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I think the discount to NAV (and the share price descent) can be explained in part by the holdings updates I keep receiving. As I highlighted in my last post here, Colin Lee appears intent on unloading his entire stake in the company. As this was over 8% at its peak, the fall is quite understandable. Would hope for a bounce when he's done! O/t Charles have you looked at SKIL at all? I have a few reservations regarding PR and the directors, so am not invested, but is trading at a huge discount to cash/NAV and therefore fits some of your criteria. Worth watching over 2014 I think.
Some information as to what the Fund invests in http://media.fundinfo.com/pdf/2013/12/03/6927115.pdf/KID_en_UK_IE00B8BFJQ84_YES_2013-11-26.pdf Note dividend twice yearly. US stocks favoured. NAV per share of the fund is published daily in the Financial Times and at www.fundinfo.com according to their 153 page prospectus. Also the NAV per class of share is available at www.charlemagnecapital.com Information about the directors on page 30 Apparently the custodian is BNY Mellon Trust Company (Ireland) Limited, a subsidiary of The Bank of New York Mellon Corporation. The Custodian ensures that the issue and redemption of Shares in the Company is carried out and must enquire into the conduct of the Company in each financial year and report to Shareholders. Jim founded Charlemagne Capital so I'm presuming he has links to the subsidiary above (as it has his name in it)... I think this is the correct trading information for the fund based on NAV being around 10.9 two days ago according to http://www.fundinfo.com/en/product/IE00B8BFJQ84 http://www.bloomberg.com/quote/MBIBAAE:ID
I've left Jim a tweet regarding the Magna Biopharma Fund so if I get a reply I'll report back :)
Vegas - thanks for posting at 16:33, some very useful information there! It looks like PEBI have reduced most of their other investments including Arrowhead but as you've suggested buying Magna, will have exposure to them anyway. Holding about half as much SUMM now. Interested to know more about Magna, not sure what to make of PEBI having over 50% cash invested there. There is increased risk with having more of PEBI's eggs in the same basket which might explain the reaction to the update. That and the minor drop in NAV from 17p to just shy of 16p. Do you have a link to request the newsletter? Would really like to know more about this new fund PEBI have £2.75m invested in.
Sorry about the terrible spelling and grammer, my only excuse is I am on the iphone...... Have read Cracking The Code by Jim Mellon I truely believe in the Bio Pharma sector especially in the USA which is where most of Jim's picks are, my understaning of the Magna fund is balanced as 70% large Bio Pharma and 30% smaller higher risk stocks (like SUMM, PLE and others we won't of heard of which could be big). I think the price is low due to the market not understanding the RNS regarding the November option to cash in at NAV or recieve Magna shares at NAV. There is also no Capital gains tax as far as I am aware as PEBI are registered in the Isle of Man. Dan Poole - I have broke the rules of PEBI as its now well over 50% of my PF but the way I look at it as I'm investing in the Bio Pharma sector and today for example bought 15.9p shares for 11.25p !
I have bought today too. I have found out what the top 10 stocks are for the Magan fund and they include Arrowhead, J&J, Pfizer, Ampliphi Bio, Merck & Co and Gilead Sci. It is very hard to find out information but the fund is availible from Hargreaves Lansdown from March 1st so we are in very early. I have contacted Port Erin and Charlemagne Capital who manage it and a monthly newsletter will be sent out monthly. Last month the fund was 7% up for the month. I think the actual NAV is about 16.5-17p as SUMM and PLE have risen since it was calculated. I also look forward to how the £800k uninvested capital will be spent, hopefully more Magna. As many on the Magan stocks are huge USA Corps see very very little downside.
It was below my Target price, but still at a large discount. Holdings have changed-large holding now in Magna Biopharma Income Fund. Hard to find out what that fund is invested in, but as JM is on advisory board we can assume in similiar stocks.
Having sold half my holding a few months ago I have just re-bought same amount. Fail to see why the price has fallen.
In case anyone missed it: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11836883 Thoughts? Pretty much where I thought it would be. Todays drop in SP is not too nice though! FYI, still no investment here, just following.
Hah quite right! Oh well next quarterly update perhaps ;)
Jim Mellon won't be trading these guys I'm pretty sure of that, they are all well researched growth shares, he won't be trading for 20% here and there like a PI !
