The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Dreadful.
A donkey of a Trust and an unmitigated disaster for all concerned.
Today this broke 20p to sell and is now very close indeed to the all-time lows of March 2020.
To imagine this opened at 100p in April 2015... I can't offhand think of any Investment Trust that has performed worse.
I'm thinking this has been a very bad investment. I'm going to hold until year end and see what happens. Big discount to NAV to be selling right now and can't see it being any lower than this. We'll see!
I agree Agricore, Rutherford has been a money pit for a couple of years or so, glad to see the back of it TBH.
ONT up 10% this morning alone must have erased as good chunk of the 2.5p.
The portfolio now looks leaner and more investable.
The NAV is never going to reach the current share price imo.
Time to add
Disappointing but not altogether surprising - build and they will come…. Not if the NHS aren’t buying they won’t. We should see some proceeds from the sale of the proton equipment so the final result should be less than the 2.5p reduction of NAV. Meanwhile ONT is rebounding from recent lows and JMAT is doing better. There are some exciting positions in fintech which will come good too. Just like it was for Rutherford…… more patience required!! GLA
Given recent events, I think they should invest in Reaction Engines and get the US State department to buy their superior hypersonic products. Best be safe than sorry.
ONT might well be dragging down the NAV but the buyback will have no effect on the NAV itself, only, theoretically, on the discount to NAV.
Seems clear they don't have much ammo (cash) for a meaningful buyback anyway.
Sorry, should have read
*How much cash they have was NOT stated*
Tim Doig said they were in a net cash position at the webinar at the end of April.
He said they had dipped into the revolving credit facility to fund investments whilst waiting for the £12m to come through for seedrs .
How much cash they have was stated however.
It can't be much, less than £9m would be my guess.
The NAV is being dragged down by Oxford Nanopore.
IPO at 425p
Rose to over 700p.
And now trading at 260p
Roger said that Schroders believe that there was some upside still on the table at the IPO price and that the company have exceeded their expectations pre IPO.
If you trust Schroders judgement the only way is up!
Wow, so they've actually commenced the buyback? With what money I wonder? Proceeds from past sales I presume, because I doubt the SUPP portfolio produces a yield... Anyway, if there is spare cash lying around, this is a better use of it than new investments I think.
Tim Creed said buybacks would be considered if the share price got totally out of whack with the NAV.
It would seem that the 'out of whack' threshold has been reached, armed with a renewed authority they are free to purchase as and when they choose for the next 12 months.
Hopefully this is the floor under the SP we have all been praying for.
"Schroder UK Public Private Trust plc (the "Company") announces that on Monday 9 May 2022 it purchased 50,000 of its ordinary shares at a price of 23.2 pence per share, to be cancelled.
Following this purchase, the Company's issued share capital consists of 908,589,238 ordinary shares of 1p each. The total number of voting rights in the Company is 908,589,238.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries:
Schroder Investment Management Limited
Tel: 020 7658 6000"
The recent rebound (15%) of JMAT which SUPP bought in at just over £20 is now priced at £22. This equates to a £0.5m uplift to NAV in Tuesday's results..... about 0.25% of NAV so fairly irrelevant but it's important because it is one of Schroder's "new" investments.
Meanwhile there's been a drop of 20% of NAV since 31/12/21 (£113m) and a drop of NAV from 48p to 38p. Given the large number of biotech holdings (65% is "health" in the annual report) this is not unusual across that vertical.
Of particular note ONT suggests the remaining portfolio is performing extremely strongly. To put it in perspective the SP of ONT has dropped by around £64m since 31/12/21 so about 14% of NAV.
What's interesting is Biotech is clearly in the "despair" phase and suffering overhang from covid testing and vaccine euphoria - and anti-Cathie Wood rhetoric...... Meanwhile gene therapy and various breakthroughs are incredibly exciting and genuinely game changing. I'm very excited about what ONT will bring. So I remain positive here but recognise and acknowledge the poor sector results. However the ghost of Woodford isn't the reason this is doing poorly. The drops are less than I'm seeing elsewhere e.g. BIOG, ARIX
"The Company (LSE: SUPP) is pleased to announce the completion of BenevolentAI's business combination with Odyssey Acquisition S.A. ("Odyssey"), a Euronext Amsterdam-listed investment company. For further information on the transaction, investors can refer to the announcement made by the Company on 6th December 2021.
