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  1. #76
    F.A.B. Huang Chung's Avatar
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    Hi Mark

    Been quietly reading your posts.....generally not much to say other than 'Oh My God!'.

    Kerr Nelson has gone from hero to zero in less than 12 months.

    I was having a look at Platinum Capital at around $1.19 briefly yesterday. The massive premium to NTA that this stock attracted has now completely disappeared. I like the idea of LICs, such as PMC, as opposed to open ended managed funds, as you don't have the problem of a fund having to sell a part of their holdings at exactly the wrong time in order to meet redemptions related to unit holders cashing in their chips.

    Do you have any views on PMC Mark?

  2. #77
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    Quote Originally Posted by mark100 View Post
    I seem to be talking to myself on this thread but I see PTM is down to $2.75 today. I don't like to see people losing money but I must say I'm personally very happy to see this fall.

    At this point in time PTM's FUM is in freefall but you would have to think at some point FUM will stabilise and resume its growth. Right now that point has not been reached and as a result PTM is probably still too expensive at $2.75.

    Well worth watching for the eventual turnaround.
    FUM certainly taking a hammering. Of course, this is inevitable in a down market and we don't know how much is due to market values as opposed to redemptions/ loss of investment mandates. I read somewhere that PTM's investment returns overall, while negative in recent months, are actually better than most of its competitors.
    As a listed company, PTM is probably under a lot more scrutiny than most of its peers. Has anyone seen recent FUM figures/trends for other fund managers and if so, how do they compare with PTM's FUM losses?

  3. #78
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    Quote Originally Posted by Huang Chung View Post
    Hi Mark

    Been quietly reading your posts.....generally not much to say other than 'Oh My God!'.

    Kerr Nelson has gone from hero to zero in less than 12 months.

    I was having a look at Platinum Capital at around $1.19 briefly yesterday. The massive premium to NTA that this stock attracted has now completely disappeared. I like the idea of LICs, such as PMC, as opposed to open ended managed funds, as you don't have the problem of a fund having to sell a part of their holdings at exactly the wrong time in order to meet redemptions related to unit holders cashing in their chips.

    Do you have any views on PMC Mark?
    Hi HC,

    I don't really follow the LIC's as I prefer to invest directly in the stocks myself. But you're right the premium has vanished but with good reason. PMC's investment performance has been quite poor over the past few years. I actually rate WAM has a good LIC. They invest in small cap aussie stocks and have outperformed the market by a large degree over the past 7 years or so. They also cashed up a lot prior to the bear

  4. #79
    F.A.B. Huang Chung's Avatar
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    Cheers Mark.....I don't mind the idea of getting some overseas shares at some stage, and LICs are a convenient way of going about it.

  5. #80
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    Quote Originally Posted by Huang Chung View Post
    Hi Mark

    Been quietly reading your posts.....generally not much to say other than 'Oh My God!'.

    Kerr Nelson has gone from hero to zero in less than 12 months.
    I wouldn't mind being called a zero if I was able to sell down a stake of my own investment company at the peak of the market and had half a billion in the bank (or a 5 and eight zeroes!!!!!!!!).

    Yes Mark I've also been following with amazement and surprised how poorly the PTM funds have performed given they were supposed to have been well hedged against any bear market.

    I might come up a revised table with PE ratios for the listed fund managers just to compare with what they were a year ago...

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  6. #81
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    Quote Originally Posted by Huang Chung View Post
    Hi Mark

    Been quietly reading your posts.....generally not much to say other than 'Oh My God!'.

    Kerr Nelson has gone from hero to zero in less than 12 months.
    I wouldn't mind being called a zero if I was able to sell down a stake of my own investment company at the peak of the market and had half a billion in the bank (or a 5 and eight zeroes!!!!!!!!).

    Yes Mark I've also been following with amazement and surprised how poorly the PTM funds have performed given they were supposed to have been well hedged against any bear market.

    I might come up a revised table with PE ratios for the listed fund managers just to compare with what they were a year ago...

    SEC

  7. #82
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    Back over $9.Its been a long time between drinks.

  8. #83
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    WAM on a roll as well

  9. #84
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    Bought some recently. Int discussion between Magellan and PTM. They both agree chinese stocks are where its at.

