Investment Trust- Thoughts (September 2024)

31st Aug by Charles Mitchell

185 comments 5542 reads

Investment Trust- Thoughts (September 2024)

Links to older monthly thoughts-reader request.

August Thoughts. July Thoughts. June Thoughts

May Thoughts. April Thoughts. March Thoughts

February Thoughts. November 2023 Thoughts

Investment trusts realising assets spreadsheet

For more information on Investment trusts visit:

Association of Investment Companies.

https://www.theaic.co.uk/
Free to sign up. On the site you can create portfolios, screen and compare Investment Trusts by Geographic region, Sector , Yield and more. A few Trusts who are not AIC members have limited data.

Jonathan Davies's website https://money-makers.co/.

You can also sign up(Paid membership) for insights on Investment Trusts from him and others. Weekly email and podcast .

Citywire do a daily Investment trust email. Free, does have sponsored content but keeps you up to-date with Investment Trust news.

https://citywire.com/investment-trust-insider

Trustnet have an Investment trust section. https://www.trustnet.com/

Plenty of performance data on that site.

Edison cover Investment Companies and do a monthly Investment trust round up. You can sign up for free.

https://www.edisongroup.com/equities/investment-companies/.

You can sign up for newsletters/fact sheets from most of the Investment Trusts on their websites.

For ETF's I use https://www.justetf.com/uk/. You can screen buy region, sector and see performance comparisons.

August 2024 Investment Trust monthly performance.

Top 10 (Equity only)

Crystal Amber Fund (LON:CRS) +18.9%

Molten Ventures (LON:GROW) +11.1%

Jpmorgan Japan Small Cap Growth & Income (LON:JPSS) +8.6%

Bellevue Healthcare Trust (LON:BBH) +7.9%

Jupiter Green Investment Trust (LON:JGC) +5.3%

Sure Ventures (LON:SURE) +4.3%

Polar Capital Global Healthcare Trust (LON:PCGH) +4.2%

Hansa Investment (LON:HAN) +4.1%

Lindsell Train Investment Trust (LON:LTI) +4%

Rights and Issues Investment Trust (LON:RIII) +3.8%

Bottom 10

Downing Strategic Micro-Cap Investment Trust (LON:DSM) -29.4%

Schiehallion Fund (LON:MNTN) -14.2%

RTW Biotech Opportunities (LON:RTW) -11.3%

Edinburgh Worldwide Investment Trust (LON:EWI) -8.6%

Henderson Smaller Companies Investment Trust (LON:HSL) -8.1%

JPmorgan US Smaller Companies Investment Trust (LON:JUSC) -7.3%

Mercantile Investment Trust (LON:MRC) -5.7%

Blackrock Smaller Companies Trust (LON:BRSC) -5.2%

Aurora Investment Trust (LON:ARR) -5.1%

Weiss Korea Opportunity Fund (LON:WKOF) -5.1%

Top 5 (All funds)

PRS Reit (LON:PRSR) +19.9%

Crystal Amber Fund (LON:CRS) +18.9%

Molten Ventures (LON:GROW) +11.1%

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Brucie5

Tue 2:00pm

APAX has an interesting chart suggestive of medium term bottom. Discount >30% and pays a dividend of >7%. The conventional metrics on Stocko look fabulous. I hold in on several largely passive 3rd party folios I assist with, but it's possibly a share you could trade quite effectively. I would say today's retrace might be such an opportunity, though it clearly won't be one to multiply your money. If my spare wasn't tied up in ONT I would be tempted to take some at today's prices. Also unusual for a PE to pay a dividend, which makes it attractive to income seekers.

Tue 2:53pm

Perhaps someone would be kind enough to show me how you link the epic code to the relevant Stocko page? Otherwise I would have done so here. TiA.

ken mitchell

Tue 3:27pm

Brucie

Just click on @.

Then enter the code for that share or Trust or just start typing the Trust name, and the full name of that share/Trust will appear.

Click on that name and then the blue code will appear in your post.

