Thursday, 28 March 2019

Errors, omissions and obscurity in LMI NTA reporting

Summary: LMIs are required to report NTA or NAV each month. However, there is no regulation, oversight or consistency in this reporting. Some LMIs exploit this lack of oversight to paint the most positive...
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Sunday, 24 March 2019

The naked truth about Thorney Opportunities Limited (TOP)

LMI: Thorney Opportunities Limited (TOP) Investing Recommendation: From Jan 2015 to Feb 2019, TOPs NTA outperformed VAS by 2.72% annualised. Meanwhile its TSR has been much lower as at inception...
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The naked truth about Contrarian Value Fund (CVF)

LMI: Contrarian Value Fund (CVF) Investing Recommendation: From Jan 2015 to Feb 2019, CVF's NTA outperformed VAS by 3.29% annualised. Meanwhile its TSR has been much lower, especially since Oct 2018....
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The naked truth about Acorn Capital Investment Fund (ACQ)

LMI: Acorn Capital Investment Fund (ACQ) Investing Recommendation: From May 2014 to Feb 2019, ACQ's NTA outperformed the Emerging Companies Index by 3.8% annualised which is substantial. Meanwhile...
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The naked truth about MFF Capital Investments (MFF)

LMI: MFF Capital Investments (MFF) Investing Recommendation: Over 12 years of substantial outperformance and low relative fees means this should be a top-rated investment for US exposure. The sizeable...
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Saturday, 23 March 2019

The naked truth about Magellan Global Trust (MGG)

LMI: Magellan Global Trust (MGG) Investing Recommendation: MGG has outperformed ACWI by 1.3% annualised between 18 Oct 2017 and 28 Feb 2019. While it continues to outperform its worth considering...
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Thursday, 21 March 2019

The naked truth about Pengana Private Equity Trust (PE1)

LMI: Pengana Private Equity Trust (PE1) Investing Recommendation: Do not invest. Fees are very high and PE1 will take 4 years to be fully invested. If you want private equity exposure, get it via...
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Wednesday, 20 March 2019

The naked truth about Fat Prophets Global Property Fund (FPP)

LMI: Fat Prophets Global Property Fund (FPP) Investing Recommendation: Is too small (too small a cost base, many investors won't consider at this size) and too illiquid to be investible despite...
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The naked truth about Concentrated Leaders Fund (CLF)

LMI: Concentrated Leaders Fund (CLF) Investing Recommendation: Is investible long-term if NTA performance continues to exceed VAS. However, be careful of effect and timing of performance fees. Trading...
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Tuesday, 19 March 2019

The naked truth about Glennon Small Companies (GC1)

LMI: Glennon Small Companies (GC1) Investing Recommendation: Do not invest. NTA and TSR underperformance has been appalling. Trading Recommendation: Very short term if discount is at least 3% greater...
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The naked truth about Absolute Equity Performance Fund (AEG)

LMI: Absolute Equity Performance Fund (AEG) Investing Recommendation: Do not invest. Manager claims outperformance for the longer period of the unlisted fund but AEG has had very poor performance...
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Sunday, 17 March 2019

The naked truth about Gobal Value Fund (GVF)

Investing Recommendation: GVF's discount capture strategy is not replaceable by a passive ETF so if its true-risk adjusted performance and volatility or drawdown record suits then it may be worth investing...
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The naked truth about Ellerston Asian Equities (EAI)

Investing Recommendation: Buy only at discount greater than 10%. Has underperformed and yet to demonstrate any sustainable alpha capacity. Trading Recommendation: Short term only if discount is at least...
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The naked truth about Future Generation Investment (FGX)

Investing Recommendation: Can be a worthwhile medium to long term investment if NTA return doesn't lag VAS/A200 significantly when risk-adjusted as entry and exit prices can be timed opportunistically...
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Tuesday, 12 March 2019