Schroder Uk Public Private Share Discussion Threads

[spectoacc] 29/10/2020 13:08

Agree, expecting the usual "Due to market conditions..".

Seems bizarre they expect people to pay 100p in the £ for it, when you can pick SUPP up at a discount to..... oh wait :)

[spectoacc] 29/10/2020 11:32

Brilliant, thanks @chucko1, gave me a good laugh. Trying to launch a quarter of a billion quid fund indeed.....

[chucko1] 29/10/2020 11:23

htT ps://www.schroders.com/en/uk/adviser/events/webconference/event-attend-page/?commid=448819&utm_campaign=add-to-calendar&utm_medium=calendar&utm_source=brighttalk-transact

Unfortunately, they now appear to have removed the 1 minute clip of shame!

[jonwig] 29/10/2020 11:10

Have you a link, chucko? I can't find it.

Incidentally, there was an ITV drama series last December about an IT presentation which went wrong (except it was deliberate sabotage). Watchable, but the final twist was brilliant.
("Sticks and Stones".)

[chucko1] 29/10/2020 10:41

So half an hour has now passed and there has been no email or other communication. Perhaps they have been busy arranging an HR disciplinary meeting to give the IT commandant a final written warning. He simply guessed what the outcome of disconnecting would be even though the presenter expressed concern (a little embarrassing in front of the assembled participants). You can see this in all its glory on the 1'12" of recording on the Schroders web site!

They did not prepare - they just winged it. Complete amateurs - they think this is an acceptable way to launch a £250mn fund, by treating the potential investors with contempt? I did recently argue that Schroders in Europe was light on talent.

[chucko1] 29/10/2020 10:19

Well, I was bang on time - early even - for the Schroders talk on the New Fund. They had a microphone problem, and so some chap in a house somewhere who appeared to be the IT commandant, implored the presenters to disconnect while something got sorted out. One of the presenters asked whether that would lead to the participants (people like me) also being disconnected, but was told that this would not happen.

Well, it did, and in trying to reconnect, the Schroders computer has decided that the talk is over and you are asking to see a recording of the talk which has just finished. The problem is that the talk is one minute and 12 seconds long and consists of a man in a house saying that all would be fine.


Oh dear, oh dear, oh dear, oh dear. Anyone who had signed in and wanted to evaluate if the New Fund was worthy of investment is less likely to do so, at the margin.

And if no New Fund, Old Fund has no rich uncle.

Other than that, nothing to report. Literally.

(of course, they will reschedule, but ...)

[spectoacc] 27/10/2020 06:51

SUPP perhaps shown them there's no shortage of mugs out there. Can they do it without a "name" tho? And without any record of success whatsoever? Even Neil could point to some previous winners.

Can't see it reaching even a minimum, but a positive for SUPP if it does.

[jonwig] 26/10/2020 20:16

Schroders wants £250m which is rather steep, though the minimum may be a bit less.

[spectoacc] 26/10/2020 16:01

Lol @Jonwig.

@chucko1 - will be interested to hear what you think re Thurs. Personally not a fan of Schroders (despite SREI & one or two others) - the bog standard reputation-trading, high fees, uninspired performance. Chucking a couple of kids at SUPP in return for what - £3m a year, plus costs? - good business for Schroders, not so much for SUPP shareholders.

Main problems with SBOT are (as you say) no particular record in early-stage (trying to trade off their experience with SUPP is amusing), but also that almost all the incubator/micro-cap/pre-IPO stuff trades at a discount, as it should. Why pay 100p in the £ for it when you could pick it up at 70p later on.

Or - lol - buy SUPP. Wonder if Link will be doing the NAV on the new one.

Be interesting to see if Schroders' clout gets SBOT off the ground. Personally I think it'll flop.

[jonwig] 26/10/2020 15:43

chucko - "I don't have anything against Schroders" ... Andy Brough is a pretty good talking head, though we don't see as much of him these days.

