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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| North Atlantic Smaller Companies Investment Trust Plc | NAS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -30.00 | -0.83% | 3,600.00 | 16:35:20 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3,540.00 | 3,540.00 | 3,580.00 | 3,600.00 | 3,630.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 15/12/2023 16:45 by davebowler hTTps://citywire.com |
Posted at 05/9/2023 07:41 by steve3sandal I’d be guessing that someone or something has been selling and NAS has been buying them back from MMs who don’t want to hold as they are not investors. Under £35 looks like the lowest price fir some time and probably nothing wrong with anything under the hood. I hold but I haven’t looked under the hood recently. |
Posted at 09/6/2023 12:07 by apple53 Thanks for the extra info Pink.First, announcement after close on 31st May makes very good sense from stock chart - up £3 in 2 days immediately. NAS should have told investors immediately. I would have bought more on the open. However, it doesn't entirely make sense from the volume (as recorded on LSE). Close to zero on June 1st and still not much on 2nd. So maybe sellers pulled their offers and/or market makers (who are more switched on than us) immediately moved their offers. What normally happens with larger stocks is that non-tracker short term traders buy lots, in preparation to sell to the trackers at a markup when they need to buy. Some trackers may have wiggle room in terms of a range of dates before and/or after to buy gradually. With smaller, illiquid stocks I don't have the experience. It may be the £2-3 markup is all you're going to get, as the sellers who had their offers at £37, say, but pulled them when this news came out, will reappear, or already have done so, at £39, thanking their lucky stars. Or maybe the trackers' mandates will force them to push up the price into a sellers' strike and we'll reach £41-43. Ordinarily, some of the froth will dissipate, but again who knows how much with such an illiquid stock. Maybe this will work as a successful discount control mechanism with the discount resetting at, say 15% or even 10%. What I'm missing is knowledge of how much wiggle room the trackers have, datewise. |
Posted at 16/9/2022 16:22 by spectoacc I think the BoE might (/should).Thought some comments in here very interesting: [...] (Edit - can't link, but copy/pasted the interesting bit). Adobe down 24% in 5 days, on top of the falls [-40% from high] quoted from May 2022, and I thought this nailed it [from May]: "In a note to investors in February, Richard de Lisle of the value-focused VT De Lisle America fund explained why a quality company such as Adobe looked susceptible to a further re-rating, even though its fundamentals looked “fantasticR “It has grown earnings at 19% on average for a decade and no doubt will keep going forever,” he explained. “The stock is off from $700 to $500 [now $400], so it’s all priced in, right? Nope, it’s still on 50x trailing P/E [price-to-earnings], and in the 1980s you could get a 19% grower for 20x trailing. But the 1980s is where we’ve just referenced a 7.5% inflation rate. “Sounds like a lot more P/E multiple falling still to be done here for the next few years. Earnings of more than 19% a year is a double every four years, so in four years’ time Adobe could be at the same price but on a trailing P/E of 25x if it can keep the good times rolling on. “Not a bad outcome, but maybe not where you want to be?” To save you looking it up, Adobe is $297 now. Yesterday's -16% on overpaying for an acqn, but I reckon the above comments fit a lot in the US. |
Posted at 21/6/2022 16:23 by peckers56 At today's AGM, a "large-holding & long-time" private investora) requested the NEW Chairman to initiate a more proactive policy to buybacks (i.e. rather than passively wait for a seller to ALSO actively go into the market as a buyer ) b) told Chris Mills (CEO & IM) that, when CM eventually decides to retire (now 69), there should be a tender-offer (liquidation??) at close to NAV rather than just a hand-over of the reins to his son Nick. |
Posted at 16/5/2022 20:57 by topvest Harwood seem to be sitting on their cash at the moment. I agree with Christopher Mills; better opportunities are on the way. The macro headwinds will likely break the market sometime very soon. Always pays to watch what he's doing as he's a much more successful investor than any of us! |
