North Atlantic Smaller C... Share Discussion Threads

[p1nkfish] 31/5/2019 20:19

topvest, just re-reading it. Emphasis is mine - FAR BETTER. I take that as conservative if they can access those opportunities and note exit of property holdings - take that as they see full value there and better places to allocate capital coming along.

Also - states hopeful of further NAV increase by 31/1/2020 suggesting increased discount compared to tadays price so expect buyback to accelerate post AGM vote for "whitewash" that gets my vote.

"As I stated last year, MIFID2 should create good opportunities for the Company with the consequent contraction in smaller company coverage and liquidity compelling many large institutions to change their focus to the main market. Based on recent developments, it now appears that as the dust settles the situations presented to us will be FAR BETTER than I anticipated."

[topvest] 31/5/2019 20:06

Page 37 of the annual report.
10 year returns have out-performed the Russell 2000 and S&P 500 sterling adjusted. Pretty impressive stuff.

[topvest] 22/5/2019 21:23

Yes, all bodes well. Need to study the report more closely, but i do like this trust. Almost, a sure thing!

[robsy2] 20/5/2019 22:18

And a divi as well

[p1nkfish] 20/5/2019 21:52

A very encouraging report & looking to buy back more to reduce discount to NAV.

NAV around £37.

[robsy2] 08/1/2019 08:47

..... I forgot ....and we will start getting dividends as well . This might help the share price
R2

[robsy2] 08/1/2019 08:39

Morning All
I am also in full agreement, though I didn't get round to buying some more until this morning....
It's discount on discount. A near 25% discount on the stocks held is silly but when you consider that he holds a positon in a trust that also trades at a discount, it gets cheaper still. Then there are the T-Bills which we buy at a 25% discount as well. Even the decision to buy T-Bills was smart given the strength of the USD.
And he has a brilliant track record to date , including going to cash during 2018.
This should be trading at a premium not a 25% discount.
Best
R2

[p1nkfish] 22/12/2018 22:08

Couldn't agree more.

[steve3sandal] 22/12/2018 19:42

Shares now back around £26 and NAV a week ago £36. Large holding of cash instruments at a discount. Time to buy myself a Christmas present I think.

[p1nkfish] 15/9/2018 22:55

He also will have an increasing research advantage as the big boys focus less and less on the sector. Says it all ........

"The latest financial directives agreed by Brussels and Westminster will have a significant impact on the type of company in which the Trust invests in that it is likely to reduce both coverage and liquidity in smaller capital companies. Already one major investor is eliminating all exposure to companies with a market capitalisation of less than £100m. I believe this will create considerable opportunities over the next few years which the Trust is well placed to exploit given our substantial cash resources."

[topvest] 15/9/2018 21:05

Oh yes, well spotted. Given their ability to compound your money at 13-14% I'm happy for them to keep hold of it. Takes a while to appreciate it, but we are really better off by not having much of a dividend.

Good point on the discount. He has one of the best investing records over 30 years in the UK. That should merit a premium rating, but never has and probably never will as publicity is kept low. I'm looking to buy lots more here when we have the next recession. Small company trusts always get hammered in a sell-off, but next time that happens here I will load up as its pretty much a guaranteed successful long-term investment. He will also have lots of liquidity to deploy at low prices as and when the opportunity arises.

[rambutan2] 15/9/2018 20:38

topvest, shock news! It's been a long wait, but it looks as though some yield is coming down the tracks...

Income for the period amounted to a profit of GBP2,389,000 (31 July 2017: GBP2,592,000). Consistent with past policy, the Directors do not propose to pay a dividend (31 July 2017: nil). However, it is probable that a final dividend in respect of the current year will be paid as all brought forward losses against the revenue account will have been utilised.

NAS remains a long term favourite of mine, and always available at a too big discount.

[topvest] 14/9/2018 18:56

Yes, interesting to see that they are taking shares in The Multifamily Housing REIT, which has Harwood Real Estate Asset Management Limited as the adviser. Think I will avoid this new issue though. From a bit of analysis:
Seed portfolio
57 flats in Leeds being acquired for £6.15m.

NASCIT getting shares.
Harwood Leeds Property had 57 flats in Leeds which cost £3.6m which was also the valuation at 31 Jan 2018 in the NASCIT accounts.

Pretty obvious who is getting the better deal!

I will definitely be doubling up on NASCIT when a good opportunity arises. There may be no yield, but its a great trust.

[p1nkfish] 15/8/2018 22:18

He has just been made a NED in GVP - Gabelli Value Plus.
They need him if their performance to date is anything to go by.

[rambutan2] 22/7/2018 03:03

Mills ‘had no money to invest’ when he became manager of North Atlantic Smaller Companies (NAS) in 1982, aged 30. He started buying shares in the trust in 1984, when he became its chief executive, and today owns £162 million of it.

‘That’s my money, and I’m very careful with it,’ he says. ‘We don’t do jollies. We invest when we’re as sure as we can be that we’re not doing anything stupid.’

[p1nkfish] 29/6/2018 11:41

New Dir looks useful from a background perspective.

[strathroyal] 11/6/2018 11:42

That's another excellent NAV update from the company, wonder where the jump came from as I can't see that any of the listed investments have taken off in May.

[topvest] 25/5/2018 12:22

Yes, you are probably right. As an activist and opportunistic value manager he has probably upset a few people along the way. His takeovers of Indoor Bowling and Jaguar Holdings are prime examples of him opportunistically taking a company private, after taking big positions and minority shareholders often lose out. The trick is to be in his funds so you get the upside.

That said *100 NAV and *35 NAV/share is some achievement. He keeps a low profile, probably for a reason. Ultimately, he must be one of the best investors in the UK though over 30 years! Simon Knott is pretty good at Rights and Issues Investment Trust and similarly overlooked. They both make Neil Woodford look rubbish! Some Managers are all hot air and no performance record. These two are no hot air and lots of performance!

[rambutan2] 24/5/2018 21:31

A few decades ago I'm sure I remember NAS being on a premium and Mr Mills feted as a star manager. However, over the years I think he has ruffled a lot of City feathers and is looked upon a bit warily. Also the trust is not easily pigeon holed into a sector. Mr Mills has too large a stake for institutional investors comfort. And he doesn't really publicise NAS and isn't too bothered about the discount. But therein lies the opportunity...

[topvest] 24/5/2018 20:23

NAV up 100 fold in 35 years is very good. I'm surprised he doesn't get more investment following really as its a tremendous record. I will be buying more at some point.

[costax1654x] 24/5/2018 20:06

I bought some shares today just in case!Anyway fellow investors have a look at AEG I personally think that it will multibag.Good luck here!

[rambutan2] 24/5/2018 19:36

Here's the annual report in full:



The front cover always features a classic Royal Navy action. Here's the lowdown on this year's painting:



Hopefully Mr Mills will bag us plenty of pieces of eight over the coming year!

[rambutan2] 15/5/2018 15:46

And on that theme, Sportech and Lakeside both up today on good rns.

[p1nkfish] 15/5/2018 15:01

Great comment from Mills about changes he can exploit - some fund(s) not looking at market caps < £100m and likely to throw up under researched small cap value opportunities. He's spot on.

NAS has the capital to deploy, just needs the value in the market to arrive.