Marlin

[Snoopy]

I can't agree with the notion that Marlin has to stay fully invested regardless of market conditions.

On your fully invested remark. I did notice that Milford did have a 4.03% cash holding in their international growth fund at their 31-03-2022 balance date. I am in favour of keeping cash on hand myself for the opportunity to move on unexpected market events it provides. I haven't seen a fund declare a cash position this high before (not that I have looked at oodles of them). And good on Milford if they can find that opportunity that allows that cash to work in their favour.

This 'discovery' by me obviously means that a fund is 'allowed' to maintain a cash balance of significance. But personally, as a rule, I prefer a fund to remain fully invested. That's because if I thought cashing up was a good idea I could do it easily myself by selling down my position in the fund concerned.

SNOOPY

[SPC]

Yep fair observations Snoopy. No disagreement from me.
Because I'm invested I do retain the perogative of opining at times.
In the end I am placing my trust in them to deliver. If they screw up it won't break me as I could easily survive a 'closed market' for a very long time on cash. I'd prefer neither of these to occur.
I have pondered Milford at times and they seem to do well. I suspect an element of agility is at play here ?

[Snoopy]

Yep fair observations Snoopy. No disagreement from me.
Because I'm invested I do retain the prerogative of opining at times.
In the end I am placing my trust in them to deliver. If they screw up it won't break me as I could easily survive a 'closed market' for a very long time on cash. I'd prefer neither of these to occur.
I have pondered Milford at times and they seem to do well. I suspect an element of agility is at play here ?

SPC, I did run my ruler over a select group of NZ based fund managers, when I 'took over' the NZ Fund managers thread recently.

https://www.sharetrader.co.nz/showth...Managers/page1

That 'select group' included Milford and Fisher. Yet, in the International investment space, neither of those two did I choose as the winner in what is 'a contest of strategies' and 'costs'. I think you will find it interesting, and maybe even surprising, if you haven't seen it.

Meanwhile Fisher funds have recently issued a 'video apology' for their recent dismal performance -just for you- that you might want to check out.

https://fisherfunds.co.nz/newsroom/v...st-volatility/

SNOOPY

[SPC]

A very deep dive indeed Snoopy, thankyou.
I prefer the nxz listed equivalents as opportunities do arise from time to time to enter at sub NTA prices and the opportunity to destock on the NTA overshoots.
I'm not a trader and for me the above isn't trading, it's just portfolio management. I don't do it often. I did destock Marlin ahead of the warrant exercise intending to build up again but I stayed on the sidelines due to the price/NTA gap (chasm).
I did note and agree on your comment re FPH reaching stratospheric levels and the opportunity that presented to sell down for the inevitable fall. I agree it was a lost opportunity for FF and that was the basis for my previous comments. Perhaps MFT was in that camp too. That's where I'd appreciate a bit of pragmatic agility.
Thanks for your insights.

[Sideshow Bob]

Marlin Monthly Update - June 2022 (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)

It gets worse - 33% premium to NTA.

Just getting silly......

[Beagle]

Marlin Monthly Update - June 2022 (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)

It gets worse - 33% premium to NTA.

Just getting silly......

Agree its comical for a fund that's adjusted NAV has underperformed the index by a whopping 14% in the last year and many of their tech stock selections look extremely vulnerable going forward.

[tim23]

Still trading a fat premium to asset backing, quite amazing in this market when historically traded at about 10% discount.

[Beagle]

Hey tim23, its nice to see you back on here posting. Its really quite bizarre in the circumstances of the entrenched bear market and woeful market underperformance. 33% premium to NTA beggars belief.

[Charlie38]

On the other hand some of us have been on board for many years when they were trading at a significant discount to NTA. I believe my best purchase was when NTA was <20% discount to NTA. The holding CP for each of the 3 of them for me, BRM,KFl and MLN are still showing double digit returns. And I do like the PIE cash dividends coming in every quarter which I can exclude from taxable income under the current taxation rules. Boils down to time in the market doesn't it?

[SPC]

Agreed. All three of this trio would have to absolutely plummet for me to be even back at par. I'm not worried at all. Always loaded up in the darkest hours.
As I've said previously on any of these related threads you have to be active when managing these stocks. I don't do shares in lieu of div's, I'll buy more at my price when the price is right. A reset back to nta or less is great if you're a long term holder.
There's frequent barking about the the market price being well above nta but this has nothing to do with the companies. It's the buyers and sellers that drive this phenomenon. I haven't bought for a long time, certainly not recent warrant issue. DYOR and understand your timeframe.