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Getting better every day
1st March now 120 cents
Which at £/$1.267 is 89.5p
27/11/2023, the Company announces the purchase of 108,000 Ordinary Shares at a price of 66.65c.
NAV is 106c
Luckily bought some more in the forties. Just thought at far too high a discount to NAV which surely had to turn. Set up as an institutional fund so little turnover.
Schiehallionfund.com redirects to BG website and MNTN isn't shown under their list of funds unless you login as an Institutional Investor
https://www.bailliegifford.com/en/uk/qualified-investor/funds/schiehallion-fund/
Tried this earlier today, it's like they have deliberately set the website up so you can't find out any information on any trust.
I cannot find the report at BG website, can you?
Further to the preliminary statement of audited annual results announced to the Stock Exchange on 27 March 2023, The Schiehallion Fund Limited ("Schiehallion" or "the Company") announces that the Company's Annual Report and Financial Statements for the year ended 31 January 2023, including the Notice of Annual General Meeting, has today been posted to shareholders and submitted electronically to the National Storage Mechanism where it will shortly be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism.
It is also available on the Schiehallion page of the Baillie Gifford website at: schiehallionfund.com (as is the preliminary statement of audited annual results announced by the Company on 27 March 2023).
Schiehallion is a mountain in Scotland hence the ticker.
A lot of non public companies in there so NAV a bit of a finger in the air. But over time BG have proven ability through a cycle.
Monks less risky than Scot mort or mntn, but has dropped like these two.
Cheers skid35,
I note some larger 22K purchases today and as you say lightly traded, can't believe the premium it used to trade at and now available at 20% discount! I like the ticker MNTN reminds me of mountain and I'm going skiing soon...
I'll have a look at Monks, I've already purchased some Scottish Mortgage Trust.
You can see by the volume and value of trades for a billion dollar entity shares are tightly held and not traded. I own a few direct, and then indirect as another Baillie Gifford trust Monks has a holding.
It's one I have bought, tucked away and forgotten about for at least five years to retirement.
cheers skid,
I did it the 90s way phoned and paid 1% to purchase.
GLA
Pedro, it's not really meant to be a fund open to the general public, the ipo was purely institutional.
Most holdings are dollar demoninated, a bit similar to other investment trusts (rtw, biopharma credit etc).
Hi Guys,
any idea why this is London listed and quoted in USD?
I have asked Hargreaves Lansdown why no online dealing is available, awaiting response.
Hi Guys, no chat here for over a year and now trading at 95c on 21% discount!
I'm thinking of buying in following a cash out I got on Dunedin Enterprise Investment Trust (DNE) who as part of their winding down plan bought back my investment at a 1% discount to NAV.
Hi Gewillia, I have no idea what is behind the sudden surge. I won’t jinx it but jumping in.
I'm reading (Dominic Lawson in the ST?) that big cos are divesting energy operations into unquoted companies & some hedgies are making a mint. This hasn't been a field for MNTN, but with this comminity's appetite for unquoted companies I wonder if any fellow investors have found a similar vehicle for energy companies?
Well Oli, someone appears to have lit the blue-touchpaper here on Guy Fawkes Day - up from $2.50 last Friday to a high of $2.95, so far today. Moving the NAV premium to 40-odd per cent. Plus, the big off-market buyers seem happy to follow, with yesterday's purchase of 100,000 shares at $2.74 from the block-listing, which is reassuring.
The only logical explanation, that I can imagine, is that one or two of MNTN's unlisted investments have IPO'd with spectacular success in the US. Unless MNTN announces this, I can see no way to check this out. Have you, or any other reader, got any bright ideas?
Gewillia, many thanks for your considered and honest reply. Also many congratulations on your investment in FUTR. I also invested in this but joined the party relatively late and so didn't make anyway near what you did. I guess its experiences like that drive FOMO.
Like you I'm happy to accept high risk for higher returns. I generally believe time in the market is better than timing the market, however, on occasions when valuations look very high I might take a bit out, especially on those investments where prices can drop more than the market. Technology Investments Trusts where pricing can be more volatile than the market are a case in point. I was in ATT quite heavily in Feb 19 when Covid reared it's ugly head and fortunately sold a month before the market crashed and big discount opened up on their shares. I was able to buy back about 40% cheaper and the prices quickly recovered. Currently, I am about 85% invested, having withdrawn the 15% recently at what seems high market values. I am waiting for an opportunity to buy back into ATT or other technology based funds including MNTN. MNTN is clearly a quality fund as are many of BG's. If I invested now and came back in 5 years I have no doubt I will have done very well. I do wonder however if I will get a better opportunity to buy in over the next few month. As you suggest lets check back in March and see whats happened.
Great question, OliG. This trust has been at a 20+% premium since inception, but over time it has consistently increased the NAV to catch up with the purchase price, so to speak.
