II Editor
11 May 2018
NEW ARTICLE: Fund manager view: An AIM gem, Brexit and risk "Many eyes turned to boutique fund manager Sanford DeLand at the end of 2016, when one of the UK's most successful fund managers, Rosemary Banyard, joined its small team as investment director. For 18 years she was known for running the ..."[link]
alandwd
23 Mar 2018
Re: Huge discount Reducing the fees and changing the manager would be great moves in my view. Discounts can often be due to market disinterest, which is the case with Brexit, although in my opinion this makes the UK even more of an investing case.
Laozhu
22 Mar 2018
Re: Huge discount I think there are a few shareholders on the forum. Looking at performance the medium term is poor and Board a) skate over this b) do not own significant holding relative to their annual fees and c) make derisory buy backs so compounding the discount problem of 16%. I have written to the chairman. I other did the same it might have some impact. Address [email protected] or 31 Gresham Street EC2V 7QADear Mr SandersonI have a small holding in the Schroder UK Mid Cap Investment Trust. That is, I thought it was small until I saw the derisory holdings of the board members.You lament the discount as though it were an alien affliction. It is not. The achievements of 2007-13 are long past. The last five years, excepting 2017 have been mediocre. 3 & 5 years NAV total returns of 28 and 64.8 as of today may broadly match the FMC index but this is a near 1% fee, actively managed fund fishing in a large pool of relatively poorly followed assets. Compare with JP Morgan Mid Cap (37 and 102%) and you will see why you are out of favour. It was not helped by the company purchase of shares last year being so derisory.Now is a time for some board leadership before someone else forces the issue. Directors shareholding should be in line with their trust income at least. You need to explicit with the management about performance failings and clear where they lead if continued. Purchases of nearer £20M are needed to close the discount. Fees should be cut or partially reset to performance. The starting point is stop waffling about the long term and start with the record that is most relevant and examining the things the board can change – the discount the fees and the manager.
alandwd
29 Nov 2016
Re: Huge discount This is on my radar now. Discount is very tempting considering this is a good performer with a similar portfolio remit to Mercantile IT, which consistently sits on a 10% discount.
Omaha man
11 Nov 2016
Re: Huge discount The discount is back to >20% in the wake of the US election. I hold so much of this that I am reluctant to add further especially as I envisage markets continuing to slip, however I don't see the reason for such a large discount.
Omaha man
07 Jul 2016
Huge discount The current market panic has seen the discount move out to over 20%. I have added this morning @ 361 (NAV 456) ; even if the mid-cap sector of the market stays under pressure the discount will surely not remain this large as things settle down.
