North Atlantic Smaller C... Share Discussion Threads

[topvest] 17/5/2022 07:54

I've been selling more than I have been buying SpectoAcc. c50% in cash. This is a core position so I wouldn't sell it. I'm not sure that global markets have yet capitulated, but I suspect its coming.

[p1nkfish] 17/5/2022 07:29

Bounce is probably due but every chance that will embolden the US monetrary folk to continue to tighten and engender further downside when the bounce is out of steam. Mills did mention "months" in the latest results.

Only really good for the nimble.

[spectoacc] 17/5/2022 07:16

Don't say that @topvest - been buying into things for the bounce, LIO, PSN etc. Bear market rallies are always good.

But otherwise agree - things don't stop at "cheap" or FV after an epic bubble, they risk going as far in the opposite direction.

[topvest] 16/5/2022 20:57

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!

[strathroyal] 13/5/2022 11:35

I've followed both NAS and OIG for a number of years and they have generally been profitable investments. CM has involved himself and NAS in a number of sectors over the years but the heavy move into bios, starting with taking SBI private and then having large stakes in EKF and RENX, has affected performance over the last 12 months.

Having said that his comments in the annual report and the present discount (surely over 30%, not 20% as mentioned above) suggest it's time to get back in.

[p1nkfish] 13/5/2022 09:44

For me, charts have a part to play in all my holdings. They are the ebb and flow of money over various time frames and so far have stood me in good stead.

If anything I should have adhered to them more than I have, especially when downturns start to show and the tides begins to move out.

[chillpill] 13/5/2022 09:39

Charts are irrelevant for investment trusts.

You have to look at discounts and your own view on markets.


This might not be the bottom but trading at a 20%+ discount with plenty of cash is not a bad place to be.

CM is an engaging character who has proven history. The type of person I like to back.

[p1nkfish] 12/5/2022 09:43

The more weakness the more attractive. Key support level and if it breaks below it could go down to 35'ish.

[spectoacc] 12/5/2022 08:19

Some amusing headlines from last night's after-close NAS RNS, including:

"NAS FY return minus 50%".

Clearly only the computer still at work at 17.47.

[loglorry1] 14/3/2022 13:20

Nav down from c£58 to c£54 as expected.

[p1nkfish] 04/3/2022 10:48

When will Mills start shopping?

[p1nkfish] 27/2/2022 13:49

Or there is something afoot in an equity investment or 2 with the bond like characteristics. Needing funding.

[spectoacc] 27/2/2022 08:14

May yet wish he'd held onto those Treasuries.

[p1nkfish] 26/2/2022 17:39

Probably spoilt for choice, if not now then soon.

[topvest] 26/2/2022 15:33

Rockpool Realisation C Mills buying has ceased as well. I wouldn't be surprised to see NAIT taking Gresham's stake in Rockpool, given SEC has been saved for Gresham. Let's see, but why has Christopher Mills stopped his daily buying of Rockpool?

[loglorry1] 26/2/2022 13:54

@m_kerr I'm not sure the discount is any bigger than before. Febuary wasn't a great month for NAS companies so I expect NAV is a lower again. Over the longer term though you gotta believe that Mills knows what he's doing or if you don't sell up and move on. His track record certainly shows he does and he has been quite bearish before the sell off when others were pilling into all sorts of rubbish.

[m_kerr] 25/2/2022 16:36

i'm surprised they aren't aggressively buying back shares. i'm aware they have funding commitments to their private equity funds but the discount here is such that they're getting virtually an instant 50% return on any buybacks. ordinarily the main reason this isn't done is you have a fund manager more concerned with maintaining high AUM to charge fees off of, but in fairness, mills has a high shareholding and therefore stands to gain hugely from this (£150m), so i'm surprised it isn't being done.

[spectoacc] 23/2/2022 14:45

They'd had those T Bills for yonks - hopefully sold near the peak, and interesting to know what's been bought (& whether bought pre-Ukraine).

[mw8156] 23/2/2022 11:59

US Treasury bills no longer in the top 10 list having been 7 - 10% of the fund 6 months ago so must have made some investments in the falling markets, hope this works out and we don't end up in recession by the end of this year.

[spectoacc] 22/2/2022 08:55

A far superior CM - Charlie Munger - still going at 98 in fairness.

The great Tony Pidgley left us at 72 mind.

[chillpill] 22/2/2022 08:52

rambutan. Worth noting legends like PS are now in their Seventies..

Not many bright young things coming through on the Fund Management front.

Most fund management cos are about protecting the assets under management for the fees- not gains for clients.

[spectoacc] 22/2/2022 08:49

Let's hope he doesn't age like Putin and start invading, oh I don't know, FCRM.

[chillpill] 22/2/2022 08:42

30% discount to NAV at end of Jan with plenty of cash to take advantages of opportunities. Added a few but been here for over a decade so have enough tucked away.

Also CM isn’t a spring chicken any more.