I bought into this today. Had been watching for a while, and your essay compounded my own view. This is not everyone's kind of stock, you really need to look under the bonnet, but it's my kind of stock. You mention Triple Points poor performance of late , here, at DGI9 and at SOHO, all of which I hold, all of which have been hammered, in my opinion, by a misunderstanding/short term timescales. I also hold the ultimate US parent TPVG, which, to me is similarly unloved/misunderstood. You may wish to take a look at TPVG.
Agreed the company strategy is refreshingly different. Jonathan Hick, the manager. goes into some depth and makes a good case in an interesting video interview on Quoted Data. The things that make me a bit wary are the size - at £97m it is definately sub-scale for an IT (maybe explains the spread), and at a 44% discount there's no real prospect of raising funds for further investment. In all liklihood there will be consolidation of ITs over the next couple of years and sub-scale trusts stand a good chance of being merged or wound down.
I agree on scale, and that there will be consolidation here, as I do with the asset mgmt industry. Running costs are disproportionately high when subscale, and it's an easy gain, without actually sacrificing the initial proposition.
Good consideration, good stock. I feel currently there is a inflation/interest rise induced disconnect in many many solid stocks at the moment, whereby investors are seemingly clouded / preoccupied by short term gyrations, in isolation / disregard to the long term attractions. TENT is such a stock, such an example.
I bought into this today. Had been watching for a while, and your essay compounded my own view. This is not everyone's kind of stock, you really need to look under the bonnet, but it's my kind of stock. You mention Triple Points poor performance of late , here, at DGI9 and at SOHO, all of which I hold, all of which have been hammered, in my opinion, by a misunderstanding/short term timescales. I also hold the ultimate US parent TPVG, which, to me is similarly unloved/misunderstood. You may wish to take a look at TPVG.
Agreed the company strategy is refreshingly different. Jonathan Hick, the manager. goes into some depth and makes a good case in an interesting video interview on Quoted Data. The things that make me a bit wary are the size - at £97m it is definately sub-scale for an IT (maybe explains the spread), and at a 44% discount there's no real prospect of raising funds for further investment. In all liklihood there will be consolidation of ITs over the next couple of years and sub-scale trusts stand a good chance of being merged or wound down.
I agree on scale, and that there will be consolidation here, as I do with the asset mgmt industry. Running costs are disproportionately high when subscale, and it's an easy gain, without actually sacrificing the initial proposition.
Views on today's announcement at TENT?
Hi Damofarl I'm writing an article later today!
Lovely thesis and much appreciated. Bid offer spread looks a bit yucky (51:55 on HL) though?
Sorry you mentioned that in essentials. 😎
Good consideration, good stock. I feel currently there is a inflation/interest rise induced disconnect in many many solid stocks at the moment, whereby investors are seemingly clouded / preoccupied by short term gyrations, in isolation / disregard to the long term attractions. TENT is such a stock, such an example.