Tue 3:45pm

Thanks Ken. Nice to learn some new tricks even if I am an old dog!

number33

Tue 11:01pm

Investment Trust Portfolio - transaction confirmation

TRITAX EUROBOX PLC, (EBOX), 5,634 sold at 71.4p, Proceeds = £4,015.18, Profit = £1,325.06

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC (SERE), 1,383 bought @ 71.4p, Cost = £999.90

Available cash = £4223.

Scotty020

Wed 6:50am

Did anyone catch Donald on his presentation for Digital 9 Infrastructure (LON:DGI9) ? I hold a small position & curious to hear his points.

Interestingly Questor in the DT posted last week that Cordiant Digital Infrastructure (LON:CORD) as a better alternative - not sure if anyone familiar with this?

chelsea

Wed 8:29am

Good morning Ken. Many thanks as a long term holder of BlackRock World Mining Trust (LON:BRWM) i doubled my holding on Sep 9 on your comments and my concurrence with them

Wed 8:30am

or you can just put a £ sign in front of the epic code !

raggedtp

Wed 2:52pm

Thanks for the list, Brucie. Interesting in that I hold many of them, including Schroder European Real Estate Investment Trust (LON:SERE) since May and SDCL Energy Efficiency Income Trust (LON:SEIT) since June. I also hold Atrato Onsite Energy (LON:ROOF) and winder if you have considered it. I don't know why it continues to decline, when its build-out is assured, financed and on-plan. At today's price of about 61p, its declared forward div is about 9%, trading at @ c. 32% discount to latest NAV. And the business model is so clear, build solar, largely at decent scale on commercial roofs and sell the power directly to the serious user on 10-year PPA guaranteed price with inbuilt inflation. Toying with buying more here...

Charles Mitchell

Wed 3:16pm

Ragged- totally agree ROOF looks a steal, and doing good things utilising roof space of commercial buildings for Solar power generation. I may have this wrong but seem to recall they were starting to work withSupermarket Income REIT (LON:SUPR) - but I may have picked a comment up which is not correct. I have held ROOF, but sold a while ago as other funds had a higher yield- a good move given ROOF's share price has fallen. On the list to buy once funds are available. I am looking to re-jig part of my wife's ISA portfolio once back from our holiday in Greece.

Wed 3:31pm

Henderson Far East Income (LON:HFEL) update. I hold and is one of the larger holdings in my wife's income orientated ISA. Not sure if they have holdings in Sri Lanka , but interesting-and positive- to see a change in leader away from the established families who have controlled Sri Lanka for many years. Left wing, but elected to get rid of corruption-as I read it. The region can only develop further economically in my opinion. https://go-jhit.janushenderson... .

Wed 4:24pm

Atrato Onsite Energy (LON:ROOF) andSupermarket Income REIT (LON:SUPR) have the same Investment Adviser in Atrato Capital, so some of the solar roofs on the Tesco stoors belong to Supermarket Income REIT (LON:SUPR) , I believe. The Tesco build-out seems to be going well, so Atrato should be introducing them to other grocery customers. This could have a long way to run, while actually being really useful as well!

Wed 4:26pm

Stores not stoors! I don't understand why the price has declined further, wacthed their latest presentation again and still don't understand it other than Liontrust has been selling down.

Wed 5:25pm

Hope the wedding went well Charles and that your holiday was good.

You mentioned that India Capital Growth Fund (LON:IGC) wasn’t in the VIRTUAL PORTFOLIO. It was in it. Bought around 45p in 2020 but then I sold the lot too soon around 130p from memory, because the Indian market looked overvalued. I also sold my own holding then and as with the Portfolio, have not since bought India Capital Growth Fund (LON:IGC) back again.

With hindsight selling was a mistake, and anyway I should have kept a small stake in case wrong about prospects for Indian Trusts. And it looks good having Trusts that treble or more in the portfolio!

Wed 5:37pm

Thanks for letting me know about your BlackRock World Mining Trust (LON:BRWM) top up Chelsea. Buying near the low gives that cushion against another fall. Jury is out on whether the latest China stimulus package, incentives to invest in their stock market, along with that interest rate cut will prove a turning point. Fingers crossed as Mining shares for now are do dependent on demand from and events in China.

