Barramundi ( BRM )

[Ricky-bobby]

I know! How good!

[Beagle]

http://nzx-prod-s7fsd7f98s.s3-websit...548/361491.pdf

Total shareholder return last 3 months -7 %

[Rawz]

I wonder why BRM and the others for that matter (KFL and MLN) never use their permitted 20% gearing. You would think at least during the crashes they would leverage up and double down on the companies in their portfolio

[dabsman]

http://nzx-prod-s7fsd7f98s.s3-websit...548/361491.pdf

Total shareholder return last 3 months -7 %

Who cares when we filled our boots with warrants Beagle?

[SPC]

Beagle's having a 'Beagle morning'.
Again.

[Beagle]

Who cares when we filled our boots with warrants Beagle?

It is unusual to see them underperforming the market. Hope its not the start of a new trend.

[Ricky-bobby]

A bit of a downwards trend starting… not many bids… hopefully their portfolio does a bit better this quarter!

[Beagle]

82.5 cents NTA today, down just over 3 cents in just the last week and 11.5 cents since the 94 cent NTA of early Sept 2021. Been a couple of dividends since then, 3.50 cents in total and the warrant issue dilution, (by my calculations diluted NTA by 5.95 cents), so a total of 9.45 cents of the 11.5 cent decline was caused by these two factors, (real adjusted decline since early Sept 11.5-9.45 = 2.05 cps = 2.2% against the ASX 200 down from 7540 in early Sept to about 7440 yesterday, just on 1.2% over the same period, (so BRM definitely underperforming the ASX200 a bit over the last 4.5 months). Yesterday's close of 97 cents https://www.nzx.com/announcements/385920 represented an 18% premium to NTA (Not warranted in my opinion).

I worked this all out for my own benefit so I can understand whether to throw Fisher's unlisted Australian growth fund a bone or two but am left wondering if this is the start of a new trend where the high PE stocks BRM invest in exhibit relative underperformance to the market ? Certainly at the least I think its fair to say in the short term BRM's outperformance has stopped for now. Probably just sit on my hands for a while and review again in due course.

[Beagle]

Getting towards the end of the month and BRM are off to a shocking start in 2022 with year to date NTA now 75.99 cents down more than 10 cents from 86.1 cps where it started the year, WOW that's exactly a whopping 11.75% decline in less than a month !! whereas the ASX200 which as of yesterday's close is down 7% Year to date. 4.75% underperformance in just under one month is significant and shows their high growth, high PE stock selection is unsuited to the current reversal of trend towards value and growth at a reasonable price stocks. They are up a few cents today which is completely irrational given the huge fall in NTA in the last week and a further significant fall in the ASX today.

In addition to the above some of their bigger holdings are down 7-9% today like Wisetech and Xero for example.

I'm staying well away.

[Ricky-bobby]

Getting towards the end of the month and BRM are off to a shocking start in 2022 with year to date NTA now 75.99 cents down more than 10 cents from 86.1 cps where it started the year, WOW that's exactly a whopping 11.75% decline in less than a month !! whereas the ASX200 which as of yesterday's close is down 7% Year to date. 4.75% underperformance in just under one month is significant and shows their high growth, high PE stock selection is unsuited to the current reversal of trend towards value and growth at a reasonable price stocks. They are up a few cents today which is completely irrational given the huge fall in NTA in the last week and a further significant fall in the ASX today.

I'm staying well away.

Have u sold urs? Or still holding?..