The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
To achieve capital appreciation through investments in a diversified portfolio of private mid-market businesses primarily in Europe.
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With the latest disposal, the new nav is 594p. The discount is now sitting at 39%. With net cash as part of the nav, surely this discount is ridiculously high.
4 May 22 - Stewart Porter, a Director of the Company, has purchased 11,577 Ordinary Shares in the Company at a price of 429.50 pence per share. As a result, Mr Porter is now interested in 56,793 Ordinary Shares of the Company, representing 0.03 percent of the issued share capital.
That makes sense given the track record 23% right now is a steal
btw ICGT similar huge discount and due to report year end tomorrow with NAV 1628 @ 31/10/21
Given the track record and the prospects here, I don't think there should be a discount to nav at all. In a couple of years, I wouldn't be surprised to see these shares trading at a premium to nav.
NAV now announced today at 571p, shares at 431p
Robert Cordon ‘slams’ Oakley Capital Investments (OCI) in the latest PIWORLD/Stockopedia StockSlam at 38m33s
Watch the video here: https://www.piworld.co.uk/education-videos/stockopedia-piworld-stockslam-april-2022/
Or listen to the podcast here: https://piworld.podbean.com/e/stockopediapiworld-stockslam-april-2022/
Looking better now at 422p based on the NAV 3 months ago at 538p is a 21% discount
And increase the discount (:
Discount control mechanism shifting into action with buy back of approx. 5m shares. Smart move which itself could lift NAV by around 3-4p.
2021 year end results out tomorrow 10th March
had to re-submit at 377, I think its a steal but the word changed forever on 24th Feb
I agree and just done a Fill or Kill at 375p
I have just bought more shares at 372p. The discount is now 31% which I regard as crazy given that I expect the nav to rise further at the next quarterly valuation. I didn't think that I would get the opportunity to top up at this level. Mr. Market is extremely depressed at the moment.
RNS today - Director buying 25,000 shares at 419p
now on sale at 410p
Up 10% today to 419 based on the RNS.
I will be buying more on any weakness with NAV at 538 is 22% discount.
NAV growth - The Company's unaudited NAV as at 31 December 2021 was £961 million, which represents a NAV per share of 538 pence, based on portfolio company valuations at year-end. The total NAV per share return including dividends was 35% (+140 pence) since 31 December 2020 and 21% (+95 pence) since 30 June 2021. During the year, 76% of the increase in the portfolio's value was driven by EBITDA growth and 24% by multiple expansion including realisations. The largest contributions were from IU Group which continued to see strong growth in student enrolments during the period, and TechInsights whose sale has been agreed at a c.125%1 premium to the June book value.
Portfolio company performance
In 2021 the Oakley Funds continued to benefit from their investment focus on technology-enabled businesses. While some companies were impacted by COVID-related restrictions, the wider portfolio enjoyed strong earnings growth, benefiting from accelerating long-term trends such as the increasing adoption of digital solutions by businesses and consumers, and growing demand for quality, accessible education.
The shares shouldn't be at a discount at all. Given the very conservative valuation of their investments, a case could easily be made for the shares to trade at a premium to nav.
FP well done now 414p
Interims 2021 the NAV was 445p end of June. We just have to imagine what it is now!
However OCI are moving to quarterly NAV in 2022 as per Kepler Trust Intelligence
"OCI will be reporting the 30/12/2021 NAV in late January, which will enable more meaningful comparisons with the peer group, most of which make quarterly NAV announcements (or more frequent). In 2022 and going forward, OCI will make quarterly announcements, which we view as a good step forward in helping investors understand the NAV trajectory, and over time potentially a narrower discount."
How do you justify your high fee?
We are very hands-on in getting the best out of the firms we invest in and there are a number of costs involved in that. In some cases we combine a number of similar businesses to create a single industry leader that is able to grow much more quickly than the individual firms would have been able to on their own.
Ocean Technologies, a 3.3pc position in the trust, is an example of this. We bought two companies in 2019, combined them, then added a series of other firms to create the group. The mix of expertise from these different firms means the combined business now offers everything from remote training to human resources software for ocean tankers, which are essentially floating workplaces.
Why do the shares trade at an 11pc discount?
We are not well known. But we hope that, as more investors recognise our good performance, it will be reflected in the share price discount narrowing.
What have been your best and worst investments?
WebPros, a web hosting software firm, is one of our best: we have made 15 times our money. On average, we make three-and-a-half times our money on our investments.
The worst were two financial services firms, wealth manager Broadstone and Monument, a small bank. We lost half of our money in both cases and don’t invest in the sector any more as a result.
Do you have your own money invested in the fund?
Yes – I and other Oakley partners own around 12pc of the trust’s shares.
Part 1
A select band of private equity investment trusts offer a heady combination of market-beating returns and cheap shares – and are increasingly catching the eye of DIY investors.
Oakley Capital Investments is one such fund. Shares in the trust have risen by 123pc over the past three years, double the return of the global stock market, yet they trade at an 11pc discount to its assets.
DIY investors have taken notice and bought in over the past year; they now account for around a fifth of the £689m trust’s shareholders.
Oakley Capital Investments offers access to private companies, those that have not yet listed on the stock market. But it comes at a price: the trust levies a 2.46pc annual charge.
We speak to the manager, Steven Tredget, to find out how he seeks out hidden gems across the world – and how he justifies his fee.
Who is the fund for?
People who want to invest in private businesses that are not easily accessible elsewhere, be they large institutional investors such as pension funds or DIY savers managing their own money.
Why are you attracting more DIY investors?
People are learning that a lot of the best businesses in the world are staying private for longer before they float on the stock market, with the result that there are fewer attractive listed companies to invest in. Coupled with the relatively impressive performance of private equity funds during the pandemic, it is leading investors to shed some of their preconceptions of private equity as an “asset-stripping” exercise.
How do you pick companies to invest in?
We build very close relationships with the businesses and entrepreneurs we back and help them grow. In nine out of 10 cases we are the first private equity backers of the companies we invest in. We typically buy in when businesses are growing fast and are profitable but still little-known, when we can help their progress. This can be through our expertise in mergers and acquisitions or help with expanding internationally, for example. Investing at such an early stage means there are risks to our approach, but it enables us to tap into those rapid first stages of growth.
Is there a common theme to the investments you make?
We think about the megatrends changing how the world works when determining which companies to invest in.For example, the boom in online spending: Britain leads the way and European countries have a lot of catching up to do. So we are investing in the companies that will expand as digital consumption rises across Europe.Idealista, Spain’s answer to property website Rightmove, is a good example of this, as is Facile, Italy’s version of comparison service Moneysupermarket. Both are top-five positions in the trust.
Quite a good write up in the Telegraph money section today.
Good to see a non exec purchase £30k's worth at market price. Non exec holdings are becoming increasingly more important to me when I buy into an IT, how else can I be confident they are on my side?
Not just a wide discount but strong EPS growing technology companies. Sadly very under the radar but I strongly believe there will more interested investors.
With NAV continuing to power ahead.
Looking for OCI trading Over £4 a share by this December.
Still trading in a far % discount to NAV, for how much longer ?
That may close this year imv.
Stonking results. Seriously undervalued. Time to add