soi
02 Mar 2015
Re: Interest/IPE O/T Good MorningThis largely to answer FRTEB on IPE fees.Yes, HL are correct for the last reported period.That included a 1.69 % " performance fee" bonus.My view is that it was over generous on too easy a target, in the region of 20 % of any increase of value/return above Libor + 1 %.Without that, charges would have been more in line with others.I suspect there might have been some complaints as shortly after IPE management announced the manager fee would be stepped, i.e going down slightly as a % above a certain earnings level.They have also set a tougher target for a performance fee, albeit it looks doable to me, just.I still regard IPE`s sp as slightly high ?I will not reduce though ( not in the short term anyway ), happy with it`s historical performance.Hope that helpsATB as usualsoi
Dragons teeth
27 Feb 2015
Re: Interest FRTEB, re your "SLIAlthough none of the above four can offer the same level of yield as NCYF and IPE they do have attractions. "I bought SLi and NCYF at the same time beginning of November last year, at the time if I remember right both had a yield of just over 6%. SLI is now about 5.6 % , but the real difference is SLI up 8% , NCYF down 3%. I see SLI as a relatively low-risk , high divi payer in the Property sector, there are certainly more racy Funds out there , but as an IT it has done all I wished of it. It is at a premium to NAV at the moment, which may put people off. As ever DYOR etc ,
soi
27 Feb 2015
Re: Interest Hi rugosaplantsThanks, added that also after glancing at it.Genuinely appreciate some of the suggestions being made, 2 show potential for me and yet to look at others.Cheerssoi
rugosaplants
27 Feb 2015
Re: Interest I can mention several high yield investment trusts to you, but one in particular is showing the right signs and is 6+% yield; it is Black Rock World Mining (BRWM) which I hold. A bit specialist, but if you are into high yield, and watch your shares very closely, this is a good one for now.
soi
27 Feb 2015
Re: Interest HiFRTEBGlad you found the post of some use and saying so.Yes also recognise you from UKXI`m taking a break from it and also with the exception of very quick scalp attempts indices generally, made some poor calls of late and want to concentrate more on " real " shares, which ulitmately are of more importance to me.Some core portfolio re jigging and looking for more long term high yield investments.Thank you for the list of what you are looking at, always useful and have written them down on a scratch pad to look at.Vosene Thanks for mentioning PEY, had never heard of it TBH.It instantly interested me, chunky yield plus I also want some Euro exposure, have been recently looking for potential candidatesAlready on a price feed and watch listGood to see people helping each otherGL & ATBsoi
Vosene
26 Feb 2015
Re: Interest I hold HFEL - they are best bought when there is a wobble concerning emerging markets. You might be able to get them at a slight discount in that case, rather than the small premium they usually attract.Not quite the same area but I like PEY - Princess Private Equity. They pay a chunky dividend (percent of NAV) and because they are on a NAV discount this is quite decent, 7-8%. Because they are traded in Euros they have exchange rate volatility but with the Euro being so low right now I am looking for Euro denominated investments.
