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Positive read across from Fair announcing a 6% rise in NAV this morning
Agricore, that's very kind of you to share so much! I'll work my way through it.
All the best.
Guitarsolo
Guitar, here are some links you may find useful.
1. Hardman analyst speaks about their latest research note:
https://vimeo.com/793299202
2. (Typical) Moneyweek simplistic article about CLOs:
https://moneyweek.com/investments/funds/604506/collateralised-loan-obligations-a-risky-bet-on-inflation
3. More In Depth View of CLOs:
https://www.guggenheiminvestments.com/perspectives/portfolio-strategy/understanding-collateralized-loan-obligations-clo
4. My own understanding of the difference between VPC and VTA (I hold both) is that the former holds specific debts which are asset-backed, and offers unleveraged fixed rates and as a lender to lenders, whereas a CLO also holds bundles of debts which have been "collateralised" and are leveraged. The debt repayments are called dividends and are often floating rate.
5. The horse's mouth. I found listening to Serge Demay the CIO of Volta to be very useful:
https://www.youtube.com/watch?v=v66RI6J0n3A
6. If you conclude that VTA is a bit too fruity for you (compared to VPC), then one of my other holdings TENT may be worth checking out. The yield is 7.5% I think, based on 2022 dividends. It is hydropower, energy efficiency and CHP (combined heat & power) so has quite defensive characteristics underwritten by PPAs (index linked prices). It trades on a 29% discount to NAV and is strangely out of fashion given current affairs.
GLA
Thank you Ragged.
So I contacted Hargreaves Lansdown and took their "test" to see whether I would qualify as a sophisticated investor, which I would! It was laughable really.....what's the point?!
Anyway, I presume I can now buy on that platform even if HSBC Direct don't allow me. So I am continuing my study of VTA(S), starting with Hardman's notes and Volta's monthly statements. Can you recommend any other particularly good sources of info/analysis?
I will likely have funds coming out of VSL, if they vote to proceed with the wind-down, which I would like to invest in part in a debt high-yielder. Shame about VSL in my opinion, a good little trust that someone wants to disrupt for a short term gain because of its NAV discount. Oh well.
Guitarsolo
Ah, probably am, Guitarsolo. Certainly been doing it a long time now and am a customer of at least 25 years' standing. Sorry, I only just saw this, as I don't look very often and don't understand how to get alerted if somebody replies to me!
It shouldn't be that hard, as they won't let me invest in BGLF, which is a similar instrument. If there were a way to message me, I could give you a contact there to approach. By the way, I am in VTA, and there is VTAS. The sterling version may be more accessible.
By the way, by trading I mean doing something every month or so, so not a big deal if you have a few holdings. I'd say my average holding period is at least two years.
Thank you raggedtp.
I meant low cost for holding, as I don't really trade.
I've tried repeatedly to buy VTA and TORO (you also mention), but no luck so far. I am wondering if it is because you need to be a certified sophisticated investor? I appreciate both have debt instruments that are complicated but are they really more complicated than say a financial on the FTSE 100?!
If you hold through Charles Stanley, may I ask if you're a sophisticated investor?
Guitarsolo
Hello. No point in 'low-cost' if you mean low-cost trading, as the spread is big here. Mine are in Charles Stanley Execution-Only, which is relatively low-cost, as the holding charges are minimal if you are ana active investor. They can invest in pretty much anything for you, and these are in my ISA at least for the medium-term, given they are at a discount, earning well and paying a humungous dividend. You could also look at Chenevari Toro Income (TORO) where, if the income holds, you really don't need capital gain (unless you need a need yacht, of course!). Hope this helps
Morning Devon, I'm still sniffing around these to make up my mind whether to buy some if the price drops to something desirable (sub- Euros 6.00?). However, I'm also trying to find a platform for how to invest. My usual options of HSBC Invest Direct and Hargreaves Lansdown both draw a blank. I'm guessing it's because they don't want to hold these in nominee accounts (not enough shares around?) and will only offer a hold-the-actual-certificate option. That would add extra costs and only make it worthwhile with a larger holding. Have you identified any way to buy VTA at low cost?
Guitarsolo
Having a look through these today Mr Solo?
https://ml-eu.globenewswire.com/Resource/Download/06cc499a-d241-45d5-916f-8fd3c24586c3
Only the usual reprobates.
Evening LSEers......
VTA is a company on my radar due to certain similarities to another investment (VSL) and also I believe some overlap with directors to PEY (a very successful investment for me).
But it's early days in the research and I'm just wondering if there is anybody out there?!
Guitarsolo