Barramundi ( BRM )

[Sideshow Bob]

Actually 10 times that at .03.

I hadn't looked but at $0.003 I was going to load up!!

[whatsup]

trades today @ .031 . IMO once the interest raising finishes we should be off the bottom here and these warrants offer very good gearing, like wise if the market falls price destruction !

[whatsup]

How does one find the break down of the investments that BRM holds ?

[alokdhir]

How does one find the break down of the investments that BRM holds ?

https://barramundi.co.nz/investor-centre/portfolio-holdings/

[Rawz]

How does one find the break down of the investments that BRM holds ?

https://barramundi.co.nz/investor-centre/portfolio-holdings/

or for % holdings i think they list them in the monthly reports

[percy]

Company % Holdings
Ansell 1.7%
ANZ Banking Group 2.3%
AUB Group 4.9%
Audinate Group 2.5%
Brambles 4.0%
Carsales 5.6%
Commonwealth Bank 4.4%
Credit Corp 3.9%
CSL 9.5%
Domino's Pizza 4.0%
Fineos Corporation Holdings 2.7%
James Hardies Industries Plc 3.2%
Johns Lyng Group 2.9%
Macquarie Group 4.5%
Nanosonics 1.6%
National Australia Bank 2.9%
NEXTDC 3.6%
oOh! Media 3.0%
PWR Holdings 2.0%
REA Group 4.4%
ResMed 4.8%
SEEK 5.2%
Westpac 1.5%
WiseTech Global 6.4%
Woolworths Group 2.3%
Xero Limited 4.3%
Equity Total 98.1%
Australian cash 0.7%
New Zealand cash 0.3%
Total cash 1.0%
Forward foreign exchange contracts 0.9%
Total 100.0%

[whatsup]

Company % Holdings
Ansell 1.7%
ANZ Banking Group 2.3%
AUB Group 4.9%
Audinate Group 2.5%
Brambles 4.0%
Carsales 5.6%
Commonwealth Bank 4.4%
Credit Corp 3.9%
CSL 9.5%
Domino's Pizza 4.0%
Fineos Corporation Holdings 2.7%
James Hardies Industries Plc 3.2%
Johns Lyng Group 2.9%
Macquarie Group 4.5%
Nanosonics 1.6%
National Australia Bank 2.9%
NEXTDC 3.6%
oOh! Media 3.0%
PWR Holdings 2.0%
REA Group 4.4%
ResMed 4.8%
SEEK 5.2%
Westpac 1.5%
WiseTech Global 6.4%
Woolworths Group 2.3%
Xero Limited 4.3%
Equity Total 98.1%
Australian cash 0.7%
New Zealand cash 0.3%
Total cash 1.0%
Forward foreign exchange contracts 0.9%
Total 100.0%

Percy, Thanks for that, I see that they are almost totally invested in shares, mostly Aust and 1 % cash, waiting for the market to turn- falling intertest rates - when, - early next year- - arent we all !!

[Rawz]

Percy, Thanks for that, I see that they are almost totally invested in share, mostly Aust and 1 % cash, waiting for the market to turn- falling intertest rates - when, - early next year- - arent we all !!

Good time to buy BRM or KFL (not sold on MLN) is when there is a discount to the NAV in a bear market as you are buying a discount on already discounted equities

[Sideshow Bob]

Good time to buy BRM or KFL (not sold on MLN) is when there is a discount to the NAV in a bear market as you are buying a discount on already discounted equities

Not yet then for BRM.....last NAV $0.6729, last traded at $0.70.

[whatsup]

Not yet then for BRM.....last NAV $0.6729, last traded at $0.70.

Bell never rings at the bottom, a great leverage now with the warrants, cannot understand why more head holders dont switch into the warrants.

[peat]

Bell never rings at the bottom, a great leverage now with the warrants, cannot understand why more head holders dont switch into the warrants.

wouldnt the reason be that they have a high chance of expiring worthless?

[whatsup]

wouldnt the reason be that they have a high chance of expiring worthless?

Not with a year to go !

[alokdhir]

Chance of they being in the money is much brighter then they going worthless ...imho

They are currently in the money with SP of 70 Cents and expected exercise of 63 Cents ...One year shud eventually see Inflation fight almost over if not fully over ....I reckon rates wud be on its way down and that sentiment shud get fully discounted by mid next year ...an assumption which have good chance of being fact

[Sideshow Bob]

NTA down to $0.6579.

Share price still at $0.70

[whatsup]

PPLs slowly catching on to the prospects of BRM warrants, reasonable long dated ready for the bottom interest rate cycle - see the U S 10 yr rate which has peaked imo will flow on to the N Z 10 yr shortly.

[whatsup]

PPLs slowly catching on to the prospects of BRM warrants, reasonable long dated ready for the bottom interest rate cycle - see the U S 10 yr rate which has peaked imo will flow on to the N Z 10 yr shortly.

Up 16% so far today !!

[winner69]

Up 16% so far today !!

You just taking a punt on these warrants with no intention of exercising next year?

Interested

[alokdhir]

You just taking a punt on these warrants with no intention of exercising next year?