Could now be a turning point for Jpmorgan China Growth & Income (LON:JCGI) and Fidelity China Special Situations (LON:FCSS) too? I’m not confident enough to risk it, and anyway a good way to benefit from China events indirectly, is via the Mining Investment trusts (especially so BlackRock World Mining Trust (LON:BRWM) ) I hold.

In time the forthcoming “green revolution” assuming it happens is good for Mining shares too, especially so copper demand. That’s good for the big copper producers like Antofagasta (LON:ANTO) and Anglo American (LON:AAL) as well as those with diversified commodities like Rio Tinto (LON:RIO) Glencore (LON:GLEN) and BHP (LON:BHP) . I hold all of them except BHP (LON:BHP) so I hope I’m not over optimistic about the Mining sector!

10:45am

Update on Mining sector again.

It’s a soaring sector for the 3rd day running. It seems the same as it was with Investment Trust warrants; not many small investors seem to see the attraction. Warrants died. Mining sector won’t obviously!

The tactic of not chasing on big up days and looking to buy around previous lows has worked very well this year. That way (in case anyone reading this hasn’t seen this point already made multiple times!) limits the downside risk and maximises both upside and dividend yield, and provides a cushion should there be a rally that peters out.

And the big plus is we’re already IN if, as often happens with Mining sector, the sudden share price gains are very rapid and eventually there’s that sustained big rally with the EASY gains those first ones.

So far this year EVERY Mining rally has petered out.

Is the big rally this week the real thing at last? It could be as it’s not just another big China stimulus package announced this week, but also those steps to encourage investment in their stock market, along with an interest rate cut to try and stimulate more consumer spending.

BlackRock World Mining Trust (LON:BRWM) Now £5.40 and up 8% so far this week. Year low was £4.71 on 6th September and that buy opportunity was posted then, albeit with the proviso that if nervous go for a part stake and then look to average down or up.

I’m including the big sectorvshares too, as BlackRock World Mining Trust (LON:BRWM) has a portfolio stuffed with them!

Antofagasta (LON:ANTO) £20.25 and up 13% since Monday. Year low is £16.38 on 6th Sept and I now regret not buying then, as copper is the big attraction.

Anglo American (LON:AAL) £24. Up 16% since Monday helped by renewed bid talk. Year low was £17.

Rio Tinto (LON:RIO) £52.43 and up 12% since Monday. Year low was £45.

BHP (LON:BHP) £22.72 and up 11% since Monday. Year low was £19.52 and again that was on Sept 6th.

Glencore (LON:GLEN) £4.19. Only up 10% since Monday, year low was £3.63 on Sept 10th.

I hold all these except ANTO and BHP.

Thoughts and different opinions on Mining sector would be very welcome.

Final thought. IF this tally peters out like all the others have this year, eventually there WILL be a sustained rally. Yet another dip would give another (final?) chance to get in ahead of the gains.

donald pond

10:55am

Here is the recording of my Mello presentation on Digital 9 Infrastructure (LON:DGI9) . If you start off mellow before you watch it you won't be by the end.

8:00pm

Chrysalis Investments (LON:CHRY) share price seems to have recovered after the sharp drop in May. Looks like commencing a buy back of £40m & disposal of Featurespace to Visa at around 20% premium

Tim Boucher

8:40pm

Thanks for the recording Donald. I hadn't realised the full extent of the horrorshow with Digital 9 Infrastructure (LON:DGI9), it is shocking.

Albertos

9:27pm

BlackRock World Mining Trust (LON:BRWM)

Hi Ken

I think, but may well be wrong, that a bottom has been reached. China now does seem to be committed to taking steps to reinvigorate its economy, although I'm not sure what they are doing will stimulate the consumer which is what is seriously needed . I always choose this IT as a China play rather than direct China investments.

The NAV was reported here today at 568p for yesterday - given the very large rises today I have an estimated NAV as of tonight at 587p for a discount of over 8%.

If you believe in a reinvigorated China it looks like you could do worse to me.

BWDIK

Investment Trust- Thoughts (September 2024)

Investment Trust- Thoughts (September 2024)

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Charles Mitchell

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