Possibly the first public offering of one portfolio company within the next 12 months? If so could be the catalyst for a revaluation...Liberation labs? This would make the most sense to me..
"via a Hedge Fund would cost 2 and 20 (2% and 20% of all gains) so 1.6% and 0% is less…."
I find the fee structure rather very one-sided.
Are you sure about you statement? Hedge Funds apply the High Water Mark model in order to determine fees. Very often and if the fund management believes in themselves and respects the investor, the fees only apply to any gain in share price that tops a certain benchmark. If the funds benchmark is X and X gained 7% YoY, then the 20% only apply to everything above 7%. Actually ANIC had a similar process in place that tied Jim Mellons compensation to actually increases in share price. This was removed from the investment policy in late 2021. With the removal now Jim Mellon can pay himself a large amount amid shareholder value decreases.
Not sure whether I get it wrong. For me his fee of more than 3.56... million Pounds (partly cash and partly shares to Shellbay ltd.) for the year 2023 doesn't feel integer and fair. Not only is the amount disproportional to overall cash at hand and at a time when most shareholders suffer but also it is absolute in transparent for what services the fees are charged for by Shellbay Ltd. (For what exactly 3.5million?)
I would have no idea why someone would withdraw so much value from his portfolio while continuously promoting his portfolio as the greatest available. This fees become even more schizophren when one compares the amount invested in single companies. Basically Jim Mellon pays himselves more than he invests in most of each of the underlying businesses. His fee this year completely would neutralize the announced buy back programs value. Ohh wait, the buy back has not happened still.
I'm sorry if my commend sounds very negative. However, I really think this years fee was absolutely over the top given the circumstances. Additionally, the announcements are never followed up by actions. Be it the buy back program or the go to market time lines which are missed on a regular basis.
In essence, while ANIC publicly continuously blames the market surroundings for its bad share price performance, the aspects and missing integrity across different aspects and especially shareholder value dilution just would be something management could think of as another possible reason why so few investors feel good to buy it and why Black Rock started selling bigger chunks.
Sometimes the problem is management and its actions and not the market.
Possibly the first public offering of one portfolio company within the next 12 months? If so could be the catalyst for a revaluation...Liberation labs? This would make the most sense to me..
I withdraw my comment about fairness related to the fee structure.
"via a Hedge Fund would cost 2 and 20 (2% and 20% of all gains) so 1.6% and 0% is less…."
I find the fee structure rather very one-sided.
Are you sure about you statement? Hedge Funds apply the High Water Mark model in order to determine fees. Very often and if the fund management believes in themselves and respects the investor, the fees only apply to any gain in share price that tops a certain benchmark. If the funds benchmark is X and X gained 7% YoY, then the 20% only apply to everything above 7%. Actually ANIC had a similar process in place that tied Jim Mellons compensation to actually increases in share price. This was removed from the investment policy in late 2021. With the removal now Jim Mellon can pay himself a large amount amid shareholder value decreases.
Not sure whether I get it wrong. For me his fee of more than 3.56... million Pounds (partly cash and partly shares to Shellbay ltd.) for the year 2023 doesn't feel integer and fair. Not only is the amount disproportional to overall cash at hand and at a time when most shareholders suffer but also it is absolute in transparent for what services the fees are charged for by Shellbay Ltd. (For what exactly 3.5million?)
I would have no idea why someone would withdraw so much value from his portfolio while continuously promoting his portfolio as the greatest available. This fees become even more schizophren when one compares the amount invested in single companies. Basically Jim Mellon pays himselves more than he invests in most of each of the underlying businesses. His fee this year completely would neutralize the announced buy back programs value. Ohh wait, the buy back has not happened still.
I'm sorry if my commend sounds very negative. However, I really think this years fee was absolutely over the top given the circumstances. Additionally, the announcements are never followed up by actions. Be it the buy back program or the go to market time lines which are missed on a regular basis.
In essence, while ANIC publicly continuously blames the market surroundings for its bad share price performance, the aspects and missing integrity across different aspects and especially shareholder value dilution just would be something management could think of as another possible reason why so few investors feel good to buy it and why Black Rock started selling bigger chunks.
Sometimes the problem is management and its actions and not the market.
Greetings and I'm happy to have a further chat.