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PS I was waiting for the Angus overhang to clear before investing, unfortunately I missed the boat, that was a costly mistake.
Good find JiffyBag, however I dont think that Marlborough are investing in UKOG, I think that they are one of the two ii taking part of the placing announced on 2 July 2018. If you look at page 51 http://funds.marlboroughfunds.com/uploads/documents/15384687878857f73b0f63f528de5d107771725f162ba.pdf
will see that they bought £2,505798 and sold £2,467,797 shares in the period to 31 July 2017. Looks like half the placing shares. I presume that they will have either sold the remaining 31m shares per page 56 if that is their MO or keep them as virtually free shares.
The good news is that the £5m placing in July have been washed and we just need to wait for Solo to stop selling or sell out completely. Either scenario shouldnt be far away now.
So with plenty of good news to come, and little overhang left then the SP should rerate to match the news which has already been announced, and the news which is coming.
Starbright / JiffyBag thanks for sharing this excellent piece of research I am always glad to learn from the more experienced. Excellent news if a fund is interested and hopefully more to follow.
SB,
Thanks.
JB - it's normal for funds only to disclose their top 10 holdings in regular factsheets, and UKOG is way outside the top 10 holdings of this fund. The full portfolio you'll find in the annual reports - the July 2018 version of which is the source of the %'s etc in my earlier post.
http://funds.marlboroughfunds.com/uploads/documents/15384687878857f73b0f63f528de5d107771725f162ba.pdf
Page 56
SB,
I could not find any link despite looking on Marlborough's site and others of the actual up to date breakdown, of their individual investments in the Nano Cap Growth P Acc, fund.
Actually it's a "Morningstar Rating" not a "Morningstar Analysts Rating". The former is a numeric assessment of past performance (ie it is churned out by Morningstars computers) whereas the latter involves a formal research process including interviews with the fund management team, and is a forward-looking assessment of a fund’s ability to outperform.
SB,
Glad that you are enthused :) , Google is your friend:)
Seriously, this is a very good sign IMO, not managed to find anymore as yet most likely as are under the radar.
Now that IS interesting. Great find.
Giles Hargreave who is the highest profile named manager on that fund is an industry veteran. He's run the well-known Marlborough Special Sits for many years and is well regarded in the fund management industry.
The Marlborough Nano-cap fund invests in companies with market cap <£100m at the time of purchase. Looking at the holdings, I think that can be interpreted as at the time of initial purchase. Fund aum are reported as £205m. The fund has Morningstar's 5* rating, which is only awarded after significant research (ask me...) and is a recognised indicator of quality. It's very much a diversified portfolio with almost 160 names (holdings) according to the latest factsheet. This is a high number of holdings in comparison to most funds. The declared strategy is to take initial positions of less than 1% (that's as a % of the fund) and then to add as the company delivers on its strategy.
At the time of the funds July 18 annual report, it held 31m UKOG shares then valued at £589k. The position had a portfolio weight of 0.29%. If the Morningstar data is correct (it's not always reliable...) it looks as though this might have been trimmed a little since to 0.22%. Interestingly they also own(ed) a sliver (0.08% weight) of Angus Energy.
For me this is a positive sign.
Ownership Tab
So I see, Marlborough Nano Cap Growth P Acc, its a start.
https://www.morningstar.com/stocks/xlon/ukog/quote.html
The ii`s have already taken tentative positions under the 3% threshold , there are many ways to hold and not hold as they say , i will leave it at that . It will become more apparent in the coming weeks. ...ALL just an opinion of course ;)
GLA