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Share Name Share Symbol Market Type Share ISIN Share Description
Schroder British Opportunities Trust Plc LSE:SBO London Ordinary Share GB00BN7JZR28 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 105.25 105.00 105.50 105.25 104.75 104.75 42,283 08:00:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments - - - - 79

Schroder British Opportu... Share Discussion Threads

Showing 101 to 123 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
28/4/2021
07:23
Interesting update, "though we aren't telling you what it is"; https://www.investegate.co.uk/schroder-br.opps.tst--sbo-/rns/portfolio-update/202104280700057788W/
jonwig
20/4/2021
21:16
I've sold my holding in SBOT as i didn't realise what i had actually bought. After reading comments on here about these things trading at discounts to it's asset values i thought I'd better invest directly into some shares. Ok, i run the risk of picking wrong stocks, but at least they will be valued at what they are worth, rather than a discount.
simmsc
16/4/2021
08:45
Another investment RNS'd - Cera Care. But the fundraising appears to have been from February, £54m - wonder why an RNS now? Unlikely Cera have raised again 2 months on. Can't tell what the market cap is - but be surprised if SBO put in more than one or two million. Again, looks nothing particularly wrong with the investment, but another non-early stage tiny holding.
spectoacc
14/4/2021
07:42
Good point - yet they give a detailed explanation of another big & dubious travel punt, SSPG: "In March 2021, we invested in SSP Group, a leading global operator of food and beverage outlets in travel locations, principally airports and railway stations. At the time we believed that a combination of new equity and refinancing of existing debt would be required to repay near term maturing facilities, reduce its leverage and provide it with extra liquidity to survive a protracted lockdown scenario. The company has since announced a rights issue and associated refinancing of debt facilities. Whilst the stock has done well since the announcements of various vaccine discoveries in November 2020, we believe there are various long term structural growth drivers underpinning the investment case." Interesting they sold down their biggest loser, PRSM, and sold out entirely of another loser, IQE. Ditching losers a perfectly sensible strategy, but makes for churn - a long way from a Terry Smith or Nick Train "ideal holding period is forever". Not sure I'd have led with the ADVFN award :) £78m co, but make themselves sound like they're managing £780m. 30 positions, with more still to come. But - they've made gains since launch, even if the discount still far too tight. No reason you'd pick SBO over eg CLDN (27% discount, £2.1bn assets, great long term record).
spectoacc
14/4/2021
07:17
Portfolio update: https://www.investegate.co.uk/schroder-br.opps.tst--sbo-/rns/q1-portfolio-update-as-at-31-march-2021/202104140700103546V/ Quite a thorough description of their strategy and holdings. But ... no mention of the reasoning behind two of their largest, Trainline and National Express.
jonwig
18/3/2021
07:24
Closure of share premium account: https://www.investegate.co.uk/schroder-br.opps.tst--sbo-/rns/reduction-of-share-premium-account/202103180700036177S/ One way of pretending to pay unearned dividends.
jonwig
05/2/2021
11:38
spectoacc has taken a massive bashing on the market in the last few months. 4 of his to choices have gone phut. And ramping this isn't going very well, isit?
oiltakeyouhomeagaincaitlin
03/2/2021
15:34
Equity futures indicate and index price different from the underlying index - take the March futures contract which expires on the 3rd Wednesday of March (19th): It has a price of 20739 MCX has value of 20777 Difference (38 points out of 20777 = 0.183%) is the difference between the dividends received on the index minus the funding cost for 44 days. Annualised, that is around 1.5% (which makes sense because the trailing div yld is 1.86% and you would expect that to be lower this year - actually it is a little more complex than that, but you get the point). In portfolio arbitrage terms, you are buying the future cheaper as you are not benefitting from the dividends, although you are not having to pay for the contract (but the current funding rate is near zero).
chucko1
03/2/2021
14:56
Ah, so if the futures contract does not charge interst, it is because it is built into the contract price. And presumably what Shroders are doing is choosing to present the financing differently, so as to raise the NAV compared with the published price for the futures contract and spread the interest over time, thus resulting in the cum/ex difference.
cc2014
03/2/2021
13:58
Hmm no clearer on Cum/Ex then. SBO's the only time I've seen it. Bottom line for me is that SBO managers are punters. There's no "best ideas", it's spray the cash around with a mostly mid-cap & British bias (tho far from solely UK earners). Not particularly value or growth, & will only make 10% pa if the market has a good run - any one stock isn't large enough. Largest single holding (TRN) at 3.1%. 20% would still seem about the right discount IMO. Cheap at 30%? [Edit - on the concentration point, and can't say this is necessarily a better way of doing it, ARR's 10th largest, Vesuvius, is bigger than SBO's no.1. ARR top 3 are FRAS 16%, BDEV 11%, EZJ 11%. That's a conviction portfolio.]
spectoacc
03/2/2021
13:42
Index futures require little cash. You buy them on an exchange and put up a certain amount of initial margin, adding or subtracting variation margin as the value of the contract changes. That leaves the majority of the cash to be placed on deposit. The futures contract itself required no funding and nor does it accrue any interest. So not sure about the negative income. Margin requirement on this futures contract (YBYH1) is very close to 10% and likely pays interest of SONIA, so basically nowt.
