Marlin

[Onion]

Given that Marlin provides exposure to foreign assets, how correlated is the SP with exchange rates?

My casual eyeball comparison of USD exchange rates over the past year against the SP appears to show a loose negative correlation -- perhaps with the SP lagging the exchange rate changes.

So... should I hold back with the current weakness in NZD? The real problem being that I have absolutely no clue (does anyone really) about where exchange rates are headed!

[Beagle]

45% hedging as at 31 March 2019 based on my enquiry of Marlin but it will change as and when the fund's manager see's fit.
As previously noted, the fund has been consistently outperforming against its benchmark in recent years so this suggests their ability to manage currency is also good.
Very happy to have plenty of these in my portfolio.

[Beagle]

http://nzx-prod-s7fsd7f98s.s3-websit...518/299804.pdf

The management team at Marlin have really smashed the ball out of the park over the last year relative to the index and the performance in 2019 has been outstanding.
I feel however that the US market has moved up a lot in the expectation of a trade deal and now its looking less likely the risks to the downside should not be underestimated.

[Beagle]

http://nzx-prod-s7fsd7f98s.s3-websit...410/315575.pdf

Marlin also had a stellar year returning over 32%, 7.6% higher than its global benchmark index.

What a phenomenal year for the markets and especially for the Kingfish group with
Barrmundi outperforming its relevant index by a whopping 13%, (gross return 36%), Kingfish outperformance of 8%, total gross return 39% and Marlin outperformed its index by 7.6%, gross return 32% !!

Well done and a BIG THANK YOU to all three investment teams !!

[stones]

http://nzx-prod-s7fsd7f98s.s3-websit...410/315575.pdf

Marlin also had a stellar year returning over 32%, 7.6% higher than its global benchmark index.

What a phenomenal year for the markets and especially for the Kingfish group with
Barrmundi outperforming its relevant index by a whopping 13%, (gross return 36%), Kingfish outperformance of 8%, total gross return 39% and Marlin outperformed its index by 7.6%, gross return 32% !!

Well done and a BIG THANK YOU to all three investment teams !!

And so say all of us!!!

[tim23]

Seems MLN is being treated at last as a grown up listed fund now trading at about NTA instead of that crazy discount, it was good fun buying at discount while it lasted.

[Not too Flash]

NAV yesterday 1.0975
Selling Price today 1.18

Seems ridiculous .....

[SPC]

So what do you say about FPH?

NAV 1.41
Market price 3550
Yield .77

ridiculous ? I'd say so...along with many others...

[Beagle]

Seems MLN is being treated at last as a grown up listed fund now trading at about NTA instead of that crazy discount, it was good fun buying at discount while it lasted.

Yes it was great to buy at a discount but it would seem those days are over.
Ahead of NTA and Barramundi more than 12% ahead of latest NTA today. I guess that's what happens when on average over the last 3 years the investment team outperform the market and in the last year the Marlin and Barrmundi team have both outperformed their respective market benchmark's by a spectacular 19% !
The market has been according these investment teams with a premium to NTA for a while now and that could be sticky going forward.
Warrants in BRM are a cheap way into this excellent BRM fund now....I remain very cautious with Marlin with the election just around the corner.

[FatTed]

Yes it was great to buy at a discount but it would seem those days are over.
Ahead of NTA and Barramundi more than 12% ahead of latest NTA today. I guess that's what happens when on average over the last 3 years the investment team outperform the market and in the last year the Marlin and Barrmundi team have both outperformed their respective market benchmark's by a spectacular 19% !
The market has been according these investment teams with a premium to NTA for a while now and that could be sticky going forward.
Warrants in BRM are a cheap way into this excellent BRM fund now....I remain very cautious with Marlin with the election just around the corner.

Beagle what do you think a fair price would be for BRM, MLN and KFL warrants?

I managed to buy some BRM below NTA so happy with that.