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Where was the NAV posted in November? As I said in my first post my calculations were just based on the 30 Sep 13 NAV... so may well be a little out of date on the holdings, can you point me at something more recent? As you say - there's a good degree of uncertainty in the holdings, but the progress of holdings at the most recent update should still give a good indication of where PEBI is NAV wise. ... Really need some funds to free up for this, going to be kicking myself when this jumps. Said jump is pretty much inevitable given the fact that the NAV WILL be paid in full, and SP is at such a discount at present. Again.. well done to anyone with a substantial holding here! Wish I'd have spotted this sooner.
Just as an aside, if you haven't already checked it out, the Biotech growth trust (BIOG) is a pretty good way to add a core biotech holding. It won't expose you to the huge gains that single stocks will, but it's a consistent performer. It also carries much lower risk/volatility. I took up a position pretty much straight after reading cracking the code and have been very pleased with performance to date. It's nothing related to JM, but it's clearly a well informed vehicle for the biotech sector. I like having this as a 'core' holding which I don't really need to monitor. As I say, you may well have already looked at this, or it may not be your cup of tea - but thought it worth mentioning.
What starting point are you all using for your calculations? I'm starting from NAV update here: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11745813 Based on my (simplistic) calculations using the holdings listed in that announcement - I make the NAV at close of play on 7 January 2014 to be 16.76 pence using the 'neutral' assumption that unquoted holdings have remained flat. Using a prudent assumption that unquoted holdings have lost 50% of their value, I make the NAV to be 13.49. Even for the prudent case, this indicates an upside of just under 10%. This doesn't sound amazing, but it's not bad for 'free'. It's likely that the NAV is closer to the neutral estimate, and if you are the optimistic type - the companies held by PEBI have good prospects through 2014, so can expect an appreciation in NAV over the period. As I've said before, I still don't have a holding here - but will definitely look to buy in if and when funds become available. Anything around this price is a strong buy from my point of view, so well done to all who are holding currently.
Wonder when an update will come... Strong performance based on the core holdings in the NAV calc as at 31 March 2013. If they were held in the same proportions, they are up 68% (overall). Note that these holdings only made up 50% of the portfolio. Will have a better look at some point for more up to date / more detailed holdings, was just having a quick check. Anywho - strong indication of an upside based on current NAV / Share price.
More or less exactly the same for me. I am particularly bullish on Biotech as a whole, but do not have the knowledge or time to find and monitor the best investments in the sector. Past performance here is very strong, and see no reason why they won't continue this in the future. Takes away a lot of the stress too!
You effectively sell to the fund, so you would get given the cash value of the NAV for the shares you hold. Alternatively, you can get the equivalent value in units of the fund. Unsure exactly how the share price will play out leading up to this, but it should move closer to the NAV per share. Obviously, the returns you get depend on how well the underlying assets have performed to that specific date. FYI, not invested here at the moment - but will look to put a few £k in in the near future. Nothing huge, but there's definitely scope for a healthy return.