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Can you repeat your post dg, not sure I understand the context.

If nothing else it draws attention to just how daft the UK markets are now, completely dominated by US funds bidding/buying stakes, UK pension funds sat on the side-lines watching .

Agree SB, surprised THG didn't make a move on REVB especially since already Ingenuity customer (US). I would be surprised if THG's board are not already in discussions on the acquisition front given current cash position.

Not long since the Belerion approach with Jupiter's holding potentially up for grabs, watch this space.

USA, Ulta report on 25th Aug, general bell weather as is Walmart who beat forecasts yesterday. Almost 20% THG's revenue now derived from North American markets, some currency gains expected.

fwiw, Blackrock reducing

Hopefully news soon on change in listing status

The company will also step up independent new product research and development in China while licensing in pipelines through strategic cooperation with other drug developers, shared Lin, who is also head of the respiratory, gastrointestinal and immunology business unite of AstraZeneca China.

http://www.chinadaily.com.cn/a/202208/16/WS62fb0385a310fd2b29e72733.html

From April f/y 2021 results, figures for Beauty and commentary on sterling:
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Revenue

Group revenues increased 35% to £2,180m (2020: £1,614m) and 38% on a constant currency basis, culminating in 2-year total sales growth of 95% (constant currency). All divisions delivered strong growth as the wider consumer shift to digital channels continued apace. THG Beauty performed particularly well with revenues of £1,118m, representing 51% (2020: 47%) of total revenue after delivering 49% year on year growth. In Beauty, strong organic sales growth was complemented by the acquisitions of Dermstore, Bentley and Cult Beauty. THG Nutrition sales grew 17% to £660m whilst THG Ingenuity revenues grew 42% year on year to £194m with the Ingenuity Commerce division growing 135%.

International sales accounted for 58% (2020: 61%) of total Group revenue, after very strong UK growth of 46% year on year driven by both organic growth and the contribution of acquisitions. The most significant acquisitions in the year were Dermstore in February, Bentley in June and Cult Beauty in August, which generated a combined £253m of revenue post acquisition. These acquisitions will each further enhance the THG Beauty offering and provide additional scale to our US Beauty operations, with North America now contributing 19% of group revenue. The D2C websites of these entities were successfully re-platformed to Ingenuity ahead of schedule.

THG Beauty and THG Nutrition achieved double-digit organic growth in 2021 despite annualising very strong sales growth in 2020. This is reflected in organic growth of over 50% (before acquisitions) on a 2-year basis, which is higher than the medium-term guidance of 20-25% per annum provided at IPO.

Approximately 60% of THG's D2C revenues are not in pounds sterling which drives currency conversion fluctuations in both revenue and EBITDA. As the pound has strengthened in 2021, we have seen an impact in our reported growth of c.290 basis points in the full year.

Unilever purchased Dermalogica back in 2014/15.

"In 2014, Unilever launched Prestige, a luxury arm of the conglomerate that now includes Dermalogica, Tatcha and Paula’s Choice.

Described as “a string of pearls” by Executive VP and Group CEO Vasiliki Petrou in December, the model relies on “a certain level of scarcity” to drive desirability and sales.

So far, it appears to have worked. Beauty & Personal Care grew 7.5% in the last quarter, driven by “strong growth” in Prestige Beauty and Health & Wellbeing, according to the company’s Q2 2022 results announcement.""

https://www.cnbc.com/2022/08/15/premium-products-take-priority-as-companies-battle-cost-of-living.html

Hutchmed has moved up in the rankings following a recent re-shuffle, it's only small beans but most of the his positions percentage wise are quite small, not too far behind Innovent.

1.75% > 1.87%

https://loncarfunds.com/chna

(click view all on holdings)

I noticed Neal's Yard Remedies' switched to Shopify recently.

https://storeleads.app/reports/thehutgroup

Does anyone use the paid for version of Storeleads? have found it to be a useful tool and quite accurate.

Management have delivered as per IPO guidance something akin to hens teeth in the IPO sphere.

Yes, there are genuine and valid concerns about the economy but THG are good, very good at what they do and should prosper from heavy infrastructure investment, economies of scale..

Jupiter hasn't exactly helped things since they went from 'star' performers to falling out of orbit (two puns for the price of one :).

Can't believe you're talking about Xmas on the hottest day of the year lol

Sun cream has to be flying off the shelves, UK, EU and US.

When Googling 'dermstore sunscreen' it return s all THG brands.

The weakness in the share price could be explained by the unusual share holder base structed around a Standard listing.

Essentially these specialist funds have their own less restrictive mandate on what to invest in, private or otherwise with higher risk unicorn type structures as evidenced by Jupiter's holdings.

Unfortunately it means some of the shareholder base is grouped around similar types of investment (possibly even the same companies), when the wheels come off valuations it knocks them all at the same time.

This article mentions two of THG's largest shareholders being targeted by short sellers:

"Cosovic pointed to another example of this trend — short-selling research firm Viceroy made waves earlier this year by publicly targeting Belgium-based investment firm Sofina. That stock is also down about 54% this year."

https://www.fnlondon.com/articles/coltrane-4m-short-against-jupiter-chrysalis-signals-bears-coming-for-vc-firms-short-selling-20220615

A broader more diverse shareholder base would negate this risk to some degree.

If Jupiter were one of the funds to reject THG going private this may have influenced their decision.

Having a listed company revert back to being private wouldn't have gone down well given remarks around illiquid, unquoted investments, that's if they chose to roll with the other holders and not sell out.

Canaccord Genuity downgrades Jupiter Fund Management to 'sell'

https://www.sharecast.com/news/broker-recommendations/canaccord-genuity-downgrades-jupiter-fund-management-to-sell--10371062.html

Presumably Jupiter were one of the shareholders consulted at the time, rejecting the bid?

REVB also ended the day blue so maybe Jupiter are done for now.

Aggressive selling down post bid period by Jupiter probably contributed to the much lower share price compared to prior bid period of 100p +

http://www.chinadaily.com.cn/a/202208/08/WS62f077daa310fd2b29e70e0f.html

"Among the strategies that saw the most redemptions were the Dynamic Bond fund and growth strategies European Growth and UK Mid Cap."

Its the UK Mid cap fund holding THG jointly managed by JUP/CHRY

https://citywire.com/wealth-manager/news/jupiter-profits-plunge-60-as-assets-fall-12bn-in-disappointing-first-half/a2393708

Yep, that's the Nestle global partnership under which these smaller localised sites are rolled out, site is new not the agreement.

I know, small beans but heh..

https://sklep.nestlebabyandme.pl/

https://www.thg.com/news/thg-ingenuity-and-nestle-health-science-sign-global-technology-partnership/

AS, it looks to have been the perfect storm for Jupiter, very quickly getting out of their depth so to speak, the two way investing with Chrysalis didn't help and may well have been the final straw.

Chrysalis suffered multiple setbacks all within a very short time frame, Klarna, THG, Wise and others got hammered valuation wise, on top of this they introduced a new board to look after and access portfolio valuation, these guys took control on July 1st

https://www.investegate.co.uk/chrysalis-invs-ltd--chry-/rns/new-independent-valuation-committee/202206070700058705N/

Its worth looking at a full chart for LSE:JUP to see how they are performing.

Given this sort of year on year loss I would naturally expect redemptions.