North Atlantic Smaller C... Share Discussion Threads

[davebowler] 16/12/2020 15:24

The Board announces that as at 31 October 2020 the unaudited net asset value per share (excluding current period revenue) under the equity accounting method was 4,429.62p.

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 4,347.01p.

[davebowler] 16/12/2020 15:10

Cracking VoxMarkets podcast, Spartacus.

[spartacus mills] 04/12/2020 14:40

Nice bounce towards £34 - looks like the news is out about the Telos IPO. Also some shares bought back today at £33.75. Mills typically has a good view of what his own shares are worth - so notable that this is the highest price he has yet paid for a buy back. Shares seemed to have been sourced from Capital Gearing who remain big holders. An optimistic scenario says the next NAV could be close to £50 and assuming a Brexit deal a 20% discount seems appropriate for well run but illiquid UK small cap portfolio with high fees. So giving a target over the next month or two of £40 or so

[spartacus mills] 27/11/2020 17:08

Worth a listen to this podcast in which Chris Mills gives a decent tour of the current NAS and OIG portfolio.

hxxps://www.voxmarkets.co.uk/media/5fb3dd97bc74c922485f4f5b/?context=/series/daily-podcast/

Intriguingly at 39:45 he mentions a US cyber security company which NAS has a stake in which is due to go public. He sees an uplift from £3m to £24m in the value of the stake!

Looking the most recent Annual report this looks like Telos which lo-and-behold has gone public and popped 20% on it’s opening day Nov 18th

Suggests a tasty 3%+ uplift to the next NAV announcement!

[chinahere] 13/11/2020 17:03

Nice move up.

[davebowler] 12/11/2020 09:25

re Tribal -

[p1nkfish] 28/10/2020 19:03

Small caps due to outperform imho.

[robsy2] 28/10/2020 17:13

For the record I have sold out here.A combination of reasons but mostly because performance recently has not been great.... Cue improvement in performance!
Good luck all

[spectoacc] 28/10/2020 14:35

"Ideally" indeed ;)

The closing of the OIG discount is curious, compared to NAS's.

[p1nkfish] 28/10/2020 11:42

I was in SBS when they took it private.
Holding here, I just ignore it and leave it alone.
Ideally would have traded out at high 30's but it will come back strong over time.

[mw8156] 27/10/2020 22:27

would have thought their stake in interactive investor's holding company might also come good/ be floated in the next year or two.

[rambutan2] 27/10/2020 21:41

Lists on thurs, with NAS holding a good chunk:

[topvest] 27/10/2020 20:58

Thanks - just listening. 32p to £45 is quite a good record.

[rambutan2] 27/10/2020 20:30

Just found this, a very rare opp to listen to the legend:

[topvest] 27/10/2020 20:06

The performance is very good. NAS has nearly tripled in a decade and Oryx has done even better. NAV performance is a c10-12% per annum compounder. I'm not greedy and invest in things that have a strong chance of doing 10%+ a year which is my minimum hurdle. I'm not really interested in things that can't make 10% per annum long term. I've always felt that NAS is better / certainly safer than Oryx. Oryx has out-performed of late as is more fully invested whereas NAS is more prudently positioned for the nightmare economic scenario we are now facing. It does mean that NAS has significant firepower when the value is there for some good deals. NAS also owns a significant % of Oryx. Odyssean are also part owned by NAS and if the manager doesn't perform to his high expectations, I expect Christopher Mills to muscle in on this one as well at an opportune time!

From a few years ago:
"Christopher became the Investment Manager for what was then Montagu Boston in 1982 and he became our Chief Executive in 1984. Since then the net asset value is up over one hundred times."

Obviously when / if Christopher Mills retires then the investment trust may get liquidated and then the discount would likely go as well, but would lead to some short-term uncertainty no doubt. There is some risk on this front I guess!

[psync] 27/10/2020 14:33

I bought this along with Oryx International last October, but decided to dump it based on performance while looking to rebuild some cash reserves. I thought it might be more defensive due to the t-bills but it didn't really turn out that way, plus I think I'd rather have the cash in my pocket than someone else's.

My Oryx holding (with a little trading) is up about 40% while this was slightly negative over the same period. Edinburgh Worldwide and Herald have also given it a pasting, both coming from the same IT Global Smaller Companies category. I'm sure it'll get back on track eventually, but it was difficult in my mind to justify owning over the other 3 previously mentioned trusts.

[spectoacc] 27/10/2020 13:23

Where's your return tho - barely budged over 3 yrs (or the 3 discreet years pre-Covid), & 1% divi. Significant key man risk, & too much in OIG & T-Bills.

Just looking at the bear case - agree it's a great IT, but not sure a 30% discount isn't about right. 1.2% ongoing charge (HL), & the Top 10 not difficult to replicate (tho the one I'm looking at no doubt out of date).

[topvest] 27/10/2020 12:03

Given the fantastic long-term performance record, this trust doesn't appear to get the credit and appreciation that it deserves.

[topvest] 27/10/2020 10:41

I've doubled up my holding recently. They seem to be in a sweet spot on some of their healthcare holdings. I notice that Source Bioscience listed on AIM today. Looks like their 29% holding is worth £30m and they raised some cash from shareholder loans so a very useful return indeed. Chris Mills is always the opportunist!

[loglorry1] 07/10/2020 12:29

They had £44m of treasuries at interim mark. Spent £392K yesterday so if they spent them all they could in theory keep this up for 100 days at current prices. I doubt they'd spend that much but volume is not much more than 14,000 shares a day so it would probably help a lot to close the discount to NAV.

They are floating off some of their biotech investments too so that should help NAV a fair bit.

[chinahere] 07/10/2020 11:35

They must have heard you SpectoAcc!

Buying their own shares at last.

[p1nkfish] 17/9/2020 08:21

Just very cautious. I think there's better than 50/50 chance of revisting the lows over the next year and cash will come in handy even if eroded by 4-5% real inflation in the meantime. Interested to see Mills moves from this point on.

[spectoacc] 17/9/2020 07:04

They've had those US Treasuries forever - slightly fewer than before, but still. If they don't spend the money now, when will they?

(Surely there's a case for buybacks at a c.30% discount to NAV, rather than earning "..Almost nothing.." on T Bills?).

[p1nkfish] 17/9/2020 06:20

No way to know, a very cryptic mention and a bit of a tease. I think NAS is raising whatever cash it can via taking advantage now ready for something. Perhaps an anticipated big turn down or changes to landscape post Brexit. Some bargains will be thrown up.

[mw8156] 16/9/2020 21:59

the other possibility to list mentioned - is that likely to be the holding company for interactive investor?