Vpc Specialty Lending In... Share Discussion Threads

[waterloo01] 13/5/2024 08:29

Nor in Barclays account!!!

[waterloo01] 13/5/2024 08:03

Still nothing with HL

[bullsvbears] 10/5/2024 19:45

...... nor at IWeb !!

[tag57] 10/5/2024 19:38

Nothing so far at HL!

[dodger777] 10/5/2024 17:09

Just checked, still nothing in my x-o account.

[badtime] 10/5/2024 16:02

Still nothing with AJBELL

[edward3] 10/5/2024 14:58

Interactive investor money came through a couple of hours ago

[cwa1] 10/5/2024 14:01

IN at iDealing now

[badtime] 10/5/2024 13:30

Nothing as yet in my AJ BELL account

[cwa1] 10/5/2024 13:28

In at ii but not at iDealing as yet

[2wild] 10/5/2024 13:06

Got my 4.26pps in all my interactive Investor trading ISA and sipper counts.

[waterloo01] 10/5/2024 12:09

Nor HL as yet

[rogerrail] 10/5/2024 11:36

No, nothing in my A J Bell SIPP.

[dodger777] 10/5/2024 10:26

Anyone got anything in their accounts yet ? No sign in my x-o isa as yet.

[cc2014] 02/5/2024 07:44

Very O/T but:


Lotus losses $750m on selling 6790 cars. That's a loss of £87k per car. And yes I guess it's all development costs to supposedly ramp the production up to over 100k vehicles and maybe that will happen eventually but they are competing with another bunch of EV manufacturers all trying to do the same thing.

As a poster says at the bottom "Another vanishing EV illusion"

ZIRP is unravelling everywhere

[spectoacc] 02/5/2024 07:32

Thanks @chucko1 - many on there don't appreciate the IR chat of course, more fool them :)

@CC2014 - £20bn/yr for the taxpayer on BoE QE losses - maybe. But must be a lot on bank/pension fund balance sheets not as yet realised.

[cc2014] 01/5/2024 09:49

Which brings me to the thought process that the central bankers who printed excess money hadn't got a scooby. The money printing went on and on and on.

But I'm also left wondering who has taken all the losses

[chucko1] 01/5/2024 08:02

Not OT at all - helps to explain the very poor start to the unwinding of VSL. Rather like saying the discussion on interest rates is OT on the CP+ board!

[spectoacc] 30/4/2024 16:41

But with little certainty over timescale for returns.

That US bubble was nuts, think I read Oatly, utter sh*te co but with a decent product, is down 95%. I see Cazoo, the biggest load of rubbish imaginable, is down 99.96%. Just why would anyone have invested in it?

"List in the US, the UK market is dead" - I 100% prefer the UK. Go to the US for a great rating & executive pay, sure, but it's just continual bubbles.

Current US bubble also insane. Nvidia $2.1trn, up 1,800% in 5 years? Good luck with that.

Apologies for OT.

[2wild] 30/4/2024 16:01

BKKT was indeed bonkers going from 10 USD to over 50, before Falling over 90% to below 5, all within a few months. Recall seeing a dozen trades per second on NewYork stock exchange, during most days, for a while. At the time VSL Monthly reports said they were discounting BKKT value by 30%.

Net of next week's 4.26pps return. NAV around 74pp is about 50% above current 49p share price. I believe the loan book is around 77% of assets. Therefore, you're effectively getting the entire equity portfolio at zero cost. Plus a 10% discount on loan book valuation.

[nicholasblake] 30/4/2024 09:23

@riskvsreward VPC is well regarded and probably doing a reasonable job. But the tide has turned on Fintech and valuations are lowering. Being in realisation mode only makes the impact on valuations more transparent.

[riskvsreward] 30/4/2024 08:46

What reputation? A debt fund more than halved in value has no reputation to talk about.

[wilwak] 30/4/2024 08:24

Chucko. I totally agree that it’s very unlikely that it is actually ‘Ponzi’ given the managers reputation but the regular drops in monthly NAV does raise questions and bring the word to mind.

Fear and uncertainty usually create the best investment opportunities so I’m definitely keeping an eye on it. If the price drops a little lower I may well be back in again.

I think that a ‘plain English’ statement explaining exactly what’s been going on over the last few months may help to steady the ship. There must be a lot of small investors panicking right now.

I too am hoping for a more ‘level’ monthly NAV report going forward.

[chucko1] 29/4/2024 22:02

"Ponzi" is excessively harsh. That is not in their DNA - remember they run other funds and have strong reputations.

The costs are quite high, amounting to around 4% a year. After earning 13% Gross income, that leaves 9% a year to pay out, and on an NAV of around 80p, is not too far from the 2p a month. All pretty rough numbers, but you get then point. If the equity side had not been so poor, no one would give it half a moment's thought.

As for a once NAV of 120p, recall that was in the era of BKKT - an equity holding which went up 20 fold. But before they could sell any, it lost all of that. And, to be fair, there have been warnings in their monthlies about the issues growing in the eCommerce segment, and it was there that the recent revaluations have been front and centre.

It may still take a while for this to settle, and at least the credit side appears to be holding up. That said, compared with ADIG, GABI and even SLFR/X, the blended credit/equity assets are much more difficult to assess accurately. I am happier running far larger and longer term positions in one or more of those three than I am with VSL for now. That might change as we get further information from the next few (vastly improved) monthlies, but it is all pretty volatile for now. Great trading opportunities, though - and I expect there to be more in the future.