Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Well certainly an impressive Christmas rally.
Should help keep the wife happy when we make year end review of our investments.
Continues with a strong surge in share price, right passed the £24 mark and nearly to £25/share . That would be nice to see before xmas.
Good to see PIN making a new all time high. Interesting that there was a SP jump one hour before an RNS of a director announcing a buy. Coincidence?
The buy was ultimately very small, but good to see.
For those interested, assess the report via the RNS or link below.
https://link.****pit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e70d3bc641c979d6c1afbf37393911c7&application_id=922279&site_id=webfg&application_name=news
The report notes the 18% discount to NAV , which is the current discount still on the 31/10 NAV, which it describes as anomalous.
Hopefully the Woodford Issue does not adversely affect PIN and the way that it operates.
As expected the strength of sterling at the end of October hit the NAV. Most of this looks like its in the SP as it has hardly moved sitting at 2300p.
The person who knows where sterling will be after the election and in the New Year will be very rich.
Something to watch short term with Pantheon. It is standing at a marked discount to NAV already and with 70% invested in the USA Pantheon are likely to benefit from the S+P and Nasdaq pushing to new highs in the past month. This may result in a jump in share price come the release of October NAV.
However £ has strengthened vs $. This is likely to remove most of the gain.
But I think it is worth watching the US markets and £/$. There maybe an opportunity for short term gain with PIN. Not that I would tend to recomend this , usually it is "time in the market rather than timing the market".
Made it to the AGM this year (didn’t clash with wife’s birthday). As always proper but friendly. Sir Laurie Magnus ably leading proceedings, and a few short presentations. Obviously for regulatory reasons the stats etc are in the annual report.
They are clearly doing everything by the book as a FTSE350 company, external appraisals annual board re-elections and even Roddy Swires stepping down from the board as you shouldn’t be on the board for more than 9years apparently unless exceptional circumstances. I consider that this is probably guidance PIP should be ignoring, continuity and experience is so important for when the next crisis occurs. Fortunately he will still be around as a major shareholder but when those difficult decisions have to be made he will not have the same influence as being on the board.
I raised a question re the discount. It clearly irritates SLM that essentially the market is not more rational. He commented that with PIPs long term over performance it should logically be at a premium. I agree with his sentiment. I still consider the discount an opportunity for buy backs but I don’t feel too concerned at present as it gives me an opportunity to buy more shares a hopefully see them over perform as it narrows.
What really matters is the continuing over performance by the company by its rigorous fund selection from the teams long term knowledge and relationships with managers.
There is clearly risk re the high valuation of US market and they are very aware of this and on ever investment decisions considering what could be the downside.
I came away more reassured, will continue a long term investor but will continue with a significant cash holding for the inevitable correction.
September NAV was down a bit on currency exchange but US markets are hitting all time highs so prospects looking good for October.
Hopefully should make it to the agm next week.
Interview with Mark Thomas, a financial manager who has just produced a report on pin. https://vimeo.com/360757328
NAV up 101p per share. And 92.7p of that is increase in valuation of equity rather than currency fluctuations.
Share price jumped this morning by 60p at the time of writing but this still means the discount has increased to over 20%.
Discount increasing because of over performance of the company verse it’s share price. No doubt this will be raised at the AGM next month. Sort of problem that many investment companies would love to have.
Biggest issue remains the US market and especially tech market that looks like bubble territory.
NAV up 94.7p to 2, 847.6p as of end of July. Great to see. But little response in SP so discount nearly 20%, not so great.
Foreign exchange movement accounted for nearly all of this, which is disappointing as this can so easily be given up again. On the other hand if you think that Brexit will adversely affect sterling then having investments in pantheon that invests primarily in USA and Europe may be attractive.
I continue with the view that the US market, especially small cap and tech looks toppy, but then I have felt this for several years and continued to hold PIN. I have sold a few recently but then my holding is a very large portion of my free net worth. I would sell more but the slight recent weakness in price is inconsistent with the weakness in sterling. This should help the NAV against next month. Having some wealth invested outside the UK continues to be a reasonable strategy.
.. Down 17.7p, but as mentioned last time not much of a surprise to see that virtually all of this was exchange rates.. 15.8p.
Another good month. 6.5% increase in NAV. SP has responded nicely. The US market has done well recently so June may show similar gain. Half of the gain was due currency movements and we have see these given up the following month
Much is invested in the US market, and I have commented for some time that it looks on many measures rather toppy. This remains a concern, which is why I rate PIN as a hold but the long and short term performance of PIN continues to help my portfolio.
A move to a new high, up 2.5%, but not entirely clear why. It looks like there was an article on investors chronicle, this may have been the trigger.
Last RNS I wasn't going to comment on, NAV flat for the month; but share price pushing all time highs.
Last week runs with the NAV for March worthy of comment with 2.5% growth. Much being recovery of currency exchange losses. This things go up and down. The NAV at 2599p is about 300p up on a year ago, but not much growth in last 6months. Again this is never a straight line over the short term, though fairly straight over the longer term.. in an upwardly direction.
Results to the end of February are out. Valuation is down 0.6% on the month but that’s all due to currency fluctuations. Just reading Warren Buffetts annual letter he makes much of not making much of short term fluctuations. Valuation gains were up.
It’s cheaper than when you were looking in October. I was looking at timing.. sell in May and go away.. but I don’t really see that with PIN.
I don’t tend to look a a specific level to add to my holding; I tend to be more cautious if the markets feel really toppy but as a long term holder I like to buy if I see an unjustifiable discount to NAV and at over 20% at the moment on morning star I will be adding some more to my SIPP.
Have been looking to get in here for a while, hoping for a sub 2000 average
10years ago, SP hit a low of 130p.
Bought some shares in PIN around that time, but not as low as that and definitely not enough!
January NAV is down, on currency changes. SP hit an all time high recently at 2200, discount has narrowed to 16% which is about average for the past year.
Half Year Report is out, and a very helpful video presentation on PIP.
Andrew Lebus is obviously unhappy that the discount is still far to wide, I concur, especially now its a 350 company with its 30year history.
https://vimeo.com/319686345
Though the NAV on morningstar has been higher. Await the monthly NAV.
December NAV is out this morning, 2627p, so down 1.8% on November. With the recent rally the discount has narrowed from approximately 25% to approximately 19%. Still far too wide IMO.
10% in as many days. Not clear why. A lot of the trades look the same size. Program trades now that it’s in the ftse 250?