Despite recent share price rise, NAV is also on a good run so discount is maintained. |
Yeah I been here since the outset, and this has been a big disappointment following the popularity at launch. I should have dumped this long ago as they dont warrant 0.9% OCF and moved to global tracker, but perhaps this Saba saga will close the discount and will provide an exit opportunity at recent highs. |
I'm a long-term holder here. I don't like what Saba is doing across the sector, it's short-termist and purely self interested. I doubt they will succeed with Smithson but if the attention helps narrow the discount a bit I won't complain. |
Not a holder, just saying:
Saba moves in on Terry Smith trust
Filings reveal US hedge fund Saba Capital has started building a stake in Smithson investment trust, suggesting it may become a target. |
Good to see this pushing on. |
Got rid of my SSON today. Waited too long, but it's gone. |
Easy to have regrets Cruella but they can chew you up.
Its also human nature (I believe) to remember the bad decisions which we've each made (ie not selling at a top, or not buying something which shot up)....but not remember as well the good decisions such as not buying something which they fell or continuing to hold as the price went up further.
All the best with the adjustments to your PF |
To add for context, I have held since IPO and bitterly regret not selling out over 2000p when I could have. |
Thanks for the comments. Unfortunately my priorities have changed and I need the money to pay dividends. I have waited to see if the stock pulls back up again but it's showing no signs of breaking out of it's range. Always falls back from 1400p. I considered selling down to create a pseudo income stream, but I'm just eroding the capital as there's no growth to sell down. |
Very much agreed Lowtrawler |
CDV, the investment approach of Smithson is very much one that requires patience. Essentially, theirs is a buy and hold strategy with conviction the stock choices will deliver decades of returns. Based on Buffett. I envisage a 10 year investment horizon to determine how successful they have been. |
You were right. Overwhelming majority to continue. I have lost patience and will sell. |
I can't see anything other than a vote to continue. Smithson were wrong not to initially allow the vote to happen but were likely correct the vote is unnecessary as the outcome is known. |
AGM soon. Any feelings about how the continuation vote will go? I have seen no press commentary on it at all. My gut feel is that the continuation vote will be in favour of carrying on. If so, I'm selling out. |
Diploma helping today. |
That makes two of us then. Mood music seems to be in favour of continuation. I hope that's incorrect and the trust is wound up like FEET was. |
I have voted against reappointment of the directors and against continuation of the company. I urge other shareholders to do the same.
The discount to NAV is now c.13% and the company has significantly underperformed over 1,3 and 5 years. |
I have no position here but think it is pretty clear that the board should all resign. Their job is to represent the interests of shareholders and hold the manager to account. That means enforcing the terms of the trust, not just rubber stamping what the manager asks. They have failed and should all go |
Proxy AGM vote opened today. Have voted against all directors reappointment and against continuation on the company. I guess I'll be in a minority, but at least I've had my say. |
I will be voting to liquidate the portfolio and return cash to shareholders. Sounds like I'm in a minority though? |
Agreed, humiliating climbdown. Shame they didn't consult before the announcement. Out of touch and underestimating governance |
Pleased with that, obviously better if it had been put forward at the start, but good that board is listening to feedback and as I said earlier, they will sail through the continuation vote and hopefully get on with making us all some money! |
Looks like the board have listened to the feedback. Continuation vote in the agm, should help narrow the discount. |
It could provoke selling from institutional holders who have to "comply or explain" when they hold stuff that fails the basic corporate governance rules. As you say, a major og |
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