Schroder Uk Public Private Share Discussion Threads

[zimmie] 12/4/2021 18:39

No, of course they don't know what they are talking about, any more than we do. Witness Kymab and Immunocore. It's been a superb 12 months, now debt-free, with free cash flow and ON to come. Be very interesting to see how 'one of the top 50 names in Euro Equities' uses this surplus cash, both in supporting new companies but also to discover who are the next ON, Kym and Imm in the existing portfolio. Perhaps Atom, Industrial Heat or Ruth? I would not want to be short this little diamond. Exciting times peeps.

[petethepict] 12/4/2021 16:05

Yes. I'm calling this a stonking buy at 32p. Don't forget a spectoac troll= buy signal!

[1tcm1] 12/4/2021 15:58

Stunning daily rise of more than 5% on SUPP. So much for the very recent gloomy prophecies of speccy, winnie and jonwig. Do they know what they are talking about?

[chucko1] 09/4/2021 16:47

I think most holders in SUPP ignored alternatives simply because they could not face realising the loss. Not a winning strategy.

I think the only thing remaining here of substance is its reduced holding in ON - and yet that is available at other supermarkets. It's like going to Lidl for your foie gras.

[zimmie] 09/4/2021 11:40

In December 2019, Tim was selected as one of “50 Most Influential People in European Private Equity” by Financial News / Private Equity News. Been with Schroder since 2004, hardly a Junior @ SpectAcc. Plus Schroder's got their reputation running on this. I'm between a rock and a hard place but feel that the bad news is now (finally) in the price.

[chucko1] 09/4/2021 10:06

"Something may turn up". You might be better off playing the National Lottery which pays out 50% - better than SUPP has done over the years and likely a lot more "fun".

Or switch to something else entirely or just spend it on a good night out when the mist clears. What about a holiday? - holders likely need it.

[spectoacc] 09/4/2021 08:57

@zimmie - a brave call to suggest more coming over the next 12 months. Yes, they've bounced from Covid lows - underperforming the FTSE - but still a bounce, & I was fortunate to sell out what I'd bought at under 30p before this week's NAV fiasco, as posted at the time.

ON may float - perhaps 5p on the NAV, more if lucky. But that return isn't coming back to shareholders - it's going into new punts, they've said as much.

"Schroders Juniors" because it's a pair of untested kids - now also running SBO, but still taking the same fees out of SUPP. SBO is a mess of tiny stakes, and I think they'll do the same with any SUPP cash.

In which case, your "Patient" of the past 6 years extends out for how long? When do you ever expect to see a return, of any kind?

What have Schroders achieved in over a year. Buying the Kymab that WEIF were dumping was a big plus. But selling a decent set of holdings at a 22% discount to Link's already marked-down NAV was poor. Now they want you to trust them to invest SUPP's ON cash.

I'd be delighted to research the "..ON and other Kymab's.." you mention. I see a NAV still not kitchen-sinked, and an share price trading far too near to it, even adding 5p for ON.

But good luck to holders, something may turn up?

[johnwig] 09/4/2021 08:40

"SpectoAcc 2 Apr '20 - 06:57 - 280 of 870

0-20p - been calling it for absolutely ages."



Since then, LOWEST price 22p, 10% above! LOL

[zimmie] 09/4/2021 08:32

Facts remain @SpectoAcc; this is an investment that has produced a return of 33% over the last 12 months. More to come over the next 12 - as we now have a revalued ( patently undervalued) NAV, and ON and other Kymab's (you didn't see that coming)to follow. Been a disastrous investment for me - but clear signs it's now on solid ground and can rebuild from here.
Why do you refer to them as 'Schroder Juniors'? No evidence for that.

[spectoacc] 09/4/2021 07:31

"The Company intends to use the proceeds to pay down its loan balance, support some of its portfolio companies with follow-on capital and to make new investments into both public and private companies."


Keep a keen eye on which of the remaining co's the Schroder Juniors consider worthy of support - it'll say something about the remainder.

Also what they punt on - particularly if similar to SBO's scattergun approach. That'll also indicate what they'll do with any ON proceeds later this year.

[ayl30] 08/4/2021 22:03

ON featured in this weeks IC, SUPP holding gets a mention

[daffyjones] 08/4/2021 20:28

One thing you have to give to Woody, at least he published a daily NAV, even if it was completely fictional (see the Industrial Heat 357% revaluation from 2018). Schroeder's need three months to give us an out of date NAV

[timnet] 08/4/2021 19:40

How is it that it has taken this unaudited NAV three months to compute? Schroders knew, or should have known, all of this in December. When are we going to be given up-to-date information which we as shareholders are entitled to rely on? It really isn't rocket science.

