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Phil 2
Posted: 08 February 2023 07:09:52(UTC)
#837

Joined: 20/07/2018(UTC)
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Most definitely a hold for me (I know the question wasn’t really aimed at me!). Highly likely to be a decent buy at these levels. But only a Telegraph reader would be selling on a 20% discount and 10%+ drop on no news it seems …
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Mr GL on 08/02/2023(UTC)
ANDREW FOSTER
Posted: 08 February 2023 07:29:02(UTC)
#838

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My tuppance worth...

Sorry would be barge pole territory.

I always start by looking at the top ten holdings, at what they do, are they profitable, will they ever be imho...

The top holding is Coupage at 4.3% which appears to be trying to be a Korean Amazon. It's lost billions en route and now, in an attempt to become profitable, seems to be betting the farm on 'robots'.

This looks desperate to me. Even Amazon has failed to make money on product warehousing and delivery, how can these guys make it work.

This alone would be bad enough for me to run a mile, but looking down and drilling into other underlying holdings it's full of fluffy blue sky stuff vaguely described that is just hard to understand. Just a hunch that many of the sub investments are never going anywhere and will at some point vapourise. Will there be enough gems to cover those? I don't know because the information is just too scant.

It looks a like of Cathy Wood meets Woodford to me.

It doesn't matter what NAVs and charts say. I guess they all looked nice when RIT chose the investments, yet proved meaningless. Most of the stuff looks like junk dressed up for a shop window.

Just my view of course. Sorry if it sounds harsh, just saying it like I see it after a short drill down.
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3 users thanked ANDREW FOSTER for this post.
Mr GL on 08/02/2023(UTC), Rocca Billy on 08/02/2023(UTC), dlp6666 on 17/02/2023(UTC)
Mr GL
Posted: 08 February 2023 07:52:04(UTC)
#844

Joined: 18/10/2020(UTC)
Posts: 5,127
ANDREW FOSTER;256761 wrote:
My tuppance worth...

The top holding is Coupage at 4.3% which appears to be trying to be a Korean Amazon. It's lost billions en route and now, in an attempt to become profitable, seems to be betting the farm on 'robots'.
.


I have no ability or confidence to predict individual shares as investments over the long term... looking at a chart Coupang is the same price it was in march of 22 and almost back to the low of Jan 22.... pretty much sideways over the last year... I think I also read somewhere that they had hedged a slug of their exposure here at some point (they couldn't sell their shares but they could hedge their exposure via derivatives)...

also maybe worth checking your figure as in the half year report they show a 1.7% holding... https://www.ritcap.com/s...ly%20Report%202022.pdf. page 8.

Coupang2
South Korea
Consumer discretionary
66.8
1.7%
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Mr GL
Posted: 08 February 2023 07:56:06(UTC)
#842

Joined: 18/10/2020(UTC)
Posts: 5,127
ANDREW FOSTER;256761 wrote:


It looks a like of Cathy Wood meets Woodford to me.

.


seriously? now you are just being nasty...!

I see china is up a lot this year / last few months... RIT have a decent holding in China... I believe you have decided to have zero china exposure these last few months... whilst holding other Asia exposure... I guess that's what makes a market...
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Robert D on 08/02/2023(UTC), Big boy on 08/02/2023(UTC)
Mr GL
Posted: 08 February 2023 08:04:58(UTC)
#841

Joined: 18/10/2020(UTC)
Posts: 5,127
ANDREW FOSTER;256761 wrote:


but looking down and drilling into other underlying holdings it's full of fluffy blue sky stuff vaguely described that is just hard to understand. .


so having established that you were looking at the wrong holdings report... and using their most recent / last report here https://www.ritcap.com/s...rly%20Report%202022.pdf

I see on page 8 under 'quoted equity' a number of single names totalling 5.3% of NAV
and then on page 9 under 'private investments direct' again a spread of investments representing 12.7% of NAV

Can you be specific as to what of these specifically named investments you think are 'fluffy blue sky'...

The rest of their NAV is made up of funds and derivatives... so from your 'drilling down' you have concluded that of the 18% of RIT's NAV that you can see justifies comparing RIT to Cathy / Woodford?

I am not sure this is a fair or balanced analysis ... but thanks for your input... ho hum...
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Robert D on 08/02/2023(UTC)
ANDREW FOSTER
Posted: 08 February 2023 08:18:00(UTC)
#843

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Deleted will reply later..
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Dave64
Posted: 08 February 2023 08:23:23(UTC)
#839

Joined: 31/01/2020(UTC)
Posts: 203
ANDREW FOSTER;256761 wrote:
My tuppance worth...

The top holding is Coupage at 4.3%

.


Not according to September’s 13F filing:

https://www.insidermonke...+partners/712/holdings/
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ANDREW FOSTER
Posted: 08 February 2023 08:32:38(UTC)
#840

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Dave64;256770 wrote:
ANDREW FOSTER;256761 wrote:
My tuppance worth...

The top holding is Coupage at 4.3%

.


Not according to September’s 13F filing:

https://www.insidermonke...+partners/712/holdings/



Does seem not, I used this... naively assuming reasonably up to date.

http://uk.citywire.com/i...-trusts&fundid=3187

Coupang was 9% in August 21 supposedly.

Whether they have reduced stake or whether we are just seeing it's 66% fall I don't know.
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mdss68
Posted: 08 February 2023 08:57:02(UTC)
#845

Joined: 20/09/2018(UTC)
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Can I find a link now, naturally not......but I'm about 90% certain I read something about RIT reducing their Coupang stake, maybe 6 months or more back now.

But rather than carrying on like 3 Bulls in a China Shop, how about .......noticing what didn't happen yesterday?

No retest of the very recent low point, 1940p. Not even close. This I would (did, another Long in, no shares sold) take as a "good thing" for now - suggests to me much of the selling had been done post Questor, and only a few stragglers were left wavering.

If we think of the market as the transferring of assets to their rightful owners, from the impatient to the patient, or here, from Questor readers with no stomach for it to folk like Mr GL who will wait this storm in a teacup out ...... not all bad? Not great I grant, but the share price has been lower only days before. Today, 2000 is looking as likely as any other,

One thing I don't like though, you can see that the selling began Friday afternoon. But we only got hands on the NAV yesterday morning! Never keen on leaky shops, and I'd expect better of an outfit RIT's size and standing, if it was crazy man with MNL, maybe......

Unprovable, probably, but it's written in the charts clear enough.

Short term, 15 mins - https://www.tradingview.com/x/phcBcsAQ/

There is a whole discussion about how PE is valued to be had, but maybe at our leisure, and without the frayed nerves?





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3 users thanked mdss68 for this post.
Mr GL on 08/02/2023(UTC), Jimmy Page on 08/02/2023(UTC), Auric on 12/02/2023(UTC)
S Dobbo
Posted: 08 February 2023 09:10:55(UTC)
#847

Joined: 24/01/2013(UTC)
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I wonder how many here, are now 'long term holders' when they started off as traders seeking to profit from the discount?
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2 users thanked S Dobbo for this post.
Guest on 08/02/2023(UTC), Mr GL on 08/02/2023(UTC)
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