WMI’s star wasn’t shining so brightly a week or so ago, but it has seemed to regain form and is again trading at well above NTA.
What doesn’t look hot is URB. It’s a strange beast....around half is invested in listed companies with an ‘urban renewal’ bent. The link to urban can be somewhat tenuous, (eg Sydney Airport, Transurban, Lend Lease, Bingo Bins, Harvey Norman). The other half is tied up in three Sydney properties they will redevelop, or are in the process of redeveloping. Some good scope for revaluation of the properties (and thus positive for NTA) as they are revalued or sold off. Problem with this LIC is that it appears to be sub-scale, and overlooked by the market. Maybe the concept of listed companies and unlisted property turns some people off as well. Now trading at a substantial discount to NTA. Souls / Milner set up. I bought in lot long after it floated, but luckily got out with my pants still on. Still, maybe an opportunity at these prices for the patient.
What do others think?
Lastly....LSF, straight after listing, also seems to have been wrong-footed by the market.
