"Strong growth foundations are rebuilding BRIC allureFollow the money: it's a phrase that applies not only to investigative pursuits but also to investing. So is the 'smart money' suggesting that private investors should be tilting their ..."
Likewise irritated by this - it only seems to affect one of my holdings (BRWM) but makes me distrust anything I see in the portfolio display and I'm largely sticking to SharePad now, it's just easy to see at a glance the state of each holding in the iii display.
"After a decade of loose monetary policy and low interest rates, equity and bond markets rallied and are now trading on stretched valuations. In contrast, commodities have been in a bear market since 2008, but last year started to show growing ..."
It really is quite pathetic that ii can't sort this issue out! Surely they must realise that it gives a very poor impression of their service. Why would anyone invest through their platform if they can't even sort out a simple display problem..?
It is a bit worrying and is one of the reasons I have only retained a "research" acccount with iii. This is not the first time that this sort of problem has arisen and I have never had another remotely similar problem occuring with any other platforms (Hargreaves Lansdown, Alliance Trust or Barclays)
I spoke to iii this morning. This issue has now been raised with their provider as a technical fault. In future may I suggest that you call iii rather than email? The staff are really helpful, knowledgeable and charming.
All last week I found the end of the day volumes figures were completely untrustworthy. Some were fine, some weren't.
I also have found intermittently if you check the prices shortly after the close some prices' first 3 columns are not the true prices but the prices posted 24 hours earlier. That's been going on for months. The BRWM issue & the column figures are more recent.
I have written an e mail to iii about all of these. Not had a reply to the BRWM or volume issue. The other issue they just say press the renew page, which I do anyway. In other words they seem lost.
To be fair I believe they import the figures from some other supplier, so the problem is not directly in ii's control.
But very frustrating when faults are inconsistent and intermittent. It gets that one can not trust the data.
I agree that it's probably too late to sell now. I sold a sizeable proportion of my shares nearly at the top (rarely get it right I must say) so will also look to add more if the price goes down by another 10%. Value of the Sterling will clearly be influential in the direction of the share price as well as the general sentiment towards the mining sector.
I think the damage is done - we might go a little further down but it is in hold territory now for me. If we see another 5-10% drop from here I will pile in. The down side is Sterling, which I expect will go from strength to strength after the election and as the type of brexit we are going to have becomes clearer.
It all went very smoothly with no awkward questions (which is always a good sign.) Although they recognise the short term volatility they seem VERY optimistic about the medium term (2-3 year) view.
I had a long chat to one of the directors (David Cheyne) after the meeting; and they are very positive. I had not realised quite how actively they are trading their holdings.
Another thing I had not fully appreciated is that this is not a Black Rock fund. It is an independent company which hires Black Rock to manage the investment portfolio. I like this model - if the managers are not performing they can be sacked and replaced - not the cosy position of most fund managers.
Thank you HB. My calculations were based on SP (mid market) at 372.50 as at 1.00pm on 24th and NAV at 437.27 (income incl) as published at 12.09pm. A difference of 64.77p which is a discount of 14.81% to the SP at the time according to my calculations. If you take a capital only NAV then the discount is less. I agree the discount has been in the order of 10% for most of 2016
although as mentioned was 15% in early Jan. The point I was making was that the reaction to the divi drop was well overdone and was forecast. I acted on this and topped up at 349p as IMHO commodity prices will increase with increased infrastructure spends in US.
I have relised that I do not have the vaguest idea whether this IT price will be higher or lower tomorrow/next month/next year. I have no idea what commodity prices will do in the next year. I do not have a notion what the Chinese economy will do. I haven't the vaguest whether the discount will rise, fall or disappear.
The good news is that that means that I can relax without spending hours on research and leave well alone - surely the way we should treat ITs
Personally I'm not sure if the discount is calculated from the NAV plus or minus the income. The current discount is approx the trailing 12 month average though. The share price has dropped to the 50day moving average which has acted as support in the past. The share price has trended up in a channel for the last 12 months, and is currently at the bottom. My stop loss is 350p, but if the trend is intact it should rebound from this point.
Timing is luck - so I think myself lucky - I'm kicking myself for not also buying a lottery ticket on 10th Feb! Anyway if we see a big (40-50%) retracement from the peak im going back in. Trump needs to come up trumps on his huge infrastructure spending promise - otherwise its going back down to 200p.
?...I am feeling that I may have reached my tipping point.
These shares have done well for me over the last 2-3 years.
To guard against losing back all of the gains,I am going to sell off about 10% of my holding...
with a view to repurchasing if there is a further fall, as long term they are still a good risk,in
Short term it was looking overbought at 4£. The price has headed back to its support at the 50d MA, which was approx 3.66£, and almost the bottom of the channel it has been in for 12 months. There maybe a few down days next week. Its at this point forward it will showing up as one of the best performing funds over 1 year which will probably draw in the small investor.
The decrease in divi was already known of and expected. Yesterday was probably a good topping up point. If it drops below 3.50 I will rethink. Looking at the price action on a 10 yr chart is reassuring. Medium to long term this has got to be a strong buy IMO.
Agree that this looks more like a buying op than anything else and cannot see any reason for the drop. A responsible attitude to dividends I always see as a plus point. Not sure why they are increasing from two to four payouts a year but that is not new info. As for the future well that depends on commodity prices and no one knows where they are going so would add if I wasn't already overweight here
Yield likely to be in the order of 3.5% for coming year at todays share price - not quite so appealing for income seekers but still a useful level if capital growth is investment aim. This readjustment was to be expected and the share price has rather overeacted IMHO. Perhaps a useful topping up point as discount of share price has just widened to about 15% - it was at this level at the start of 2016 and narrowed as the year progressed and the SP went skyward.
Cutting of divis in holding resulting in reduced income - explained in annual report below
" The Directors are recommending the payment of a final dividend of 9.00p per share for the year ended 31 December 2016 (2015: 14.00p). This, together with the interim dividend of 4.00p per share (2015: 7.00p), makes a total of 13.00p per share (2015: 21.00p). The final payment will be made on 12 May 2017 to shareholders on the Company?s register on 17 March 2017, the ex-dividend date being 16 March 2017.
We mentioned in the half yearly financial report that the Board would be increasing the frequency of dividend payments from twice to four times a year. It is intended that dividends will be announced in February, May, August and November and are expected to be paid no later than May, June, September and December in each relevant year. The Company will declare its first interim dividend in May 2017 to be paid no later than June 2017.
It remains the Board?s intention to seek to distribute substantially all of the income available. Income from ordinary dividends is expected to grow in 2017 as mining companies increase or reinstate dividend payments on the back of improved profitability and reduced balance sheet concerns. The Board?s current target is to declare three dividends of at least 3.00p per share in the year to 31 December 2017 and to recommend a final dividend for approval by shareholders at the Annual General Meeting in 2018. The ability to match or exceed this target will depend on portfolio dividend distributions, currency movements, royalty payments and income from option writing and should not be interpreted as a profit forecast. "
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