valeite
06 Aug 2018
Rise today Border To Coast Pension Partnership now hold 8.95 stake after purchase today /.trading @19% discount is a big attraction if MTU can improve its performence
valeite
27 Oct 2017
improving performance now up with the rest of the sector , top quartile over the last 6 months /outperforming over 12 months and 3 months .but still trading on a 19% discount .if the trust can keep this up then a reduction of the discount is inevitable
Vern S
18 Jul 2017
Re: winding up....er no ! I sold the moment I heard the result of the AGM. If the price is 18% higher a year from now, I'll admit I was wrong.
valeite
18 Jul 2017
winding up....er no ! so the trust carries on and with it the chance to exit at a decent price (18.38% discount) .on the positive side Charles Montanaro has committed himself as manager for the next 5 years !!?? the trust will in future have Aim shares in the fund and a share by back is to happen ......all we want is to see MTU performing to the standard of its peers...we'll see ! the fund has performed better recently to be fair
valeite
21 Feb 2017
5% shareholder emerges shareholders will notice the emergence of a new shareholder brooks mcdonald....adds weight to last weeks story that action is being taken to get this discount down
MJS1234
16 Feb 2017
Re: trust wind up coming? Article in full FYI. Sounds logical to me so bought some.GLTAMJSSamuel Johnson's observation that “when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully” does not apply literally to the managers of today’s investment trust pick, but there is at least a passing similarity. The actual fate that could await the team that runs the Montanaro UK Smaller Companies trust is that shareholders could vote to wind it up, putting them out of a job.It’s not unusual for trusts to stage such votes, but what makes this one interesting is that the portfolio currently trades at a wide discount. If it fails to narrow before the poll, shareholders could be encouraged vote for a wind-up, which would take place at much closer to net asset value, effectively eliminating the discount and handing them an instant profit.If, on the other hand, the discount does narrow between now and the vote, they are in line for a windfall from the rising share price. Irrespective of such tactical motives for buying the shares, there are good reasons to expect an improvement in performance.But first let’s look at the continuation vote in more detail.It is due to take place at the annual meeting next year and will give shareholders the chance to liquidate the trust. Should this happen, the holdings will be sold and the proceeds returned to investors in proportion to their holdings.There are of course costs involved in winding up a trust, such as stockbroking fees and the fact that a forced seller of comparatively large holdings can expect to get slightly worse prices that the ones prevailing in the market.But such costs would be trivial by comparison with the current 22pc discount at which the shares are trading. In theory, therefore, if the discount remained in place, investors could buy into the trust on the eve of the vote, opt for liquidation and make a huge instant profit.Of course, markets do not in practice allow such opportunities to exist for long. Instead, they adjust for one-off events of this kind by gradually adjusting in anticipation. In this case, investors who see the opportunity for a quick profit will buy the shares well before the vote, slowing eroding the discount.However, opportunistic investors could not be certain that the vote would be for liquidation, which would remove some of the buying pressure and limit the narrowing of the discount.It would probably stabilise at a level at which shareholders as a whole would be just as likely to allow the trust to continue – if the discount were any larger the instant profit offered by a wind-up would be irresistible, even to investors who saw themselves as long term; any smaller and the profit would be too small to bother with, given that movements in the value of the underlying assets would also affect the proceeds of the liquidation.Either way, though, the current discount is “unsustainable”, in the words of Richard Curling, who holds Montanaro UK Smaller Companies in the Jupiter Fund of Investment Trusts.The wide discount exists because of poor performance in recent years, which the trust has attempted to address by changing the management team. Charles Montanaro, founder of Montanaro Asset Management, which has the contract to run the portfolio, has taken charge and has relinquished day-to-day control of his firm to concentrate on investing. And the looming vote gives him plenty of motivation to improve performance.Mr Montanaro has an excellent long-term track record, making returns of 111.7pc over the past decade, compared with 81.3pc for his peers, according to FE Trustnet, the investment analyst.“He has a strong record and has the support of a big team of analysts,” said Mr Curling. “The firm does a lot of fundamental research, so you can be sure that potential investments are properly scrutinised.”He added: “The fund’s preference is for 'quality growth’ companies. The performance of such firms in
valeite
16 Feb 2017
trust wind up coming? an interesting article in the telegraph (which i can only partially read because of paywall ) suggesting possible moves to wind this company up because it trades on 22.5 % discount .i think shareholders would welcome an exit opportunity close to £6
valeite
22 Sep 2016
still unloved net asset value up 3% ....share price down 6.4% (12 mnths) (trustnet) discount to NAV 20.3% .to be fair the sector is out of favour so i am just gonna have to suck it up for the moment .the portfolio is a good 'un and a divi of 2.5%
valeite
13 Jul 2016
Re: Whats the matter with this one? last november i wrote about a 90p discount.....now it's £1.30 .for sure it's underperformed these last 2 years and the recent ref has gone against this sector but this discount level is ridiculous .things can only get better as they say
trader M
12 Jul 2016
Whats the matter with this one? 20% discount, impressive top 10 holdings, but always a poor performer?
valeite
04 Nov 2015
what a discount £5.9 of share for a £5......and the top 10 portfolio that looks promising....too cheap
