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Thanks, Myo. I knew Capital have been involved with Sirius for many years, but, was out and about and posting from my phone. I’m sure popex will appreciate that you were at your computer and had the time to delve further too.
Cheers,
per ardua ad astra
I’m sorry as well populationexpect - I really am
Thanks PAAA. You are a good man. Yes,difficult but I am , I hope ,coming to terms with the situation and think I am stronger after you will remember our son´s death.
Puts all the petty bickering from testosterone filled young men into perspective.
Enjoy your lives to the full. We are not long on this planet.
Agreed Chesh , from thr other side ....
In 1931, Jonathan Bell Lovelace founded the investment firm, Lovelace, Dennis & Renfrew, which would eventually become Capital Group. Lovelace had previously been a partner in the stock brokerage firm E.E. MacCrone, where he explored the concept of developing an open-end mutual fund. He eventually sold his stake in that company, just prior to the Wall Street Crash of 1929.
I doubt it, Population.
Wikipedia suggests to me that Bruce Kovner left Caxton, which he founded in 1983, behind when he left and founded CAM to manage his own assets and those of some new senior colleagues: “In September 2011, Kovner announced his retirement from his position as CEO at Caxton, succeeded by Andrew Law. Kovner established CAM Capital in January 2012 to manage his investment, trading, and business activities.”
Good morning, popex. I trust you are well, although I was sorry to read that your wife is so ill and that is compounded by her recent stroke. I hope she is not suffering terribly and you are coping with her care.
As for Capital, they have been involved with Sirius for a good number of years. I don’t know when they made their first acquisition, however, they were key contributors to ST1, and I seem to recall them at least being around for a good few years prior to that — perhaps going back to the pre-planning stage in 2015 also.
I wish you well and hope you find the strength to manage what is a terribly sad situation.
Kind regards,
per ardua ad astra
Tnx Cranleigh but can u or anyone find out if any shares are owned by Caxton Associates , managed by Andrew Law in London and if so when he first invested.
Can anyone tell me when Capital Group in the US FIRST owned shares in Sirius or when it first came to light.
Was it before January 2018. I think it was but please confirm.
Population, I don’t think there is any link between Bruce Kovner’s CAM Capital and our (still) big shareholder.
CAM’s website states “CAM Capital is a fully independent, private investment company that invests assets of entities related to its founder and senior employees”.
population expect - sorry to hear about your wife, my best wishes to you both.
Regarding Cam Capital, I have no idea unfortunately. My post yesterday was just a bit of research triggered by Cranleigh's postulations about why the fund might be selling.
Good work, Cranleigh/Phil. Many thanks for sharing your efforts.
Regards,
per ardua ad astra
Tnx PhilBanks,
Do u know if there is a connection with Cam Capital founded by Bruce Kovner
I do not have time to research. My wife has had a stroke due to terminal cancer and I am full time 24 hour carer..
I was at college with Bruce back in 1960's
thanks verde,I tried, it should be
https://www.capitalgroup.com/institutional/investments/holdingssearch/
in the search box, enter
sirius minerals
the results:
SMALLCAP World Fund ® 191,851,849 $50,075,439.00 0.12%
New World Fund ® 27,595,843 $7,202,818.00 0.02%
Cranleigh
sorry - it won't let you do that without a password but you can with a bit of a fiddle get to
www.capitalgroup.com/instutional/investments/fund/rwigx
scroll down to equity breakdown and you can click on a link to all holdings
Verde
Myo
Capital Group have JPM in 13 different funds - total over $11 billion - a mere nothing :)
Verde
what do you know - the machine did it all by itself:)
Verde
Cranleigh
try www.capitalgroup.com/institutional/iinvestments/holdingssearch
sorry I don't know how to cut and paste the web address (aged person!)
Verde
Myo - think you should do one of your very long posts on the train! Reminded me of when I was trying to write emails while on the trains in India - ended up writing a load of rubbish and feeling ill! Last week I had a feeling the Capital Group sell off might have a connection with Stage 2 (even posted it as a stupid question) - it just all seemed a bit strange to me - I guess we’ll soon find out!
Thanks, Verde.
Please could you provide links to the relevant pages on their website? Thanks.
Cranleigh
Just looked at their web site - where you can look up all their holdings- and they now own 220m SXX shares in two funds - 192m in one fund and 28m in another - so it looks as if recent sales have all come from the one fund - the funds have total assets of about $40 billion and $35 billion so indeed SXX is tiny on their scale of things
Verde
Populationexpect - according to their website, the fund managers are: Steven G. Backes, Wahid Butt, Mark E. Denning, Bradford F. Freer, Nicholas J. Grace, Carl M. Kawaja, Jonathan Knowles, Winnie Kwan, Robert W. Lovelace, Robert H. Neithart, and Christopher Thomsen
PhilBanks,
Can you provide the names of the fund managers please? I have a genuine reason for asking.
Thanks Phil - didn’t find that. Another plausible explanation...
Cranleigh - I've just had a bit of a look as well. The December 2018 fund manager statement for American Funds New World Fund reads as follows:
'It's clearly been a tougher environment for emerging markets equities,
with China's economic slowdown, the strength of the dollar and
tightening U.S. monetary policy.
In this environment, I'm focusing on companies with stronger balance
sheets and cash generative businesses that still have decent growth
prospects and pricing power despite slowing global growth and trade
tensions. I've also shifted to companies undergoing fundamental
changes that can potentially drive future revenue and earnings growth
regardless of macro uncertainty. In some cases, profitable companies
with dominant market share positions have sold off and their valuations
have come down, creating compelling opportunities to invest with our
long-term view.
Despite some of the selloff in emerging markets, I believe longer term
trends in developing countries haven't changed and look sustainable.
These areas include the growth of mobile-based e-commerce and
services, the expansion of Asia's consumer class and soaring demand for
travel-related infrastructure and services within Asian countries.'
This is the fund that has sold off 64m SXX shares, which for context was 0.07% of their total fund asset value (i.e. a drop in the ocean for them). For further context, their main holdings are mainly the likes of Microsoft, Alphabet, AIA, banks, tech and financial companies. Of 589 holdings, SXX ranks approximately 480 in terms of the total fund %.
This fund is massive, and whilst a 64m share sale may seem huge to us, it's really rather insignificant to them. If you have a list of 589 holdings and you are looking to make a few changes, then the likes of SXX is probably going to be on your radar as it has dropped nearly 50% in the last 6 months.They have 11 fund managers, and SXX will have been one of their picks.
They will have come to a quarterly review, and the main fund manager will have said 'Steve; what the heck is Sirius Minerals and why is it 50% down?'. Steve would have then started eulogising about the benefits of POLY4, and then mid-sentence gets shut down by the main fund manager who says 'Steve; I don't care if it provides all the macronutirents under the sun, it's 50% down and I'm focusing on companies with stronger balance
sheets and cash generative businesses - we're selling.'
Lesson - listen to Steve, be patient and stay strong.
Thanks DGR that's a good point fair enough ... thats me for the day so hope to tune in tomorrow for a nice RNS ? lol
Cranleigh I don't want to bang on about your 15.05 but that is a cracking bit of detective work and it's cheered me up a bit to think that might be a valid reason ..ffc