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"The trust’s exposure to a sudden drop in the value of unlisted companies — and an ownership structure through which Jupiter has a 23 per cent stake in Chrysalis and holds its shares in at least 10 funds — have drawn some comparisons with Neil Woodford funds. Formerly one of the UK’s most high-profile stockpickers, Woodford lost billions of pounds for his investors after his funds made large, illiquid bets on unlisted companies."

https://www.ft.com/content/ca73a4cb-e1de-454d-a309-5fa1064070c4

dpw, spot on, same rules apply to OEIC's and overseas investors.

2phevs, Yep, Chrysalis also invests in the Jupiter fund/s linked to recent selling. How this structure (cross investing) works in practice is not immediately clear but they too appear to be selling down.

https://www.investegate.co.uk/chrysalis-invs-ltd--chry-/rns/holding-s--in-company/202207221049464632T/

On the upside it could be Jupiter have now sold enough unlisted and listed stock to have headroom to play with, from the article it looks as though the lead manager felt uncomfortable with so many unlisted and possibly unsalable assets within the portfolio, being compared with the now collapsed Woodford fund didn't help matters.

The important thing for me and perhaps other investors is this is not directly related to the company or its performance.

dpw, it becomes discretionary after certain levels, can't remember exact rules though.

This looks to be the main trigger probably exacerbated by THG's share price collapse post offer period. Both Candy and Belerion notified the market on June 16th, this article is dated the 15th June at which point they were too close already.

The below comment was before the large drop although it was already headed down.

"Watts’ portfolio is down 36% in the past year, punished by the rotation away from growth stocks as well as specific bets such as online retail group THG (THG) going sour"

https://citywire.com/investment-trust-insider/news/jupiter-uk-mid-cap-fund-nears-10-private-company-limit/a2389998

Informative posts, also SAFFRON Phase III trial now underway.

Does anyone remember seeing Coggles brand image on Belerions home page, pretty surer the uber apps image is new but not sure if Coggles has been added. Page was last updated 25th July 2022.

Looking for signs they may indeed come back to the table at some point, if they were buying at 150p and nothings changed why not continue at half that price.

https://belerioncapital.com/

Regarding Jupiter/Chrysalis situation, at the bid price range it would have represented around a fifth of their total portfolio, they were down to 55m GBP cash at last update so not much headroom for redemptions.

It might add some spice if one of those previous bidders such as Belerion/King Street picked up the stock, after all they were buying on a daily basis in the 130-150 range.

This would at least give them a foot hold of around 5% in aggregate.

Perhaps they hoped for a better outcome from the bid situation then became forced sellers after offers lapsed, notifications show 95, 469,821 held on 30th May, today's TR1 - 86,797,388 prior to the sale, this reduced down to 62,034,208

It may help explain the constant decline since bid period.

That's close to 4% shares sold taking them below 5% threshold, may get a TR1 for buyer also.

Yep, chrysalis have not had a good run recently, its also quite a small fund,

Similar holdings announcement by Jupiter on REVB, someone mentioned they were a forced seller, any background to this ?

Welcome news indeed, and yes a huge relief.

Could this be the catalyst needed to attract more capital by way of a strategic partner?

Last time we spoke about this it was pre-launch, now available in three flavours - good feedback so far, could be a real winner given today's environment.

https://us.myprotein.com/?affil=mpppc&countrySelected=Y

Yup, but its only recently REVB has been at such a low level, Chairman also reinterred promises made at the time of IPO, one being acquisitions led strategy.

I see Mike Ashly is taking on the banks again, good for him, great to see someone taking a stand.

Next, one of Britain's biggest high street shop chains, in talks to snap up stake in clothing and lifestyle brand Joules

https://www.dailymail.co.uk/money/markets/article-11087769/Next-talks-snap-stake-clothing-brand-Joules.html

Looking through old bookmarks and came across this Beauty Trends report from THG covering 2021 and beyond. Some interesting market insights into evolving trends including DTC, AR, VR and Ai Japanese tech. Illustrates the potential here for tuned in companies.

"THG Ingenuity has grown LookFantastic to the largest beauty e-retailer globally and now owns several other successful e-retail prepositions and beauty brands including Glossybox, Mankind, ESPA, Illamasqa and many more. We also provide additional services and solutions including product registration assistance and product manufacturing capabilities.
With over 17 years’ experience, we have the knowledge and expertise to build and grow successful online beauty brands."

https://www.thgingenuity.com/resources/reports/beauty-report#:~:text=The%20Beauty%20Report,faced%20by%20the%20beauty%20sector.

---------------------------

23 February 2022 Beauty trends for 2022

https://www.thgingenuity.com/resources/blog/beauty-trends-for-2022

May help to bolster sector confidence, European companies investing directly in Chinese listed stock sends a positive vibe imo - interesting also Innovent do not appear to have a NASDAQ listing, just OTC and HK.

"In addition to the strategic multi-product collaboration and license agreement, Sanofi, subject to conditions precedent including regulatory approval and customary closing conditions, will invest in new common shares issued by Innovent for €300 million, at a price of HK$42.42 per share, representing a 20% premium to the Innovent 30-trading-day average share price as of August 3, 2022, one day prior to the signing of the agreements."

Good thread with some interesting and thought provoking comments, Amazon also in line of fire regarding pay increases.

Now Amazon deliveries face threat of delays as workers walkout in pay row

https://www.dailymail.co.uk/news/article-11081071/Up-800-Amazon-workers-Tilbury-Essex-walk-offered-just-35p-hour-pay-rise.html

Cheers tacly, Panmure were right up there with price targets back in 2015, whhooaa...

Wace seem to be reducing on THG, Boo and Asos, increasing on others such as Next/Burberry.

https://shorttracker.co.uk/manager/marshall-wace-llp/