Member Info for Tambo210

So Glencore bags a tasty coupon, over a longer period and they bag some oil (discounted) in the process.

(why not a bank?)

"A pretty positive message from SMT"

Can you seriously see one of the largest investment growth trust out there to issue a statement....."We're in bad shape/We have no clue what we're doing/we keep picking bad horses/we can't explain the >15% discount to NAV"?

BTW MrAmericano - MRNA disappointed the market again.

The only way this stock is going to have a floor is if they exclude COVID revs completely from all quarterly presentations.

Unless its free, you're not going to get bumper revs.

Icarus321

"Question Three:

At the end of the day and despite all the good arguments you make about the strength and size (and therefore the valuations) of the private companies in the portfolio, is the discount to NAV not driven primarily by the fact that public valuations are treated with a higher level of certainty than those obtained privately? If so, how then do you close the NAV discount and unlock that value for shareholders?"

Slater's answer was rubbish.....everyone else is down so why can't we? Err...at 20% discount? And as big a fund as yourself.

MrAmericano - Tracker is defo a good call....you may not catch the biggest spike should it happen, but nothing wrong with slow and steady. Global growth funds too have less volatility and you can see a nice uptrend, even if the gradient is not steep. Polar Capital tech trust is another similar themed to SMT, just with different minds in charge.

Anyway, I'm looking at purchasing Gilts at the moment and lock in some below par bonds at 5% for 20 years.

Well, I found it pretty pedestrian.

They weren't going to admit to any wrongdoings or massively poor choices of picks.

I'm glad they confirmed they kicked out ILMN. The company has problems it just can't fix in its current form.

They pretty much avoided answering the question regarding price to NAV discount. More, well every other trust is at a discount so why can't we? Errr 1) not entirely true, 2) You're SMT and perhaps you should be a bit more concerned 3) why nearly 20%?

At times, I felt Slater was a tad arrogant. He came across as :" This is a waste of my time!"

Walp - What is the floor? How do you determine it? averaged over a number of days?

Robina - Can't recommend, but there are some still around par and some above.

But coupon isn't that tempting.

LLL and WALP : Bonds are actually a nice side earner.

You can pick up some long dated Gilts (I use HL as a broker) for a near 10pc discount to par and book that 5%+ coupon.

+ tax free so doesn't eat into your ISA allowance.

Not exciting, but it smooths out the performance. Quite nice to get a 5% coupon ( paid semi-annually)

LLL "However, 30% is a lot to invest in any one asset IMHO, whatever your level of conviction."

LOL! One of my wife's ISA is 100% in SMT bought at 800p!

At least its not as bad as the 10pc of my 4yo daughter's JISA in BG Global Discovery (Bought in at 2950p).

Whoops! TSLA down 8pc as I write!

I too hold both.

The thing that's knocked my confidence in PACB was their Apto bioscience purchase and the $100m dilution to us in order to purchase.

$100m in this current high interest rate environment for a company with no tangible product is insane. Paid way too much. $85m upfront is too much. Should have been $50m or less upfront and then strict milestones with conservative milestones, in order to trigger the final $50m (still too much).

As well, don't forget that there was approx $100m dilution from the Omniome purchase. at the beginning of October. We don't even know how stellar the Onso product sales will be . They have to be pressed to provide a backlog number and a GM.

LLL -

What's put a floor under SMT's NAV has been , Mecado, AMZN, NVDA, TSLA ......they've been on a tear YTD.

LLL -

ASML - largest holding came out with this today

"AMSTERDAM, Oct 18 (Reuters) - Semiconductor equipment maker ASML Holding NV (ASML.AS) reported lower-than-expected orders on Wednesday and warned of flat sales next year as customers conserve cash against an uncertain economic backdrop, hitting its shares.

Europe's largest technology firm said the semiconductor industry was probably near a trough but that "customers continue to be uncertain about the shape of the demand recovery ... we therefore expect 2024 to be a transition year"."

Was 4% down in the morning, now recovered to 2.6% down

2nd day of brutal falls.

Down 6%.

A long way from when the fund topped up at 200USD

MRNA took a battering today. Weirdly, PFE did well.

MRNA drops 4% in AH.

I wonder if this is in sympathy with PFE dropping after they cut FY Revs by $9bn

" And most on this board no it .LTH."

Great spelling!

I wonder if they'll dish the treasury shares out to the 'worthy' fund managers whom have done an excellent job this last 12m as evidenced by the stock - NAV discount?

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

On 12 October 2023 the Company purchased 150,000 ordinary shares at a price of 692.2670p. The shares purchased will be held in Treasury.

Following the transaction the Company holds 79,450,978 shares in Treasury.

The shares in issue less the total number of shares in Treasury are 1,405,329,902.

RBC cuts Legal & General price target to 290 (330) pence - 'outperform'

Dorset,

MRNA are doing great things and actually their pipeline is promising and things are looking up.

Unfortunately, its valuation was and is based on COVID revs which keep declining. Even when shots are available to buy, people won't buy them. What's the uptake of the flu vaccine. Pretty poor unless you're over 65.

Their other vaccines make more sense (but their rev estimates will probably be too optimistic, since they'll be negotiated down on price)