Smithson Investment Share Discussion Threads

[edwards9] 14/6/2019 14:34

AMBU stated on 1 May 2019 that 2019 organic growth will be approx 15% (reiteration of growth estimates within the q1 interim report on 31/1/19).The shares dived on the unexpected change of CEO on 10 May 2019 & the conference call related to this change reiterated no change to future financial expectations.Data I am seeing is as follows:2018 Actual EPS DKK 1.36Fwd EPS DKK: 2019 1.89, 2020 2.89, 2021 4.092018 p/e 113Fwd estimated p/e's: 2019 53, 2020 35, 2021 25

[edwardt] 14/6/2019 08:52

ambu shows when extended growth goes wrong it does so in spades.

[topvest] 08/6/2019 21:00

There's a reason for that at LTIT - It holds 24% of Lindsell Train Limited and shareholders do not want this stake diluted.

[ceaserxzy] 26/5/2019 08:07

The concerns I can see with constant daily issuance of the new shares are:

1.Making it like a unit trust rather than an investment trust
2. This continuing will make the fund too big and can lead to poorer performance
3. Reduce the demand for existing shares in the market
4. Fund manger puts far higher priority in increasing the fund size, and thus their management fee, over better investment performance, although ideally they will want both.

I prefer the Lindsell Train IT approach,which has a far higher premium and has been on market far far longer, but has not constantly issue new shares.

[andyj] 26/5/2019 07:35

To clarify the premium. The highest point was in December, at 12.5% and lowest February at 1.6%. I would not worry too much about new issues, many like HFEL do that. Hopefully it is part of a control mechanism and they will buy shares back if they trade at a discount, which is currently unlikely!

[thelongandtheshortandthetall] 25/5/2019 22:44

Also I think there is massive institutional desire for these. I cant blame management for making hay while the sun shines.
This may increase liquidity for us in the long term. Possibly cusioning the share price too wild swings - i might be wrong though. :)

[thelongandtheshortandthetall] 25/5/2019 22:41

You have a fair point. The slight premium to nav is our safety net. Ive been tacking it loosely and on occaision if memory serves the premium has been about 4% to net asset values. I treat this as part payment for managements costs.
Investment trusts arent for everyone.
Personally they work for me. And my dealing costs are far lower than if i tried to replicate the diversification this trust gives me.

[ceaserxzy] 25/5/2019 20:06

is anyone concerned about the constant issue of new shares, which makes it more like an open-ended fund rather than an investment trust? albeit at a price slightly above NAV. |But it could be more in benefit to the fund manager rather than the shareholders and therefore pose a conflict of interest if it continues indefinitely.

[andyj] 25/5/2019 03:07

Certainly until proven otherwise, such as Woodford and Mark Barnett. Again, I think their fall from grace has and will send more investors this way.Being an ex pat I can only access quoted funds, I would not usually allocate such a high percentage to one holding, but this does seem to be exceptional.

[tongostl] 24/5/2019 19:22

Some top quality investments there. You can't really go wrong with T Smith, Lindsell/Train and KAL all in your portfolio.

[thelongandtheshortandthetall] 24/5/2019 15:18

Read your post as 'what others do you have?' hence reply.
Left it there anyway may interest someone in ADVFN Land :0)

[thelongandtheshortandthetall] 24/5/2019 15:16

Andyj

Order of holdings:
Smithson
Fundsmith global equity
Cash

Watch list and previously held funds:
Buffettology UK Fund
Lindsell Train Global Equity

If you're interested there is a tonne of Terry Smith vids and AGMs on youtube.
Plus Keith Ashworth-Lord (Buffettolgy) has written a great book called 'Invest in the best'

[andyj] 24/5/2019 15:02

An interesting viewpoint. Only this will fall more tentatively and recover more quickly than any index fund. Perhaps 20% is overly cautious. What do others have?

[thelongandtheshortandthetall] 24/5/2019 14:49

I view Smithson Investment Trust as a kind of Index fund.
But it only holds really good, proven growth stocks..

50+% of my portfolio.

[andyj] 24/5/2019 14:21

I am in. I am always wary about buying after a good run, but this fund is different. Terry is one of the very few proven maestros of investing and this and FEET are his only quoted funds. There is going to be strong demand for the foreseeable future and in any market, holding something that is highly prized is a good position to be in. I will pound cost average until it reaches 20% of my portfolio. Risky? I don't think so.

[lomax99] 13/5/2019 09:22

Added a few more here.

[thelongandtheshortandthetall] 05/5/2019 22:31

Why all of the NAV RNSs on the 3rd??

[eh9] 26/4/2019 14:07

Agree but stripping one offs and defence spending etc out it's not quite so stunning

[montynj] 26/4/2019 13:38

Stonking v good US 1Q GDP of 3.2% vs ests of 2.3%...US economy growing hence worries of recession are over blown...thus all look good for SSON

[steptoes yard] 24/4/2019 19:06

if Carlsberg did fund managers..

[greatballsoffire451] 24/4/2019 19:01

Large percentage I have in sson and fundsmith. Returns have been stellar

[brexitplus] 24/4/2019 17:41

Terry and his team know what they are doing.

[thelongandtheshortandthetall] 24/4/2019 17:32

DPZ one of our larger holdings I suspect too. :)

[chucko1] 24/4/2019 16:53

I recall in December a poster complaining about the inclusion of Dominoes.