KFL - discount to diluted NAV

[shasta]

Treetops, I see the NZX itself is having a capital return (1: 8 = $9.69), followed by a share split 1:1.

Not sure how many shares KFL have in NZX but some more money to play with, along with the play in CTL at the moment.

I got in at $1.23 & very happy i did so!

[Ttops]

quote:Originally posted by shasta

Treetops, I see the NZX itself is having a capital return (1: 8 = $9.69), followed by a share split 1:1.

Not sure how many shares KFL have in NZX but some more money to play with, along with the play in CTL at the moment.

I got in at $1.23 & very happy i did so!

Shasta
I must admit to being surprised at the support today. I expected more profit takers but it seems your comment about a premium soon could be true. A very good prediction. I certainly hope you are right. D_PICK will be pleased as well I presume he did buy some?[?]

At 31 March KFL had about 2% of its portfolio in NZX

RAK is on a runner today. I hope they do have a decent chunk in it as I suggested last night.
I suspect this share has had some exposure in the newspapers perhaps or from brokers perhaps at last. Can anyone confirm this[?] I am a cheapie on-liner and ASB SEC don't even have a decent research guide on this. Can any of you others recommend a decent on-line broker that has research on KFL I would be most interested in what they are saying or not. Might be a very good way to choose my next one eh! Are you reading this ASB
Go Carmel[:X]
Treetops

[Ttops]

FRE buying Databank in AUS for A$30m and expects A$2.7 m earnings in first year. Favourable if our $NZ keeps falling against the Aussie[?]

The expected total price represented an effective multiple of seven times ebitda.

The purchase was expected to be immediately earnings positive for Freightways.

DataBank is the No 2 operator by market share in offsite data storage in Australia, Freightways managing director Dean Bracewell said.
He said the sector was an underdeveloped and a growing niche.

Databank has an operating culture similar to that of Freightways' existing New Zealand information management businesses, he said.
http://www.nzherald.co.nz/section/st...ectid=10390180

Treetops
Warren Couillault, chief investment officer at Fisher Funds, which has 10.85 per cent of Freightways, said the express freight and data storage businesses were complementary. "You pick up data tapes every day so you need a fleet of people on the road. So if you can manage fleets and courier people, it ties in together."
http://www.stuff.co.nz/stuff/0,2106,3724798a13,00.html

Fisher Funds (FF) has a pivotal interest at 10.85% if a takeover of FRE occurs. Effectively the same holds for KFL then as they have the same managers. Just like FF's have extracted value for KFL by holding MET and blocking a full T O, they will be able to do the same in FRE. This has been rumoured apparently. Just another reason I like KFL Most of its shares are desirable.[^] Maybe someone could check out the other FF interests in KFL's component companies. I'm off to watch some rugby. If I am up the booeye please correct me! [^] Does it not mean even KFL is a take over prospect or is that dreaming? Something to think about anyway. Perhaps that is why it is approaching the true value of its component shares? [?]
RYM MFT MET PPL FRE MHI ..RAK[?] DGL[?] ..NZX CVT SOE CTL KID
TT

[Ttops]

quote:Originally posted by bushbasher

Does anyone know if KFL have commented on the proposed CTL merger yet?

Discl: I bought both KFL heads and options in March because I felt I was effectively buying a portfolio of the quality shares I wanted in the market at a substantial discount to buying the actual shares individually (due to KFL trading below NAV). This seemed like a no-brainer to me. Options now up 61%.

Bushbasher
Wiser man than me getting the warrants. Up again today at 38. I presume you will hold the warrants or will you sell before 2008? What did you buy KFL and KFLWA at? Warrants intrigue me but I'm still very cautious. You do miss out on divs and spec divs of course but that capital gain is exceptional and increasing daily.

It would make sense to hold while they are on an uptrend, Phaedrus would say. At 38 c for the warrants buyers are saying we expect to be better off in 2008 than paying 1.38 for the shares plus any divs or are the speculators in on a good thing. Can anyone post a graph of the KFL compared to KFLWA Please.[:X]

Re CTL Have you read this?http://www.nzherald.co.nz/section/st...ectID=10390121

Treetops

[joey]

quote:Originally posted by sniper

quote:Originally posted by Nigel

I am thinking that KFL is a little undervalued, given the recent movements in its core investments. The price has moved today on the WAM merger, however PPL and FRE and RYM have all been trucking along at considerable rates.
I think we will see KFL continue to reach new highs over the next few weeks and months.
Others' thoughts welcomed.