[chucko1] 08/4/2021 17:56

Always useful to keep up with the times:

last 12 months:

SUPP + 30% (precisely)
FTSE + 36% (including dividends)
IPO + 160%

But let's look at the 100 day volatilities:

SUPP 50%
FTSE 15%
IPO 35%

(source: BBG GP, HVG functions and some mental arithmetic)

So, risk adjusted, buying or even holding SUPP is for total morons, or those unable to stomach the realisation of deep losses (they ought to have taken moderate losses at 78p when the game was clearly up). Quite a curt analysis, but I cannot be bothered to expend a lot of time on what should be obvious - SUPP is a disaster in plain sight. Even more so after the "disappointing" results announced yesterday. Current holders are being taken for fools - which they clearly are ["they are" relating to both "being taken" and being described as "fools"].

Furthermore, Schroders's reputation is under pressure here. But it was more than likely that £3mn per annum would blind the "kids" to the longer term consequences of taking on this financial sewage.

Were I running the fund, I would simply be acting in a manner such as to minimise the losses.

It's a laugh a day is SUPP.

[edwardt] 08/4/2021 11:01

fair enough. i own ip group. seems to me with berenberg saying it could easily come at £4bn it is a great play to oqwn ip as that is circa £250m+ hay made from fresh air.

[petethepict] 08/4/2021 08:43

"SpectoAcc 2 Apr '20 - 06:57 - 280 of 870

0-20p - been calling it for absolutely ages."

[spectoacc] 08/4/2021 08:30

ON not been revalued by Link for 12 months, SUPP said so in yesterday's RNS.

ON may or may not float in 2nd half. They could have SPAC'd in a week in US.

UK govnt may indeed have arm-twisted them to float here, but that's of little help to SUPP holders.

Even a blockbuster ON float doesn't add that much, as SUPP only have about 3.5%. @chucko1 has repeatedly made the point that if you want ON exposure, buy IPO, who hold c.15%.

[edwardt] 08/4/2021 08:19

do we even know if ON is marked using the same valuation methodology as the carrying value of ON in IP group? If you contrast last disclosed ON sales and margins to Pacific bio which is its closest peer you can get to a float value of $6bn+. LSE is ok to float - comparing it to a app and bike food delivery service is a tad unfair. UK govt gave ON a £100m+ order so has good reason to ensure it floats here.

[ayl30] 08/4/2021 07:39

Article in IC about ON listing at higher value than expecting, would be good for SUPP

[spectoacc] 08/4/2021 07:38

Lol @bisiboy - fair point.

Have to ask the q for the umpteenth time - because I've never got an answer - when on earth do SUPP shareholders ever expect to see a return? Floated in 2015 at 100p, raised more cash above that, NAV now 35p (40p if generous, but ON yet to definitely float). Schroders happy to rip c.£3m/year out and going to start punting on their own early-stage picks, with no previous record.

There's patient, then there's Patient.

Isn't that Greater Fool Theory isn't a valid investment style - it's that there's quite so many greater fools where SUPP is concerned.

For the avoidance of doubt - the NAV still hasn't been kitchen-sinked. It's still a Not Asset Value, albeit one finally getting there, having been walked down to here from the early 80p's over several years.

None of this is rocket science. When ATOM last year said they needed £100m more, could raise it easily, and would do so in 1st qtr 2021, it should have raised alarm bells when they raised half that late in the qtr, and at half the then valuation.

When RUTH get the benefit of the NHS pandemic deal, getting their costs paid, and still can't turn a profit, and still need to raise cash against property, that should ring claxons.

When ON have the chance of a Cazoo-style blockbuster SPAC listing, yet announce "maybe 2nd half of year, in UK", and Schroders say they'll punt any cash they get from it, more bells. [Cazoo have sold all of 20,000 cars, and valued in US at $7bn).

I could go on. But will leave with a reminder of the large IH write-up in 2018, that had many of us tearing our hair out at the time:


"Shares in WPCT jumped 4.4p to 86p, a high for this year, after Link Fund Solutions, the trust’s appointed alternative investment fund managers, dramatically upgraded the value of Industrial Heat by 357% to $112.9 million (£85.2 million).

Although the trust’s share price remains well below its 100p launch three years ago, the hike in Industrial Heat’s valuation boosts its underlying net asset value (NAV) by 8.8% with NAV per share rising 8.02p to 99.6p, broadly back at the level it floated at in 2015."