Member Info for riverbliss

Are we at the cycle low yet... unlikely in my view.

That's probably the best time to buy - you can't know/time exactly when the cyclical low is. If you could, the shares would have already re-rated in anticipation of a recovery. I'm very happy to put money into Marshalls now on a five-year view.

I don't know. Bought a year ago and really disappointed with performance since compared with the benchmark and competitors. My investment is down around 10% compared with a broadly flat benchmark. On a five-year view, BBH is down 3% compared with 45% gain from Polar Capital Healthcare and 12% gain from Worldwide Healthcare. The portfolio holdings are rather obscure, mid-cap (as opposed to large pharma) and very US-centric, which has been working against it.

Can't help thinking that the enhanced dividend is a red herring from a focus on total return (considering it just gets deducted from the trust's NAV). I've also grown somewhat weary of the VERY long and often tangental commentary from Mr Major that reads to me like smoke and mirrors to cover from poor performance.

Overall, I think I'll probably end up switching to the two aforementioned healthcare trusts which have a broader and more mainstream exposure - or simply buy something like the Legal & General Global Health & Pharmaceuticals Index that tracks the global index.

Shares have been treading water for ages now (like most small-cap UK trusts). Can't help feel that buying at these levels will prove rewarding on a five-year view. The p/e of the portfolio is well below historical levels and smaller companies should continue their long-term outperformance of large-caps once we have more clarity on the direction of inflation and interest rates. These are actually in my income portfolio, with a yield of slightly over 3% now and a strong track record of dividend growth.

If ever there was a fund to demonstrate the folly of investing purely on the basis of a high dividend yield (rather than for total return), it would be HFEL. It has delivered no share price (and presumably no NAV growth) since first listing back in 2006. In five years it is down -38% versus +35% for a global index tracker (difference of 73%). There isn't even a discount to make this an interesting recovery buy unlike many other income-based investment trusts. The managers like to boost of their track record of increasing the dividend - but increases over the last couple of years have been a paltry sub 2% (way below inflation). It is utter madness to hold these in anything other than an ISA - since you will be paying tax on the dividend income (further reducing the meagre total return). Can anyone give me a bull case for holding (let alone buying) the shares?

Instead of seeing the yield as a red flag (which it is), some on this forum seem to be falling into the dividend trap.

It's starting to roll over now. Finally, a great opportunity to buy in (or top up) may be coming!

I'll keep acquiring more shares whilst people are willing to sell into poor sentiment. Despite short-term rises in inflation and interest rates, we've still got a massive undersupply of housing and there is broad political support to increase this (especially within the likely Labour government). Marshalls has come out of these down cycles before and is a well-managed company. In hindsight, their timing of the Marley acquisition was unfortunate and perhaps they overpaid, but it's a good strategic move.

It's been a torrid time with share price falls. I've been trying to average down, but like trying to catch the proverbial falling knife. Even if rates go up to 6%, the dividend yield is is now over 7% with a great long-term track record of annual dividend increases. On a long-term income-generation view, I'd much rather invest in PHP than a UK gilt. Need to divert eyes away from the daily share price falls and focus on the solid underlying assets and strong cash flow.

The decline of this company is evident in the fact that a boring old Strix board has attracted hoards of rampers and day traders. Very glad that I divested a few month's ago. This company has destroyed shareholder value, placed its fate entirely in the hands of the Chinese CCP (who now prioritise national security and control over economic growth) and are now embarking on acquisitions at the same time as issuing profit warnings. In order to meets its five-year growth target, the company is desperately expanding into the generic water purification/filtration sector (products that don't have the same level of protection or margins of the kettle control division). Management's credibility has been seriously damaged. Enjoy being diluted bag holders!

Interesting interview with SDI Group CEO Mike Creedon. Always good to hear him speak, very honest and straightforward. I particularly like to him say that the main goal for SDI is to create shareholder value, because the shareholders own the business, and I just run it on their behalf. Obvious stuff, but many CEO's lose sight of this and treat companies like their personal fiefdom. Interview here: https://www.youtube.com/watch?v=AgjT9HffsiE

I just can't see the appeal of this trust? The share price decline has been terrible over five years, and no where since IPO, and shows no sign of life. You have barely been compensation by the (admittedly high) dividend yield. In real terms, after inflation, you will have lost money. Unlike other high yielding trusts (such as REITS) there isn't even the cushion of a discount (in fact a small premium). Why should such dismal performance be rewarded when there are high-yielding bargains on a steep discount and lower-yielding trusts with the prospect of capital growth over time?

