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Yep. JP Morgan have written down the value of the holdings by about 99%, hence the low reported NAV - it's pretty much just the money market fund value. Investors are essentially betting on the capital controls lifting and MOEX access being restored to "unfriendly" nations at some point in the future (or a workaround being found). The cost of the bet is the difference between the NAV and the SP. Worst case scenario is we only get 40 odd pence per share back IMO.
So essentially the price of this fund has dropped so much because of asset freezes in russia and the ongoing war?
No decisions have been made so far. There was talk of changing the scope of the fund to allow for investment in other markets, but it's been quiet lately. The managers are in the process of converting all DRs atm, I think they'll be finished soon.
There's approx 50p per share in type C accounts, waiting for capital controls to be lifted, and about 42p per share in a GBP money market fund. The total (unadjusted) NAV is about £6.60 per share atm.
If you're on Telegram I'd suggest you join the JRS group, there's a lot more research and discussion going on in there.
H all ive been watching this fund for a while. Is it going to get converted in anyway to another fund given whats gone on in Russia? Have they just shifted the funds out of Russia temporally till everything settles down? Any advice on where this fund stands at the moment would be appreciated. Thanks.
I think the cash is the proceeds of selling the Kazakhstan shares. Why they sold them though, I don't know.
Cheers ntb
I think the plan is to use the cash to cover running costs until the funds in the type C account can be released. Alternatively, there'll be a mandate change which will allow the funds to be invested outside of Russia (though I expect there'll be a placement, diluting current holders).
I'd recommend you join the telegram group (search for JPMorgan JRS), there's a lot more discussion going on there
Apologies to self, but I took my eye off this ball on this share a little while ago. Now just looking at top 10 holdings on HL to find 93% with:
JPM GBP Liquidity LVNAV X (dist.)
Would I be close to the mark to suggest my losses are sitting in cash? In which case has anyone any sage words on what is expected now - using this cash to buy back "?undervalued?" stocks when yhey are available again???
https://nitter.net/rdv_analytics/status/1562809146537558016?s=21&t=nUV1JfS8FVsZiesKudyVXw
Now that's what I call HL Service. This follow up message to yesterday's phone enquiry:
-----------------------------------------------------------------------------------------------------------------------
Thank you for your call.
After speaking with our Corporate Action team, they have confirmed that we have received no communication that JPMorgan Russian Securities plc are currently going through a corporate action.
I can confirm they had a general meeting on the 4th March 2022 but no other meetings have been announced.
If the stock goes through a corporate action which leads to a material change to the value of your holding we will send correspondence through secure message.
You are all pathetic
Reading this and that into the situation
Buying and selling causing exactly the same rises and falls
Just hold it and wait
Stop obsessing over the details, it's the same buy when the blood is on the streets mentality as it always was
And may I add, anyone who thinks buying and selling at a 5pc rise and fall with a 5pc spread is a moron
Lookinloot…ii will tell you when the voting agenda is published…HL won’t.
slowly slowly shackles coming off...
https://www.thetradenews.com/wall-street-banks-return-to-russian-bond-trading/
"Following a ramping up of US sanctions against Russia, the Treasury prohibited market participants in the US from purchasing both new and existing debt and equity securities issued by a Russian Federation entity, causing most banks to cease their activities. JP Morgan, one of the last banks to exit, halted trading in June.
On 22 July, new guidelines from the Treasury allowed holders to start winding down their positions again, within the parameters of current sanctions, allowing investors to exit their toxic positions. The US Treasury approved an auction in credit default swaps sold on Russian bonds late last month, with the Office of Foreign Assets Control (OFAC) issuing licenses for the auction and associated wind-down activities, following a group request by market participants.
The Treasury also clarified that banks would be allowed to facilitate, clear and settle transactions of Russian securities in order to help their US clients wind down their positions. A Treasury spokesperson said the move was designed to help US and global investors make a clean exit from their Russian holdings.
It would now appear that activity is being cautiously resumed, with most of the banks operating on a request-only, case-by-case basis. "
Have JP Morgan announced the timetable yet? I contacted HL requesting my vote, they knew nowt about it.
Same. Nothing.
Errr whats this voting thingy, heard nothing thru II, or TDW who i am with
can some one enlighten me please.
In the telegram group we’ve got the true NAV (with conversion ratios applied) calculated at 625, excluding the divs waiting in the type C account
I will be delighted to see how many more ADR/GDR have been converted. As of today the pure MOEX + cash is valuing for me at £3.70 without any of the DR's - I'll love to see how much this might bump up to - especially if its the gazprom, lukoil and rosneft holdings which could well be decent (caveat I've found it very hard to ascertain - sometimes 1 ADR = 0.5 share, sometimes other way around etc 1 ADR = 2 shares) but those three could be worth almost £1 more if all exchanged AND 1:1...
HL says they will process votes…if you tell them how you want to vote . I guess, unlike II, you won’t be prompted.
Saudi Prince made 500 million investment in Gazprom, Lukoil and Rosneft ADRs
https://m.gulf-times.com/story/722646/Saudi-billionaire-made-500mn-Russia-bet-near-the-war-s-onset
Well, I always look at the time of rns announcements. If this was announced before Friday close, then it would be factored in.
JRS announced on Friday that some DR conversions have gone through. Monday will be interesting.
having said that MM desperate for stock - just put in a chunky test sale of the lot and they were happy to pay 94.5 for the lot (in a 91/95 market context) without blinking... if CLIM are done for now should get back to mid 100s I reckon fairly swiftly...
CLIM yes will be an issue as they have their must sell hat on and they still somehow own ~12.5% which is astounding as they have been continually selling it seems from 140 down - decent 25k buy clip through at 95 there
As per the half year results the insti investor base has already gone down from 70% to 36% by end April, so sure much much lower than that now...
I think that CLIM is going to keep selling at about 100. Dips could be big but so will be the spread. I have a buy order at 70.