The Lemon Fool

I haven't anything in the private equity section of investment trusts.

Trawled through the AIC site and came upon the above trust which fits most of my criteria.
Those are,

Global spread mainly in USA but in specific areas that I find attractive.
Good discount - 9%
Good yield 5.4%

Relatively median charges for the section.

I then read quite separately that Witan trust has quite a large chunk of them.

Any thoughts?

Bonrepos, I found this on HL website:

http://www.hl.co.uk/shares/shares-searc ... ed-ord-npv

and this on Citywire:

http://citywire.co.uk/money/investment- ... undID=3866

They are offshore, Guernsey based. There are some news & items about them, listed down the bottom right hand side of the citywire factsheet.

FRCL has quite a high proportion of Private Equity holdings. 8.2% of their portfolio in the last Annual Report, see Page 17. Link from http://www.fandc.com/foreign-and-coloni ... MhzX6JBrcs

WTAN has a small amount in Private Equity. The 2016 Annual Report is at https://www.witan.com/node/4507 and you can also see a snapshot of their holdings at https://witan-widgets.huguenots.co.uk/s ... 1-2016.pdf where the second biggest holding is private equity at 1.76%. Apax is fifth largest at 1.49%.

TJH

Wow, Witan have a lot of holdings there, I guestimate around 460, (presumably partly caused by the multi-managers).
So whilst Apax is the 5th largest, it is as TJH identifies (only) 1.49% of Witan's portfolio.

There are quite a few Private Equity companies there, but I don't know enough to recognise them all. If companies described as "NPV" are PE, then there are several.

TJH

Thank you both TJH and richfool for the insight.

Looking at Apax's holdings do you think this is a candidate to have alongside Witan or Foreign and Colonial?

I am a holder of JP Morgan Global Growth and Income Trust which I bought when it announced its decision to pay a 4% yield.
I worked on the principal that its circa 10% discount at the time would reduce as more investors became aware of its income potential.
This seems to be happening. I also did the same when International Biotechnology trust announced the same 4% yield decision.

I understand that the dividends will be mainly paid from a combination of income and capital. With the possibility of a slowdown in earnings
for equities perhaps this stratergy for income payments will become more widespread.

I like many others on these boards am retired and trying to get some balance between capital growth and present day income.

I would be grateful for the views of other more experienced fools.

richfool wrote:Wow, Witan have a lot of holdings there, I guestimate around 460, (presumably upartly caused by the multi-managers).
So whilst Apax is the 5th largest, it is as TJH identifies (only) 1.49% of Witan's portfolio.

Not in the top twenty any more according to Witan's February 17 factsheet. So if it still there, less than 0.8% now.

http://www.theaic.co.uk/companydata/161 (Click on the factsheet on the right)

Ozyu

Disc Mrs Oz holds WTAN. A decades long holder.

BonRepos wrote:Looking at Apax's holdings do you think this is a candidate to have alongside Witan or Foreign and Colonial?

I am a holder of JP Morgan Global Growth and Income Trust which I bought when it announced its decision to pay a 4% yield.
I worked on the principal that its circa 10% discount at the time would reduce as more investors became aware of its income potential.

BP, I have a portfolio of IT's with a focus in income, but not exclusively so. I still want some growth and good diversification. Thus my IT holdings include Witan and also JPGI. The latter I bought, early-mid last year, and have topped up a couple of times since, specifically for the higher income and the fact that it still seems to hold a number of growth investments, if not a growth focus. It is top performer in the Global G&I sector over the last year.

I don't have any knowledge of Apax, but hold Witan, MYI, Personal Assets, CGT, as well a range of IT's from the Global, UK, Asian Pacific, North American and European sectors (inc EAT), as well as a property IT. I tend to avoid trusts that are very specialised, or that I don't understand.

I hope someone else can add more information on Apax.

Apax have, in the past, announced their interim dividend in mid August for payment in September. There seems to be no indication yet this year. Have I miss some re-timetabling announcement or something?

Scott.

Hi Scott
I also noticed the lack of announcement of the interim dividend in August.
I checked on the Apax website and under calendar found the announcement that the interim results
would be announced on the 6th September.
Looking at previous history the interim dividend is always announced in August so I am thoughtful that
lack of information so far is not a good omen.
Lets hope I am wrong.

Interim results out https://www.apaxglobalalpha.com/investo ... entations/

Dividend 5.7p payable on 3rd October. Down from last year, but since it's a fixed percentage of NAV perhaps not surprising.

Scott.