No comparison IMHO. When I topped up last year at $1.29, I was concerned about the amount I was investing in SEC, But NOT with the management, or strategy of SEC. At the time of my purchase, I think they were something like 25% under NTA. Reading their monthly reports on value investing and the fact that they were not going to be swayed by the “growth” momentum was reassuring to investors that they had a “steady hand on the tiller”. I was never in doubt with SEC. The only doubt was, how long they would take to get back to my original buying price. NSC is a different kettle of fish. Not as transparent a management style, with relatively few illiquid stocks (as Sebastian has disclosed), less flexibility in terms of changing tack, dependence on the companies being recognised by the market and actually doing well) as even though the companies in the portfolio going OK, the market may not be recognising that and so the SP of the companies in the PF staying low. Adding to that, the capitalisation of NSC is fairly low. The SP of NSC has been low and did not respond as quickly as SEC. I sold some NSC at 95.5 a short time ago and haven’t regretted it. All up, I hold 40k SEC shares and was rapt to see such a large increase today. Another added benefit is the quarterly dividend payments which evens out the cash flow. I may be biased (I hold both), but could be described as an EXTREMELY long term holder of SEC as long as the current management and investment team remain in place and it’s the old story, as long as there’s no “catalyst” to sell out of SEC.
SEC Price at posting:
$2.60 Sentiment: Hold Disclosure: Held
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