Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
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This going to come under pressure with uk budget looming soon.
Think sentiment in UK stocks is going to persist versus for a longtime.
I’m 70% in US / S.American & Swiss combo stocks 30% UK.
....both for steady increase in SP and dividends. Recent high is £9.50 and our dividend is well covered, so good reason to be confident.
Nav 875p
Todays price 807p
Goes ex div very soon
16 Nov 2023 (Thu )
Just accumulate everything and anything.
That's what I'm doing. If you're an investor you'll understand.
FTSE is on sale versus S&P
RSI hit 65-70 in last hour.
I bought another good chunk here.
Tempted to buy 20 BRK.B today?
So, this has underperformed due to its high dividend compared to other TRUSTS.
RSI & MA are bad signs on this one.
https://www.barchart.com/stocks/quotes/MUT.LN/overview
Barchid,
Not sure you are missing anything at all! The markets are pants and anything touching the U.K. shores has been hit harder than most. Brexit, Covid, two wars and a pending (change of government) U.K. election. Whats not to like.
With MUT, I console myself with the Reversion to Mean logic, a healthy and increasing dividend paid quarterly plus chunky share buybacks. I have been around the investment industry for many years and I can never recall so many companies buying back their own shares. There appears to be a genuine disconnect between intrinsic value and share prices. Barclays has a net asset value somewhere close to £4 and its shares trade at 130p - Ludicrous. GMAA recently announced a sale of part of their business, for very close to double the market value of the whole company immediately before the announcement. Shares rose >60% on the day. Many similar unloved, undervalued other examples exist. As always patience with a capital P and a huge spoonful of belief and confidence!!
Henners
Agreed but certainly seems to have underperformed Merchants over any reasonable timescale, which is witnesssed by MRCH still able to issue new shares most days on a 1% premium.
TBH I own both but MUT in a smaller size, I bought MUT because it has a lower yield and thus a rather different portfolio to MRCH but I admit to not being over the moon with it these past few years whilst even this week I have added to my MRCH holding.
Am I missing something in MUT ?
There are at least a couple of lively souls on this bulletin board!! (but perhaps no more).
Average annualised longer term return for MUT very close to 8%. Current 5 year annualised return very close to 2%, reversion to mean indicates there should be some upward dynamics soon....................................
Market has improved a bit and so has our NAV. Little more encouraged but the speech probably already prepared!
Let's hope this lousy market turns round a bit more in the next fortnight but not expecting any thing too exciting .
Sorry, arrived on wrong board, my fault.
Interesting TR 1 this morning, raises hope a little...
...performance by management here for the SP to be approaching recent high in a less than encouraging financial environment.
Todays NAV is 7.7% discount to SP, so around 915p.
Since rising from 833p today low, it’s coincidently tracked the $ v £
I have MYI, CTY & HFEL , all at 8-10%% of my portfolio.
Looking at starting here once again since holding it from 1989-2012
Just drop feeding in and as at discount looks a good long play.
Don’t hold many UK stocks, all Global ones performed outstandingly well in comparison
Oldbut
Well he/she is £1 late as they were easily obtainable 3 months ago like that.
At least Tempus is a tad better than Questor who is truly the kiss of death on an I.T.
...by Tempus in The Times.
Nice spread
From there accounts
Revenue reserves (£’000)
Prior to payment of fourth interim dividend
33,491 26,485
After payment of fourth interim dividend
20,363 15,073
You will have work that out as percentage of total NAV or is it share price?
It is after the final dividend so it is the true dividend reserve.
SD235
Interesting piece and a good post.
Knowing that MUT was increased by Perpetual trust (which like you I had but sold mine on the 98% of nav offer on the merger and entered MUT not so long ago, say a year / 18 months, after I saw the ongoing fees came down which to me is an important factor & my guess is when the next figures are out we'll see the divi reserve building nicely.
So in a nutshell I play the divi reserve off against the discount and lower fees.
Henners007
"What's not to like. Discount widened far too much"
It's poor dividend increases prior to covid.
It's poor dividend reserve a product of its merger with Perpetual income and growth. We/they kept are dividend reserve. A company who increases its shareholders by a third has a very large decrease in its dividend reserve. Further more prior to the crash it was already preparing for the reserve running out by having a vote for paying dividends out of capital.
I would suggest all of the above points to low dividend increases for the foreseeable future.
Henners
Totally agree, they also have a slightly different portfolio to other income funds with a 15% o/seas allowance
I've been topping up the last few months, viewing them as a portfolio stalwart.
What's not to like. Discount widened far too much, Rogan topped up, healthy quarterly income stream with good chance of capital appreciation aswell. Big company name managing the investments. I love stock picking but happy to let the professionals manage a chunk of my hard earned without seeking expensive advice!!!
...my last comment and seems about right. Still hold here and in view of inflation do not expect too much, but safety first for this old croc, I have downsized to a nice flat since last posted and have the balance on instant access for now as foreshadowed in last posting. Sitting tight is probably the most difficult aspect of long term investing!
Hi SD. Skimming the financial news and getting more gloomy. Am now minded to go at least 50% into cash for now.
Whole world is heading sharply down. Where I will not sell some is where I can get a decent (for now) dividend at least 2.5 times covered by earnings. This may well apply to MUT. Strong argument for going liquid in this recession market because will be better to buy back lower down. Will probably keep spec rubbish in hope. Whatever you do, best of luck!