Hi Shareminator. The NAV RNS will be the value of the portfolio at 31/12/13, so I haven't factored in any of January's rises. Today's price will be a fair bit higher, Arrowhead flying. Yes that's a good point about the trading element, if they sold into the rise and bought back as it dipped the overall value could be substantially higher. I'm not really sure what their attitude/strategy is in relation to trading current positions. I think it looks a very solid bet throughout 2014, could easily be 20p a share returned to us in cash come November. I still have my original holding and will add throughout the year, but personally only on the dips...tried and failed to get in this week at 13p. Don't know what was going on with all of those Colin Lee RNSs, the guy started buying up tons of the company as the share price rose, only to sell it all as it dropped! Bizarre!
Thanks for sharing your calculations. Have you factored SUMM's rise this morning - £965k I make it. They are trading above 12p resistance now but it has been slow there and PLE this quarter. Also Arrowhead is trading at $13 today, it's highest all year which equates to share value of £1.25m Hopefully Jim's team sold some PLE and SUMM whilst they were riding high at 18p+ and reinvested elsewhere. I think the NAV will be around 17-18p (£6m) based on their previous quarterly increases and assuming they have altered their positions, consolidating the poor performers and investing more in those trending up.
I've assumed that the other non major holding haven't changed. Looking at a very similar NAV to last time, with the gains on Arrowhead mitigating the loss on Summit. Arrowhead has since continued to increase, and PLE and SUMM appear to beginning to recover. If anyone else calculates it differently, I'd be interested to know. Management fees were due by not deducted from the last NAV by recollection, which should leave the NAV close to identical.
So, provided the holdings haven't altered (error factor here), at 31/12/13 I have it at: PLE 12.62 £958,111 7,598,031 SUMM 11.5 £869,248 7,558,681 ARROW $10.85 £1,046,702 159,176 SYNERGY $5.63 £332,913 97,568 AMP $0.50 £198,326 654,477 OTHER £2,076,834 GBP - USD 1.65 £5,482,134
With the NAV at 31/12/14 due in the next week, I've had a go at calculating the NAV that will be announced. I've based this by looking at the NAV at 30/09/13 and working out how many shares were in each major holding. The exchange rate at 30/09/13 was GBP-USD 1.61, which I have factored in were appropriate. I'm not sure this will copy well from Word, so other holders may wish to copy it back into Word to re-arrange the columns: 30/09/13: Price Value No. shares PLE 12.75 £968,749 7,598,031 SUMM 17.75 £1,341,666 7,558,681 ARROW $5.69 £562,557 159,176 SYNERGY $4.57 £276,949 97,568 AMP $0.51 £207,319 654,477 OTHER £2,076,834 GBP -USD 1.61 £5,434,074
Tick up
Thanks Vegas99. What I like about JM is that he wears his heart on his sleeve, calling a good investment good, or even great. On the other hand when something doesn't pan out the way he thought it would, then he tells it as it is, no excuses - tells he made a pigs ear of it - straight talker. So many directors of other co's willing to tell everyone what they think the want to hear, glad to say not here. I certainly like the idea that we have a basket of investments, thus de-risking. Cheers
Welcome and great entry price. I hope PLE and SUUM deliver the goods in 2014 as that would be huge for PEBI, just one of them would be nice.
evening folks, managed to that a position this morning, first of many.
Thanks yours. What I was trying determine is JM's investments outside Bio Pharma. He sold out his shareholding In Polo and I wondered if anybody had any idea of what else he is into in the investment/miming areas.
If you look at my posting history you will see there is no way I can be regarded as a ramper. I just watch and buy into a number of small shares which I then tend to hold for an extended period. I use Barclays as my broker and it was they who were unable quote any realistic amount of shares until late yesterday.
Change your Broker ! Pretty poor attempt at a ramp, which no need as all the info is on the this BB.
I believe that this fund mirrors Jim Mellons investments in Bio Pharma, its his way of proving his point about the growth in Bio Pharma now and in years to come. It's my understanding that any Bio Pharma shares he has are reflected in this fund. Tick up on the bid today !
Have been trying buy into PEB for a few days but my broker unable quote for anything more than 1000 shares. Finally managed get in today but only for 15000. Think this share is going to show a good profit but am in no rush. Does anybody have a detailed listing of where JM is investing today ?