A few years ago I met him at an AGM and asked which funds held the stock. Oh no, he said, it's one of my biggest personal holdings.

[chucko1] 26/10/2020 15:22

I miswrote - Thursday, not Friday. Initial marketing for Schroder British Opportunities Trust. In its own right, it may make some sense although if you believe in the overall thesis, there is plenty of off-the-shelf stuff to buy already that is likely to be sufficiently correlated. It's not as though Schroders' funds have deviated meaningfully from the average, or generally had any fund managers of high note. Perhaps above average in Asia, but the talent they hire in Europe is generally fairly modest.

I'm only dialling in (for 75 minutes - 5x my normal attention span) so that I can pick up any hints on what their plans for this fund are, and whether this implies any SUPP aid - which it so desperately needs after a year of induced coma.

I don't have anything against Schroders - in fact I have just bought a chunk of a property fund (SREI) which, like SUPP, trades at a large discount. The difference is that one has buildings which have proven their worth over a number of years (more or less) and are likely to continue doing so. SUPP still relies on continued hope, somewhat unproven ideas and sinks of cash rather than sources. Its extended existence is now bordering on forbearance.

If SUPP was a dog with DNA, it would have been put down after the 2019 RTA. Fortunately, it has no DNA and so it can just be cut apart and some of the parts sewn back in to some other body. Let's see if that turns out to be the case.

[chucko1] 26/10/2020 12:48

Well, we will find out more on Friday, it seems. I may tune in for a laugh.

[johnwig] 26/10/2020 11:01

Another spectoaccularly inept attempt at trolling SUPP. You two have been trying to do it for years but you don't seem to be getting anywhere near your shiveringly desired 0p. LOL.

I am assuming you two have been impotent nearly for ever now, so you are well accustomed to failure.

[spectoacc] 26/10/2020 08:39

I'm convinced they want the "Schroders British Opportunities Trust" to co-invest, perhaps even buy, some of the SUPP holdings. SUPP have no money (negative money) to "support" even those that might show some promise - eg Inivata.

Some are getting by raising from other investors, but whilst those likely survive, the SUPP holding gets smaller with dilution. Not helped by SUPP needing to sell down when there's sufficient liquidity (eg ON sales - interesting to see if they sold any more the other week).

OD still over £100m, few obvious avenues to reduce it beyond selling the last of the listed Autolus, the last of ON (a float would be a boon, but SUPP hardly calling the shots). RUTH is at least taxpayer-supported for time being, but ATOM needs more cash and soon. Benevolent got Temasek on board but the valuation wasn't pleasant for SUPP, and won't be next time either - Temasek owe SUPP nothing.

SUPP from a few weeks ago:

"...The focus on adjusting position sizes towards a more balanced portfolio, whilst reducing debt, also remains front of mind and we hope to be able to provide further colour on the progress being made here soon."

"Front of mind". "Colour". :)

Over a year in, & Schroder Juniors have achieved next to nothing, other than raking in fees. The new IT would share a co-manager, so interesting to see how they'd managed the conflicts of interest - screw SUPP, or screw the new investors? But still - it's an avenue for something to happen, and something they'd have control of. A few "invested at NAV" deals might make SUPP holders think there's really 45p of value in there.

[jonwig] 26/10/2020 08:27

"manage down Woody's failures" - that could be the master plan.

Run down the SUPP nav (to "0 - 20p"), float their own trust and merge in SUPP at a low-ball price?

[spectoacc] 26/10/2020 08:21

Missed TEEC, well done, but stagged a few HOME ;) Was going for some Buffetology too, surprised it flopped when the UT done so well, & ARR spent a long time trading at a premium.

Wouldn't touch the Schroders one with a bargepole, but be interesting to see what early-stage stuff they actually rate, as opposed to watching them manage down Woody's failures.

[jonwig] 26/10/2020 08:06

Yes, and there was another one recently, also pulled. (Can't remember name.)

Two "alternative trusts" (TEEC, HOME) went ahead with reduced allocation. I applied for both.