Interested

Its the most leveraged play on Aussy market with huge chance of success by next Oct 2024 ...by then even our Bull wud have actually become bullish hopefully

PS : Something like 10X or more long ..Call option of almost a year time value !!!

[whatsup]

EOD up 29% , not bad for a share thats not going anywhere !

[Toddy]

I think that the warrants may have been issued at the bottom of the market. Time will tell.

I've loaded up with 20k worth at 3 cents average. My total risk exposure to the trade is 20k with unlimited upside.

Thanks for bringing this opportunity to my attention.

[whatsup]

I think that the warrants may have been issued at the bottom of the market. Time will tell.

I've loaded up with 20k worth at 3 cents average. My total risk exposure to the trade is 20k with unlimited upside.

Thanks for bringing this opportunity to my attention.

Well done , fortune favours the brave !

[Toddy]

Well done , fortune favours the brave !

Their share portfolio is actually very impressive. Like most stocks over October it just got hammered. Therefore it's not actually that brave.

[Toddy]

I see that James Hardie is up 11 percent today. A nice boost for the portfolio.

[alokdhir]

IMHO again ....BRM warrants will do well ...hold till maturity ...will age very well till OCT 2024 :D

[Sideshow Bob]

66c cum divided…..what does that do to warrants….??

[SPC]

Nothing at all. Warrants are a year away.
It simply means you can buy next year's warrant price shares today for a few cents more. Take it or leave it as you wish

[Toddy]

Sellers at 64. The portfolio had a decent day on the ASX yesterday. Therefore probably well and truly within the buy back discount range.

Why would punters want to exit at 64. Maybe estate settlements or the likes.

[777]

Sellers at 64. The portfolio had a decent day on the ASX yesterday. Therefore probably well and truly within the buy back discount range.

Why would punters want to exit at 64. Maybe estate settlements or the likes.

Ex div today

[sideline]

Sellers at 64. The portfolio had a decent day on the ASX yesterday. Therefore probably well and truly within the buy back discount range.

Why would punters want to exit at 64. Maybe estate settlements or the likes.

My inaccurate tracking has yesterday's NAV at 0.6955 cum div which makes it 0.6811 ex-div today.
Less 6% is 0.6402 as the threshold for buy back.
However, today also starts the period of 5 trading days for determining the DRIP price for dividends -
I am not sure whether they are allowed to trade in their own shares in that period.

[Sideshow Bob]

Net asset value $0.7007

https://www.nzx.com/announcements/422725

[dabsman]

If it keeps trading like this I'll get my DRP at 63 or 64c!

[Toddy]

If it keeps trading like this I'll get my DRP at 63 or 64c!

Yeah. I can't work out the management strategy. If they buy back the equivalent of the DRP quantitys then why aren't they in there boots and all at these prices.
Must be legal reasons preventing them from doing so.

[Sideshow Bob]

If it keeps trading like this I'll get my DRP at 63 or 64c!

Got an order in at $0.64......

[whatsup]

Do I read this correct , this fund managed by Fisher Funds was launched in 2006 @ a price of $1.00 and now 17 years later is trading at .65 ?
If so how much has been charged for managing this performance in that time ?

[Toddy]

Do I read this correct , this fund managed by Fisher Funds was launched in 2006 @ a price of $1.00 and now 17 years later is trading at .65 ?
If so how much has been charged for managing this performance in that time ?

They pay quarterly dividends. So total shareholder return according to their website is $2.92 per share as at Sept. Down from $3.76 in Sept 21.

Yes not flash, especially over the last 2 years. But the portfolio has been heading in the right direction in recent weeks.

[Sideshow Bob]

Do I read this correct , this fund managed by Fisher Funds was launched in 2006 @ a price of $1.00 and now 17 years later is trading at .65 ?
If so how much has been charged for managing this performance in that time ?

Looks like SP went south during the GFC and never traded more than $1 since. What is their policy? I think 2% NAV as a dividend every quarter - so unless earning 8% per year, the fund is going backwards (and that is of course without Fishers 1.25% mgmt fee).

You probably have to look at their total returns.

14889

It is the dividends (capital returns), and then the DRP and occasional warrant issue that provides the returns......

[whatsup]

Looks like SP went south during the GFC and never traded more than $1 since. What is their policy? I think 2% NAV as a dividend every quarter - so unless earning 8% per year, the fund is going backwards (and that is of course without Fishers 1.25% mgmt fee).

You probably have to look at their total returns.

14889

It is the dividends (capital returns), and then the DRP and occasional warrant issue that provides the returns......

IMHO not the best investment that I have seen.

[Ricky-bobby]

IMHO not the best investment that I have seen.

I have been a few up because of discount to NTA/ reg divies and the lottery of warrants! It’s a cheap share to have a bit of fun with…

[Toddy]

Anyone running a Mtm spreadsheet on the portfolio.
Big day.

[sideline]

Anyone running a Mtm spreadsheet on the portfolio.
Big day.

Hi Toddy
explain MTM to me.

