The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Check out another recent video - may help provide an answer from NT's perspective
https://www.youtube.com/watch?v=_SFdHO_oMkE
Personally, I like the dude, and his style. I find it compelling and hold both FGT and LTI (a geared play).
But only time will tell.
I like many of the investments and have not held this trust which has Hargreaves, and Burberry and some finance stock. Unilever and Diageo had underperformed, LSE above water, and RElX and Sage have returned 30-40% share price growth, in the last few years. Does the Trust still hold Rightmove or Fevertree which have also not performed.
Why pay a fee if nothing changes?
New(ish) video with Nick and Madeline
https://www.youtube.com/watch?v=cDmSMadolzA
Can someone explain why our share buyback is done at such a high place versus where the stock seems to have traded during the day? Seems a bit wrong that the market is able to buy at x and the company then always seems to be at x+1% no?
Another huge dump for Burberry again! As of the last factsheet it represents 6.3% of the trust. Thinking of just dumping this trust now or is it worth hanging on till the AGM on23rd Jan to see what happens, I guess nothing material will change anyway.
Arb
I do agree with you 100% about the way he talks, indeed if he thinks in the same fashion then I guess that is the reason for the s h 1 t prformance he has given us ?
I'd love to be there to ask a question or two but sadly I'm due in hospital around that time
I agree Arbinv. The recent performance has just not been good enough and it needs a major shake up. I remember a few years ago the Scottish investment trust was a dog of a performer with a 10% discount and I unluckily sold it just before they sacked the manager and merged with JP Morgan growth and income. The discount closed and the shares have performed well since.
Another dog trust I own is Bankers BNKR, with a historically whopping discount and underperforming again, yet just excuses every month. These investment managers are far too pally with the board, and not putting investors first.
the issue is that 0.61% of a big number is a big number. $10.7mm paid for such **** poor performance in 2023. they should receive no more than the cheapest fee of the cheapest tracker etfs ie circa ~0.01% as their team not only added zero value they actually lost us a lot of money relative to a tracker.
i cannot be in london on that date but i am hoping someone is going to properly roast nick train. he has become a multi-millionaire while trotting out excuses year after year for underperformance. if you ever listen to his update videos he literally talks to the listener as if they are in the special needs class in junior school.
Arb
I do agree that failure should not be rewarded but the ongoing costs of FGT, according to morningstar & the FT, who are normally accurate are 0.61%, which given the glacial change in portfolio is a little high but nothing like some closed enders charge.
In a perverse way we would all be a bit better off if there was a performance fee in this trust, because that would not have been paid for quite a few years !
Are you planning to attend the meeting ?
"iven the growing number of activists looking at closed-end funds in the uk and us, i am hoping someone comes in to shake up the cozy relationship between lindsell train and frostrow capital. fees keep rolling in regardless of performance, which has been nothing short of appalling in these last few years. the strategy continues to fail, and while part of it is obviously due to the mandate of investing in uk companies/uk market, with the agm coming up in a few weeks, i hope some folks start to light a fire under the ****s of the board and pm team.
arby
FYI
I posted this on the LTI thread just now - hope its not a breach of the board rules..
https://citywire.com/investment-trust-insider/news/trust-watch-discounts-narrow-but-plenty-of-xmas-bargains-remain/a2432741?utm_medium=website&utm_source=citywire_it_insider&utm_campaign=home-content-list-1&utm_content=investment-trust-insider-latest-news-list&utm_pos=5
"Earlier this month, I tipped Train’s other trust, Finsbury Growth & Income (FGT) a ‘buy’ when it fell to a 7% discount. The same logic of backing a good manager at a low could apply to LTI but I wonder if the derating has further to go and the discount could widen even more?"
Tip seems to have worked for FGT - and given FGT, LTI and underlying investments managed by LTL (which LTI holds c24% of) have a large degree of overlap, can we expect similar momentum in LTI?
For what its worth, I hold both. Recently dripped into LTI (only to see it falling further and discount widening (jumped too soon))
Current discount is 7.2%. With recent slumps in Burberry and Diageo and Unilever the perennial under performer I'm surprised it is not more.
Oops.Got sums wrong.8% discount.
15% discount to NAV.Too wide a gap?
I must have bought this at the right time last summer as am 13% up currently. I own some of the constituent shares (Burberry, Sage, RELX, Experian and Fevertree) but am slightly worried that Diageo and Heineken may bring this down slightly in terms of NAV. Good companies but maybe alcohol is losing its sheen slightly. We shall see……
Just bought into this fund. Highly concentrated group of top class companies which should do well, especially when bought at a discount. As Train himself says on Citywire , he is also disappointed in the performance. This is because even the big British companies are not well thought of at the mo and are not purchased by overseas buyers, because of our weakening economy. Neither are they purchased by pension companies who prefer the safety of gilts and bonds to shares. But I believe that this will change given the low SP of most of these UK companies viz a viz their US and continental equivalents.
The Company has been notified that on 12 April 2023, Nick Train purchased 75,000 Ordinary Shares of £0.25 each in the Company ("Ordinary Shares") at an average price of 901 pence per share.
As a result of the transaction, Mr Train now holds interests in a total of 5,037,122 Ordinary Shares, representing an aggregate 2.4% of the Company´s issued share capital.
Well, owning 2.4% of FGT shares, Nick Train must be extremely bullish about the future prospects for FGT!! I added some more myself recently!
Still a poor investment one year later. This historically has run at par to NAV and now has 6-8% discount from last May which is unusual perhaps, a lack of confidence going forwards in Management? 2% dividend is not much compensation.
Yes, this a been a dog this last 20 months I have been invested.
I am only down 8% so it is not as bad as others so I will leave it for a while. The 1.9% divi is not to be ignored...
nothing positive so far in 3 months...but i suppose not much negative either.
divi held i guess, hopefully an interim in may to shed more light especially as restrictions will soon be over,,
The half-year report for UK-focused Finsbury Growth & Income (LSE:FGT), which is managed by Train and business partner Mike Lindsell, shows that its net asset value (NAV) per share fell by 18.7% compared with a 22% fall for the benchmark FTSE All Share Index. Train summed up the portfolio's performance as “robust but not impervious”.
Yes just bought £1000 worth at 780, keep buying in the dips. Forget coronavirus; also looking at Scottish Mortgage, Bankers, Mercantile, City of London and Witan- all fabulous buying opportunities.
well its still up about 14% over the last year.
I will take that anytime.
Its lti investment trust I worry about.
You dont become a crap manager oivernight (unless your name is neil woodford) :)
Well, we were warned that this unit might underperform in the next few months back in November and those warnings are coming true. The SP is getting close to my limits of confidence and I may well sell out if improvements are not shown soon. Frustrating because ..... I like to back winners and I suspect this is really a winning item.
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