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Personal Assets v Capital Gearing v RICA?

Closed-end funds and OEICs
richfool
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Re: Personal Assets v Capital Gearing v RICA?

#458439

Postby richfool » November 16th, 2021, 11:06 am

forrado wrote:Re: Ruffer Trust (RICA)

Announced today (15/11/2021)

Ruffer trust launches first share issue in 11 years

Having witnessed the growth of Personal Assets (PNL) and Capital Gearing (CGT) assets under management thanks to the success of rigorously applied discount-premium control policies by these two trusts over the course of several years. It seems to me Ruffer are using the present buoyant demand by UK investors for such wealth preservation trusts as an opportunity to play catch-up in terms of the trust's AUM. A quick look at market caps of the three trusts, and one sees Personal Assets and Capital Gearing are valued at £1,763m and £931m respectively, while Ruffer stands at £685m.

Thanks for the heads up on that forrado.

So how does a recent existing investor like myself, or a new investor like my wife, avail themselves of the opportunity to purchase shares?

Dod101
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Re: Personal Assets v Capital Gearing v RICA?

#458448

Postby Dod101 » November 16th, 2021, 11:23 am

richfool wrote:
forrado wrote:Re: Ruffer Trust (RICA)

Announced today (15/11/2021)

Ruffer trust launches first share issue in 11 years

Having witnessed the growth of Personal Assets (PNL) and Capital Gearing (CGT) assets under management thanks to the success of rigorously applied discount-premium control policies by these two trusts over the course of several years. It seems to me Ruffer are using the present buoyant demand by UK investors for such wealth preservation trusts as an opportunity to play catch-up in terms of the trust's AUM. A quick look at market caps of the three trusts, and one sees Personal Assets and Capital Gearing are valued at £1,763m and £931m respectively, while Ruffer stands at £685m.

Thanks for the heads up on that forrado.

So how does a recent existing investor like myself, or a new investor like my wife, avail themselves of the opportunity to purchase shares?


All the details are on their website as you might expect. Whichever platform you use to hold them should make the offer available to you. It is an Open Offer to all shareholders after all.

Personal Assets has grown a lot over the last few years. Shows how popular it is with investors.

Dod

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Re: Personal Assets v Capital Gearing v RICA?

#459377

Postby Alaric » November 19th, 2021, 6:12 pm

Dod101 wrote:Whichever platform you use to hold them should make the offer available to you. It is an Open Offer to all shareholders after all.


ii now have the IPO for Ruffer whose share price is currently at a small premium to NAV. The IPO is seemingly priced halfway between them.

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Re: Personal Assets v Capital Gearing v RICA?

#459494

Postby Lootman » November 20th, 2021, 9:39 am

Alaric wrote:
Dod101 wrote:Whichever platform you use to hold them should make the offer available to you. It is an Open Offer to all shareholders after all.

ii now have the IPO for Ruffer whose share price is currently at a small premium to NAV. The IPO is seemingly priced halfway between them.

Yes, through ii I put myself down for the maximum allotment, which is 25% of the number of shares you owned on the qualification date.

There is an option to apply for additional shares, which may be scaled down, but I declined that part of the offer. It is in my ISA so I have to be careful that there is enough cash in the account.

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Re: Personal Assets v Capital Gearing v RICA?

#459531

Postby richfool » November 20th, 2021, 11:12 am

Lootman wrote:
Alaric wrote:
Dod101 wrote:Whichever platform you use to hold them should make the offer available to you. It is an Open Offer to all shareholders after all.

ii now have the IPO for Ruffer whose share price is currently at a small premium to NAV. The IPO is seemingly priced halfway between them.

Yes, through ii I put myself down for the maximum allotment, which is 25% of the number of shares you owned on the qualification date.

There is an option to apply for additional shares, which may be scaled down, but I declined that part of the offer. It is in my ISA so I have to be careful that there is enough cash in the account.

As an existing holder of Ruffer I too applied for my maximum basic allocation (1 for 4), but no extras. Though my wife, who didn't yet hold any RICA wasn't able to apply for any through her broker. So as we/she were wanting to add RICA to her portfolio, she just bought some in the open market albeit at 300.5p

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Re: Personal Assets v Capital Gearing v RICA?

#463948

Postby XFool » December 7th, 2021, 6:51 pm

If participating in the RICA open offer, avoid becoming confused by the result, as I did!

viewtopic.php?p=463947#p463947

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Re: Personal Assets v Capital Gearing v RICA?

