Yeah I think he is the best performing investment manager by a long, long, long shot
Performance track record second to none, I was sorry to see they couldn't put it in the prospectus
Summary
He listed his 1st LIC , Henry Morgan Limited, (HML) last February
It came on at $1, and is now $1.68
The Options last sold at 56c
He also Paid $0.20c dividend in first year (!!) I am in LICs that try to get me excited with 1.5c dividends. TWENTY CENTS
This got most of the Options exercised
This is all after about 12m of the 16m Options have been exercised
Listed last year at $15m, now nearly $60m...pretty good
Even after all the dilution the NTA is
still over $2, so I'm guessing the NTA would have been up maybe 150% after fees last 13 months. Note this includes some valuation of assets he has bought into the portfolio which are a moot point of what are they really worth there is a big gap between what KPMG say and what they say the last co investment valuation is. I think the market has gone 50/50 on this because the share price sits between the 2. That will be known in a few months because he has said he will carve that portion out and sell it soon
Manager is Stuart MacAuliffe. He is a human cannonball, makes MASSIVE calls on the market, and seems to be right all the time. He's the type you click refresh to see what his latest statement/ call is
I was skeptical of his performance waiting for the 4D to verify with KPMG accounting to show they checked his trades and it was all legitimate
He called a Brexit last March, cleaned up, then backed it up by calling Trump in July (!!) and cleaned up again
That is majorly good. No one got either globally.
Here is a Financial Review article from January talking about him and that (Paywall, scroll to end
http://www.copyright link/brand/cha...om-the-market-victims-of-2016-20170106-gtnaks )
Investment Portfolio itself apparently did 100% last year
He is already up 45% this year
Here are his current position calls
Chief Investment Officer of John Bridgeman Limited, Stuart McAuliffe, states:
“We made some decisions last year that played out very well, resulting in an increase of over 100% on our trading accounts in six months. While anything can happen in the market, we expect to even better that achievement this year. As a result, many have asked us what we think will happens this year.
“While we cannot give you all of our proprietary models, we can tell you what we think will happen and where the action lies:
1. Chinese stocks go on a mid to end year tear beating all developed markets, soaring over 20%.
2. The Mexican Peso continues as the best performing currency in the world doubling its returns so far this year (approximately 12% so far).
3. Reformist Macron wins the French election and French stocks soar taking European banks and insurers with them. A 20% ‘up year’ in European stocks crushes bears.
4. Bunds (German 10 year bonds) and other safe havens get truly mauled (they had it coming).
5. Commodities continue to rally into year-end after a dip right now, confounding critics.
6. The British Pound becomes the best performing developed world currency from here, closely followed by the Euro rallying 10%, again shocking forecasters.
7. The NASDAQ 100 is the best performing US stock index.
8. Trump economic policies fail to deliver for most of this year, but all come together by the end of 2017 and push markets higher into year-end and the bull continues throughout 2018. Bears tell us daily that this just cannot be – but we believe it is.
9. The ASX is an average performer – we think you should focus on global funds.
10. If you think you are long enough stocks, you probably are not. If you are worried you are too conservatively placed, well, don’t say we didn’t warn you."
The Henry Morgan Ltd portfolio is many positions, and also has unlisted stuff, a play on Hunter Hall he made money on, and Simonds Homes he didn't. This new one is jsut his 10 best pick positions, and none of the other stuff
I believe the NTA won't increase much fast on this one because he will take time to get set, and will preserve the NTA as much as possible, making sure he only invests in arbitrage winners, so I don't think he wants to see the NTA go under $1. Prpspectus says 3-6 months to get set but I can't see why he couldnt get set in a night its just futures and currencies mostly they buy
I think the Option - which is a ridiculously long 3 years (refer above- HML almost all exercised in first year to get the franked dividend) will go to about 20c straight away. If it trades at 5c I will be buying with my ears pinned back like no tomorrow
He is bucking the trend with LICs. Too many list at $1.10, because they think investors are stupid and will think they got in at $1.00 (like I don't know my entry prices for my shares) and all take overs. This one is $20m tight, with priority for existing shareholders
Website has plenty of info
http://www.benjaminhornigold.com.au/index.html I was pleased to see there are some more recognised CVs in his investment team. I thought it was just him
This one from page 40 of the prospectus
The table below sets out the various asset classes in which the Manager may invest, and the expected overall
allocation ranges. These ranges may change from time to time as the opportunities arise:
ASSET TYPE
ANTICIPATED ALLOCATION RANGE
Equity securities
• Listed global equities 0% - 50%
• Unlisted global equities 0% - 50%
Cash and fixed interest products
• Cash 20% - 95%
• Interest products 0% - 50%
• Listed bonds and debt instruments 0% - 50%
• Unlisted bonds and debt instruments 0% - 30%
Derivatives & foreign currency
• Foreign exchange contracts 20% - 80%
• Global exchange traded futures contracts including equity market indices, currency and interest rate futures
10% - 85%
Structured products 0% - 20%
The investment parameters are set widely in order to allow the Company flexibility to invest as opportunities arise. While the Company will generally maintain
between 5 to 10 investment ideas, these may be implemented via several investments with the same underlying theme. For example, the Manager may determine to invest in global equities, and implement this idea by holding long positions in European, Japanese and Chinese equities. This would be regarded as three high conviction "investment ideas".
I think this guy is a guru and I'll be taking a small stab on this one
DYOR of course
Sorry for the formatting, thought better to just get it down than to make it look pretty
