Scotgems Share Discussion Threads

[epistrophy] 14/9/2020 15:49

Hi Specto, I bought some last week too. Angus Tulloch has a pretty strong reputation, very happy to invest alongside him.

Agree the trust is too small, but the manager has capped their fees so ongoing charges won't be more than 1.5%, which isn't TOO bad for emerging/frontier market stuff. And there's no performance fee at least.

[spectoacc] 14/9/2020 15:21

The little Woodford fella @Johnwig clogging up the thread with a handful of his dozen or more logins I see. Filter filter filter.

[pete_bane] 14/9/2020 14:30

Unilever Nigeria, City Lodge, Cyient, RCL Foods, Delfi, Youngone, Suprajit Engineering, Consorcio ARA, Haw Par, BRAC Bank are all Not-Asset-Value (which is Specto's weird but favourite phrase.)

[1tcm1] 14/9/2020 14:22

It definitely does not do for Spectoacc. Most of his thousands of posts have been predicated on showering doubt over quoted values.

[steve3sandal] 14/9/2020 14:13

The real value of the company constituents is quoted. That’ll do for me.

[pythian] 14/9/2020 13:39

A discount to what, though? You cannot have the slightest idea of the real value of the constituents, can you? So it's really a little bit silly isn't it?

[spectoacc] 14/9/2020 08:55

Been buying this morning, the discount finally sucked me in, tho agree with comments above re performance, fees, sub-scale. Doubt they'll pass a continuation vote, unless performance shows a big improvement (which it still might between then & now).

[gb904150] 18/8/2020 21:18

Is that the 1.47% shown as the ongoing charges?

Includes the management fee (1%) from what I can see?

[essentialinvestor] 13/8/2020 09:30

Look at the annual management charges.

Little wonder they are happy to continue running an arguably sub scale trust.

The recent report shot through with excuses and reasons for their 'performance'.

[chrisdgb] 12/8/2020 11:39

Everyone getting bullish on EM at the moment...........

[essentialinvestor] 02/8/2020 15:07

Not at all impressed by that H1 report.

[steve3sandal] 29/6/2020 19:55

It’s just too small to be of interest to anyone but retail investors sadly. Not a bad place to hide out IMO but we are probably just waiting for the discount to get so large that the Board have to throw in the towel. It must in time, and one of a few similar opportunities for the patient. Not at all unhappy.

[chrisdgb] 29/6/2020 14:33

and the NAV just keeps rising........

[steve3sandal] 19/5/2020 11:29

I don’t see how this vehicle can continue down here. Sub optimal size, no means to manage the discount. I had a tickle, 19 of 21, but Mr Tulloch is a big cheese at Stewart Ivory and I wonder what he has worked out.

[chrisdgb] 19/5/2020 10:11

Discount over 20% now,no wonder Tulloch is filling his boots.....

[essentialinvestor] 29/4/2020 16:57

That's been the mantra from day one?.

Current % spread is 6%. No dividend. At least something like FEET finally showed
some outperformance during the recent downdraft.

Abysmal?.

[steve3sandal] 29/4/2020 11:46

Thanks for the reminder. Prompted me to read the Accounts. Quite impressed with the decisions of the new manager. Focus on strong balance sheets and largely consumables. I’ve bought a few down here too for my tail as Im not good a watching my watchlist. I still hold my earlier comments which reflect they are like, between a Rock and a hard place. But, management and board hold quite a large slug here if this becomes uneconomic to run, I feel sure they’ll organise a wind up around NAV or a merger into something Stewart/Emerging which will suit me fine. Fingers crossed we can defeat this Covid thing around the third world too.

[chrisdgb] 29/4/2020 10:20

Picking a few up this morning, looks interesting..........

[steve3sandal] 11/2/2020 17:35

1607 Capital Partners now appears on the register 0% - 5.47%. They have a record of buying into discounts. Mops up lots of stale sellers here.

[steve3sandal] 01/2/2020 23:02

Interesting that the NAV was only down circa a Penny last week when all around EM was getting sharply marked down, sold, dumped. Well it felt like that to me who has just loaded up on EM but it’s clearly not happened here so well done those of you hoovering up in Nov Dec. It might say something about a small China position, illiquidity of small caps (realising cash quickly means selling large caps), or it might indeed the quality of the holdings. I’m now inclined to go back in here for value, discount, or strategic change, but I suspect we have at least another week or 2 before the hoped for tailing off in coronavirus numbers so I’ll hold off for now.

[rambutan2] 01/2/2020 22:23

For ref:



And latest fact sheet:

[essentialinvestor] 03/1/2020 15:18

Might be setting up for some Upside here imv.

Eye watering NAV discount.

[essentialinvestor] 29/12/2019 23:01

Yes I agree, which is one of the reasons the current discount to NAV may be interesting.

The majority of what they hold looks liquid, would guesstimate a wind up
would be pretty straightforward. Angus Tulloch may see value given
his recent buy. From memory he holds Over 1.3 Million shares in SGEM.
There are no borrowings here.

Good fortune with your holdings.

[steve3sandal] 29/12/2019 22:41

EI thank you for the reminder via Alerts. Note the managerial upheaval, but yet might be looking more interesting now. I have recently loaded up on Templeton EM at 10/11% discounts for large caps, one of my better market timings. I will do some work. I know this one is a particularly patient game but if they don’t start to grow NAV in 2020 I think they will have to offer a wind up vote.