Marlin

[JayRiggs]

Thanks for the advice Sparky and CJ. You've given me some things to think about.
I did have a larger MLN holding earlier in the year, and I sold about 70% of it in May.
I thought I'd hold on to a few in case markets rise, but somehow MLN has fallen in a rising market.

[slimwin]

Out as of today. That will be the last time I invest in a fund with the Fisher name attached.

[Balance]

Thanks for the advice Sparky and CJ. You've given me some things to think about.
I did have a larger MLN holding earlier in the year, and I sold about 70% of it in May.
I thought I'd hold on to a few in case markets rise, but somehow MLN has fallen in a rising market.

But Fisher fees keep going, falling or rising market .... year after year.

Oh, share price is 65 cents today? Hard baked cookies.

[winner69]

But Fisher fees keep going, falling or rising market .... year after year.

Oh, share price is 65 cents today? Hard baked cookies.

Bal .....you forget about the juicy 1.67 cents divie as a Xmas preso

Makes share price lok cheap

[Anna Naum]

Bal .....you forget about the juicy 1.67 cents divie as a Xmas preso

Makes share price lok cheap

Problem winner is that it is not a dividend, it is really a capital return

[Balance]

Problem winner is that it is not a dividend, it is really a capital return

Shhhhhhh

Carmel would not like her unitholders to be reminded of that!

[Balance]

https://www.nzx.com/files/attachments/172426.pdf

That Carmel performs wonders, doesn't she?

In 3 years, MSCI index up 21.9% but Marlin's NAV is down 3.8%, and shareholders' returns up 2.0%.

But her management returns = 2.0%+ so unit holders, no smoked marlin for you - only canned mackerel (used by date 15 March 2010).

You put in the money, you take the risk and she eats the crayfish and caviar with champagne, irrespective!

[Lizard]

Marlin looking a bit better?

Price picked up the last few days and currently 75cps against NAV hitting 90cps. Given they still pay out 2% of NAV per quarter as div, then it's good to see NAV also rising. I have been buying at 70-73cps over past few months, as the regular high yield, 17% discount to NAV and additional diversification (i.e. exposure to markets I'm not interested in investing in directly) are all pluses for the long-term, income generating portfolios.

[CJ]

17% discount to NAV

To continue the fishy theme, isn't that a red herring as you will (probably) suffer a 17% discount to NAV when you sell as well.

[blah]

To continue the fishy theme, isn't that a red herring as you will (probably) suffer a 17% discount to NAV when you sell as well.

I probably not - the discount to NAV changes all the time for some reason that I don't know of. The large 17% discount to NAV indicates people aren't very confident in the managers re Marlin - and for good reason. There may be upside potential if confidence is restored through some solid and consistent performance - then not only the NAV will be higher, but should trade at a narrower discount also.

But at the same time, the large discount will mean the yield is better, since the quarterly div/distribution is based on the higher NAV rather than the share price. So as an income stock it should be quite good.

Regarding arguments that this dividend is actually a capital redistribution - does it matter at all? From the finance perspective where it focuses on cash flows: cash flows are cash flows regardless of where this comes from.

I've never actually considered Marlin since I don't really know anything about their investments (and too lazy to). I've always considered KFL to be the better of the three brothers.