In my last blog update I shared my concerns about the number of new LICs that have come to the market of late. Not long after this I read another story to add to the supply picture.
CYA – Still looks quite cheap at 90 cents when the ASX200 is around 5,550. Wilson put out their document and it looks like this will simply be a vehicle with a mix of the WAA and WAX strategies. Continue reading “CYA, NGE, REF, MVT, AIK, AGF, CEE:US, TTS, CLT, SVWPA, APW.”
We now know that WAM has come back to take control of CYA, after withdrawing their plans early in the year. Continue reading “CYA, KAR, NGE, and the AUD.”
Seinfeld & fund managers underperforming
Firstly I want to touch on the volatility in the pound. Most of this year I have broadly favoured looking for foreign currency exposure when AUD/USD is above 75 and more so at 77 as a guide. Continue reading “Seinfeld, active fund managers underperforming, the pound and IG markets, AGF & KAR / NGE.”
NGE – The proposal to establish a LIC is set for later this month. If they had of gone about this the right way (e.g. combine with some cornerstone investors to double the size paying NTA, detailed presentations highlighting management expenses and investment strategy) perhaps I could have supported this.
Recently I wrote that I had some shorts in the US indices that in part gave me protection to pursue some more compelling opportunities on the long side. Continue reading “Simplifying the portfolio & raising cash. Small market inefficiencies in the LIC space.”
AUD/USD (SHORT) – at 77.40 , stop 79.50
Dow Jones September contract (SHORT) – average 17,740, stop 18,900
KAR – I purchased this at 1.44. Refer below via the NGE heading for more comments. Continue reading “KAR, ACL, FB:US, Coffee”
PTB – reaffirmed guidance and clearly stressed their preference to pay fully franked dividends as much as possible. We may not be far from a large dividend that will hopefully provide a catalyst here. Continue reading “PTB, NGE, AAPL:US,”