Bought some of this today. Nice discount to NAV and it looks to me to have done better than many other Asian trusts. |
Error corrected in today's announcement. |
What a coincidence:
"Pacific Horizon Investment Trust PLC (PHI)
We note that the NAV announced at 10.58am today is materially different to the NAV announced yesterday. We are investigating the accuracy of the NAV and will update the market as soon as practicable.
Investors should disregard the 10.58am announcement until the accuracy of the NAV has been confirmed.
Baillie Gifford & Co Limited
Company Secretaries
13 July 2023"
If it's an error, it's not a small error. If it's correct, BG look inept. How can they not know which? |
Tipped in the Telegraph today: |
Looks like PHI will get promoted to the FTSE 250 at the end of this week. Possibly explains some of the rise in the last couple of days. |
SEA up another 7% overnight will help.
Nickel Mines have done another good deal overnight and trade on 5x earnings based on nickel price 20% below current spot rate.
Probably why they are back to a premium to NAV again. |
Sea which is around 5% has recovered almost 50% since last week. |
Holding up nicely this morning after initial drop, hopefully can create a base even with US shake out. |
nice turnaround and looks like it will rally a bit tomorrow unless there is a late selloff in US indices . |
Thanks @uapatel - is frustrating when market moves are so large, yet NAVs 24hrs behind. Today's report will be for yesterday's UK close and won't even include the Asia fall overnight.
Not all PHI's holdings will have been down tho, so agree it should read OK. But would make sense to set up a spreadsheet of the holdings real-time (not knowing, of course, of any portfolio changes). |
No real idea Specto, assuming it’s above £7.00, appreciate that Asia markets were down and the NAV stated is behind the times. Hence my feeling £6.80 for a small top up was at a discount. |
What's the current NAV then? It clearly isn't 770p. |
Small top up this morning. Will add a bit more later in the week. Nice to be adding at the discount rate. |
Gone from a 10%+ premium to NAV to 13% discount. Massive change in sentiment. Quite why people were prepared to pay such a premium was beyond me. |
Fair point. Interesting mix really, looking at the Top 10. Sea Ltd (obvs), JD.com, Zomato, but also Samsung, Tata, and as you say - Vedanta, Jadestone etc. |
In fairness to PHI it is a slightly different beast to SMT. It has 20% in commodity stocks which are performing well at the moment. Nickel Mines have been doing well. |
Personally I think we're in a bubble, and may finally have seen the top*. Yes, it really needs crypto (& Tesla) to detonate to be certain, but interest rates are going up, yield compression is over, and valuations everywhere are still eye-watering.
Tech is the future, but not every tech. That's 99/2000. Even Amazon fell 90% in the crash 21 years ago, and eg Cisco has never regained its highs.
Well done taking the hit when you said you would - if performance is going to suffer from here, a sustained discount seems more reasonable than a sustained premium.
If. No one has a crystal ball.
Not a fan of SMT, I think it'll take a lot longer for their unlisted exposure to hit the NAV tho.
*I've thought we've seen the top numerous times before, but the current value rotation is amazing.
Edit - Cisco: genuine, profitable, making the picks & shovels (click on "Max" on the chart): |
Started building a position here few days back, never get my timing right, so just add as and when I can. |
Agreed. It's a punt and I only bought more today on the basis of similar AIC funds appearing to rise from a bottoming out.
I wish I hadn't now, but will play it out and prob sell the lot if they reach 700p per share.
I can't see them falling that far below NAV, but it may happen.
Historically for phi this is a time when punters have jumped in feet first..
As for a correction, these type of recovery AICs have already had quite a correction of up to 20% down to punters flogging them off for perceivedly richer pickings now covid isn't so economically depressing.
My point is that as investments like SMT, ATT and PCT have returned a profit today, why exactly is the drop still so severe for PHI?
Does anyone have an insight? |
It's currently trading at a slight discount to NAV, which it hasn't done since early 2020. However, pre-2020 the discount often averaged 10% or so. So mixed signals. There are certainly worse times you could buy PHI, but that's not to say it couldn't go much lower. Particularly if global markets correct, which is certainly possible. |
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