takenoprisoners
21 Apr 2017
III comment "Currency management services firm Record (REC) fell 14.3% to 40.2p as its assets under management equivalents rose to $58.2bn in March, up from $56.6bn at the end of 2016.Management was not confident in its outlook as it said the environment of political uncertainty that has prevailed since the middle of 2016 looks set to continue."Imvho and please dŷor
takenoprisoners
21 Apr 2017
Broken Record First in a little while but this one I just couldn't resist.Not the update the market was looking for from the 4th quarter trading update. In fact by the reaction its being interpreted grimly. Losing custom is never good.6 passive clients terminated and 1 reduced.It also seems they have been notified of the termination of another Passive Hedging mandate of $1.2 billion expected during the current quarter. That's not small change.Also no performance fees were earned for the quarter.It's had a good run and given and its probably time to bank and move elsewhere.I'll be surprised if this quarters update doesn't impact on any Full Year numbers on the 16th June and the next 1st quarter update on 21st July.Imvho and please door
devonplay
20 Dec 2016
Re: Tanking Markets "and do some homework" hahahaha sqweek sqweek!DL
devonplay
28 Oct 2016
IC Comment Record fund infowsThe second-quarter trading update from Aim-traded currency manager Record (REC:27.5p) made for an interesting read in light of the volatile market conditions in currency markets since the EU referendum. The company’s assets under management equivalent rose from $53bn to $55.8bn in the three months to end-September 2016, buoyed by $1.3bn of additional passive hedging mandates and $1.4bn of positive market movements. Passive mandates are lower margin, but a relatively stable revenue source that covers 85 per cent of Record’s xed costs before pro t-sharing.Chief executive James Wood-Collins notes that his busi-ness “continues to see heightened investor awareness of the risks and opportunities posed by currency uctuations arising from volatile market conditions. These concerns are seemingly set to endure due to the ongoing geopolitical tensions across the globe, the forthcoming presidential elections in the US and the UK’s exit from the EU. Such awareness is provoking interest from investors across a broad spectrum of Record products and we believe further progress will be made in the current nancial year”.The performance of Record’s multi-strategy product, which returned 3.16 per cent for the first half, was noteworthy as this included a 1.35 per cent positive return in the three months to end-September 2016, a period of heightened market volatility. An extension of the licensing agreement with WisdomTree Investments to provide signals to dynamically hedge currency exposures within WisdomTree’s rules-based index family is worth noting, too, as this will allow active hedging strategies to be accessible to a wider range of investors than before.I would also flag up that the board is looking to pay out excess earnings above the ordinary dividend as spe- cial distributions, having assessed the company’s strong nancial position and its regulatory capital requirements. Net cash and marketable securities are worth around £34.7m, or 15.7p a share, so more than half the share price is backed by cash. Furthermore, based on a maintained payout of 1.65p, Record’s shares o er an attractive 5.9 per cent dividend yield with scope for a higher return if the board declares special dividends.True, although Record’s shares have risen 10 per cent since I rated them a buy at 25p (‘Record payout boost’, 21 June 2016), I included them at 34.3p in my 2015 Bargain Shares Portfolio, so even after banking 2.55p a share of dividends in the interim, the holding is down 12.5 per cent. However, with analysts at Edison upgrading their full-year EPS estimates by 17 per cent to 2.63p post the trading update, and increasing their 2018 estimate by 26 per cent to 2.93p, I feel a rating of 4.5 times cash-adjusted earnings is harsh and continue to rate the shares a buy ahead of results on 18 November.MORE ONLINEDL
devonplay
24 Oct 2016
Re: Remain in positive territory Almost 20% up since Brexit and with the yiled at the time locked in at 7%.I cant see volatiility going away anytime soon, so REC remains an interesting play.DL
takenoprisoners
27 Jun 2016
Re: Tanking Markets Well done if you timed your exit and jumped ship into SPD for a nice afternoons work of about a 6% uplift in your money.Some shares move.Others are like watching paint dry.There is just so much opportunity out there. Just look at some of the Toplists for the fallers and do some homework.Imvho an please dyor.
takenoprisoners
27 Jun 2016
Unfortunately Not Exempt I expect this one will be losing business from the EU just the same as anyone else.Probably best to be sat on cash for a cheaper buyback.Imvho and please dyor.
takenoprisoners
27 Jun 2016
Re: Tanking Markets I make that the 30k. 2 sets of commission though God bless you.I'll tell you what I think. IC article didn't work so out we go. I'd be sticking it in SPD where I'm sitting waiting for a tasty slice of the action. Always a pleasure.Imvho and please dyor
takenoprisoners
27 Jun 2016
Tanking Markets That'll be your 25k sell devon and probably looking to offload all your holding here.Despite the best efforts of Mark Carney and George Osborne the markets are still creaking and shaking.Why sit on anything when its probably best to be sat on cash presently.Just look at all them bargains emerging elsewhere where the share price will move.I'm going for a 21p revisit.PS: you never did post that link old boyImvho and please dyor
devonplay
27 Jun 2016
Remain in positive territory Goods to see we are still in the green, maybe we'll make it all the way back up to the low 40's?Either way happy to have picked some up just above the low point.DL
takenoprisoners
26 Jun 2016
Re: IC Article Thanks devonplay. I take it that if the Investors Chronicle comes out on the news stands on a Friday that the article was in print and in the post before Friday. So it was written and in print prior to the Brexit vote that has caused turmoil in the markets. They may have an entirely different view on all stocks given the spanking many have taken. Could you post the link please. I can't see anybody rushing to buy Record or indeed anything in the micro cap market at the minute. Least of all one with at least a 5% plus spread before you have to factor in dealing costs.As of Fridays massive treeshake there are a multitude of shares on the market that are highly liquid and with fantastic yields and some offering 6% and 7%, "with rising profits" and with miniscule spreads - some as low as 0.1 of a point.Just pointing out that so much value was created elsewhere on Friday that it gives the opportunity to seek value elsewhere in highly liquid shares with small spreads and dividends and probably the chance of a 10% to 25% gain. Many like housebuilder for instance also have the attractions of special dividends.Imvho and please dyor.
devonplay
25 Jun 2016
IC Article Catching up with this weeks reading, it's been a busy week!I suppose the most interesting part, and I suspect, besides the yield, attracting the long term holders:The good news came from the balance sheet which management now considers "significantly strong". Any excess cash generated in the current financial year is likely to be paid back to shareholders by way of special dividends, on top of the ordinary dividend which will stay flat at 1.65p.Something very comforting about a significantly strong balance sheet.DL
takenoprisoners
24 Jun 2016
Re: Not Armageddon on the currency mkts. I forgot the Sell flagImvho and please dyor
devonplay
24 Jun 2016
Topped Up, thanks SPD.L Just picked up a few this morning.Not a large purchase, just money I made from trading SPD.LI suspect there will be some Director buying here, either way happy to sit back and take the 7% plus Div.Now if you make your money from currency volatility life might get a bit interesting from here on in.I suppose that means I'm a BUYDL
takenoprisoners
23 Jun 2016
Re: For the Record Starts with a trickle and then a few realise there is no quick bucks here.Then a few start to be first movers and sell-up before the crowd as it can be difficult to shift some of the illiquid shares. The Market makers then move it down points and 2 points at a time and then those in denial realise its not all jam tomorrow and they then add then before you know it your staring at losses.Profits n reality are only profits when they are banked.Imvho and please dyor.