chucko1
03/2/2021
13:02
Not sure I know enough about Index Futures, other than that it'll be cash-settled in March. But yes - could be the negative income, ie the cost of holding more than offsetting the yield? Curious place to park the cash.
spectoacc
03/2/2021
12:17
That could be the negative income we were talking about.
jonwig
03/2/2021
12:00
Morningstar have the same information It looks like a Mar 21 Futures contract to me and I would agreet, it's just somewhere to park the cash until they invest it elsewhere. Nothing wrong with that but it would be nice of them to say
cc2014
03/2/2021
10:17
Target returns The Company aims toprovide a NAV total return of 10% p.a.² (once the Company is fully deployed across the target allocation between public and private equity investments) over the life of the Company And then according to HL they don't even mention their largest investment which is 29% in what looks like a March 21 FTSE index future: https://www.hl.co.uk/shares/shares-search-results/s/schroder-british-opportunities-trust-plc Where HL get their information I'm not sure as I can't see a monthly factsheet on SBO. Perhaps someone in morningstar or national storage mechanism. Anyways if that's right and part of their strategy is simply to buy a FTSE250 tracker on which they get their management fee this is a disgrace. My apologies for the rant if I've misunderstood.
cc2014
03/2/2021
07:27
Some odd choices in there (Trainline???) but of course timing is key.
jonwig
03/2/2021
07:20
Not saying they don't know what they're doing but... Does feel much like Woody Woodford, too much to spray around at every idea they can think of. (Copy/pasted but won't format - their Top 10 is 30% of the fund but all tiny positions in big co's. Trainline, NEX, Breedon...). Edit - Graphcore is a $2.7bn co at last valuation, which SBO own £2.9m of. Not saying not a good investment - looks an interesting co - but no influence whatsoever & not exactly in early. Rapyd Financial Network 2016 Ltd Target Global Fund 3,227,862 4.4 Graphcore Limited - Series E Preferred Shares 2,912,902 3.9 Trainline PLC NPV 2,307,183 3.1 Learning Curve Group Ltd Agilitas Boyd 2020 Fund 2,186,914 3.0 Blue Prism Group Plc Ord GBP0.01 2,151,986 2.9 National Express Ord GBP0.05 2,033,485 2.7 Ibstock Plc WI Ord GBP0.01 1,998,460 2.7 Ascential PLC Ord GBP0.1 1,951,437 2.6 GB Group Ord GBP0.025 1,763,506 2.4 Breedon Group PLC NPV 1,730,848 2.3 22,264,581 30.0
spectoacc
20/1/2021
14:43
Reminds me a bit of the early days of Menhaden - an optimistic focus on green credentials, followed be a slump and widening discount as the stockpicking was exposed as naff. MHN (coincidentally also a holder of Calisen) back above par after 5 years, but only thanks to punting the likes of VW, Airbus etc. Not so green. Unless the Schroder Juniors are exceptional stockpickers (they're not, or would stop at eg 10 picks), agree the discount needs to be c.20%. Can see it moving to that when the NAV falls.
spectoacc
20/1/2021
14:37
Today's statement is 90% air bubbles (and the NAV is quite depressed). What they are doing looks a lot like the build up of a new VCT without the tax breaks, apart from the fact that the private companies are too large to qualify for VCT status. So if it couldn't be a VCT for this reason, it maybe ought to be valued as one - ie. a double-digit discount.
jonwig
20/1/2021
14:13
Perhaps not the top, but they undoubtedly needed to get launched pre-vaccine news. SUPP/SBO's RNS's are refreshingly thorough from the Schroder Juniors, but read like a school essay. This made me laugh: "...Was corroborated within the first two weeks of SBO's launch when one of our holdings was bid for - a first for the portfolio." Two weeks in, just about everything that happens is a "..First for the portfolio" :) They're selling themselves on their superior stock-picking skills, mixed with the PE punts. But the PE stuff is a long way from early-stage - not necessarily a bad thing, but they're not going to make multiples on it, and are buying miniscule stakes with no control or influence. The fact they bought PRSM, it released a less than perfect RNS and fell, so they bought more, suggests they're not going to get it right IMO. No real conviction to a portfolio heading towards 30+ holdings, and only holding its own thanks to the fortunate early bid. But good luck to them. Do wish they'd sort out Cum/Ex income tho, looks very amateurish.
spectoacc
20/1/2021
14:09
Not sure what I think either. I can't really see what they are doing which is different than anyone else in order to deliver the around 10% target return. Probably not my sort of investment until the NAV gap appears. I'll leave it on my watchlist and watch with interst. More than anything I perceive the fund was launched 4 months too late and may be investing near the top.
cc2014
20/1/2021
13:21
"The portfolio currently includes twenty-three public equity and three private equity holdings and we are now more than 70% invested. " A thorough, SUPP-style RNS just out from SBO. Not sure whether to be impressed or taken aback by what total punters they are. Some good buys, but mixed with some strange ones. TRN for eg, or PRSM which they've averaged down, and has at least one shorter on it (questions about growth rate vs revenue). Calisen made them a swift 30% profit when it was bid for, yet fairly meaningless in a portfolio of punts that's up to 26 holdings already.
spectoacc
14/1/2021
10:51
@CC2014 - I'd like to know their listed buys too, since the NAV has risen from 98p (ex-costs float NAV) to 101p. Agree the stakes must be tiny.
spectoacc
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