Lemons ripen before plums

[BusyBumbleBee]

Downing One released it's half year results today - not good - with a declining NAV, and very glad I sold them a year or so back.

There are a number of excuses and this is one of them

It is too early to form a view as to the ultimate success of the
portfolio of young unquoted growth investments that the Company has made
over the last couple of years. Weaker businesses in this sector tend to
become apparent well before the stronger businesses prove themselves.
This is the effect that we have started to see recently.

I fully expect to see more of them from them not only from this one but other VCTs as well in the coming months/year.

[barchid]

BBB
Downing is one I've never owned, but you are quite correct in drawing our attention to lemons ripening first.
I confess to have thought that your earlier posts were a tad too negative re vct prospects generally but having returned from the CRWN agm this pm where their fund manager was answering a question from a shareholder enquiring if after selling part of Radnor there might be surplus cash to distribute as a dividend, this same manager who had spent a few minutes previously telling us how they are v conservative in valuing unquoteds and how they received "a very full price" for Radnor then revealed that the sale price was very similar to their valuation !
Your posts immediately started me thinking.
Plums being over ripened sprung to mind.
I am starting to fear that the good times we've all enjoyed in the vct market are drawing to a close. Personally I'll still continue with Amati, Maven and the like as their ability to understand and to invest in companies which may well have a technological edge is something I'd prefer to leave to pro's as my knowledge in that sphere is sadly lacking, but my exposure will be more limited until the dust settles after the new rules.

[Gostevie]

Hi barchid,

I too was at the Crown Place AGM today and will hopefully post a brief review tomorrow. Shame we don't know what each other looks like as it would have been good to meet and say hello.

All the best,

Steve

[barchid]

Steve
I have just read your report on the CWRN thread & thank you for it.
I agree it would be nice to put the names to the faces, I hope to be at the next AAVC meeting so perhaps then ?
I am afraid I must duck your 10.30 "livener" though, as the noon start allows me to do what needs to be done before the meeting !