The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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This is a long term investment. There are some advantages in holding a investment trust over an OEIC.
"An investment trust’s share price is dependent on two key factors: the performance of the underlying assets, and supply and demand for the shares. At any particular time, the shares could be trading at a discount to the value of the underlying assets (where investor demand is low), or at a premium (where investor demand is high)."
- janushenderson website: archive.ph/m1Nra#selection-1261.0-1261.331
A hypersonic conveyance is required for SUPP, which is completely stuck - now for 2 years - in the 'forgotten' park. Disastrous investment.
ONT final statement tomorrow. SP highs 716 and lows 369 in 3 months. If good news, this could move back towards NAV, fingers crossed.
https://reactionengines.co.uk/category/events/
37th Space Symposium
4-7 April 2022 – Broadmoor, Colorado, USA
We will be represented at the 37th Space Symposium this year by members of our UK and US teams. We are not exhibiting this year, but you can arrange a meeting with us at the show by emailing us at the following addressed:
UK : enquires@reactionengines.co.uk
US: info@reactionengines.com
Mach 9 vs Mach 25. No contest...
3.7% of their holdings are in Reaction Engines and they've recently made a-lot of money from the Oxford Nanopore IPO. I'd expect them to increase their holdings here and I think it's very likely the MOD will get the govt to allocate their defence budget to this sector thanks to Putin's unhinged nuclear threats.
https://imgur.com/a/6TQ3SAf
https://www.spaceflightdeals.com/space-rockets/reaction-engines/
https://reactionengines.co.uk/advanced-propulsion/sabre/
Russia launches 7,000mph Zircon hypersonic nuke missile, The Sun, Mar 14 2022
https://youtu.be/YZW8oMo8Irk
https://www.express.co.uk/news/world/1582397/vladmir-putin-nuclear-weapons-russia-ukraine-world-war-three
https://pastebin.com/2xFpP2Z2
"Where could Russia target?
A missile strike by Russia on London would not be Vladimir Putin’s primary goal should the UK and other nations be dragged into the war in Ukraine, a senior defence official has told i.
The official, who requested anonymity, said Putin would “strike London for its symbolic impact” but would also prioritise Britain’s nuclear submarine fleet and its three main naval bases in Clyde, Devonport and Portsmouth.
“A strike, whether using conventional or nuclear missiles, would almost certainly occur in London should Putin push on with his threats against the West,” said the source. “However, while that would create the pictures around the world Putin would want, he would be more concerned with hitting our nuclear submarines, three of which can be in or around any of the UK’s main naval bases.” "
3.7% of their holdings are in Reaction Engines and they've recently made a-lot of money from the Oxford Nanopore IPO. I'd expect them to increase their holdings here and I think it's very likely the MOD will get the govt to allocate their defence budget to this sector thanks to Putin's unhinged nuclear threats.
https://imgur.com/a/6TQ3SAf
https://www.spaceflightdeals.com/space-rockets/reaction-engines/
Look up "Reaction engines". Might get a surprise increase in the NAV for this in the near future from the MOD given what's been happening in Ukraine.
Too early to judge this. Wait till April for an update.
Perfectly justified if we're about to be nuked! By which time baked beans will be more valuable than any shareholdings. If the dust ever settles SUPP appears ridiculously cheap but that's no guarantee of any future profits.
With the share price down to around 25p today, I don't think the market believes the current estimated NAV of 40.2p either!
SUPP Top holdings: https://www.trustnet.com/factsheets/t/mahw/schroder-uk-public-private-trust-plc-ord-1p
and £115m in the last 12 months...
https://www.finsmes.com/2022/02/atom-raises-more-than-75m-in-equity-funding.html
Heh, yes, ok.
I don't believe a word of it.
Remember who estimates that price, people.
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.
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
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.
During the Web conference in October Tim Creed was asked whether Schroders had considered buying SUPP shares with monies from the fund.
He said it had been considered and is always on the table. He said if the shareprice got completely out of whack with the NAV they would seriously consider it.
They must be seriously considering it I would have thought?
Picked up a few at 29p today bringing my average down to parity with the NAV of 41p.
ONT down 30% year to date and JMAT down 30% in a year....
However, on a 5 to 10 year time frame I am happy to buy and hold.
Great update from IPO today. I mention this because of the read across of this similar share. The uplift in IPO's 6 month NAV is impressive and sits on a similar discount to NAV as SUPP. Both hold ONT in quite large proportion. It illustrates the point that the market will catch back up once the fundamentals are clearer.