Decent set of interim results given the very challenging macro-economic background. Strong revenue growth and customer demand, but predictably margins were slightly down due to increased labour and energy costs. Price rises have been implemented to offset. These pressures are something the majority of manufacturing businesses are facing. With its high gross margins, strong brand and product, vertical integration and long history of innovation, Churchill will be better-placed than most to survive and eventually thrive. Shares of Churchill tucked away in my SIPP and happy to hold for the long-term.

Highly doubt that it will fall to 20p. It's already undervalued on a price to book ratio, given the value of its assets. I suspect it will drift lower, but my view is that this is an attractive buy right now for investors with a five-year view. Buy when there's blood on the streets and all that. We're still going to be drinking, eating and socialising in this brave new world. Profit margins may slip in the short-term, but their focus on more affluent locations will mitigate this compared with operators like JDW. This challenging period will also throw up lots of opportunities to expand the estate by acquiring and investing in distressed pubs. CPC is also a likely takeover target (as with Capital Pubs that Mr Watson established and then sold to Greene King).

Any brave holders or investors out there? Share prices has been in continuous slide for a year and a half. Now approaching the level during the depths of Covid. Can't work out which time was worse for the business - when all of the pubs were closed (but no expenses and government relief) or the current time with the spectre of prolonged inflation and cash-strapped customers? I've been trying to look past this. Surely, we must be nearing peak inflation and poor sentiment - in which case pub groups look good value (especially ones with growth prospects and a strong balance sheet like CPC). Is there anyone else holding or brave enough to top up?

The business delivers record levels of profit and revenue and has increased its margins during a time of high inflation..... and yet the market has rewarded its performance with a share price fall of 50% from its highs last year. Absolutely bizarre! The only thing I can do is 'back up the truck' and purchase more shares for my SIPP. This is a company selling essential infrastructure products, not one exposed to discretionary purchases.

Are you a holder or a browser/potential buyer of CHH? It's probably quiet for a good reason. This is not a 'racy' get rich/get poor quick share for the traders or whisper mongers. Hopefully, a bit of a hidden gem for buy-and-hold investors... we'll see though.

I've been waiting patiently for a buy in opportunity, having thought the price and valuation had gotten ahead of itself during latter part of 2021. However, I've just initiated a new position in CHH due to recent share price falls. If Buffett invested in UK small caps, Churchill is exactly the kind of company he would like - easy to understand, high returns/profits, conservatively managed and with steady growth prospects. I reckon this is also a Nick Train kind of company due to its longevity and strong brand. In the last trading update, revenues have basically returned to their pre-pandemic levels, and the company is investing in growth and innovation for the long-term with good sales growth in the European market. Inflation may dampen margins a little, but this is a vertically integrated company that sources its own raw material, manufactures, markets and distributes its own product - so will be in much better shape than the majority.

Share price just can't sustain any rise atm. Maybe being played by short-term traders on low volume. Graph for the last 1.5 yrs looks like the spine of a mountain chain. Eventually price will reflect strong ongoing progress and fundamentals. No doubts that long-term holders will be rewarded for their patience.

Nothing's changed with the company, which remains and well-run niche business with steady growth prospects. However, we can't deny the reality that the investing landscape has changed. A company manufacturing nick-nacks in China and trying to export them across the globe is highly vulnerable to prolonged inflation. We also seem to be entering into a period of deepening hostility between China and the West, with investments in this country looking increasingly risky. Personally, I can envisage a situation developing with China, similar to the current one with Russia where Western companies rush for the exit.

We are now set on a course that may one day require divestment from China.

Taken gains from Standard Life Property Income Trust and redirected proceeds into Regional REIT today. Big dividend and discount too tempting. Share price may fall a little more on poor sentiment, but can't see it going below Covid lows, especially with most offices having adjusted to the 'new normal'. RGL focus on quality assets with potential to grow yields should stand them in reasonable shape. It's the poorer office stock where valuations may come down.

I sold out a 2-3 month's ago. Solid well-run company, but the overexposure to China left me feeling uneasy. Whether we want to admit or not, global supply chains are being stretched by both economic and political events. I sleep easy at night not having any exposure to the CCP. Similarly, divested from XP Power. Reinvested proceeds in Dewhurst (DWHA) and Churchill China, both family-controlled niche companies which still manufacture in good old Blightly.