A 42% gain in the first almost-fully-invested FY ended 31.01.21. Then another 11% for the 1/2 year to 31.07. Now another 15% gain between 31.07 and last week. That's over 70% in less than 2 years. Quite phenomenal numbers.
I bought on 20th May, when the premium was about 25% and now the NAV is greater than my May PP. Clearly common sense dictates that one day the NAV has to catch up with the SP, either through a lack of NAV growth, or through PI's moving off to buy another better-perceived winner. The question, though, is, when will this happen?
I have a high appetite for risk and running profits and for periodically recycling paper profits. In May, I sold half a 3-year-old holding in FUTR that had risen from £3.50 to £25 (definitely the best purchase of my life in speed terms) and ploughed the profits into MNTN, which has since risen from $1.89 to $2.52, so I am "playing with profits" which greatly lessens the stress level.
Can BG continue to generate enormous profits across their stable of funds & IT's? Well, Anthony Bolton managed it for more than 20 years, but it seems to take a rare and particular discipline, lacking in 99% of fund managers, to succeed for so long. As we saw recently with Woodford, once he lost his watchdogs at Investco. Somebody famous described the market as "climbing a wall of worry". We all research, then dive in and worry until there's a paper profit margin of, say 25%, when the worrying goes away - at least I do.
Going on the principle of "Faint heart never won fair lady", my answer to your question is "Yes, it is a steep premium", but based on management's track record, both here and elsewhere (SMT), a new shareholder today would have a far better than average chance of making a good profit. Please remember though that I am regularly wrong!
Let's check back with each other next March?
Gewillia, this is a very interesting trust but the 30% premium seems a bit steep don't you think?
The good results RNS from last week makes for sobering reading in small part. Two of MNTN's US investments IPO'd this year. My eyes were caught by the notes that both were locked-in;
Research reveals that Oscar Health debuted on 3rd April at $39, opening at $36. Itself not a good sign. On May 13th when it had already sunk down to $23.14, it reported a quarterly loss of $87 million - almost twice the estimate forecast 6 weeks earlier. The downhill slide has continued to Friday's close of $18.21.
Zymergen floated on 22nd April at $31 and topped out at $52 at month-end. All quiet in the $25 to $45 range until 4th August when disaster struck in the form of a profits warning, which saw it bottom at $7.85. Currently $14.04c. The company now expects no revenue this year and "immaterial revenue" in 2022. The CEO took a powder. MNTN is locked-in until 19th October. How many of the original investors will bail-out soon thereafter?
I'm a keen follower of BG, who have made me enormous profits over the past few years in several trusts, but these two 2021 disasters show just how difficult it is to completely avoid ever getting egg all over your face, even with all the resources of a major fund manager. From a trading perspective, I'll be interested to see how BG react. We PI's are famous for running our losses and cutting our profits. Will BG toss the pair out 100% and move on? I know I would. Slapped wrists all round, then look for something better.
The good news, of course, is that these purchases are the rare exception and the NAV continues to rise gracefully, but it made for a sobering weekend to realise how easily even the experts can get hit for 25% and 50% losses, within 4 months, compared to the opening day price. It's impossible to know that MNTN' purchase prices were - hopefully much less than the issue prices.
MNTC was already almost 17% invested at July 31st.
It was good to see the company starting to charge the institutions over two bucks each for their daily 100,000 new shares last week, and even better, today they were charged $2.15 for 100,000.
The open market trades may be quite small in total, but total trading is now over 100k per day and the pros are willing to pay top dollar to support the price. I wonder what deals are being cooked up and when we will get to hear about them?
Incidentally, thank you to "LSE" for cleaning up the Share Price Page. Not perfect yet, but much, more more accurate.
Why does the top line, "Share Price Info . . ." consistently show rubbish prices for MNTN?
Today, it says the last trade was $2.03 with the Open, High, and Low also $2.03 - This is drivel (are you reading this LSE?). So far this am (10.15) there've been four trades - all at $2.075 or $2.076.
The intraday graph is also total nonsense, recording a price of $2.03. The closing price for yesterday also shows as $2.03, when actual recorded trades show that was struck at $2.0823. Does someone have an obsession about "2.03"?
The column of numbers to the left of the 3-month graph, is likewise riddled with $2.03 nonsense.
Normally LSE's pages show really good, accurate info'. What is this Schiehallion page so wrong, all over the place?
How can we get this cleaned up? Please? Pretty please? (End of rant from a normally extremely satisfied customer)
Are all the holders here institutions or corporates? Surely I can't be the first PI? Whatever, I've been watching this IT for a year now and decided to take the plunge today, following the capital raise.
If BG is half as successful with this plc at spotting private disruptors, with lots of promise, over the next five to ten years, as it has been over the past twenty, I expect my grandchildren to have lots of money to squander when they get to Uni, between 2030 and 2040.