Stuck in the bin
APW – Shareholder return needs to be the focus, not size through related party transactions.
ALI – Fees could be cut; shareholder buyback should be more than token words. Where is the marketing boost promised a year ago?
Seeking Alpha Cohen & Steers and Argo Global Listed Infrastructure.
YBR – Perhaps someone needs to be fired there?
WQGO – I only hold options here in case US markets keep going up. “Supervisory” fee should be fairer, the board hardly owns any stock.
WTP – Should be more proactive selling the civil & mining business and a share buyback.
Potential Graduates
ALF – Working on strength of investment team and communicating the product. Shareholder buyback announced, performance obviously needs to lift from the last 12 months!
AIQ – Have taken a very long time to announce a restructure, awaiting further details. (update – I recently sold into buyback).
TGG – End of dilutive share issues. Effective buyback, very modest fees. Communications is finally improving so this can be a graduate if performance improves.
Recent Graduates
PAI – Improved performance, strong communications on future dividends. The premium has got too rich in mid 2018 so now my holding is near zero.
EAI – Good use of shareholder buyback. Relative performance better recently and they look in good shape for the first dividend soon. Quite impressed by their latest marketing initiatives.
REF & TBR- Credit to management of these companies for releasing significant franking credits from cash / gold sales respectively to shareholders. Reportedly the sudden announcements came after many months of deliberation.
