Scottish Mortgage Invest... Share Discussion Threads

[hazl] 06/11/2023 07:55

Thanks for link.

[hazl] 06/11/2023 07:55

You'd be surprised!

[excalibur91] 06/11/2023 07:53

Who cares if you haven't time!!??

[hazl] 06/11/2023 07:47

Sorry mate I can post what I like and I am being honest that I haven't time to go through details in anything today.

[alhambra1] 06/11/2023 07:45

Relevant posts only please

🤔

[hazl] 06/11/2023 07:34

At first sight looks reassuring.

[hazl] 06/11/2023 07:34

It will take me a while to pick it apart.


Grandparent duties today!

[hazl] 06/11/2023 07:32

Our portfolio of growth investments is in robust health. Financial conditions have pushed companies to focus and prioritise profitable growth. Declines in stock prices have made valuations more attractive. This combination provides a strong underpinning for the long-term outlook.

We will have periods when we underperform the market, and the six months in question was one. Since the end of March, our net asset value per share, with debt at fair value ('NAV'), fell by 2.7% compared with a rise of 4.3% for the FTSE All-World Index (both in total return terms). The longer-term performance record remains good. Over five years, the NAV has gained 59.6% versus 49.6%, and over 10 years it has increased by 358.1% against 189.5% (both against the index).

Although our focus remains on long-term capital appreciation, we know that a small and consistent dividend is of value to many shareholders. The Board is therefore recommending an interim dividend of 1.60p per share, no increase over last year's payment.

[hohum1] 06/11/2023 07:21

Interim report out. Interesting reading. One line highlighted why the shares should trade on a discount. They note the IPO of their private company, Oddity, but fail to mention that it has halved since then.

[hazl] 05/11/2023 10:01

I thought at the time I ought to have posted each of them jellypbean.


Here you go.







Scottish Mortgage Investment Trust PLC (SMT) 02 November 2023

Cum Par NAV 762.61p

Cum Fair NAV 795.19p

Ex Par NAV 760.70p

Ex Fair NAV 793.28p

[jellypbean] 04/11/2023 20:59

Why are you quoting NAV with debt at Par? Had me worried there!

[steeplejack] 04/11/2023 10:32

Monday's NAV could be pleasantly up.....hey even Moderna leapt a short 10%!

[hazl] 04/11/2023 09:49

NAV Friday. 762.16

[hazl] 03/11/2023 14:19

Pleased to see some investors seeing value.

Let's hope for better times.

[steeplejack] 03/11/2023 12:18

Yes you're right.8% "at time of purchase".So at one time,SMT were making good money in Moderna by all accounts before they fell foul to irrational exuberance."The number of equity holdings in the portfolio will typically range between 50 and 100. The maximum amount which may be invested in private companies shall not exceed 30% of the total assets of the company at the time of purchase. There are no fixed limits set as to geographical, industry and sector exposure. The maximum investment in anyone holding is limited to 8% of total assets at the time of purchase."

[hazl] 03/11/2023 12:17

Net asset value was 818.7 in September.
Now 750.
We have room for better share price already that is before any recovery!






imo

[hazl] 03/11/2023 12:12

'The number of equity holdings in the portfolio will typically range between 50 and 100. The maximum amount which may be invested in private companies shall not exceed 30% of the total assets of the company at the time of purchase. There are no fixed limits set as to geographical, industry and sector exposure.'

FAQs | Scottish Mortgage Investment Trust
Scottish Mortgage Investment Trust

Quick search.

[hazl] 03/11/2023 12:10

I think they do have rules about quantities.
Again weekend research needed.

[steeplejack] 03/11/2023 11:51

Its difficult to tell.I presume you mean Moderna.Looking at past information about size of holdings,i reckon they did indeed start out well enough buying at around $100 perhaps less.The shares then climbed exponentially to over $400.It is pretty clear that the managers chased the price higher until the shares turned down a couple of years back.At the peak,Moderna represented 10% of the fund.I don’t think they sold any and i don’t think SMT have hard and fast lines about size of holdings.I reckon (looking at holding disclosures)that SMT have an average book price for their Moderna holding of perhaps $150~$200 and the price is now $70.Anyway,it is what it is.I don’t question the logic in buying some Moderna but i do question buying such a substantial stake in a biotech company.Verging on the irresponsible.

PS..i’m not aware of SMT ever having held Novo or Eli lilly.I was simply pointing out that the pharma sector has sported some good winners.At the end of Sept,Moderna was number 2 on its list and 6.1% of the fund.Nearer 4% now then.

[hazl] 03/11/2023 10:54

Sorry perhaps I phrased that badly.

I meant the conversation here focussing on the Pharmas.
They were obviously a very canny investment at the time.

If you have been here a while steeple, perhaps you could tell me if they reduced their holding at all in those?
I was here before briefly on the way up and I thought from memory they couldn't let one part of their investment get too big?

[steeplejack] 03/11/2023 09:41

I’m not a “bear”.Like many others,i’m a stale bull who is quite dispassionately analysing the underperformance of SMT.I think that given the marked fall in price,SMT is probably a reasonable prospect around this price.Afterall,the likes of Moderna are unlikely to fall much further so the impact is reducing by the day!


“Concentrating on the pharmas is a mistake”…;.not entirely.Eli lilly and Novo have been splendid investments.


Shareholders PAY an annual fee to the managers.The ‘active’ fund manager industry as a whole is struggling to compete with the attractions of cheaper passive fund management and SMTs performance over the last 3 years emphasises why.

[hazl] 03/11/2023 08:55

We get it you're a bear and continue to be.

I disagree.
We accept that most things have plunged....SMT is a fund and so it reflects that.

Each share has it's ups and downs according to the sector it is in.
I haven't time now but I will reflect on the research I have done on the various stocks that are likely to be very good in the future, over the weekend.

Concentrating on the pharmas is a mistake, though presumably they are likely to go up again as things do.
I am not very keen on those particular companies and was interested mostly in the tech.

[steeplejack] 03/11/2023 08:40

Interesting article.What it shows is that amongst a list of well known investment trusts SMT is the worst performer over one and three years.Thus the discount to NAV is in part at least justified by poor performance.The mystic that SMT enjoyed is being steadily eroded.Polar Capital looks a far less controversial choice given it doesn't have a 30% interest in unquoted.I suppose you're left struggling with semantics when considering whether SMTs investment strategy needs more time to play out.How long is long term?However,this bottom of the table position,suggests that SMT has a lot of stale bull holders who'll be only too keen to get the hell out when things do hopefully recover.I estimate that SMT's holding in Moderna has(compared with having the money in cash)knocked around 6% off SMTs NAV.

[hazl] 03/11/2023 07:13

Thanks liveP.
That list makes us look quite fair to me.