River Uk Micro Cap Share Discussion Threads

[mad foetus] 22/2/2018 16:35

Sorry...I suspect Rodrigs will turn up elsewhere. Polar seem to be getting a lot of good young managers at the moment (Rushton and Hamilton and Godber spring to mind). I sold most of mine here at 230 but liquidity meant I couldn't shift them all. Whatever he was doing, it is not good for R&M as he was their star performer.

[mad foetus] 22/2/2018 16:33

Discount looking chunky though, could be a time to buy in.I suspect

[eh9] 22/2/2018 16:19

Old news that article is more than a week old. Deputy fund manager who shadowed the sacked manager has taken over. No need to fear a collapse in nav performance in the medium term.

[petewy] 22/2/2018 15:09

any idea of what's going on?

[slopsjon2] 15/2/2018 15:28

Article in Shares mag page 6

Shock as highly respected small cap fund manager is pushed out
Experts now believe several River & Mercantile funds could see big outflows

SHARES IN investment trust River & Mercantile UK Micro Cap (RMMC)
have started to recover after falling nearly 20% in the days after fund
manager Philip Rodrigs was pushed out (7 Feb). Reports suggest conduct issues
relating to Rodrigs were unearthed
after more stringent systems
and controls were drafted in by
asset manager
River & Mercantile
(RIV)
following an ongoing FCA
competition investigation involving
R&M and other investment
managers relating to IPO
price fixing.
River & Mercantile said Rodrigs
had left the business ‘following an
investigation into a professional
conduct issue’ although it
clarified the conduct issue was
unrelated to his portfolio manager
responsibilities.
Rodrigs was also manager
of open-ended funds
River &
Mercantile UK Smaller Companies
(GB00BC4DSV56)
and
R&M UK
Dynamic Equity (GB00B7H1R583)
,
which have subsequently seen
an estimated £43m of outflows
according to calculations by
stockbroker Numis on 12 February.
Numis forecasts £650m of net
outflows by mid-2018 in these two
funds, accounting for just over
half of the combined assets under
management (£1.2bn) before
the news.
Stockbroker AJ Bell has removed
River & Mercantile UK Smaller
Companies from its ‘favourite funds’
list on the grounds that Rodrigs was
considered to be a vital part of the
fund’s investment process.
His departure has led to the fund
being replaced by
Franklin UK Mid
Cap (GB00B8K8HH50)
on AJ Bell’s
preferred funds list. (JC

[mad foetus] 09/2/2018 13:34

SEC was similar when it lost its manager. From now RMMC should show whether its record was down to Rodrigs stockpicking or R&Ms propriety approach.

[douglas fir] 08/2/2018 14:24

tx river..

[riverman77] 08/2/2018 13:06

Unless there is a discount control mechanism in place which seeks to fix the discount at a particular level, discounts & premiums are entirely driven by the demand for the share. Investment trusts typically trade at a discount to nav, but there are a few, such as RMMC until yesterday, that trade on a premium. This is usually due to high level of confidence in the manager and strong performance. The concern here is that the market may no longer attach a premium to the shares until the new manager proves himself. Discounts of 10-15% are not uncommon in the small cap space. I reckon RMMC is now on a 10% discount, but I wouldn't necessarily consider this bargain territory relative to other small cap funds. Given all this I wouldn't be surprised to see this drift to a 15% discount in the near term.

[douglas fir] 08/2/2018 09:35

How is the premium/discount of an Investment trust fixed...and who does the fixing?
tx for expected forthcoming wise words.......

[eh9] 08/2/2018 08:54

Big picture the portfolio is still the same and should continue to perform and the discount likely will be taken out by bargain hunters over next 10 days. Annoying downside to investment trusts

[eh9] 07/2/2018 13:25

Personally I believe there are grounds to make a formal complaint to the authorities. This breaks the listing rules the way the info was leaked prior to an rns.I would hold however since new fund manager strong and net assets much above current share prices.

[mount teide] 07/2/2018 13:20

A few got 'lucky' with some chunky sells before the announcement, particularly whoever managed to unload 40k late yesterday afternoon - so keen were they to get out they accepted a price well below the bid !

