North Atlantic Smaller C... Share Discussion Threads

[spartacus mills] 25/5/2021 18:11

. I’ll re-iterate my view: in the current market the discount on NAS should be 15% - this takes account of the fee issues and the key man risk. It traded at a sub 20% discount for most of the 2010’s and sub 10% in the 2000’s. The >30% discount of the last few months is an aberration for NAS. Without any further progress in the portfolio we could easily see this priced at £50 in the next 6 months

[spartacus mills] 25/5/2021 18:10

Long term performance is epic - has beaten the S&P500 over the past 10 years while holding >10% in cash – as much as 30% cash in 2017. Per the annual report the intention now is to harvest some profits and cash levels may start to increase again.

[spartacus mills] 25/5/2021 18:09

Underlying portfolio continues to make strong progress (e.g. over the past 6 weeks RENX +20%, POLR +15%, AUG +10%). My view of the running NAV on an IFRS 10 basis as of today is circa £60.50. So still bags of value and a 29.5% discount even at the all time high today of £43.

[pmount] 25/5/2021 13:45

Price getting ahead of itself with too many jumping on board. It needs a high risk premium and discount to be attractive. Pretty easy geared 30% short profit from here (actual 5% dip) so 4000 it is. Plan is commit 5k, bet 30k @ 4.28k buy 30k @4k gives 1.5k 3 day profit on 5k. Plenty will follow.

[pmount] 25/5/2021 13:44

Price getting ahead of itself with too many jumping on board. It needs a high risk premium and discount to be attractive. Pretty easy geared 30% short profit from here (actual 5% dip) so 4000 it is. Plan is commit 5k, bet 30k @ 4.28k buy 30k @4k gives 1.5k 3 day profit on 5k. Plenty will follow.

[topvest] 23/5/2021 21:25

A mightily impressive performance by NAS over the last year. Christopher Mills is a very smart cooky indeed. He really should get more credit for his achievements over the last 30 years. In the meantime, its great to keep aboard both NAS and Oryx. I doubled up on NAS a few months back. Its quite difficult to copy / follow Christopher Mills so much better to just buy NAS in my view.

[apple53] 21/5/2021 23:15

Just catching up on the latest nav. Thanks for everyone's inputs. Spartacus very impressive NAV calc/estimate. I guess you run an excel sheet? I have been trying to work out how up to date the website holding list is. They don't focus too hard on keeping the website day to day- the NAV has not yet been updated and HL is quicker in this regard, for example. I guess the holding list could be end March.
My other question for NAS is when the buybacks will restart. I assumed they had stopped for a close period but why no resumption? Could this help to explain the re-expanding discount? I own quite a lot but tempted to buy more. Oryx discount has also opened up (so 2 points of double discount).

[davebowler] 19/5/2021 16:59

EKF up today by 8%

[davebowler] 19/5/2021 12:37

The Board announces that as at 30 April 2021 the unaudited net asset value per share (excluding current period revenue) under the equity accounting method was 5,874.87p.

[loglorry1] 18/5/2021 19:11

Why no NAV update for April yet ?

[p1nkfish] 13/5/2021 09:04

Either way it reads that NAS is in tune, loaded and ready.
Good.

[loglorry1] 13/5/2021 08:58

I don't think Mills will just buy stocks if they sell off. He's more likely to take advantage of cheaper situations when companies need some funding. More deals like taking part in the placing at CIR are likely in my view. Also hopefully some cash spent on share buy back to narrow the discount to NAV.

[p1nkfish] 10/5/2021 20:00

Interesting comments on market having run ahead of itself, liquidity events expected, lots of cash etc.

I get the feeling they are tooled up & ready to pounce on any market breakdown. More mundane performance likely for a while.

[davebowler] 05/5/2021 19:33

Just to refresh our memories....

[spartacus mills] 28/4/2021 08:25

Yes some indiscriminate selling yesterday afternoon. But many of Mills' holdings have done very well recently - RENX up c.15% recently, BigBlu up c.20% this week, Cicassia up 35% in the month, EKF up c.15% - so I dont see any underlying reason. My estimate of running NAV is now up to about £58.50. At yesterdays close of 39.10 this gives a gigantic 33% discount. Given the market conditions its hard not to see this as anomalous. Oyrx continues to perform very well and prospects for RENX and EKF are good. Between these three that's now a third of the portfolio. As always with NAS there is a decent cash buffer and you also get the down side protection of a manager who has seen it all, is not afraid to take profits and wont get carried away by market mania. The 5 year and 10 year performance (11.8% and 14.1% CAGR respectively - in UK shares!) now look really good. Yes NAS has flaws in fees and is not liquid enough for big holders but weighted against performance these are not justification for the massive discount. Good things will happen to those who buy at a 30%+ discount and I added more yesterday afternoon for less that £40

[p1nkfish] 27/4/2021 20:31

Strange fall towards end of the day, any ideas?

[loglorry1] 26/4/2021 16:03

CIR on the move. This is a NAS stock and one that should help NAS put on some good asset value in the next few months.

[loglorry1] 15/4/2021 08:22

Another almost £2 increase in NAV. I bought a few more.

No idea if the discount to NAV will ever close but regardless if underlying NAV continues to grow nicely over the long term that's largely irrelevant.

[davebowler] 25/1/2021 16:59

18 January 2021

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

The Board announces that as at 31 December 2020 the unaudited net asset value per share (excluding current period revenue) under the equity accounting method was 5,077.43p.

[p1nkfish] 04/1/2021 13:25

Good, Mr Mills performs again.

[davebowler] 04/1/2021 13:10

The Board announces that as at 30 November 2020 the unaudited net asset value per share (excluding current period revenue) under the equity accounting method was 4,743.88p.

The unaudited net asset value per share quoted above differs from that required under IFRS 10, which was adopted by the Company from 1 February 2014 as detailed in its Half Yearly Financial Report for the six months ended 31 July 2014. The unaudited net asset value per share (excluding current period revenue) under IFRS 10 was 4,646.62p