Oryx International Growth Share Discussion Threads

[ssahoy18] 04/12/2019 11:07

still looking nice and perky. should be getting the half year report sometime in the next couple of weeks, so will be interesting to see what theyre thinking

[spectoacc] 03/12/2019 16:34

Dunno, but they also picked up 8% of CIR a fortnight ago. Funnily enough, hold plenty of CIR and a fair few Oryx.

[dekle] 03/12/2019 14:21

What do you think about the investment in INFA?

[ssahoy18] 26/11/2019 10:35

looks good to me, ergomed, hargreaves and augean which is collectively 20% of their nav are all up double digits again since the NAV just published. and more smaller winners. there'll be another big writeup in the next NAV so i see more momentum here

[spectoacc] 26/11/2019 08:19

I see the NAV was reported as £10.78, vs HL est of 1163 - however, that's only to 31st Oct (OIG's), so not necessarily any clearer!

Think I'll just stick with "It's cheap" :)

[psync] 20/11/2019 10:44

Yeah I'd also be sceptical of an estimated NAV, so it would surprise me if people were buying purely on the back of that, but what do I know. A cursory glance at the portfolio shows Ergomed and Augean (#2 and #3 holdings) both with strong 1-month performance but hard to judge the impact without hard numbers. Perhaps the spike is more indicative of low liqudity struggling to meet a sudden rise in demand. I often wonder how market makers refill their stock of these kind of shares most suited to buy-and-hold retail investors and likely to be less actively traded.

[strathroyal] 20/11/2019 10:43

Thanks Specto, that's a good point.

[spectoacc] 20/11/2019 10:38

@strathroyal - apologies, I meant how much of NAS's NAV is OIG, ie if it's 12% of NAS, then a 1.2% rise in NAS's NAV would come from a 10% rise in OIG's.

[ssahoy18] 20/11/2019 10:34

theyve smashed most other ITs over the last decade: hard to see why they should trade at the biggest discount

[strathroyal] 20/11/2019 10:30

I've got a few of OIG's holdings on my watchlist so I know some have done well lately (AUG and ERGO for example)but they are also duplicated in NAS and therefore would reflect in that nav as well. Would agree that they were cheap in the 700s but whether they are cheap now I'm not so sure.

Just to correct one thing though, NAS own 51.86% of OIG (RNS 11/01/19)

[spectoacc] 20/11/2019 10:18

True, altho the NAV from NAS yesterday was to 31st Oct, and we're now on 20th Nov. Also NAS have 9% (or 12%, depending where you read) of OIG, so a 1% rise could reflect a decent OIG rise.

I am, however, also sceptical of HL figures. Fwiw at 892 mid from yesterday, they reckon discount 27.7%, NAV 1190. That's an enormous increase from the 1035 last reported NAV, & don't see what has risen that much.

Still - OIG is cheap! :)

[strathroyal] 20/11/2019 10:04

Difficult to see that the discount has stayed that wide. NAS published their own nav yesterday and the equity accounting method, which I think includes their stake in OIG, is up less than 1% for the month.

Undoubtedly the share price was a bargain in the top 700's when unfortunately I didn't have any cash available. Having come into funds this week, I've added to my own NAS holding.

[spectoacc] 19/11/2019 20:29

John Baron seemed to manage to mention most of them, and was a week last Friday so don't think any relation.

Must be something done well in the portfolio for HL to have upped their NAV estimate - 1,143, & 29% discount, by their est.

I guess the US Treasuries holding is a slight drag unless currency hedged.

OIG really is the stand-out on a discount basis. (THRG, HSL, HRI, MTU, SLS, IPU, OIG, ASCI, JMI).

[psync] 19/11/2019 18:14

Yeah that's quite a jump, couldn't see any news other than John Baron's last IC column pushing UK small cap ITs. Will be interesting to see the the NAV at the next update. Not entirely surprised to see a bump as just about every other UK small and mid-cap fund rallied along with the pound last month and this seemed to be getting left behind. Would be nice to see some benefit to NAS also assuming markets stay strong.

[spectoacc] 19/11/2019 09:25

Wish I'd got all I wanted now, look at that chart! As far as I can tell (using HL estimates), discount hasn't come in at all - is all NAV growth. Still trading near 30% below NAV.

[spectoacc] 30/10/2019 08:46

HL say current OIG discount 29.4%.

Then again - they also said buy WEIF.

[steve3sandal] 28/10/2019 10:11

If we could all refrain from buying here please the share price might go back to sleep and let me have more. Thank you!

[spectoacc] 28/10/2019 09:18

Didn't get all I wanted but not chasing. But that discount just got too damned large IMO.

[psync] 26/10/2019 17:22

Cheers steve! Just annoyed it has taken me this long into the current economic cycle to realise how many trusts and funds with excellent track records there are out there. Beats the constant anxiety of being one trading statement away from taking a bath. At the very least if global markets now start on their downturn I'm vastly more diversified than I was.

[steve3sandal] 26/10/2019 17:02

Psync, I came to the same conclusion earlier this year. Over 40 years in ITs and thought I could pick stocks. 1 became 11, IRR under 1% over 3 years. Now holding onto just 4 but otherwise all in with ITs for equity exposure and where I’m quite happy.

[psync] 26/10/2019 16:13

Recently shifted a direct holding in Flowtech Fluidpower over to this, finally accepting that I have neither the skill nor the fortitude to manage my own small cap portfolio. Discounts seem to have narrowed on most other UK small and mid cap trusts but not this, which attracted me as it's still early days regarding the B-word. Just hope a wind down isn't imminent. Shame though, I did fancy Mercantile Trust but not at the current price.

Also picked up NAS and Montanaro Smaller Co's to go with a preexisting holding in Acorn Income Fund from last year that is only just threatening to break into profit. Probably too much UK exposure but wanted to have some stuff that might benefit if this country decides to turn a corner at some point.

[steve3sandal] 25/10/2019 16:04

Indeed. And the old double discount through NAS. I had a good look through the portfolio for potential gremlins a while back when I also had some sweets out of this jar. Needs small caps to come back in favour and or NAS to buyout the other 50%. Post it note reminder for Monday thanks.

[spectoacc] 25/10/2019 15:21

In for a few, tho couldn't get as many as I'd have liked. Discount just too large to ignore.

[topvest] 24/4/2019 20:42

I don’t think Christopher Mills will be pressured into doing something he doesn’t want to. I’m content to keep holding in the knowledge that medium term returns will be good. NAS has the firepower to take this over, but they may be wiser holding their cash until the cycle turns...we can’t be far away. I hold both, so not fussed either way really.