Barramundi ( BRM )

[Taijon]

When the market was ripping along the company sent daily reports to the NZX on net asset backing per share. Funny how this little game has ceased in the current market.

BRM's largest portfolio holding and star performer (AOE) has really taken a tumble in 2008 and this must be impacting on the NAV.

Company website shows at 23 Jan 2008 NAV was $0.8404

[Snow Leopard]

When the market was ripping along the company sent daily reports to the NZX on net asset backing per share. Funny how this little game has ceased in the current market....

Definite conspiracy going on here that you have uncovered Taijon.
Even stocknessmonster.com has had those daily reports deleted from their database:
BRM 2006 Announcements
BRM 2007 Announcements
BRM 2008 Announcements

regards
Paper Tiger

[winner69]

If you asked me I would have said that BRM et al have always (or at least for a while)only made weekly announcements re NAV

Whatever all these funds have taking a beating over the 12 months - at a NV level let alone the shareprice

[winner69]

January a bad nonth for Barramundi --- NAV fell by 22% to just over 86 cents

Top 5 holdings in AOE / BVA / AVE / TRG and PWK not a good place to be last month

At 22% down outperformed the ASX ....... whoops in down markets you want the %age figure to be smaller than the index ....... so presumeably they underperformed then

Shareprice still at a 20% discount to NVA probably reflects performance

[Balance]

BRM looks like a good play for now for those who dont want to manage their own money
significant discount to NAV even including CCP

Not such a good way after all, Footsie?


Strange comments from BRM about CCP which has now fallen to an all time low.

"almost 10 per cent of the portfolio was invested in Credit Corp ," I make it more like 25% as CCP was over $30m when CCP was trading above $10.00?

"but Barramundi manager Frank Jasper says he has been reducing the fund's exposure over the past few months" Barramundi bought 7.85 per cent of Credit Corp at prices up to A$10.75. It then sold some shares at A$5.80 and bought them back at A$4.83. This week it sold down more shares at A$1.30.


Barramundi shares take a plunge
5:00AM Friday February 15, 2008
By Tamsyn Parker
Shares in Fisher Funds' Australian growth fund Barramundi have fallen to a low of 68c this week after one of its favoured investment stocks plummeted on the back of a second profit warning in three months.

Australian debt collection company Credit Corp has previously traded as high as A$10.75. But on Monday it fell 77 per cent in one day, dropping from A$3.08 to A91c after it announced profits for this year would be more than 40 per cent down on what it had expected.

The profit warning was the second the company had made. In November, it also warned of a profit drop which saw its share price drop by almost half.

The stock had been a top performer for Barramundi and was specifically mentioned in its annual report, but its fall has resulted in a loss of around $20 million or around 20 per cent of Barramundi's portfolio.

Also in November, almost 10 per cent of the portfolio was invested in Credit Corp but Barramundi manager Frank Jasper says he has been reducing the fund's exposure over the past few months, although he still broadly believes in the sector and the company.

"We are still of the view that it is bent, not broken," he told Stock Takes. Jasper said the share price drop was indicative of the current attitude to stocks where investors "shoot first and ask questions later" for any companies with negative news.

But other market players have been baffled by the fund manager's buy high sell low approach - initially Barramundi bought 7.85 per cent of Credit Corp at prices up to A$10.75.

It then sold some shares at A$5.80 and bought them back at A$4.83. This week it sold down more shares at A$1.30. Barramundi originally listed at $1 a share in October 2006. It peaked as high as $1.66 in May.

[Balance]

These guys are pump and dump which has worked quite well for them in a tiny illiquid NZ market. Chase them into Australia at your peril. Much smarter sharks over there who will eat them alive.

Well said and you warned them, Lambton.

Think about this - BRM bought CCP and kept buying until BRM had 7% plus of CCP. Of course the continuous buying made CCP's share price go up and BRM's performance to look good. October 2007 was when BRM announced that it had bought 7 % plus of CCP.

A mopnth only later, Nov 2007, CCP blew up with a first profit warning so BRM sold some CCP shares. Share price halved.

From Dec 2007 to Jan 2008, BRM bought back CCP shares at up to $5.00. Why? To support the share price so make BRM's 7% plus in CCP look ok?

But comes Feb 2008, CCP blew up gain and BRM sold the same shares it was buying in Dec to Jan at $1.20!

How did BRM got CCP so wrong? Especially after Baycorp and RMG had taught investors a lesson to avoid debt collection agencies etc.

Those CCP shareholders who sold to BRM must be laughing like kookaburras. BTW, you know that a kookaburra is a kingfisher? Takes one to know one?

[macduffy]

I take your point about big fish and small ponds, Balance. I made the same criticism prior to the launch of Marlin, an even more extreme case.
Having said that, I have found Fishers to be a useful first filter in researching Aussie stocks. AOE, RKN, AVE have been good for me, BVA less so, but still slightly positive. Was never attracted to CCP but then I held Baycorp several years ago.
Looks like a tough year all round for the listed Fisher funds with Kingfish trading at a 34% discount to claimed NTA.

[Balance]

61 cents and still dropping.

Shareholders in BRM waking up to the fact that Fisher Fund has little if any competitive edge in the Aussie market - a tiny little krill in a vast ocean of predators?

[p2r]

Oh boy ... with the new overseas tax rules BRM holders will pay tax as if they had 5% profit

[Balance]

CCP down another 5% today.

And Fisher Australian Growth Fund down 20.2% in Jan 2008! Remember this is the fund which Fisher used to promote BRM - how great they were at picking Aussie dogs ...oops, stocks.