Come along to the Shares Spotlight Event in London on Tuesday 18 February where Cohort, Ensilica, Pristine Capital, Shires Income and Temple Bar Investment Trust will present their latest plans.
On Tuesday 18 February 2024 at 17:55
Novotel Tower Bridge
London
EC3N 2NR
Registration: 17:15
Presentations: 17:55 |
I posted this elsewhere back on August 22nd. (Main indices have fallen marginally since.)
RPI up 32% since Q1/2020. The below are rough changes since the levels just before Covid hit in that quarter:
AIM100 -22%
SMX +16%
HIX +6%
MCX -4%
UKX +11%
So all well down if adjusted for "old" inflation. It's worrying that MCX - that bests reflects the UK economy - is down 36% when adjusted for RPI, but that's pretty much what the gut feeling on the economy is like.
So, basically, the RPI-adjusted return of MCX is now pushing 40% down over nearly 5 years. Income reinvested is not much better since its yield has been only 2.5-3%. If it feels like investing has been tough in recent years, it's because UK shares have not often performed this badly for this long. |
 Someone correct me if I have got this completely wrong in concept but... in SharePad (now rebranded ShareScope) the price chart of a security can have various comparators/overlays added by the user and one I use is UK Consumer Price Index.
In the case of SHRS and a three month conventional bar chart it indicates the share price has been below CPI since at least March 2002.
Presumably the high income nature of the IT would be used as an explanation / compensation but I wondered if there are more compelling IT securities anyone might have in mind w/o research which provide an above average level of income where the share price at least does not fall so far below CPI.
And regarding stock charts further: conventionally they aren't inflation adjusted anyway are they? Assuming not, bearing that in mind puts in a whole new perspective the idea of returns from the London markets.
That line of thought evokes an article by the then editor of CityAM, Allister Heath, on page 2 of the 1 May 2009 edition where he stated (sniping against Labour but objectively I suspect more broadly applicable to all shades of the uniparty and of equal application now)
"... For all the Anthony Bolton-led cheer about its partial recovery in recent weeks, the FTSE 100 has fallen by 26 per cent in real terms (adjusted for the consumer price index) and 9.3 per cent in nominal terms since 1 May 1997. If FTSE 100 returns are deflated by the retail price index, a better measure, its decline would be 33 per cent ...." |
DEC may well prove a very profitable hold. Excellent long-term prospects. |
October presentation - |
Back in today for a small amount.
DEC, oh my - I mentioned previously DEC may prove a very costly hold. Approx 2% of their portfolio. |
Nice bounce back after last week, shares trading 246-249 this morning |
New Kepler research note from SHRS, as RNS'd this morning
On a quick scan it's more of a restatement of the case than containing anything fundamentally new |
Totally agree EI. They could easily have bought back hundreds of thousands from 216 onwards over the last 2 or 3 months. Shocking management from Corporate level downwards. As you say though, very happy for the increase in share price. |
Pleased with the recent price, however as mentioned it underscores a missed opportunity to conduct a NAV accretive buy back at a decent price. |
On that subject I let both the Chair and Manger know my view.
Received a detailed reply, which tbh I've not bother to read yet.
I also made the point that there appears to be too many sub size holdings and if Ian Pyle does not have conviction to build larger position sizes in, they should arguably be sold.
14/15% discount, very strong case for buying back and they slso save on paying a dividend on those shares. |
I’m not sure whether it was down to Shires management or Aberdeen, but Shires stopped buying back their own shares recently when the discount was almost 20%. Poor judgement in my view and they’ve missed another great opportunity to reduce the number of shares in issue to their own detriment and that of shareholders. Isn’t it strange how the FTSE is now at an all time high, whilst the main Asset managers, Aberdeen and Jupiter are trading at or near multi year lows. |
* approx £2.8 million of PF in Anglo American |
New 12 month high on NAV and they hold Anglo American, from memory - need to double check. |
Sold a few today. |
Great volume today with hundreds of trades going through, not just a large cross. Hopefully something in the offing |
They may have recommensed buying back.
A merger with AEI on the cards, sooner or later. |
Aberdeen Equity Income 8.2%
Henderson High Income 6.5%
Taylor Maritime 8.2% |
Always seems to be lots of 1100 SETs trades going through on a daily basis. I thought they were buy backs for a short time but obviously not. Some institution is surely picking them up, and I can see a takeover or merger coming soon. Although it would be good, due to mergers etc, I am starting to run out of good quality stocks with a reliable decent yield . Any good suggestions would be would be appreciated, probably I would imagine for the majority of people on this BB |
Another 3.2 pence divi, hopefully the Q4 nearer 4 pence.
Should be a new 12 month high on NAV, at today's close, but share price not responding atm |
Overdue move, buying back again today it seems |
They may be buying back again today. |
I have taken a nibble here today as the discount and yield are attractive. |
They are buying back shares, about time. |
NAV (with income) will be nicely over £2.50 on Friday's update. |
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