I have to admit I thought this would have had more of a run since the Regal deal, not being still in the doghouse. Contrasts to RG8 which has had the announcements of greater PK involvement and the name change, mind you also a better NTA improvement since King’s taking over the investment reins.
The reason I’m surprised is it’s only a timing difference IMHO between the 2 Funds. What’s been made official at the old VG8 is similarly on the cards at the global Fund.
Essentially there’s upside optionality with VG1, I believe. Either they perform or Phil King takes a greater role. I see this as a win-win (positive catalyst). Phil isn’t a failure or a loser and he makes things happen.
They really seem to be doing everything they can other than performing.
I’m heartened when I see a continuation of the relentless buying back at a sizeable discount to value with around the maximum allowed 1/3 of daily volume of shares being retired. Given the magnitude of the daily volumes there’s at least one other institutional buyer as well as obviously at least one institutional seller, hence providing hefty liquidity such that the total buy back to date has been significant.
Whatever his stock picking ability, it has to be said that Rob’s timing is painstakingly atrocious. I can’t help but think that a hypothetical Fund that shorts all Rob’s new long ideas then closes 10% of each short per month thereafter would be a colossal outperformer.
Here’s hoping Rob can kick more goals in 2023
. In spite of all his well documented failings, he has delivered for us shareholders on the biggest one being the effective merger with Regal.
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