KFL - discount to diluted NAV

[Sideshow Bob]

Monthly update

https://api.nzx.com/public/announcem...602-434018.pdf

[777]

Drp 1.2646

[alokdhir]

Drp 1.2646

Reason big selling came ...DRP shares en cashed immediately??

[alokdhir]

Kingfish underperforming again

The Kingfish portfolio gross performance return and Adjusted NAV return in November were +3.2% and +2.8% respectively, versus the New Zealand shares benchmark S&P/NZX 50 return of +3.4%.Today

AIA big placement caused redistribution of blue chips ...KFL portfolio suffered due to that ...but only till new money brings them back to previous levels . Short term blip ...imo

[alokdhir]

https://www.harbourasset.co.nz/resea...f-002248960727

Shud help KFL big time in 2025 !!!

[ronaldson]

Reason big selling came ...DRP shares en cashed immediately??

Possibly, although strictly speaking the actual DRP shares are not allotted until 20 December coinciding the dividend payment date. But the announcement of the DRP price calculation did allow holders to understand the number they will be allotted then, so sellside momentum may have followed although the sale of existing shares could occur at any time after the ex dividend date to realise proceeds that are intended to either exactly match, or more or less match, the coming receipt/allotment.

[Sideshow Bob]

Haven't seen the same sort of price action with BRM (yet). Maybe the recent warrant issue might affect this.

[alokdhir]

Reliable dividend payers like TRA / HLG have already been rerated up keeping in view future and current rates environment

But KFL is still available at 11% discount to NAV ....maybe retail punters like to take single stock risks then go for the safety of market outperforming fund !!!

[mike2020]

I only hold kfl in a trust account. The imputation credits are worthwhile. I feel it is due a rerate up, but I think it is possible some people are a little burnt from the huge rerate down from the covid highs.

Did you notice yesterday how many KFL bought themselves at the end of the day? Over 100k.

[alokdhir]

I only hold kfl in a trust account. The imputation credits are worthwhile. I feel it is due a rerate up, but I think it is possible some people are a little burnt from the huge rerate down from the covid highs.

Did you notice yesterday how many KFL bought themselves at the end of the day? Over 100k.

Yes I noticed ...highest single day purchase recently ...maybe due to fact that they will need to dole out DRP shares soon @ 1.2646 ...so not bad to get them @ 1.2824 instead of issuing new @ NAV . But recently they have been buying back less as it depletes their cash reserves and not increase corpus ...both they dont like .

It will get rerated in due course as its quite popular as TD alternative investment with those kind of income investors ... its much safer then single stock investments and carry less risk... more acceptable to TD investors with no choice