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05-12-2019, 03:46 PM
#361
It would seem, (and with good reason in my opinion), that investors are increasingly comfortable with the performance of the various investment managers across the group.
Out today the latest NTA and share prices show
KFL now trading at just 1.5% below NTA
BRM trading at just 2.0% below NTA
MLN trading at a 1% premium to NTA !
Shareholders for all divisions of this group will be looking forward to their quarterly dividends payable on 19th December, just in time for Christmas
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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16-12-2019, 12:37 PM
#362
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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22-01-2020, 02:45 PM
#363
http://nzx-prod-s7fsd7f98s.s3-websit...408/315571.pdf
Kingfish finishes the year with a stunning last quarter performance to outperform the NZX for the year by over 8% giving total gross return of just on 39% for the year !!
Well done to the investment team. I was very impressed with the lead investment manager when I attended the annual meeting in October 2019.
Disc Hold ~ 9% portfolio allocation.
Last edited by Beagle; 22-01-2020 at 02:47 PM.
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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23-01-2020, 08:46 AM
#364
When investors are euphoric, they are incapable of recognising euphoria itself
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23-01-2020, 09:38 AM
#365
Originally Posted by winner69
All very well beating the NZX and it’s own benchmark but ......
.......did it beat the BPI (beagle performance index) being how much beagle made without KFL in the portfolio
Might have dragged down your overall returns - ie diversification had a cost ...
....or worse still outperformed the BPI which means you need to pull your socks up . .....and list let KFL do it all for you.
LOL - Kingfish somewhat underperformed the BPI but between them, Barramundi and Marlin they add such a HUGE amount of diversity to my portfolio and cut down the workload so much I am a very happy investor.
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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23-01-2020, 05:12 PM
#366
Member
Originally Posted by Beagle
LOL - Kingfish somewhat underperformed the BPI.
Arguably they should somewhat under perform the BPI with their 1.25% management fee plus 10% of anything over the NZ 90 Day Bank Bill Index + 7% management fee.
With an NZ 90 Day Bank Bill Index of only circa 1% just the managed fee alone takes over 15% of gains *(1.25 / 8%) if they get close to but don't exceed their performance fee level.
- Management Fee: 1.25% per annum of the gross asset value, with the capacity to reduce in a financial year by 0.1% for every 1% underperformance (relative to the change in the NZ 90 Day Bank Bill Index) subject to a 0.75% per annum management fee. This 'fulcrum' fee structure (where the fee reduces if the Manager underperforms) aligns the Manager's interests with shareholders' and is unique in New Zealand.
- Performance Fee: The Manager will be paid 10% of excess returns over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank Bill Index + 7%) as a performance fee (subject to achieving the High Water Mark and other rules set out in the Management Agreement). The performance fee is capped at 1.25% of the NAV at the end of the calculation period (calculated prior to accounting for the deduction of any performance fee to be paid in respect of the current calculation period).
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23-01-2020, 05:51 PM
#367
I'm getting worried about this BPI index now, sounds suspiciously like something my doctor would come up with like a blood pressure index lol
KFL's performance of 38.9% was their gross performance before fees.
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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28-01-2020, 02:10 PM
#368
In spite of all the doom and gloom I see KFL hit 173 a while ago
Probably at a premium to NAV
Thats good
Last edited by winner69; 28-01-2020 at 02:11 PM.
When investors are euphoric, they are incapable of recognising euphoria itself
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28-01-2020, 02:24 PM
#369
Must admit although I am exceptionally pleased with how they have performed in 2019 I am not so sure a premium to NTA is warranted ?
NTA was last measured last Wednesday at $1.6978 and the market has fallen since then by ~ 1.5% so their NTA as I type is probably not far off $1.6978 x 0.985 = $1.672. People paying above $1.70 are "pretty keen"
Ecclesiastes 11:2: Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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28-01-2020, 02:58 PM
#370
You never know some might see it as a safe place to put funds
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