Assuming sufficient secondary market liquidity, BenevolentAI will henceforth be valued using its unadjusted quoted price which will be reflected in the Company's daily indicative unaudited NAV per share as of 25th April 2022. The valuation impact of the transaction has already been partially reflected in the Company's net asset value with the AIFM increasing the valuation of the holding from £22.4 million as at 30 September 2021 to £28.5 million as at 31 December 2021. It is anticipated that the value of the Company's holding as of 25th April 2022 will be approximately £39.6 million (€47.1 million) reflecting a further fair value increase of £11.1 million since 31 December 2021."
That sounds like good management.
Hi unhooked,
I sold those at a loss following the ukraine invasion
I actually sold down all but one of my investments, some at a loss, but as a whole with a profit.
I have been picking up a few bargain shares (as I see them) and feel that SUPP may be one.
I have no hesitation making small losses and am playing everything short term for the time being.
NoQuestion - you say you bought shares for 29p on 26th January and now you're "putting toe back in the water again". Adopting a short-term trading approach to SUPP may well serve you better than a long-term investment approach has served me.
I'm delighted that the fund is looking to invest outside of the UK, I will certainly be voting in favour.
A rename to the Schroders International Public Private seems an obvious move (SIPP)
They are also seeking to renew the authority to buyback up to 14.99% of the stock, again I'll be voting in favour.
I am puzzled that, to the best of my knowledge, they have not bought back a single share despite the share price being in the mid 20s with the NAV in the high 30s.
Is it any wonder that the market questions the accuracy of the NAV.
I welcomed the public investments into Spirent and Johnson Matthey but not the timing of the buys, we are currently underwater on both.
I'm putting toe back in the water again in the hope that it is upwards from here.
They can't get their UK investments to work, so now they want to go global.
They say they're 'frustrated' by the share price and 'focussed' on the discount to NAV, but they're not doing anything to fix it.
It's all waffle really.
I think it's incredible that the NAV is still holding at 38-39p considering the doldrums that ONT finds itself in.
From memory they revalue non public traded portfolio 6 monthly so perhaps we'll see a painful revision downwards soon (or not?) and that is why this remains on a >40% discount to NAV?
I've topped up here (and on IPO) as I believe ONT has a bright future and patience will be rewarding. The cross read from IPO suggests the private portfolio could be stronger than the market perceives?
pasajero, with all respect to you, why are you posting link after link relating to the June 30th Interims? They were out months ago and we've all read them.
You're also turning this board into a bit of an echo chamber, which is a pity.
Review of 2021 Presentation and some reference links for research:
[9:36] Kymab: "Sold at £1.3bn...Original invested £8m, £1m extra increased by 9 or 10 times"
https://www.thisismoney.co.uk/money/markets/article-9135357/Cambridge-scientists-bonanza-firm-sold-815m.html
[10:41] Oxford Nanopore IPO (ONT): "Held 2bn, financing round was about 2.5bn...IPO opened at £4.25. We sold 10% ..at that price, generating about £11m proceeds for us...Post dilution, we now own 2.9%(25.9M shares) ONT...6 mth lock-up. https://www.thetimes.co.uk/article/oxford-nanopore-receives-50m-as-dispute-is-settled-9j3ghzhrq
https://www.theaic.co.uk/aic/news/citywire-news/oxford-nanopore-ipo-move-lifts-schroder-uk-public-private
https://www.schroders.com/en/sysglobalassets/investment-trusts/supp-hy-2021.pdf
https://www.schroders.com/en/uk/private-investor/fund-centre/funds-in-focus/investment-trusts/schroders-investment-trusts/uk-public-private-trust/
Last web conference here (2021): https://schroders.wistia.com/medias/nwc9pu3gpc
"On Friday, 1 October 2021, fund managers Roger Doig and Tim Creed presented the Trust's Interim Results for the period ending 30 June 2021. The live presentation was followed by Q&A. "
"on ne saurait faire d’omelette sans casser des œufs"
pasajero teaching us all how to suck eggs.
I sent the US State Department a message.
Go to: tinyurl.com
put in url-query: "/yd959wdt"
#reactionengines