Scottish Investment Share Discussion Threads

[income investor] 05/4/2022 11:13

Good to see interim dividend declared of 6.1p payable 13 May.

[spectoacc] 30/3/2022 11:18

960p for yesterday's NAV, wow - do wish they'd got it through this qtr, JGGI's few % premium would add c.40p to SCIN here.

[income investor] 29/3/2022 07:35

Yes Specto - their excuse is the "debt workstreams are taking longer than anticipated"! No explanation why! Seems they need meeting of bond holders and that circular is not out yet. Let's hope there are no further delays

[spectoacc] 29/3/2022 07:18

For this long a delay, telling us 2 days before the qtr end is far too tardy:


"...The scheme is now expected to complete around the end of the second quarter of 2022, rather than by the end of the first quarter of 2022 as originally expected."

[apparition1] 21/3/2022 13:44

Hi Specto - yes the circular says further general meetings will be required. Although they said the anticipated merger would be 2 to 3 month from JPFM taking over management they were a bit vague saying that various things such as the staff pension scheme had to be cleared up first.

[spectoacc] 21/3/2022 10:39

NAV rebounded well.

" It is currently anticipated that the Transaction will be undertaken at the end of the first quarter of 2022."

Seen nothing further on this, does the liquidation of SCIN & conversion to JGGI require another vote? Cutting it fine if so.

[spectoacc] 07/3/2022 12:13

You know what? I think we should have stuck with gold.

[spectoacc] 16/2/2022 09:29

Done well, so stifling a sob, but SCIN's largest 10 now:


Amazon
4.8%

Microsoft
4.5%

Alphabet
2.9%

Mastercard
2.6%

American Express
2.6%

Coca-Cola
2.3%

NXP Semiconductors
2.2%

McDonald's Corporation
2.2%

Vinci SA
2.1%

Muenchener
2.0%

[spectoacc] 15/2/2022 13:34

An interesting mention here:

[spectoacc] 09/2/2022 13:51

As a rough rule of thumb, SCIN ought to be around 950p I reckon. But to be safe from here, should probably short JGGI/long SCIN.


"...and that the combination with JGGI ('the Combination') will be undertaken at the end of the first quarter of 2022"

So about 6 or 7 weeks away from full merger. Posting this here so I don't have to look it up again :)

[spectoacc] 08/2/2022 08:39

Away yesterday for this:


"7 February 2022
Portfolio Realignment Update

Further to its announcement on 21st January 2022, the Board of The Scottish Investment Trust PLC (the "Company") is pleased to confirm that the process of portfolio realignment to reflect the Company's new investment strategy has been completed.

The Board has also agreed to align the Company's portfolio disclosure policy to that of the other J.P. Morgan managed investment trusts, which is to publish a full portfolio holdings report monthly, one month in arrears. The report will be made available on the Company's website at hxxp://www.thescottish.co.uk."


So we're now JGGI, in portfolio terms. But whereas JGGI reported a 446p NAV and trades at 461p, we had a 923p NAV & trade at 915p. More to come!

[winski] 07/2/2022 19:47

Still here! funny old thing this investment game. This has gone from owe of my worst holding to a nice position and I quiet like the new portfolio and track record of JGGI now I've studied it in detail, so intend to stick around. Mind my Scottish Mortgage trust has knidly dropped enough to take a bit of the shine. Thems' the breaks :-)

[hindsight] 03/2/2022 19:39

Your not alone

[income investor] 03/2/2022 18:29

Not the only one! I bought late October as cheap way into JGGI and to date happy with result. Agree further to go!

[spectoacc] 03/2/2022 11:14

Only me left? NAV 933p (yesterday's), but perhaps more importantly, JGGI still trading at a premium (& issuing shares as a result). Could/should be another 30p in SCIN.

[spectoacc] 02/2/2022 08:29

In fairness - as per post above - the timing just happened to fall right. Last NAV 924p.

[spectoacc] 26/1/2022 12:21

Ironically, if they did get the switch done, it's not been a bad trade - wasn't expecting everything to bounce back this hard.

Awaiting par/premium to sell out.

[spectoacc] 24/1/2022 16:13

Still in atm - did they ditch everything on Day 1 (Friday), or is SCIN still holding the stuff that's much stronger in this crash..

A change of presentation of the NAV today shows the switch went through on Friday.

[spectoacc] 22/1/2022 14:15

There's always something at the top of every bubble - Tony Dye in 99/00, SCIN now.

A reminder of what SCIN held until yesterday:

Newmont, Newcrest, Barrick - 3 gold co's at the top.

BT - telecoms

Wells Fargo - bank

Exxon, RDSB, Total, Haliburton - 4 energy companies

Gilead Sciences - pharma


A great Top 10.

JGGI's, and what SCIN will very shortly hold (if it doesn't already):

Amazon, Microsoft, Alphabet, McDonalds, Wells Fargo (interesting..), NXP semiconductors, Mastercard, P&G, Novo-Norlisk.


In fairness, there's a few in there I'd be OK with, but not the 3 largest.

Agree the point is that there's loads of JGGI's, and very few if any SCIN's anymore. And that it seems to have marked the top of the long, long bull market.

(Amazon & MSFT are hardly bad co's - but AMZN p/e 55, MSFT 33. At least for MSFT, that's 3x what it was. Take it back to 2010-2012 p/e and the price falls 2/3rds).

[aurelius5] 22/1/2022 06:51

It's terribly sad - over a century of history comes to an end. There's any number of international growth trusts out there but SCIN's emphasis on international value was unique. I hope McKinnon and co. set up on their own.

[aurelius5] 22/1/2022 06:51

It's terribly sad - over a century of history comes to an end. There's any number of international growth trusts out there but SCIN's emphasis on international value was unique. I hope McKinnon and co. set up on their own.

[wskill] 21/1/2022 20:43

Out now SpectoAcc its the last thing you need now in the portfolio more Tech its a great shame we have lost SCIN.

[spectoacc] 21/1/2022 18:44

Amazing to think today's the day the SCIN portfolio starts to get unwound, possibly rapidly, to buy into the JGGI holdings. Tech getting mullered.

[hindsight] 20/1/2022 18:13

Thank you SpectoAcc

[spectoacc] 20/1/2022 14:27

I'd need to look timescales up again but tomorrow is when they start selling down SCIN's holdings, replacing them with JGGI's. So half a % to come off in stamp duty I guess, plus dealing fees.

For the premium to emerge, guessing it'll take until full merger.

In meantime, long SCIN/short JGGI (if possible) ought to be free money.