The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Great News-only 63p down after 4-5yrs investment in PC with the Great Woodford.
"and they couldn't possibly buy at the same price of their relevant NAVs anyway."
To clarify, I mean they'd have to buy at the massively over-priced NAV, which goes back to my perpetuating point or put money in at much more reasonable prices, which will see the companies written down massively.
peggy, there probably are a few positives.
But don't you believe the likes of IH are worth little or nothing?
Or Versaeon and Benevelent AI are struggling?
If not, fair enough, it's your choice.
But Scroders will have to continue to pile money in if they think they're good companies.
And I don't see that happening, because the money isn't there and they couldn't possibly buy at the same price of their relevant NAVs anyway.
And that's before the bank covenants.
Their reputation means they have to get this right and come clean, imo.
Oh, I wasn't here for a couple of hundred quid either.
I put serious money in here, very early on, with the view to it being a long term investment in my SIPP.
I got seriously burned and pulled out, because I listened to what was being said.
I then entered again and got burned again, because of the massive underperformance.
Then I realised the truth, simple, in that Woodford was frankly lying, imo. I wouldn't go so far as to say he was doing it to benefit himself, but the fact that he did is convenient.
Not everyone who thinks this trust is an utter dog is a trader and to insinuate that is poor.
I cant believe Schroders would take this over and then watch people bail out, surely a company of there standing would not get involved if that was the case,
A reputation takes a lifetime to build and a few seconds to destroy.
I am sure if you are in this for the longer term you will be okay here, Schroders know what they are doing and they must see positives in the trust otherwise why bother.
The small time traders on here (quick £200 ) will no doubt have othere views as always.
That old saying rings very true, imo;
You can't polish a t*rd.
I'd agree that we'll probably see a NAV re-rate, as Schroders tell it as is is, clear the dross and start again on a better footing.
It's going to have to hurt before it gets better, imo.
Otherwise, they'll just be perpetuating the rubbish that Woodford was trying to sell.
I'd definitely be looking to bail for now and see how it goes.
its good news there is a new manager BUT its the same old 'assets' that have to be sold/given away to allow the new lads some liquid to buy better quality and its no secret that a lot of the existing securities are illiquid!! maybe better to wait for Schroders first NAV calculation before diving in? GLA DYOR everything is IMO
Just doubled up on the positive vibes. Good to see some sense returning to the SP. Dead cats don't tend to bounce this high. Any comments from ItsToast?
they wouldnt have touched it if they didnt think they could turn it around
Time for the shorts to exit I think...
Maybe but they wouldn’t have taken it on and set the High Water Mark (the point at which they can earn a performance fee) @ 77p unless they thought that was achievable. This news should put a solid floor under the share price even if the NAV still has some drops to come when Schroders looks at the individual valuations. It will be interesting to see what they do with IH - immediate write down to zero ?
Schroders will then declare what a stinking mess the fund is !
yes and terms of appointment re remuneration are interesting.
Leigh Day are currently investigating a potential legal claim against Hargreaves Lansdown on behalf of investors who have lost money following the collapse of Woodford Investment Management
Been thinking about buying some of these but probably missed the bottom now.
£15.08k ..was the uncrossing trade value (16 :35:07)
£15000 invested after hours, someone must have a lot of faith or know more than everyone else, but perhaps just trying to level out and hoping it will pick up.
Then we may still be throwing good money after bad with this IT whatever we buy it at even 1p, as Toast suggests. This is a loser we are afraid to say. Just hopeful there may be something of value here. Lets see what happens with new management and we assume a new name and focus.
Better at the moment to add to our FFWD IT where there is a proven NAV nearly double the SP with some of their investments joining the Nasdaq at the end of this year or next year.
We are the same, from 42p we thought of adding to our very very small holding, as we mentioned a few days ago.
We may even see 20ps and even 10ps before it stops going down.
However as we may have said before, there must be some value in the companies they are invested in so at what point do we reinvest? If the NAV is 40p then there could be a nice profit eventually.
We were under the impression that the NAV was calculated by an independent company, but that may be a laugh.
NAV creeping down and re valuations are not frequent, some may be months old so it's a share price sub 30 soon and then 20.
I was considering a bet to buy when they are lower though if the NAV is realistic.
interesting read on woodford investments in City A M today
It was the Panorama programme on the BBC. You'll probably get it on the BBC iplayer and the conclusion was Woodford was just one of the many shoddy cowboys that has milked investors for years on end and will walk away with a nice handsome reward courtesy of all the investors he's fleeced over the years.
What was also really revealing and it all makes sense now was that the market commentator for the Daily Mail, Alex Brummer was absolutely seething and calling for Woodford's blood in a roundabout way, this after 'bigging him up' over the last three years in his personal finance section.
Everyday the Daily Mail Business on-line website used to run a story on Woodford and explained how your money could go a lot further if you invested in one of Woodford's funds, I could never get my head round it and gave up looking into it as I couldn't understand the logic here and had no idea what these companies were in which he invested.
Turns out Alex Brummer had tens of thousands invested in Woodford's ponzi scheme !
Oh dear, a market commentator talking up his own shares and now getting burned and crying wolf !
You couldn't make it up.
5eights, I only read your post now so missed the report on BBC. I didn't see anything listed in the newspaper - therefore I'd like to know what programme it was that featured Woodford and what was its conclusion.
….should be an interesting watch. We all knew these lot were a bunch of bandits and it was just a question of when, never mind FCA failings, they're not bothered and don't even try the Financial Ombudsman either they're all in it together .
Just had a browse through the Companies house website and noticed the floating loan arrangement with Northern Trust, hopefully we'll find out a bit more tonight !
https://beta.companieshouse.gov.uk/company/09405653/charges
Thanks...i will bear you comments in mind..
p.s I have no dog in this hunt, and i hope for your wifes sake it turns out OK (and i hope for your wifes sake she doenst listen to your discussion to buy more!!). I
believe though, for reasons I've posted previously, this stock is going to very low numbers, maybe single figures. I also believe there will be some action to get it shut this side of the New Year or just after because now Woodfords run away, there's no income to run it after his 3 month notice period ends.
So the only income can come from sales. And the only sales will be thinsg that can be sold (duh!) which means its going to be left with the absolute direst lowest value stuff. Things like IH, literally worthless junk. So there's not even hope for a 'moonshot" stock.
SO, after ist shuttered they will sell it and you'll get back dribs and dabs.