Smithson Investment Share Discussion Threads

[biggest bill] 02/11/2018 16:51

According to the Smithson website, the first fund factsheet won't be available until December. That means that we won't know their list of investments for another month, unless they issue an rns about their portfolio. I'm surprised so many people are buying here sight unseen.

[villarich] 02/11/2018 10:40

NAV above IPO price

[jon123] 01/11/2018 08:16

i can't see these investing in the dross that WPCT has so my guess is no but we'll have to wait and see what/which companies they have been buying

[jhan66] 01/11/2018 08:16

Don’t think you can compare the two.
I only bought a few expecting the price to trail NAv within a month or two due to current sentiment. Looks like my mistake.

[jonwig] 01/11/2018 08:14

@ wingrove - it's possible this is being chased too high, yes. But the fall in WPCT was more than just a reality check, it was the realisation that the guy was out of his depth. TS won't be making that error.

[wingrove4] 01/11/2018 08:09

Is anyone concerned this might be like WPCT, going to an initial premium before steadily falling, I hope not I have invested quite a lot in this

[biggest bill] 31/10/2018 09:59

I am surprised at the size of the premium here now considering that they have not published their list of investments yet.

[steptoes yard] 30/10/2018 18:52

A good read md, thanks for posting.

[jonwig] 30/10/2018 10:33

A last reported nav of 984p suggests they've been in the market buying. Will he report his full portfolio? Monthly?

[steptoes yard] 22/10/2018 11:37

hxxps://citywire.co.uk/money/record-breaking-smithson-up-2-in-first-day-of-trading/a1167065

"Stags were out in force". Well done to the sod who trousered £23k for stumping up just under a million. What caught my attention was that one guy had 82000 shares. Seemed a co-incidence with the 82 million that turned out to be the final shares in issue. I'm sure there's nothin in it.

Meanwhile Terry's £25m turns out to be 3.04% so we got an announcement this morning. It would have been 10% if the fund was capped at £250m but £25 mill is £25 mill ;-/

I share the view that the size of the fund at launch is not a detriment.

[chucko1] 20/10/2018 22:54

I do not see £800mm as an issue. If he has 25 investments averaging £32mm a shot, that’s around 1% of the market cap of the typical target company. Could easily issue more stock, as with FEET.

What could hold this back (from a share price premium point of view) is some simmering concern about FEET, which has not performed yet, after three years or so. Worth recalling in one of Smith’s Q&A sessions on FEET is that he feels it to be a far better current investment than the Fundsmith fund. It was beginning to perform until the EM currencies got smacked. He does not hedge these and the invested companies typically have no meaningful exports to pump up the profits. However, EM currencies - absent of an existential collapse - bounce back over time. On top of that, the average ROCE of the investee companies is north of 30%, so patience could be spectacularly rewarded and I have held tight. I would add were it not for the Trump/Fed “duel”.

(perhaps I ought to have posted this on the FEET board - I just got carried away)!

[steve3sandal] 20/10/2018 13:02

I’m in here too. I’m execting what it says on the tin but quite prepared for it to take as long as it takes for small, quality, global to outperform cash, large cap, or any other asset. I think Trust size is irrelevant in this space. The updates will be interesting as we see Son of Smith play out. GLA.

[jhan66] 20/10/2018 09:09

Fundsmith has been my biggest & best investment but I can’t see Smithson making a similar impact. Think it might already be too big to be the product originally conceived.
Hopefully though, Terry will do his thing & we’ll all be better off for it. Good luck

[ianood] 19/10/2018 11:34

Hopefully a good time for SSON to be buying as selling pressures may have eased - fingers crossed.

[jonwig] 19/10/2018 11:20

A plus point is that the initial nav is 1,000p.

[spacecake] 19/10/2018 11:15

Toe in the water, I will see how it goes and will top up as and when I see the holdings then wait and see what happens next.

[biggest bill] 19/10/2018 09:57

I know three people who invested here who applied for more than they actually wanted in the expectation that their allocations would be scaled back. Given that all applications were satisfied in full, I expect some selling in the short term as people adjust their shareholdings to their level of comfort. I might be interested in buying here but I am going to wait until I see what their investments are. In a few days the shares might fall to a small discount which would be a better entry point.

[stevieweebie2] 19/10/2018 09:41

Nice
have been waiting for a thread, still watching ATM but poised. interesting timing with the market twitching.

[steptoes yard] 19/10/2018 09:34

Thanks jonwig, a bullish start at £10.45 and settling now at £10.15. I will be interested to see what has made it from the Investable Universe of 83 to the initial 25-40.

[villarich] 19/10/2018 08:47

Same here - got some in my SIPP and ISA. Both very long term holds (that's the point I guess!).

[lomax99] 19/10/2018 08:32

Well I picked up a few in the listing, will watch with interest as the portfolio takes shape.

[jonwig] 19/10/2018 07:43

Thanks for starting a thread, Steptoe.
Still a watchlist for me.

Charts in the header would be great.
If you don't know how, paste this:

[steptoes yard] 18/10/2018 17:21

Dealings commence tomorrow.

£10 issue price.

£822m raise according to Citywire. Applications will be met in full.

Fundsmith Equity has had a decent run since launch in 2010, FEET emerging markets less so.

Let the fun begin. I will try and add articles as and when time permits