Wait for the next TUA - KFL bought up to $4.50, sold out at $2.20.



Or POD - bought up to $1.80, sold out at $1.16.
Or BGR - bought up to $2.70, sold out a $1.40.
Or RBD, or KID, or WHS or ......[xx(]

Sniper, How do you know what price KFL sold these investments at, I image it would not be one price, but many sales as they sold out?

[winner69]

quote:Originally posted by joey

quote:Originally posted by sniper

quote:Originally posted by Nigel

I am thinking that KFL is a little undervalued, given the recent movements in its core investments. The price has moved today on the WAM merger, however PPL and FRE and RYM have all been trucking along at considerable rates.
I think we will see KFL continue to reach new highs over the next few weeks and months.
Others' thoughts welcomed.

Wait for the next TUA - KFL bought up to $4.50, sold out at $2.20.



Or POD - bought up to $1.80, sold out at $1.16.
Or BGR - bought up to $2.70, sold out a $1.40.
Or RBD, or KID, or WHS or ......[xx(]

Sniper, How do you know what price KFL sold these investments at, I image it would not be one price, but many sales as they sold out?

Shareholder notices generally include the consideration so can work out the average prices they paid or sold ... even if over mnay transactions

The last lot of POD they sold were 1.4 million at an average of $1.07 .... good timing .... or some say they should have averaged down

[Phaedrus]

What sort of person buys a managed fund?
Those lacking the time, confidence or ability to select their own stocks.
Those wanting the security and simplicity of buying a "basket" of stocks with a single transaction.
Those wanting to "Buy and Hold" rather than actively trade.
Those wanting an actively managed fund, rather than an Index fund.
Those wanting a secure investment, giving superior returns.
Those wanting to avoid the volatility and associated risks of owning a single stock.

How well does KFL measure up?
Their stock selection skills are decidedly undistinguished.
Their overall performance is most kindly described as mediocre.
KFL is more volatile than Index funds and stocks like BRY and GPG.
(Many people equate volatility with risk)
Their trade management is surprisingly loose. On occasion thay have lost 50% of an individual investment before selling out. This fund is obviously not very actively managed and doesn't believe in the use of trailing stops.

Why, then, would you want to buy this thing?
There isn't even a juicy dividend stream to distort your perspective!

Ignore my ranting. Look at the chart. See how KFL underperforms any number of ordinary, sound, well performing stocks. See how it went nowhere for years. See how the relative rankings shown here have not changed over the last 2 years.

I could show you methods that double the "Buy and Hold" return of KFL. Tools that would get you out of the current uptrend when it begins to weaken. Mechanisms that would lock-in profits. Look at what happened last time KFL made spectacular gains - ALL given back to the market. With KFL there is no point posting such information because people that are interested in managed funds are by definition not a bit interested in trading.
They prefer to buy, hold, and trust Carmel (rather than Ron!)

[rmbbrave]

Phaedrus,

As a trader shouldn't all you be interested in is whether the SP is going up (or down) irrespective of the type of business? You seem to be condeming KFL because it is a managed fund.

Over the last 2 years your point that the returns have been mediocre is fair enough. However, in the last 6 months the SP has been going up at a good rate of knots - meaning those traders who have bought in the last 6 month have had a good retun.

I bought it this week and am up 7% what's wrong with that!

[duncan macgregor]

quote:Originally posted by rmbbrave

I bought it this week and am up 7% what's wrong with that!

RMBBRAVE, Nothing wrong with that if you can pick when it will happen. The trouble with that is you cant. Managed funds are for people that think it is also complicated that its beyond them.
I to had a win last week with PPP without having to pay someone to do it for me. RMBBRAVE i thought that you were above the managed funds level TUT TUT. macdunk

[winner69]

quote:Originally posted by Phaedrus



Their trade management is surprisingly loose. On occasion thay have lost 50% of an individual investment before selling out. This fund is obviously not very actively managed and doesn't believe in the use of trailing stops.

'Trade Management' isn't part of the game Phaedrus

Quote from their prospectus -

“We sell only when the fundamentals of the company or industry have
changed significantly. We do not sell on the basis of share price movements (up or down) and the level of the market is irrelevant to our buying and selling decisions. We are long-term buy and hold investors – rather than chopping and changing, we believe that we can maximise returns by investing in great companies and sticking with them”.

PS .... sounds familiar doesn't it