FRTEB
26 Feb 2015
Re: Interest Thanks for your analysis, Soi. Top post! That all makes sense and goes some considerable way to lessen my concerns (I 'know' you from the UKX board and occasionally read your blog).I have also been doing some googling and New City High Yield IT seems to get a few favourable mentions and was also plugged in an FT article.The instant diversification into bonds and prefs would bring some balance to my portfolio and the almost 7% yield is excellent so I will most likely be investing here. However, the NAV premium is currently decreasing so I'm not yet pressing the buy button in the hope it keeps falling... I will make a post here if/when I do press the button.Thanks for the pointer to IPE. I generally like what I see there too but I am put off by the ongoing charge of 3.09% according to the Hargreaves Lansdown website, as opposed to 1.29% for NCYF. Does this not concern you?Other ITs I am also now looking at are:CMHYHDIVHFELSLIAlthough none of the above four can offer the same level of yield as NCYF and IPE they do have attractions. Worth adding them to my watchlist at least.Bill
sound money
26 Feb 2015
Re: Interest NCYF behaves to some extent like fixed interest securities. If interest rates rise paper gets sold to reflect the decreased risk of holding cash. So to some extent it's like buying a gilt.The market is valuing NCYF on interest rate expectations. Nothing to do with fund performance.M
soi
26 Feb 2015
Re: Interest Good Morning FRTEBMy position : I hold NCYF, for it`s yield.First buy was about 2 or 3 years ago.I have bought another 3 times this year, that was my intent, to give myself a worthwhile holding.Before adding I looked at their Top 10 holdings, happy with what I saw and as at last report I believe their total holdings was spread over 99 companies.I like their management, note some of the institutions attempted to oust 2 of the directors late last year, failed to do so.I`ve dismissed that as insignificant but in fairness, a little red flag .Why did the IIs want them out ?At the current sp the yield is nudging 7 %. The last interim was raised 4 % I think,They`ve a history of modest divi increases, prudent and I like that.On Feb 19 th ( or thereabouts) it became common knowledge that 2 of the " hawks" on the BoE rate decision committee had voted for a UK interest rate rise " sooner rather than later "Coincidence or not but that is somewhat aligned with NCYF`s current weakness.A 1/4 or even a 1/2 point rise in UK base rate should not affect NCYF, it will still offer an attractive return.I am in to a lot of both Fixed Interest, prefs, corporate bonds & high yielders.Although not all are affected I have noticed that when there is " chatter " of a soon to be interest rate rise, some soften.Another possible alternative for you might be IPE, it is a corporate bond fund, pays quarterly, yield approx 6.7 - 6.9 %. At almost an all time high now though.I`ve a fair chunk in that, again like the management and also their main holdings look fine to me.Maybe not answered your question but there`s a couple of points included there that might be reason`s for NCYF`s current slight weakness.As to my declaring holdings I try to make that a rule whenever I give an opinion, I feel it only fair on any reader/ potential investor.If there are no major changes with NCYF I may buy one more time but for now have my ideal amount, in 6 months or so who knows ?All the Bestsoi
FRTEB
25 Feb 2015
Re: Interest " Looking at today's trades, they are all sells except two which are sizeable. I have always been guided by the larger (over £10k) trades on the assumption that they are the professionals and have better tools at their disposal. So maybe on trades alone, this is a BUY. " ---------- ---------- I don't share your line of logic for a number of reasons. There are plenty of PIs that are able to invest 10K+ in an individual stock/IT/etc and 10K for a fund manager, for example, would be very small change. I also don't necessarily agree that the professionals have better tools at their disposal. Different tools, maybe, but better? Really? Not convinced. Look at the percentage of professionals who consistently beat the market. Think some of their tools must be broken....So, my query regarding why the sp is steadily declining remains unanswered.
rugosaplants
25 Feb 2015
Re: Interest Looking at today's trades, they are all sells except two which are sizeable. I have always been guided by the larger (over £10k) trades on the assumption that they are the professionals and have better tools at their disposal. So maybe on trades alone, this is a BUY.
FRTEB
25 Feb 2015
Re: Interest Thanks rugosaplants and Dragons teeth,I've looked into this further and still like what I see but I'm flummoxed as to why the sp is steadily declining. Any ideas?
Dragons teeth
25 Feb 2015
Re: Interest FRTEB, I dont thinkyou are missing anything, except of course no investment is risk free. I think at todays price divi is about 7%. You should read todays 1/2 yearly report it may answer your queries. New City High Yield Fund Ltd : Half-yearly report, click "news" above if this link doesnt work.
rugosaplants
25 Feb 2015
Re: Interest Like you, I need a holding in fixed interest, which seems to go up when there is uncertainty in other areas. I also hold Henderson Diversified Income, which at present is performing more strongly of the two.
FRTEB
24 Feb 2015
Re: Interest This is one of the very few investment trusts on my watchlist. Two reasons for it making it onto my WL: firstly the divi (6.76% according to HL) and secondly, it offers instant diversification from a (so far) 100% equity portfolio (if I don't count the cash-based part). Also, there's a nice mix of bonds and pref shares from what I can tell. The divi seems very high - it almost looks too good to be true. What am I missing here?
