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PFG making headway in early trade following Invesco reducing its holding
I got out of the Woodford Equity Income Fund three days before he gated it at slightly more capital than I invested, and having achieved very little income. I'm one of the lucky ones. I wouldn't back another Woodford branded fund with Monopoly money.
Thanks TheBorn, This makes sense to me now!! So the time to buy in might be when his fund re-opens, guess its always gamble but would expect big sells by then!!
I think some of Invesco's funds are facing some redemption issues (not on the Woodford scale), but they still hold >18% stake. Given Invesco thought NSF takeover was a good idea I'm not going to worry myself why they have sold a tiny portion of their holding yesterday.....I'll just embrace it.
The more I've read on Woody the more it seems he's re-positioning his funds to undervalued, listed investments. PFG is listed and on a fundamentals basis, probably the most undervalued of all his holdings. So I can't see him selling any of the PFG stake until the funds reopen for redemption in December and there will likely be a big run on it then (particularly if SJP pull their backing). This is when I see him dumping another large holding. The irony is, when Woody has finished the re-positioning he will have well diversified and liquid mix of stocks, many of which are undervalued due to the effect he's had on them / Brexit / China-v-US. If investors just hold their nerve when it reopens then they would probably be better placed leaving their funds with him as they'll probably do better than putting with another manager. Still, I won't sleep easy until Woodford is <10% holder in this.
It's bizarre but just a amateur here don't understand the mindset of institutions!!
I might be wrong, but I thought that they were in bed with Woodford as major shareholders in supporting the failed NSF bid. It just seems a bit strange that they are now selling down when the price seems to be finally edging back upwards.
Don't understand why a company like invest would be selling down at these prices?? Do they trade them a lot??
So it was the Deputy and not the Sheriff who sold.
Even though it’s not Woody, Invesco selling down is still a positive. Each sell moves us further away from ever finding ourselves in an awful forced takeover scenario again as minority shareholders.
Wow yes 1,516,655 share sale 428.5p at 14.56 is a whopper can’t wait to see who it is
Lots of useful posts on the board today especially Theborn profit assessment and history of acquisitions in sector from galiniwilbury Only sorry I can’t add much substance but appreciate what I’m learning
Just noticed that, Theborn. Guess we'll have to wait until the RNS to find out who (nice if it's Woodford), but good that the SP has held.
£6.5m sell trade just after lunch. My guess Invesco or Woodford. Price has held which is positive.
Romaron. I actually do remember Blundells, a moneylender based in Burnley. Along with Lawson-Fisher, a Glasgow-based chain of department stores serving the Scottish sub prime market, Blundells was then owned by Mabey Construction in the days when diversification was popular. Both companies were acquired by PFG from Mabey in the late 1980s. Lawson Fisher was non-core and was eventually closed down. Blundells was assimilated into HT Greenwood, a deposit taking moneylender and another PFG subsidiary, operating then out of Ashton-under-Lyne, and now part of the current PFG home collected credit division. Blundells and Lawson-Fisher were both branch-based, and each had its own home collected credit infrastructure, so at the time there were close synergies with PFG's business.
I m not investing on your views but the information off woodford and Keith ashworth lord. If its good enough for them it is for me I m just trying to learn more before I commit a sizeable amount thanks
Grippa- whilst I appreciate having a camaraderie with other investors in pfg, I would never in a million years invest in a stock based on info and opinions from people on a chat room. My method is to educate myself as much as possible based on the past few years of company financials, investor buys, director buys and sector sentiment. If something comes in as undervalued then I’ll consider investing in good amount comfortable in the knowledge if it goes bad I only have myself to blame! I’m a big holder in pfg which I’ve built up over 6-9 months so my views are clearly going to support that so always spend time doing your own readership bud.
Roman like your post so how is Provident financial better than the companys you mentioned please I am keen to learn if PFG has a moat around its business model or not??
Excuse my ignorance but in my basic knowledge sub prime lending is lending to people who might have difficulty paying back so pay silly interest what percentage of provident financial is this. TheBorn kindly highlighted the different businesses they have but still don’t know what they all do in layman’s terms never thought of an investment like this before so struggling to understand the basics of it!?!
Excuse my ignorance but in my basic knowledge sub prime lending is lending to people who might have difficulty paying back so pay silly interest what percentage of provident financial is this theBorn kindly highlighted the different businesses they have but still don’t know what they all do in layman’s terms never thought of an investment like this before so struggling to understand the basics of it!?!
Back in 2010 ish I made my first investment in PFG. At the time it was the most shorted stock in the FTSE. I built up a shareholding at under a tenner because there was little else giving such a return and it was a simple model by a company with serious experience and branding. I calculated that I knew as much about their workings as a hedge fund trader because they provided the funds to buy my school uniform ( I had a brother collecting for the Northampton Boot co a money lender and who here remembers Blundell's) The competition seems to be dropping off but I don't see the demand by sub-prime borrowers going away.
Albemarle & Bond went last week. Associated with Speedloans whoever they are. Wonga we all know about. A good signal was the RBC raising the price target of Amigo to 235p (closed Fri 73.70) whilst even NSF has its fans. I wouldn't touch either as I believe their models are flawed with guarantor lending. Who here hasn't had friction with friend and family lending?
The FCA don't make it easy but as investors we can sleep better knowing we aren't actual loan sharks. PFG looking more solid by the day.