#476972

Postby richfool » January 28th, 2022, 10:12 pm

Personal Assets latest quarterly report (Jan22):

https://www.patplc.co.uk/Portals/0/Lite ... 202022.pdf

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Re: Personal Assets v Capital Gearing v RICA?

#481778

Postby 1nvest » February 20th, 2022, 10:27 pm

Aminatidi wrote:Contemplating a chunk of one of these as a smoother to a portfolio (I contemplate a lot but actually change very little :))

PNL look heavy on gold as does RICA, CGT less so.

Ruffer seem to be permanently predicting Armageddon, PNL looks very simple to figure out (not a bad thing to know what you're buying), CGT slightly less obvious.

If you were trying to decide a home between the three of them what things would you take into consideration?

Since 1990 comparing PNL NAV based total return to that of a UK based Harry Browne's Permanent Portfolio (PP = 25% each domestic stocks, gold, short dated gilt, long dated gilt (20 years)) and PNL relatively outperformed to recent, however the slope of the trend lines are parallel, suggesting start/end date sensitivity that when ironed out yielded the same rewards as the PP. Inspection of yearly averages and standard deviation indicates higher volatility (deeper worst year loss) .... higher risk, lower risk adjusted reward than the PP.

In all three cases I'd be concerned about change of management and/or active management decisions that proved critical/significant. Additional risks (and costs) compared to a passive alternative such as the PP.

Looks like sometimes the active management worked, other times didn't. Broadly washed.

Why take on additional risks just to line other peoples pockets.

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Re: Personal Assets v Capital Gearing v RICA?

#481815

Postby richfool » February 21st, 2022, 8:51 am

I note that Ruffer currently holds Big Oilies, BP and Shell and UK banks, Nat West and Lloyds, which the other two don't hold.

https://www.fundslibrary.co.uk/FundsLib ... 25IgoE&r=1

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Re: Personal Assets v Capital Gearing v RICA?

#494306

Postby richfool » April 14th, 2022, 1:43 pm

Personal Assets latest Quarterly Report - April 2022 - (includes discussion of index-linkers):

https://www.patplc.co.uk/Portals/0/Lite ... 202022.pdf

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Re: Personal Assets v Capital Gearing v RICA?

#495766

Postby richfool » April 22nd, 2022, 10:54 am

Capital Gearing Trust - Latest Quarterly report - Spring 2022:

https://www.capitalgearingtrust.com/sit ... Report.pdf

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Re: Personal Assets v Capital Gearing v RICA?

#500414

Postby XFool » May 14th, 2022, 11:21 am

RICA - Still seemingly doing what it says on the tin.

http://www.rns-pdf.londonstockexchange.com/rns/3303L_1-2022-5-12.pdf

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Re: Personal Assets v Capital Gearing v RICA?

#500422

Postby richfool » May 14th, 2022, 11:48 am

XFool wrote:RICA - Still seemingly doing what it says on the tin.

http://www.rns-pdf.londonstockexchange.com/rns/3303L_1-2022-5-12.pdf

Thanks for that XFool. Yes, RICA doing better then PNL and CGT currently.

I don't remember seeing Alibaba in its top ten holding before, so assume that has been added recently.

I added RICA early this year and then topped up via their offer, - just wish I had bought more, but that's the way these things often go.

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Re: Personal Assets v Capital Gearing v RICA?

#500423

Postby Aminatidi » May 14th, 2022, 11:49 am

Quite a bit of that due to premium though.

I have around a third in RICA so the dilemma is around whether to try and secure some profits off that premium v just let it run.

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Re: Personal Assets v Capital Gearing v RICA?

#503718

Postby richfool » May 30th, 2022, 10:13 am

Capital Gearing Trust Plc
Dividend Declaration

From: Capital Gearing Trust P.l.c.

LEI: 213800T2PJTPVF1UGW53

Date: 30 May 2022

Dividend Declaration

The Board of Capital Gearing Trust P.l.c. today announced a proposed final ordinary dividend of 46p per share in respect of the period ended 31 March 2022.

Subject to shareholder approval at the Annual General Meeting to be held on 12 July 2022, the dividend will be paid on 15 July 2022 to shareholders on the register at the close of business on 10 June 2022. The ex-dividend date is 9 June 2022.

https://www.investegate.co.uk/capital-g ... 0000P7D63/
Capital Gearing Trust Plc
Annual Results

From: Capital Gearing Trust P.l.c

LEI: 213800T2PJTPVF1UGW53

Date: 30 May 2022

Results for the period ended 31 March 2022

The Directors of Capital Gearing Trust P.l.c (“the Company”) are pleased to announce the Company's results for the period ended 31 March 2022.