[riverman77] 07/2/2018 11:10

That's a surprise. I did very well out of this last year but sold after it went to huge premium, and was also a bit concerned that some of the underlying investments were looking overvalued (Blue Prism as just one example). Will be keeping an eye on this now - I suspect it will drop quite a lot further, perhaps a 10% discount in the near term.

[petewy] 07/2/2018 10:57

Explains the drop.

[henryatkin] 07/2/2018 10:27

Tweet
Funds Fanatic
‏

@FundFanatic
38m38 minutes ago
River and Mercantile has sacked fund manager Philip Rodrigs for a 'personal conduct' issue unrelated to his funds. George Sensor to take over UK Micro Cap trust (RMMC). Today's rebound in the shares halted.

[mad foetus] 23/1/2018 16:19

Stupid premium but I can't bring myself to sell as the spread and Tax mean I'm unlikely to get in any lower.

[petewy] 22/1/2018 12:47

I bought in last May as a punt as I like the portfolio but no dividend. TAP PRSM
Didn't expect this sort of rise.

[luckymouse] 16/1/2018 16:17

A different way to use RSI

free stock charts from uk.advfn.com

[mad foetus] 10/8/2017 15:55

I sold half of mine yesterday, needed the funds for a house purchase but felt the premium to NAV was getting a little rich. The rest are likely to be held for many years.

[a1samu] 23/6/2017 12:34

One worry is that Philip gets bored and wants to seek pastures new and leaves. I hope they are paying him well, so that he will stay for some years, to repeat his previous successes.
Philip Rodrigs
Philip began his career in asset management in 2002 at Invesco Asset Management as a Graduate Trainee Fund Manager, later specialising as a Pan-European Equity Analyst in the transport sector. After leaving Invesco Asset Management in 2003, he joined T Rowe Price International Asset Management as a Generalist Pan-European Associate Analyst with primary responsibility for covering all sectors across Europe and directly supporting the head of the six-person strong “International Small & Mid Cap Investment Team”. Philip joined Investec Asset Management (“InvestecR21;) in 2005 as a Specialist Multi‑Sector Analyst. Following the departure of Dan Hanbury from Investec to co-found the Portfolio Manager, Philip was appointed the investment manager of the Investec UK Smaller Companies Fund. From an initial position of approximately £100 million, the Fund grew to a peak of nearly £650 million at the point of Philip’s resignation from Investec. In addition, whilst at Investec, Philip was appointed manager of the Investec UK Alpha Fund (from April 2012) and co-manager of the Investec UK Blue Chip Fund (from November 2013), which collectively reached £200 million by the time of Philip’s resignation. Philip has been consistently highly rated by Citywire throughout his career and received many awards for his performance, culminating with the award of the title of Investment Week Fund Manager of the Year in both 2010 and 2011 for his consistent, class-leading risk adjusted returns with the Investec UK Smaller Companies Fund. In 2012, he was also awarded the cross-market Outstanding Rising Talent Award by Morningstar OBSR.

[mad foetus] 14/6/2017 10:42

Thanks ArfDoes anyone know what they do with the holdings represented by the shares they have just cancelled? Have they sold 12.7% of the underlying to redeem shareholders or what? I wonder if it might explain in part why TAP rose quickly yesterday?

[arf dysg] 26/5/2017 13:27

mad foetus,


FTSE mid 250, i.e. the 250 companies below the FTSE 100:
symbol MIDD, an ETF run by iShares, so you can buy this just like any share



UK small companies on the main market:
symbol CUKS, another ETF run by iShares, so you can buy this just like any share

[mad foetus] 25/5/2017 14:33

I wish they would set up another fund for smaller cos (but bigger than micros) and allow us to convert shares into that.

[nimbo1] 25/5/2017 10:45

and there is the partial redemption - wish they would just keep the money.

[nimbo1] 19/5/2017 09:55

Hi henry that is interesting. Which funds did you use? In the smaller company space I use investment trusts and then hold individual positions where the investment trusts already own the stocks (dd) and I particularly like the story. RMMC really does offer something different in the investment trust space.