Rights & Issues Investment Share Discussion Threads

[topvest] 30/1/2021 13:48

8m Scapa and 4.25m Treatt at the end of 2019. Happy days! The Scapa bid at 210p is not great though - lower than the 2019 and 2018 valuation.

[coolen] 27/1/2021 19:04

Today, Scapa is up +20% on a bid; Treat up +20% on a trading statement earlier in the week. What chunk of RIII's portfolio do these two stocks account for?

[the monkster] 01/7/2020 11:55

hes stuck in treatt and scapa. both doing nothing.

[napoleon 14th] 29/6/2020 15:21

Wins title of "Quietest thread on advfn"!

[ifthecapfits] 18/12/2018 15:05

Looks interesting this one. On the watch list.

[spangle93] 15/7/2018 11:27

Recommended IT as "lesson learned from the World Cup" in D Tel Sat 14th (small can be winners)

[bigwilly1986] 08/8/2017 18:37

I always wanted to buy this, but was put off by the more complex structure. As I have just noticed the changes, I am now in!

[coolen] 27/7/2017 01:07

wtacraig, well spotted !!

[wtacraig1] 26/7/2017 16:34

Money Observer has this as their annual tip in the adventurous UK Smaller Companies trust category .

[nimbo1] 07/5/2017 19:08

This gem of a fund is a well-kept secret By: David C Stevenson 05/05/2017 0 comments Value investors are an odd, difficult bunch. It’s in their nature to be a bit cussed and contrarian. They’re also usually very individualistic and secretive, which I suppose goes with the profession. If you find a true gem of a stock, trading at below its “intrinsic value”, your first instinct is to keep mum and not tell the world. Hence tracking down reputable value managers is a bit like hunting down gems in the investment rough. You’ve got to ask around among other value nerds for clues, while also digging into boring reports and accounts. Simon Knott is one example of an elusive value manager. Search for his most established fund, the Rights & Issues Investment Trust (LSE: RII), and you’ll encounter… well, very little. The truly diligent could comb through the trust’s regulatory news service releases to understand more about it – but you can save yourself a lot of bother by making use of the excellent fund summary available via Kepler Partners’ investment trust intelligence service. The Kepler report on RII is a very good summary and rings true with the accounts I’ve heard from other value fund managers. Their message is simple. If you want to invest in small UK stocks, it’s worth having a look at this trust. RII focuses on small caps and is very concentrated in a small number of key holdings (the top-ten holdings account for 83% of the portfolio’s total net asset value (NAV)). Portfolio turnover is low (2% on one measure), which indicates a high degree of long-term conviction in the portfolio. The trust has a market cap of around £188m and a current dividend yield of around 1.5%. It is the cheapest member of the AIC UK Smaller Companies sector, with an ongoing charge of 0.59% and no performance fees. Knott has run the RII since 1984, and owns 5.13% of the voting shares, while his family owns 15% in total. As with so many of his value-investing peers, Knott’s forte is picking ignored stocks where he can visit the management and get up close and personal. Top holdings in the fund include bonding and adhesive manufacturer Scapa Group, and chemicals company Treatt, which specialises in fragrances and essential oils. Over the past 20 years the trust has delivered a NAV return of 2,053%, compared with returns of 577.5% and 485.9% from the Numis Smaller Companies ex-Investment Companies index and the AIC UK Smaller Companies sector respectively. Given these numbers, you’d have thought the board would have done some marketing. They haven’t. This reluctance to shout about the fund has meant that the discount has gyrated around violently and is currently at around 12%, after some fairly heavy share buybacks and the Brexit-induced small-cap sell-off. To make matters even more complicated, the fund used to boast a two-tier structure with capital and income shares, but that’s been quietly phased out now. This trust will be a volatile ride, its shares aren’t heavily traded (in fact, it’s the second least-traded small-cap trust) and it’s run by a board and a manager with a vampire-like aversion to marketing. But if you can get past this, you’ll get an experienced stockpicker with real expertise, skin in the game, a great track record, and low charges.

[nimbo1] 06/5/2017 19:15

article in this weeks money week about this trust.

[topvest] 29/4/2017 20:20

Yes, the buy-back seems to have closed the discount very successfully. Its been a 5 bagger for me so far, before dividends. Very good.

[coolen] 28/4/2017 20:02

Stunning performance.

[rogerbridge] 28/4/2017 19:49

Nice to go through £20.

[nimbo1] 23/2/2017 08:28

I wish I had come across this IT and manager a long time ago - but am now in. late but hopefully not at the top. His track record is awesome and has pulled it off again with a 9% (before today) holding in Treatt, which just released excellent results.

[davebowler] 11/10/2016 14:56

HTtp://tools.morningstar.co.uk/uk/cefreport/default.aspx?SecurityToken=F00000XBIE]2]0]FCGBR$$ALL Estimated Nav 1,792.39 Discount to NAV% -8.64 12M Avg Disc % -16.19 Last Actual NAV 1,735.61 Latest NAV Date 31/08/2016

[anley] 04/10/2016 16:02

No 75 years old and still investing in the trust....last post on this.

[luckymouse] 04/10/2016 15:00

So you must be around 39 then anley :)

[anley] 23/9/2016 12:34

I remember this trust being formed in 1965 with just an odd million with young Knott's dad in charge. It took a few years for it to grow but I would say that it was son who is the better manager so it forms part of a tust portfolio which also includes Terry Smith and young Mr Slater.

[luckymouse] 22/9/2016 21:39

quite firm

[davebowler] 15/9/2016 14:35

The Net Asset Value (NAV) at 31/08/2016 was: Number of shares in issue: Per Income share (bid price) - including 1,735.61p 9,020,000 unaudited current period revenue* Per Income share (bid price) - excluding 1714.26p current period revenue* Income share price 1465.00p Discount to NAV (15.59)% *Current period revenue covers the period 01/01/2016 to 31/08/2016

[coolen] 20/8/2016 20:24

Extract from www.maitlandgroup.com web site: "This is supported by the 5 yearly review that addresses the above objective, the next being due in July 2016." Surely this needs up-dating ?

[topvest] 20/8/2016 20:02

Nice to see they are now disclosing their top 28 holdings. They have always been a bit reluctant to disclose exactly what is in their portfolio. Great little trust this one though and more than happy to hold as it invests in small companies in sectors that I generally don't invest in (i.e. outside the financial sector).