Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Interesting to see David Stevenson plugging this among his "Left-field investment ideas for 2024" today.
Last post -
It appears that when Investec and Rathbones merged they would held over 30% of the BHMacro equity - this is the threshold for takeover. SO they had to sell down to below 30%, they are now (Nov 2023) at 28% so they do not need to sell more.
The buybacks only commenced after this selldown below 30%, hence they only kicked in at the end of last year.
There is a big discount here, as there is in so many IT's, so make your own mind up if/when/how it will re-rate up.
Now you need to make your own mind up - see the Master Investor article and then read this one https://citywire.com/investment-trust-insider/news/investec-buy-bh-macro-ahead-of-choppy-waters/a2434214
Investec: ‘Buy’ BH Macro ahead of ‘choppy waters’
So buy it while we sell it................ No conflict there.......
I have emailed their press division and asked when they are doing the next Investor presentation, they need to put their heads above the parapet.
Also you may be interested in this comment:
"Another trust operating in the same sector is the £1.6bn BH Macro (LON: BHMG), which has a strong long-term record as a diversifier. Recently however it has really struggled and slipped to a 12% discount, although the Board has rather belatedly started to buy back some of the shares.
The problem is the 28% stake owned by Investec/Rathbones that has turned a strong supporter into an ongoing seller. Numis believe that it may require a corporate action solution to reduce this position that is seen as an overhang by the market."
https://masterinvestor.co.uk/funds-and-investment-trusts/specialist-trust-recommendations-for-2024/
I'd love to say i know the answer Mice but i'm in the same boat. This equity is 'opaque' to say the least. I really want out but will give it one last chance of researching it until i pull the trigger. i'll share what i find
I notice that BHMG lost almost 24% last year (2023). It was also down a little over 2Y. According to The Telegraph (14/1/24): "The payout from Brevan Howard Asset Management came after the fund’s profits soared by nearly 300pc last year.". Given that BHMG invests only in the parent "master fund", why did BHMG do so badly? I assume I am misunderstaning something fundamental. Happy to be educated.
With the AGM coming up on Wednesday and the shares trading at an unusually wide 12% discount, the Board have the opportunity to announce a buy back to remedy this situation:
“BH Macro is entitled to redeem upon three months’ notice no more than once per year, a portion of its interest in the Master Fund representing up to 10% of each class of the company’s holding of Master Fund Shares.”
Also, “if any class of shares trades at an average discount of eight percent or more of the monthly NAV in any calendar year, the company would hold a class closure vote of the relevant class.”
Anyone who participated in the capital raising earlier this year at a much higher share price will be looking for the Board to be proactive on this issue.
It's on days like these that I am glad I have BHMG in my portfolio.
Share Sub-Division
The cost of a single Share of the Company is significantly higher than most investment companies
traded on the London Stock Exchange. Accordingly, the Company proposes that each Share should
be sub-divided into ten Shares of the same currency class so that the cost per Share is closer to
the market standard and which, therefore, should facilitate the acquisition of smaller numbers of
Shares and thereby further increase market liquidity. The Share Sub-Division is subject to
Shareholder approval at the Extraordinary General Meeting and is conditional upon the sub-divided
Shares arising pursuant to the Share Sub-Division being admitted to the premium listing segment of
the Official List of the FCA and to trading on London Stock Exchange plc’s Main Market for listed
securities (“Admission”)
Stock split guys, not down
What's happening?
going down
Likewise. Bought back in on Friday.
Back in here again. Hopefully a safe haven in troubled times.
I have now sold this after holding for 12 months. I have made 3% which is better than sticking it in the bank and about the same as the FTSE. It would have probably been good insurance if the market had continued to fall.
I have invested here based on recent relative share price performance.
Time for this outfit to show it`s expertise?
Could this share be on the brink of a good rise?