BLA - Blue Sky Alternative Investments

The quarterly for this one caught my eye yesterday and am interested if anyone knows more about them?

They listed in Jan 2012 and are the fund manager for a number of alternative investment funds. Listed at $1, currently trading (very illiquid) at 80cps. Quite a lot of escrowed shares that probably don't show up on some databases yet, as they don't seem to have issued an up to date 3B showing them - but I think 32.5m shares on issue going off the distribution schedule.

This seems to be the longest standing fund: Blue Sky Apeiron Global Macro Trust
Performance looks good, although maybe not so much in recent months when it may have underperformed.

Given the relatively low market cap ($26m) and possible growth in Alternative Investment vehicles, it seems like an interesting fund manager. Last quarterly also showed some growth in revenue and potential for cash generation.

However, I am surprised they don't seem to have updated the market (or their web-site) on their AUM/FUM, and any figures still refer to the $180m that was included in Nov/Dec11 prospectus. They were forecasting (prospectus) AUM to be $298m by 30 June 2012, but I am dubious given the lack of announcements or news.

Also, I suspect they are trading well behind their prospectus forecast but have not updated the market on this - they were forecasting nearly $10m in management and performance fees, with NPAT of $4.8m (inclusive of a $1.745m one-off gain). This compares with actual cashflows reported for the 12 month period of $4.88m receipts and ($1.8m) op cashflow. I'm sure fee receipts are lumpy, so it may not relate closely, but there does appear a stretch, particularly given the macro trust performance looks to be below benchmark in last quarter. However the Private Equity fund possibly accrues fees that are not received until sale of assets, so that could also create distortion between P&L and cashflows.

Interested as to whether anyone has any knowledge of them and how they are perceived within the australian funds industry?

Great result with an underlying NPAT of $4.8m and 6cps dividend declared. Share price should jump on this - unfortunately, I have no spare cash right now.

Need a close look at the figures, but this could have significant growth potential.

Hmm - probably should have had a closer look before I posted that... $3.9m of the income is from revaluation on business combinations, so doesn't look to me to be recurring. Also don't like that they don't mention AUM anywhere.

Still think this has potential and 6cps div will help, but will be interested to see how next cashflow report goes.

Half year result out for BLA yesterday and I still have it on watchlist. Interested to see that AUM is at $220m, so that answers my concerns in the first post - i.e. they have been miles behind the prospectus forecast, but at least are heading in the right direction.

One to watch, because the sector is interesting. However, they don't rate well on transparency and valuation gap not big enough to be worth the risk at current 90cps.

They reached $300m AUM in June, so hitting their stride and strong cashflows showing in the quarterly today, although no explanatory notes. I think they possibly book extra cash receipts in the fourth quarter - performance fees? Currently at $1.405, so they have been moving up fairly well since last post.

Quote:

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Originally Posted by Lizard

The quarterly for this one caught my eye yesterday and am interested if anyone knows more about them?

They listed in Jan 2012 and are the fund manager for a number of alternative investment funds. Listed at $1, currently trading (very illiquid) at 80cps.

Interested as to whether anyone has any knowledge of them and how they are perceived within the australian funds industry?

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Thanks Liz for posting this one back in 31 July 2012.

A lonely thread from then to now.

One of the posts on ST that I enjoyed the most was yours on how MFG was your first 20 bagger ...

I would love to be able to write a line like that one day...

Joining the conversation:

Is BLA the next MFG?

ANZ Securities Super Charts comparisons over 12 months: (E&OE):

Share Price

Blue Sky BLA + 85%
BT BTT + 30%
Challenger CGF + 12%
Magellan MFG + 46%
Platinum PMC - 10%

PEs

Blue Sky BLA 23
BT BTT 18
Challenger CGF 12
Magellan MFG 24
Platinum PMC 38

As always:
This is not financial advice.
Share prices can go down as well as up ...
Historical trends may reverse
DYOR.

As a guide for your own research these three BLA news items on the ASX may be of interest.

http://www.asx.com.au/asxpdf/2015031...f0p03z1l83.pdf

http://www.asx.com.au/asxpdf/2015031...dx87nr3fjc.pdf

http://www.asx.com.au/asxpdf/2015022...90dkmtq5gj.pdf

all the best everyone ...

Hi T-L, I am sort of sorry I never got around to buying this one... I still think there is an opportunity here although it's nowhere near as cheap as MFG once was, but still seems like a reasonable chance of heading in the right direction.

I think Pie Funds are in this one (I'm pretty sure I picked it in the Pie Funds comp as the "newsletter" pick).

Just need to be careful with looking through the accounts - they are now fairly well explained, but the consolidation in the main set of accounts means not as straightforward as some.

Blue Sky was just that once — a real high flyer — chart says stock was over $14 just over a year ago

No in receivership

https://www.businessnewsaus.com.au/a...ebd3bf4ce1f3a6