The following is an extract from the Company's Annual Report and Financial Statements for the period to 31 March 2022. The Annual Report is expected to be posted to shareholders later this month. Members of the public may obtain copies from the registered office, Murray House, Murray Street, Belfast BT1 6DN or from its website: http://www.capitalgearingtrust.com. A copy will also shortly be available for inspection at the National Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The Annual General Meeting (“AGM”) of the Company will be held at 11.00 a.m. on Tuesday 12 July 2022. Now that Covid restrictions have been lifted, we welcome shareholders back in person to the meeting. The AGM will be held at the offices of J.P. Morgan Cazenove, the Great Hall, 60 Victoria Embankment, London, EC4Y 0JP.

Performance Summary

Total Return Performance (to 31 March 2022)
6 April 2021 to 31 March 2022 1 Year 3 Years 5 Years 10 Years


Share Price 10.0% 10.6% 27.3% 38.1% 79.2%
NAV per Share 10.5% 10.7% 27.0% 37.1% 85.1%
MSCI UK Index 18.7% 19.1% 15.8% 24.4% 89.0%
Inflation (RPI) 9.0% 9.0% 13.5% 20.1% 34.3%

Share price relative to MSCI UK -7.3% -7.1% 9.9% 11.0% -5.2%
Share price relative to RPI

https://www.investegate.co.uk/capital-g ... 0000PCE86/

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Re: Personal Assets v Capital Gearing v RICA?

#506005

Postby richfool » June 9th, 2022, 9:20 am

Personal Assets Annual Results and a special dividend:
· Over the year to 30 April 2022 PAT's net asset value per share ("NAV") rose by 5.8%. This compares to a rise of 5.1% in the FTSE All-Share Index. PAT's share price rose by £32.00 during the year and at 30 April 2022 was £503.00.

During the year, PAT continued to maintain a high level of liquidity. At 30 April 2022, liquidity was 62.2%. This included 16.9% in UK T-Bills, UK cash, overseas cash, and net current liabilities and 45.2% in various classes of non-equity risk assets: 35.7% in US TIPS and 9.5% in Gold Bullion. This compared to holdings as at 30 April 2021 of 12.7% in UK T-Bills, UK cash, overseas cash, and net current liabilities and 41.5% in various classes of non-equity risk assets: 32.6% in US TIPS and 8.9% in Gold Bullion.

Dividend Declaration
The Board of Personal Assets Trust plc has declared a special dividend for the year to 30 April 2022 of £1.40 and a first interim dividend for the year to 30 April 2023 of £1.40 per share. The dividends will be paid on 22 July 2022 to shareholders on the register on 17 June 2022. The ex-dividend date will be 16 June 2022.

https://www.investegate.co.uk/personal- ... 00022151O/

https://www.investegate.co.uk/personal- ... 05012404O/

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Re: Personal Assets v Capital Gearing v RICA?

#506012

Postby Dod101 » June 9th, 2022, 9:41 am

The Personal Assets annual results surely deserve a separate thread but never mind.

After a generous and well deserved tribute to the late Robin Angus, note the share split. The times they are a-changing.

Interesting also that they are having to pay the special dividend in order to comply with the IT requirements for distributing at least 90% of their revenue, not because they particularly want to.

Dod

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Re: Personal Assets v Capital Gearing v RICA?

#506018

Postby dsc11 » June 9th, 2022, 10:09 am

I was particularly pleased to see the 100:1 split announced:

"....After deep consideration, the Board believe that it is appropriate to seek shareholder approval at the upcoming Annual General Meeting to split each Ordinary share on a one hundred for one basis..."

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Re: Personal Assets v Capital Gearing v RICA?

#506020

Postby Lootman » June 9th, 2022, 10:19 am

dsc11 wrote:I was particularly pleased to see the 100:1 split announced:

"....After deep consideration, the Board believe that it is appropriate to seek shareholder approval at the upcoming Annual General Meeting to split each Ordinary share on a one hundred for one basis..."

May I ask for what reason it pleases you? I don't really see that such things make much material difference, although Apple, Tesla, Amazon and (soon) Google have all done it, and there is sometimes a temporary boost to the share price.

It can make the shares more marketable, and is helpful if you want to trade options. But otherwise nothing really changes. Perhaps if you are investing monthly or reinvesting dividends?

I hold 100 shares of PNL so presumably I will end up with 10,000 shares?

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Re: Personal Assets v Capital Gearing v RICA?

#506033

Postby dsc11 » June 9th, 2022, 11:20 am

The split pleases me as with a modest holding I'll be able to automatically reinvest dividends on the platform I use ... And the report alluded to this being the rationale.


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