I have written a research piece on Jardine Matheson and Jardine Strategic, which has been published on Seeking Alpha – Jardine Matheson: High Quality At A Low Price. These have been long-term holdings of mine.
I have recently produced a detailed research piece on Great Eagle (ticker: 41 HK), which has been published on Seeking Alpha – Great Eagle: A Bargain at Half Its SOTP Valuation. At the current share price, I think the shares are a genuine bargain.
Aurora Russia (ticker: AURR) is an AIM-listed investment company, launched in 2006. It is a private equity fund investing in small Russian companies. (Note it is completely unrelated to Aurora Investment Trust, which I have also recently invested in.)
Aurora Investment Trust (ticker: ARR) is a UK-listed investment trust. After a run of poor performance, it recently announced plans to consult with shareholders about the trust’s future. It is currently trading at a discount of around 14% to its net asset value.
I recently bought shares in Henderson Land (ticker: 12 HK), the Hong Kong-listed property and holding company. Prices of both residential and commercial property in Hong Kong have more than doubled since their low point during the financial crisis, fuelled by low interest rates and demand from mainland Chinese investors. Talk of a possible property bubble started in 2010, since when prices have continued to rise sharply. On the face of it, this might not seem the best time to be buying into the Hong Kong property sector. Nonetheless, in my view, Henderson Land would represent a bargain even if property prices fall substantially.
RENN Universal Growth Investment Trust (ticker: RUG) is a UK-listed fund, which invests in small-cap US companies (including non-US companies listed in the US). The trust recently announced plans to wind-up the fund. Whilst it is a high risk investment, I think there is sufficient potential upside and margin of safety to merit investing. I have just bought a small position in RUG at 238p.
Aberforth Geared Income Trust (ticker: AGIT) is a split capital investment trust, which invests in quoted UK smaller companies. The trust is managed by Aberforth Partners, the specialist UK smaller companies fund manager, which also manages the Aberforth Smaller Companies Trust (ASCoT), together with an equivalent open-ended fund.
New Star Investment Trust (ticker: NSI) invests globally in a diversified selection of investment funds, covering a range of asset classes, including equities, bonds, hedge funds, private equity, gold and commodities. Its primary focus is on equities, which account for around 50% of assets. The majority of its investments are in open-ended, retail funds.
Subscription shares have become popular in recent years, as a way for investment trusts to raise new capital, even if the ordinary shares are trading at a discount to net asset value. They are listed securities, similar to warrants, which give holders the option (i.e. the right, but not the obligation) to buy new ordinary shares at the subscription price up to a fixed expiry date.