    It’s growth versus value as Andrew Clifford, Hamish Douglass square off

    It was value versus growth as Australia’s best-known global fund managers squared off.Despite going head-to-head the Livewire conference in Sydney, Platinum’s Andrew Clifford and Magellan’s Hamish Douglass did find some common ground despite vastly different investing styles.While global financial markets obsess about the US-China trade war and the potential for further interest rate cuts by the central banks, both Platinum and Magellan agree that the rise of the Chinese consumer will be by far the most important force for next decade or two. Of course, one could be forgiven for thinking the US empire isn’t dead after all and perhaps this isn’t the much heralded “Asian Century”.
    Indeed a 50 per cent rise in the S&P 500 and a 76 per cent rise in the Nasdaq in the past five years may point to an “American reboot”.
    Much to the frustration of Platinum’s Mr Clifford, who has stuck with Chinese-listed shares, the Shanghai Composite index has gone nowhere in the same period, despite the urbanisation of China and its vastly superior — but slowing — economic growth profile relative to the US.But he has no doubt that China’s sharemarket offers the biggest upside over the long term and it’s all about the consumer.“I think the underlying story of Asia’s growing dominance is very real,” said Mr Clifford, who oversees a $24.4bn China-focused fund.“This is Asian Century and the US — their entire behaviour around trade is a clear sign of their decline,” he said.
    “The issue is in the stockmarket there are a whole lot of other variables and I think it’s a great lesson for today.”Mr Douglass has done famously well from steering the $92bn Magellan Global Fund into strongly performing companies exposed to the Chinese consumer — rather than companies listed in China — but he’s on the same page as Mr Clifford about the rise of China.“I do believe in the next 20 years it’s the Chinese sort-of 20 years ahead — there a very powerful structural issues going on.”“But what’s going to be very important for the next years — and you can do it by Chinese companies, European companies or US companies — but what you have to be careful of is … something I would call ‘capitalism without capital’.”Mr Clifford said the fact that Chinese stocks had de-rated from “insanely expensive” in mid-2016 wasn’t a surprise. But that they’ve de-rated to the point that they now trade on a fraction of the multiples being paid for companies with similar growth rates in the US is “quite extraordinary”.
    For Magellan’s Mr Douglass the Chinese-exposed businesses that are “winning” are typically Nasdaq-listed and “capital-light”, while many Chinese-listed peers that trade on low price-to-earnings multiples — including banks, property, industrial, manufacturing businesses — are “capital-intensive”.He expects underperformance from the Australian sharemarket — particularly banks — for the same reason.Platinum’s Mr Clifford takes issue with Magellan’s “capital-intensive versus capital-light” argument, labelling it a “misnomer”.
    Among his favourites are Chinese consumer plays, like Ping An Insurance — China’s leading life insurer and No 2 general insurer — one of the world’s leading fintech companies with its peer-to-peer lending platform.“This is one of the most extraordinary companies, growing at 20 per cent per annum for 20 years — that’s a complete rarity and it’s trading on just nine times earnings. It’s a life insurance business so it certainly has capital requirements, but we are talking ROEs (return on equity) in the mid-20s. If that was a US stock it would be on 30 times.“Then we have two better-known names that make the list of top 10. We have Alibaba. It is the Amazon of China, but it’s far more than that.“It is one of the biggest payments companies in the world and it has strong positions in everything associated with e-commerce — video streaming, food delivery, uber — and the thing is on 25 times. It’s making money, unlike Amazon, and it is growing like crazy.”Another favourite for Mr Clifford is Tencent, the biggest payments company in the world that’s been called the “Facebook of China”.“
    Tencent is the leading gaming developer, producer and platform in China,” he said. “They lead payments and food delivery, video streaming, it’s all of these things. This one’s a little more expensive, but a return on equity in the 20s and you have to pay 30 times (EPS).”Both Alibaba and Tencent are well below April peaks.
    It’s no surprise Magellan’s Douglass also favours the Nasdaq-listed Alibaba.

  10. #85
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    https://youtu.be/7Mp2gctWb6k?t=1

    Heres the vid. Two top fund managers sharing.Planning where to be placed in 10 years. With declining int rates and fin tech Aus and other Banks are out as investments.

  11. #86
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    Quote Originally Posted by Joshuatree View Post
    https://youtu.be/7Mp2gctWb6k?t=1

    Heres the vid. Two top fund managers sharing.Planning where to be placed in 10 years. With declining int rates and fin tech Aus and other Banks are out as investments.
    have been a shareholder with Magellan plus MFF since around 2008. Have been very impressive.
    They are also listing their high conviction fund, which targets all the stuff he talks about in the video


    https://www.magellangroup.com.au/mag...viction-trust/

    Offer is open till sept 27
    Last edited by ratkin; 17-09-2019 at 03:19 PM.

  12. #87
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    Magellan has been a supreme fund performer. PTM has really been knocked around hence our entry at these low S/prices. Holding PTM rather than their funds which are targeting some chinese companies like magellan is the lower risk way for us ,albeit maybe with a lower return.

  13. #88
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    Quote Originally Posted by Joshuatree View Post
    Magellan has been a supreme fund performer. PTM has really been knocked around hence our entry at these low S/prices. Holding PTM rather than their funds which are targeting some chinese companies like magellan is the lower risk way for us ,albeit maybe with a lower return.
    Is PTM exempt from FIF? (too lazy to check)

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