Marlin

[Balance]

Yes, that's a bullseye. Hopefully the journos who troll this site for quotes pick up on that one.

Unlikely. Too many journos have fallen under the spell of Fisher Fund. One female journo went as far as to say that Fisher's success is a source of aggro for an industry dominated by males - and then, proceeded to write about the wonderful performances of Fisher Funds!

[FIGJAM]

Wrong! I have also posted on Energy Mad, Rubicon, PGC, etc none of which I believe Elevation have positions in... Though I do own some of the same value stocks and like to follow them and their activist plays. However everything they do is released on their website publicly with letters, presentations, etc so anyone can follow it.

I guess then, consistent with the theory, your recent deletion of previous posts is random and will have no influence in future.

Weak form indeed.

[Balance]

What is Fishers' competitive advantage investing beyond NZ? None, it seems.

Barramundi shows that they cannot even make it in Australia. BRM is trading at 90 cents compared to the Australian market which has gone up over 20% over the same period. And investors are paying plenty of fees for Fishers to turn $1.00 into 90 cents in BRM.

Marlin at 79 cents? The market is saying -'you ain't seen nothing yet. 50 cents is where it will go when they actually start investing.'

March 2009 - Marlin turned into a real dog and dropped below 50 cents.

Fisher Funds strategy of buying a stock and keep buying only works in NZ - typically in illiquid stocks or in stocks where big positions are built up.

Rakon, PPL, TUA, BGR etc etc

[Balance]

Marlin have just released their monthly update.

https://www.nzx.com/files/attachments/165609.pdf

"We continue to focus our energy and research efforts on analysing companies one-by-one. This is wherewe have an edge and have conviction to generate returns over thelong-term. "

A curious comment given the performance of some of Marlin's stock picks.

Fat chance of making good returns analysing companies beyond Australasia when Fisher Fund cannot even properly analyse companies in Australia and NZ!

Can you imagine the overseas companies opening up to Marlin when it is a little minnow compared to the multi-billion dollar funds out there with unlimited resources to source the best deals, IPOs and research?

[CJ]

[SIZE=3]"We continue to focus our energy and research efforts on analysing companies one-by-one. This is wherewe have an edge and have conviction to generate returns over thelong-term. "

So they review all listed companies in the world one by one including interviewing management and understanding supply chain/customers/SWAT/etc.

Doomed. Focus on NZ and Australia.

[Balance]

So they review all listed companies in the world one by one including interviewing management and understanding supply chain/customers/SWAT/etc.

Doomed. Focus on NZ and Australia.

And they can't even get NZ or Australia right!

[Anna Naum]

So they review all listed companies in the world one by one including interviewing management and understanding supply chain/customers/SWAT/etc.

Doomed. Focus on NZ and Australia.

And the new fund manager has a terrible performance record. Look at his funds performance as per Elevation presentation

http://bit.ly/TNW98J

Page 25.

I did not see Caramel using that bit of data!!

[winner69]

But one of their recent newsletters said it was hectic on their trip around Europe talking to companies ....no time to enjoy themselves?

[Anna Naum]

I see the board has yet to answer the burning issue of why they entered into a new management contract when they knew someone was looking to propose to close the fund down......at best VERY poor form....at least pathetic management of the company by the independent directors.

[CJ]

Shareholders association are supporting the windup.

Questioning why independent directors didn't review management agreement an put it out to tender.

And seeking NZX rule change so they won't be considered independent.