Firering Strategic Minerals: From explorer to producer. Watch the video here.
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I'm unconvinced of the talents of the managers. I think they opportunistically took over management on a juicy 1% of NAV (no performance fee) when the Trust was in a somewhat distressed state, with the BOD urgently scrabbling around trying to find a successor to Woodford. There were few takers given the Trust's indebtedness and the 'toxicity' (as it was seen) of the Woodford portfolio, so it was an easy 'win' for the Schroder Juniors. The loss on JMAT wasn't huge, but I fear it's indicative. I hated their pompous hubris when announcing that investment. Very poor.
So, future success remains almost entirely dependent on the punts of a manager sacked more than 2 years ago. Can anyone tell me that two of the Trust's biggest holdings outside of ONT, namely Atom Bank and Rutherford Health, have a great future? We've been waiting *years* for them to come good.
I'm sorry to be so negative, but before I'm accused of being a shorter or some such, I should say that I originally bought large at 80p and then topped up aggressively at 40p, with no sells, so am heavily underwater. I have never had and will never have such a big loss in pounds, shillings & pence as with this investment. Ok, I've made it back elsewhere, but it sure took a while.
Why don't I just get out and crystallise my loss? Curiosity (because this is indeed a "special situstion")... plus, a big kick of loss aversion.
Stating the obvious, an investment here is a bet on Woodford's legacy picks coming good. If you want talented specialist managers funding interesting private equities on a continuing basis, look elsewhere. Check OCI, which illustrates the returns available from private equity investing done well. Thank God I also invested in that.
Clearing the debt was the number one priority, which with the thanks of a few of Neil's picks working out, has been achieved far quicker than I had expected.
Since May 2021 the managers have made five investments on the private side
Tessian $6.75m Series C
Revolut $13.75m Series E
Attest $7m Series B
Ada Health €11.8m Series B
Back Market €12m Series E
Finger hit the 'Post message' button by accident, sorry!
All I was going to add was that the portfolio is evolving into one that the managers can call their own.
Tim Creed is pretty well respected on the private side and comes across really well (in my opinion)
It is too early to judge Roger.
Atom looking to IPO in a year or three.
Rutherford... a coin toss.