I didn;t realise that they were fully out of Peet (I thought just no longer a substantial holder?) but no, all shares gone. Very overweight IAP now... tune of 80m shares in TOT. Basically, anyone who is looking to buy IAP, might as well just load up in TOT for entry at a 15% discount. Meanwhile IAP board doesn't want anything to do with 360 I posted elsewhere.
The performance fee ($2.4M was bit rich). Technically, they did return 22% for the year. But this is coming off a very supressed share price at Jun-20. Therefore, they should not be entitled to performance which was on the back of a technical rebound in my view. I.e. any shareholders who got in >$1.10 mightn't be thrilled with a 2.4M performance fee....
PMG investment was good, and easy to keep track on their FUM (based on the PMG company news). Would think the TOT stake is worth more than they paid for it, but difficult to value with no clear indication of the profitability etc.
I think this strategy was better in Debt than the new look 'equity play'. But still too early to say perhaps.
Still provides steady income, limited downside at these prices, and good visibility on earnings (now that it's a proxy for IAP).
TOT Price at posting:
93.5¢ Sentiment: Hold Disclosure: Held
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