[Toddy]

Hi Toddy
explain MTM to me.

Marking the portfolio of shares to the closing share market prices giving the closing asset value per share.

I do a rough calculation. Will build a spreadsheet that is more accurate.

Very exciting day. The largest movement since the warrants have been issued.

[sideline]

Marking the portfolio of shares to the closing share market prices giving the closing asset value per share.

I do a rough calculation. Will build a spreadsheet that is more accurate.

Very exciting day. The largest movement since the warrants have been issued.

I run such a spreadsheet. My inaccurate estimate for yesterdays close is a NTA of 0.7295

The unavoidable inaccuracy stems from the fact that we only know the weightings of the
components on 30-Sep. Any changes in the portfolio since then are mostly unknown to
us until the 31-Dec quarterly report which we will probably get end of January. So as
a quarter progresses our estimates get more inaccurate. I wonder if the accurate
weightings could be included in the monthly report, as a one-liner (csv).

[Toddy]

Thanks.

Fingers crossed for a good run with the portfolio over the next few months.

[whatsup]

Thanks.

Fingers crossed for a good run with the portfolio over the next few months.

With falling interest rates it should be.

[Sideshow Bob]

NTA $0.7433 - https://www.nzx.com/announcements/423958

Still trading at a handy 7% discount.

Should have bought more at $0.65.....

[Toddy]

NAV over 75. Love the momentum.

[Toddy]

It won't be long before the price movements are in half cent quotes.

Warrants that is.

[Toddy]

The warrants have hit 8 cents today.

[Sideshow Bob]

The warrants have hit 8 cents today.

Probably Beagle.....

[Toddy]

76.52 cents NAV

[Sideshow Bob]

December Newsletter

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BRM/425319/411584.pdf

[winner69]

Dominoes 4% of fund .....bad update and shares plunge 30% odd ...so BRM NAV impacted about 1%

DMP totally oversold ... panic reaction. I hope that they buy heaps more at current price and be much better off in not too distant future

Robbie not adverse to trading opportunities ....from last update added and exited a position in double quick time ...we'll done Robbie.

Share price volatility provided us with the opportunity to add PEXA to the portfolio.
PEXA operates the only e-conveyancing property exchange in Australia. The vast majority of property transactions (sales and mortgage refinancing) are processed through PEXA's platform. PEXA also has a nascent presence in the UK market.

The market was disappointed by the slow pace of expansion in the UK evident in a Q4 trading update which led to a sharp fall in its share price. We bought shares following this fall. To help fund the PEXA purchases we exited our Westpac shareholding.

The investment opportunity in PEXA proved fleeting. The share price rapidly rose circa 20% after we began buying shares, to a level that we felt priced in a strong acceleration in UK growth prospects. We think this earnings growth is likely to be harder won and will take time. Unusually for us, we therefore banked the profits and exited the position after this rebound.

[Toddy]

Dom will bounce back for sure.

I liked the overall tone of the newsletter with the fund managers being active in the market.

[Sideshow Bob]

Monthly update - http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BRM/425987/412334.pdf

CSL was down 5% yesterday, on a heart drug trial failure. While SP back to where it was a month ago, it is BRMs biggest holding and 10% of their portfolio.

[Toddy]

Portfolio has had winners and losers over the last few weeks.

With a balanced portfolio it has managed to maintain its NAV.

I think the CSL disclosure may represent a buying opportunity for many.

[Toddy]

Let's see how the market reacts to the positive CSL half year results out today.

[Toddy]

Looking at around 80 cents nav for February close. Wise Tech has been a standout and that's the portfolios largest investment.

[Sideshow Bob]

https://www.nzx.com/announcements/427598

NAV $0.7824 after going ex-div.

The 51k that went through this morning at 71 cents looked pretty good buying!

[Not too Flash]

https://www.nzx.com/announcements/427598

NAV $0.7824 after going ex-div.

The 51k that went through this morning at 71 cents looked pretty good buying!

Especially if it was buy-back - we will see tomorrow .....

[Not too Flash]

NAV @ 74.72

Buying back at 72

Interesting ....

[Toddy]

NAV @ 74.72

Buying back at 72

Interesting ....

Makes total sense to me. They have 5 percent cash on hand and have been active in the portfolio management.

[Sideshow Bob]

Makes total sense to me. They have 5 percent cash on hand and have been active in the portfolio management.

With warrants to be exercised in a few months at probably just over 63c.

[alokdhir]

Mandate says 6% discount to NAV after incorporating market moves after the last reported NAV ...as per that buying back at 5% discount maybe overkill !!

[Toddy]

They will have a plan to do everything within their control to ensure the best value for shareholders.

Buying back stock is an important part of ensuring shareholder value.

They want to get the warrants across the line come October.

[Not too Flash]

The current buy-back appears to break this policy

As per the current Share Buyback Policy, Barramundi will only buy back shares if the discount to the
last published net asset value is greater than 6%.

[Toddy]

My understanding was that the policy was 'triggered' at 5 percent.

Either way, it makes sense to include buy backs with the current high level of cash in the bank account if the opportunity exists.