Gavin Lumsden
@FundFanatic
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News & views on funds & investment trusts by Gavin Lumsden formerly @Citywire & https://t.co/nHid42emdt.
London
Joined September 2013
Investment trusts have languished on double-digit discounts for 29 months, says @AICPRESS. @NickBritton_ adds average future returns can be 32.7 percentage points higher after such a long period, equal to 4.3% more a year if you buy now
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Bill Ackman to say more about the $2.5bn stake in Uber tomorrow at the capital markets day for Pershing Square Holdings (PSH).
Uber shares rose nearly 7% after Bill Ackman revealed Pershing Square had bought a stake in the taxi app last month.
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Private equity fund Apax Global Alpha (APAX) appoints Investec to joint corporate broker alongside Jefferies to boost the marketing of shares trading at a 34% discount.
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Gold rises 1% to new record high of $2,896 (£2,336) an ounce after Donald Trump says he will impose new 25% tariffs on steel & aluminium imports into US, rattling financial markets over the inflationary impact. Gold has gained 10% since start of the year.
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‘The Edinburgh Worldwide vote is on Valentine's Day [Friday] & shareholders need to act now to be sure of meeting platform deadlines,' says Richard Stone of Association of Investment Companies re @HLInvest, @Investcentre & @ii_couk
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BP shares jump 8% to seven-month high after activist hedge fund Elliott Management amasses a stake in the UK oil giant, fuelling speculation of a break-up or sale.
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Uber shares rose nearly 7% after Bill Ackman revealed Pershing Square had bought a stake in the taxi app last month.
Beginning in early January, we began acquiring a position in @Uber. Today, we own 30.3 million shares. I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days. I was also fortunate to be a day-one investor in the company through a small investment in a venture fund. While a great business, Uber suffered from erratic management. Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine. We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company. We will have more to share about our thinking on the company shortly.
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Saba had 5% in HINT which maybe focused its board’s thinking. JGGI broker @WinterfloodInvT says lack of a cash exit is fine because of the similar remits & because JGGI trades at small premium so HINT shareholders, inc the activist hedgie, can sell afterwards if they want out.
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@MarkDampier @IChronicle @EmmaSmWall Of course, the whole area of costs disclosure needs an overhaul.
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@cooksimon Yes, just looked up the figures and at end 2022 about £290bn was held in cash ISAs, 40.5% of the £726bn ISA total.
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@MarkDampier @IChronicle @EmmaSmWall Well only indirectly. Platforms don’t like investment companies putting zero down as their ongoing charges figure which they can do after the FCA suspended cost disclosure rules ahead of their reform. The platforms think that’s potentially confusing for investors.
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@75again @trusts4u_uk Law Deb is solid but if you want a discount Dunedin Income Growth and Edinburgh might be interesting to look at.
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Meanwhile, since 24 January, @IChronicle says Fidelity has stopped investors buying Urban Logistics Reit (SHED) because of a lack of an ongoing charges figure.
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Excitement of yesterday’s BBGI bid meant I missed James Carthew @QuotedData tipping 3i Infrastructure @3iinfra @TeleQuestor on an undeserved 15% discount before the news broke. Good timing & still relevant as shares rose just 0.8%.
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BBGI being sold at small 3.4% premium to net asset value at 31 Dec though Investec points out the 147.5p per share offer is likely to represent a small discount below NAV when deal completes in Q3. Analyst Ben Newell says it’s still a ‘satisfactory outcome’ for shareholders.
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