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Thanks. Overall I see no strong reason against investing in Duke. I just think at the moment for income investors there's stuff around that offers superior income, and potential capital growth, for less risk. To be fair much of that is in the institutional markets. I'm not investing at moment, but will be keeping it on my watchlist alongside other. On the listed front; BioPharma Credit, New City High Yield, Hipgnosis (2 of those are also royalty inclusive). I'm also watching the very well respected M&G Strategic Corporate Bond fund, but investing in their short duration global high yield fund. On capitals markets, debt from Very Group, Saga, NewDay and Iceland.
Yes, much more likely, hence my concern about the Irish economy. If that does get hit my a double whammy there might be more interesting and defensive assets on fire sale. I'd like those more than recruitment. I haven't looked at Wellnet in any great detail. But my gut feel is alongside marketing, in any hit, capital expenditure on that kind of infrastructure might be a big casualy. My other concerns is that some of the funds mentioned above have very expansive portfolio's - over 100 holdings -12 feels very concentrated with a lot of risk about.
No offence taken ; appreciate your expanded reasoning. Perfectly sensible, as a hard Brexit is looking more and more likely.
Sorry Genghis15, when I read that back it sounded pushy - that wasn't my intention. I'm always busy this time of the morning dealing with RNS and overnight email. Good luck with your investment.
"There's a lot of recruitment in portfolio, not an area I really like. Although on an initail look throught there did appear to be some of the more resiliant areas and exposure to the public sector - but Ireland might suffer from that double whammy of hard Brexit and Covid-19. Maybe that's more risk than I want."
Is what I said, and that I was also concerned about how much additional risk there might be from it being Ireland focused. I didn't/couldn't make a more detailed view of their individual exposure to the underlying risks of a hard Brexit and general covid related down term. Here's what Duke say about the relevant companies:
"Bakhchysarai (Ireland) Limited (“BIL”) was founded as an investment platform in 2018 in order to build a diversified portfolio of strategic and synergistic investments within the Irish/UK recruitment sector."
"Berkley is a trusted international resource partner with over 20 years of operational experience. The Company provides recruitment and consulting services to a long-standing list of blue-chip clients across Ireland, with a specific focus on the Business and Technology, Life Sciences and Engineering sectors."
"Established in 2006, Welltel is an Irish-based business communications company led by founding CEO Ross Murray. It is one of the largest independent voice and data providers in Ireland, selling integrated telephony systems and connectivity solutions to over 3,000 corporates and government bodies."
I appreciate Welltell isn't a recruiter.
Your observation "There's a lot of recruitment in portfolio, not an area I really like" is generally a view I share.
But the partners here all focus on recruitment in defensive areas, like healthcare or IT, as far as I can see.
"I was keen on these pre virus but the risk here is high due to their borrowings."
I mainly invest in deb and equity, so these sort of interest me. I've been having a look through the portfolio companies:
https://www.dukeroyalty.com/partners
Not one, I felt, would offer an easy defensive ride through a prolonged period of economic downturn.
I did find LYNX Equity quite interesting https://www.lynxequity.com/ as there's got to be some "cigar butts" (may be) in there, but again nothing that appears to be recession proof. The "not-for-protit" insurance broker might be in at least calmer waters, but not the not-for-profits themselves. I thought of picking up a pocket size holding, the sort of thing I buy and foget about on the basis that it's just noise (with some cash income), but I'm now hestitant about that - there's debt with greater yield, more security and in household names available. For instance NewDay 7.375% February 2024 has c18% yield (at the moment) if held to maturity. Not sure 11% on their paper does it for me. Maybe short term appeal for traders, but at the moment for total return it could take as quickly as it gives. Remains on my watchlist for a day when everyone is running towards the exit.
I'll be interested in seeing how European river cruises fair over the next twelve months. I think if I wanted to play in that "water" ;) Saga's Saga 3.375% May 2024 might be a better punt. At least there's a large number of equity lnvestors who will offer the first line of default - and it's offering over 11% cash.
There's a lot of recruitment in portfolio, not an area I really like. Although on an initail look throught there did appear to be some of the more resiliant areas and exposure to the public sector - but Ireland might suffer from that double whammy of hard Brexit and Covid-19. Maybe that's more risk than I want.
Yes; It is on my watch list though but at the moment, I’m not convinced of its merits although it appears cheap.
Hi again Batterseafish, does that mean you are no longer invested in Duke?
Ok, but I don’t have a short here in any way........I was keen on these pre virus but the risk here is high due to their borrowings.
There are companies that have a lot of cash and low borrowing. Then there are others that benefit from present circumstances.
Lse will tell you there are no shorts in Duke
My posy you’re not your. Goodness what are the schools turning out these days!
Your a bit os a Casandra are you not. Have you got a big short position in DUKE? I certainly sounds like it.