and Wealthsimple. Embark Group is one of the fastest growing digital retirement and savings businesses in the UK market, growing from zero to GBP15.5bn assets under administration in under six years. The group is experiencing strong demand for its digital services, and additional capital will enable it to take full advantage of its disruptive position in the UK savings sector, through continued technological innovation and selective expansion opportunities.

Capital invested

GBP14.9m

Value as at 30 September 2019

GBP14.9m

Date of initial investment

August 2019

Last audited financials

(Y/E: December 18): GBP32m Revenue (+10% YoY); Net Profit GBP0.1m

[rambutan2] 22/1/2020 20:28

MERI are invested in Embark and provide more frequent updates than the abstemious NSI.

[rambutan2] 22/1/2020 20:17

Below, taken from y/e results (to 30/06/19), when Embark was 2nd largest holding valued at £6m. A year previously the value was £3.3m.

"During the year, your Company modestly increased investment in three private companies, which have the potential to add an uncorrelated source of return. The unquoted portfolio increased by more than £1 million after allowing for sales and purchases. The investment in Embark, your Company's largest unquoted investment, increased and the valuation has been written up in response to the terms of a capital raising."



And post June:

[davebowler] 22/1/2020 15:49

This appears as a major holding last year - hxxps://embarkgroup.co.uk/

[essentialinvestor] 05/11/2019 20:52

))

I looked at SGEM as well, but struggle to see the upside with that trust.

[spectoacc] 05/11/2019 20:49

@EI - lol - about 40 at last count, possibly too many! Only the top dozen in size tho ;)

A sucker for "deep value", which I believe NSI is, but likely only once Duffield pops his clogs. Might have another 20 years in him yet.

[essentialinvestor] 05/11/2019 20:39

SpecA, is there much you don't hold! ).

Had a look at this today, around 2% a year for the privilege of holding
with a negligible yield atm. The flip side is the discount to NAV
and quality of holdings.

[spectoacc] 05/11/2019 08:57

Any reason for recent rise? Not broken out of discount band, but more used to this one doing nothing.

[rooky4] 17/6/2019 12:31

John Duffield is now 80.

[spectoacc] 10/5/2019 08:32

Ages since I've done anything with these - as per last Sept, the spread too off-putting. But just bought a few more at 110p, with NAV c.153p and them seemingly very defensively positioned (no gearing, cash in $, some gold exposure).

Definitely a SIPP holding - not likely to get rich quick.

[spectoacc] 21/9/2018 19:36

Sometimes I feel like selling a few, sometimes I feel like buying more, but each time the spread stymies me - rarely get a quote more than a penny inside it either side, if that.

Agree it's cheap, but I would say that.

[mw8156] 21/9/2018 08:45

looks cheap on the face of it price about 115, nav about 158 or 159.