Marlin

[Lizard]

MFF is an example of a properly run alternative. listed at a similat time as Marlin, battered by the
financial crisis but had a consistant strategy of buying quality at bargan prices.
The gap to NTA has now narrowed as their quality is starting to be recognised.

I know the Fisher funds are buying much smaller stocks but some of their purchases
and following sales have been bizarre to say the least, there at times appeared to be
no consistant strategy , except buy high , sell low

MFF are an interesting comparison (I currently hold both). They are yet to return to $1 listing price (currently 92.5cps) and are only just about to pay their first dividend (1cps). Yet, based on the growth in FUM for manager (almost 50% pa in past couple of years), MFG, one would have presumed their management were one of the best in the game.

MLN share price is now considerably lower at 70cps, but, by my calculations, they have paid out a total of 21.96cps in dividends. Even without allowing for these being re-invested (and with no consideration of tax or forex comparisons), it appears that MLN and MFG have produced relatively similar returns since launch at "share price+dividends" level... yet at NTA level, MLN is carrying 13.25cps discount versus MFF's 3.5cps.

As I read it, despite current investor criticisms of Fisher Funds as managers and investor praise for Magellan, Fisher may have actually produced the better return for their investors over time in this particular comparison.

[Anna Naum]

I wondered what the new Fund Mangers performance had been like, the CV reads well but when i looked at his performance it looked to be less than impressive.

[ratkin]

MFF are an interesting comparison (I currently hold both). They are yet to return to $1 listing price (currently 92.5cps) and are only just about to pay their first dividend (1cps). Yet, based on the growth in FUM for manager (almost 50% pa in past couple of years), MFG, one would have presumed their management were one of the best in the game.

MLN share price is now considerably lower at 70cps, but, by my calculations, they have paid out a total of 21.96cps in dividends. Even without allowing for these being re-invested (and with no consideration of tax or forex comparisons), it appears that MLN and MFG have produced relatively similar returns since launch at "share price+dividends" level... yet at NTA level, MLN is carrying 13.25cps discount versus MFF's 3.5cps.

As I read it, despite current investor criticisms of Fisher Funds as managers and investor praise for Magellan, Fisher may have actually produced the better return for their investors over time in this particular comparison.

The stocks selected by MFF have been far superior to Marlins , and have perfrmed much better.
The reason MFF are now only returning to their starting point is because of the australian dollar . They have consistantly
maintained the aussie dollar is overvalued , and therefore didnt hedge it. They lost out due to that , although any fall off
in the aussie dollar could see their shares accumulate in value fairly quickly , as they have done recently

[OldRider]

I have done a little research this morning, and it supports the view expressed
in Lizards post

The shareprice of MFF has increased rather more than has its NTA, MLN has decreased the most
compared to its NTA, in fact quite similarly to PMC

TGG has almost kept a similar ratio.

For us oldies the regular dividend payment, even if paid from capital, is helpful
for living expenses

[ratkin]

Of course, perception is largely dependent on when you bought any of these investments. Somebody who paid 55c per share is likely to have a far more positive view than someone who bought at the IPO price of 1.00

[Random_Walker]

Things are heating up here in advance of the AGM! https://www.nzx.com/companies/MLN/announcements/228564

MLN - Non-binding proposed resolution

5:22pm, 17 Oct 2012 | MEETING

17 October 2012
Dear Shareholder
Resolution proposed by Elevation Capital Management Limited for consideration at the Annual Shareholders’ Meeting
Introduction
Marlin has received a proposal dated 15 October 2012 from Elevation Capital Management Limited (Elevation Capital). The proposal is that a resolution be put to shareholders at the Annual Shareholders’ Meeting (to be held on 1 November 2012) that the Board terminates the current management agreement with Fisher Funds, and returns all capital to shareholders.

[Anna Naum]

Interesting that Marlin has just signed for 5 years with Fisher Funds......I wonder when Marlin first got approached by Elevation?

[Balance]

Interesting that Marlin has just signed for 5 years with Fisher Funds......I wonder when Marlin first got approached by Elevation?

The independent directors were celebrating over another 5 years of directors' fees.

[Billy Boy]

Looking at the books....
seams thay are good shape on the balance sheet.
The markets are struggling back life with EQ 4ever....
This coy can re-adjust quite quickly and it ain't broken
by any means.
They are a bloody good divvy stock and no reason why
good divvy's wont continue.
Elevation are just being a pain and of course, they are competitors.
BB

[BIRMANBOY]

Agree BB..they are simply asset strippers and not even any attempt at disguise at all. The only one supporting will be im(Balance) who wants to nail Carmels reputation every time he hears (dont mention F***** F***)

Looking at the books....
seams thay are good shape on the balance sheet.
The markets are struggling back life with EQ 4ever....
This coy can re-adjust quite quickly and it ain't broken
by any means.
They are a bloody good divvy stock and no reason why
good divvy's wont continue.
Elevation are just being a pain and of course, they are competitors.
BB