Barramundi ( BRM )

[winner69]

Barramundi does seem to have suffered an extraordinary amount of bad luck .
Trust them to pick a biostock that failed

But then don't they have Centrebet as well ... a gambling company that succeeded

[Toulouse - Luzern]

Voltaire Roger et al,
I am not a holder of BRM but do hold Fisher Funds Australian Growth Fund and also NZ.
FFM seems to me to be slow to act over the years.
Like Voltaire (price alerts) because of my concerns I set up a watch list for FFM NZ and also for FFM AU holdings some years ago.
As I don't know the relative % holdings of each stock this is not in my model.
I monitor the watch lists daily.
If price action for a stock concerns me I do look at TA charts and read the news for the relevant stock on DB site
Roger while you say you should have kept a better watch, even if you had been watching closely you still may not have picked the outcome.

For example, In FFM Undergrowth printed newsletter May 2011 with performace to 30 April 2011 that I received just last Saturday:

Australia (page 02) .6% loss for month.

...it was the biggest portfolio position in Pharmaxis (+12%) that made the largest positive impact on performance. There was no major news flow driving although the market is positioning for an announcement expected in May on European approval for Bronchitol. Universal Biosensors (+12% lifted a similar amount as Lifescan continued the European roll out of One Touch Verio (R)for which UBI provides the strip technology.

I don't know whether FFM/BRM have 12% of the portfolio in PXS as in the newsletter context 12% was the increase in SP for both PXS and UBI in the month of April.

PXS is down 1 cent at this point after bouncing back 8.5 cents earlier today. UBI all square.

All the best.

Keep smiling.

[777]

How have BRM performed compared to the ASX since inception Buns ?

Balance - Lets have a look at BRM's performance since inception shall we ?

Going as far back as the Direct Broking chart allows me BRM were $1.15 in February 2007 and of course we are now at 77 cents. hmmmm, I'm sorry, I'm confused, can someone please explain to me what part of losing a third of your money over four and a bit years is impressive ?

From my viewpoint Carmel Fishers record sucks and please don't say the dividends, other companies pay dividends too and actually increase in value.

Published NTA Feb 2007 1.03
Published NTA now .943

Buyers were paying a premium in 2007 and now it is a discount. Thats the market.

Not all company's pay a dividend and increase on value. They are also affected by market forces.

[Toulouse - Luzern]

Fisher Funds have published the NAV for the Australian Growth Fund at close of business yesterday.

It is AUD$ 2.1972 down from AUD$ 2.4387 the day before.
A loss of 10% ish however most of the ASX and FFM other stocks were down yesterday also.

Last time FFM Australian Growth Fund was at these levels was 2 Sep 2010 when it was 2.1894.
Eight and a half months growth lost in a day ...

Today 6 FFM AGF stocks are up, 3 down, 9 no change...

[Voltaire]

Fisher Funds have published the NAV for the Australian Growth Fund at close of business yesterday.

It is AUD$ 2.1972 down from AUD$ 2.4387 the day before.
A loss of 10% ish however most of the ASX and FFM other stocks were down yesterday also.

Last time FFM Australian Growth Fund was at these levels was 2 Sep 2010 when it was 2.1894.
Eight and a half months growth lost in a day ...

Today 6 FFM AGF stocks are up, 3 down, 9 no change...

Yes, grim.

I bailed from my Australian Growth Fund holdings a few months back (short of the high but well above today's quoted unit price). I decided I didn't like the model, for the reasons yesterday's PXS price drop demonstrated - had I decided yesterday to quit my Australian Growth Fund holding my exit price would have been calculated on the unit price at the end of the day (the $2.1972 you quote above). In contrast, in holding BRM I was able to act immediately on market.

Arguably the BRM sp has suffered less than might be expected (currently at 76c).

Note: the unit prices quoted by Fishers are $NZ rather than $AU

[777]

I think that the NTA is in NZ dollars Toulouse. With the change in the cross rate also having an affect on the NTA.

http://www.fisherfunds.co.nz/unit-prices.asp

[Toulouse - Luzern]

Thanks for the correction NAV in NZ$

[Beagle]

Current NTA just announced for BRM 83 cents something, sorry I forgot the decimal points in the shock of over a 10 cent decline in NTA in one week.

To answer some of the points raised:-

I notice those on here who have the time to monitor the situation closely are able to take advantage of this due to the untimely manner in which material Pharmaxis information was released to the market.

BRM's response to this point I raised with them yesterday is that the team were on a conference call with Pharmaxis, whether you believe this was for the full two hours 4 minutes between when Pharmaxis made there release to the Australian Stock exchange and BRM made theirs to the NZX, you be the judge, obviously those investors on here who invest the time to monitor BRM's individual investments reaped the reward for their time and effort. and the expense of an otherwise uninformed market. Whether this is right or otherwise you be the judge but it goes without saying I'm not impressed.

Value investing / stock picking and a good level of diversification are not mutually exclusive investment methodologies. Clearly I should have paid far more attention to BRM's portfolio and their investment operation, (I only have myself to blame for this), but I'll forgive myself because of 101 other matters during the GFC have kept me busy.

I remain of the view that investing 12% of a portfolio in a single biotech company is at "very best" a hugely risky investment approach. It could easily be argued that this amounts to self serving behaviour on the part of the investment manager and as such is grossly reckless investing.

Its become crystal clear BRM investment methodology and mine are at a considerable divergance so I'll be exiting the company at the first realistic commercial opportunity. Happy to post up Barramundi's response if I get one.

Good luck to those investors staying in long term.

[percy]

I notice that MLN's largest holding is 6.3%.[Biotest Germany]Also notice they are thinking of us with their 2.3% in Fook Woo,China.[I kid you not.!]

[777]

Roger 2.5c of that fall could be attributed to the change in the currency.