Posted at 24/12/2021 18:49 by loglorry1 He does it to a) ramp his one book b) keep investors invested c) attract new buyers to support the price.I'm relaxed that he knows wbat he is doing in this space amd has had very good multiyear returns. Also loads of his own skin in the game. Liked his caution. We've had a good run, US markets high on most metrics like CAPE, taxes both corp and personal increasing and obviously rates and inflation presure. If anything I find him a bit too bullish but he has to be I suppose. |
Posted at 08/11/2021 19:16 by mw8156 has a stake in interactive investor. |
Posted at 11/10/2021 13:39 by davebowler FinnCap -About GHS: High conviction UK small cap fund (15-20 holdings) applying private equity techniques to listed smaller companies The Board of Gresham House Strategic announced this morning the conclusion of its Strategic Review. The key points are: With immediate effect, Harwood Capital LLP has been appointed as the Company’s new Fund Manager to replace Gresham House Asset Management. Richard Staveley, who managed the GHS portfolio while at Gresham House from 2019 to 2020 and delivered strong performance, will join Harwood on 1 December 2021 as lead fund manager for the Company. There shall be no material change to the Company’s existing investing policy. It is proposed that the Company’s name be changed to Rockwood Strategic plc. Fees shall be reduced as follows: the management fee will be reduced from 1.5% to 1.25% up to £25m and 1.0% above £25m (all as a % of NAV); the performance fee will be reduced from 15% to 10% and the hurdle will be reduced from 7% to 6%, but the catch-up will be removed; and if the NAV of the Company exceeds £100m, the aggregate management and performance fees shall be capped at 3% of NAV. Harwood has offered to buy, at NAV, the current manager’s stake in the Company, which is 23.4%. Additionally, Harwood would buy additional new shares, issued at NAV, for up to 10% of the current issued share capital – subject to its aggregate holding not exceeding 29.9% and with a maximum investment of £18m. Harwood has also irrevocably undertaken not to exercise any of its voting rights above 10% on any resolution which is proposed at any general meeting, save with the written consent of the Independent Directors. Our view: Harwood, run by Christopher Mills, is a very successful player in the small cap sector and runs three other small cap investment trusts with a combined market cap in excess of £1bn: North Atlantic Smaller Companies (NAS, £675m mkt cap, £25% discount), Oryx International Growth Fund (OIG, £255m mkt cap, 7% discount) and Odyssean Investment Trust (OIT, £148m mkt cap, 2% premium). The addition of the Company, with its value/turnaround strategy which is distinct from the other three trusts, makes sense in our view. Bringing Richard Staveley on board as lead portfolio manager and therefore providing continuity of management is also a big positive in our opinion. The lower fees, the new manager’s alignment of interest (up to 29.9% holding, to be purchased at NAV), the improved corporate governance (voting rights restricted to 10%, independent Board) and the new manager’s commitment to spend its own funds on marketing the Company, paired with continued good performance, should contribute to the Company attracting more investor interest, the discount narrowing and getting to a position where new shares can be issued so that the size of the Company increases so that it is no longer sub-scale. |
Posted at 02/6/2021 22:40 by apple53 My note: "Although a private investor, I have worked for many years in the financial services industry, initially as an equity analyst and subsequently as a fund director.For me, discount management is an important part of investment trust and listed fund investing. I have been a modest investor in NAS (Oryx) for some years, but significantly increased my holding (via ii and EQi) when I learnt of the buyback program. I think it is well-designed; large enough to be meaningful and not too restricted. I believe it is equally important that the fund manager and indeed the board, to some degree, are co-invested. For me, therefore it is a positive that the ‘concert party’ accounts for such a large holding, and I strongly support the waiver of any commitment to make an offer for the entire company. My only minor concern in some circumstances is that a very large holding might result in an excessive focus on capital preservation rather than growth, but I see no evidence of that at NAS." |
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