The Lemon Fool

Am still deploying BOI proceeds and JARA popped up.

An interesting IT from a premier investment manager who has come a cropper.

Am reading through the last qtly report, to end August and see the managers have been active in repurchasing shares, hedging GBP risk, reducing exposure to retail and office and increased infrastructure and transport.
The share price today is 64p, just above years low, yielding 6.23% The discount to NAV is 30% .
The 43% Real Estate allocation looks to be the main driver of discount .
The average cost of debt is 4.3% with the rump,59%, maturing 2027+.
USD strength has been a positive but could easily be a detractor, at least they are aware and taking steps.

Does not give me an immediate buzz but i think worth a small punt on the managements ability and possible end of rate hikes.

Swan

Sector % Allocation
Industrial / Logistics 17%
Office 9%
Residential 10%
Retail 5%
Other Real Estate 2%
Total Real Estate (private % / public %) 43% (37% / 6%)

Utilities 12%
Renewable Energy 5%
Liquid Bulk Storage 2%
Conventional Energy 2%
Fixed Transportation Assets 1%
Total Infrastructure (private % / public %) 23% (19% / 4%)

Maritime 9%
Energy Logistics 6%
Aviation 2%
Rolling Stock 3%
Other Transportation 1%
Total Transportation (private % / public %) 22% (20% / 3%)
Real Estate Mezzanine Debt 7%
Other real estate debt 2%
Other Real Assets (private % / public %) 10% (7% / 2%)
Total Invested Portfolio 98%

I’ve been gradually buying JARA for the last 18 months.

I’m heavily in the red, but like the balance of assets and will continue to average down.

Wasron

Wasron wrote:I’ve been gradually buying JARA for the last 18 months.

I’m heavily in the red, but like the balance of assets and will continue to average down.

Wasron

I have from time to time looked at JARA, but was wary of its exposure to property and infrastructure at a time when interest rate rises were anticipated.

Have you looked at MATE? A lower dividend yield at 4.73%, than JARA, but it majors on low volatility and diversity, includes bonds, infrastructure and US technology. I used to hold it, but got fed up with its lack of capital upside performance. It's a small trust c £70m.

https://www.hl.co.uk/shares/shares-sear ... ome-ord-1p

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

richfool wrote:

Wasron wrote:I’ve been gradually buying JARA for the last 18 months.

I’m heavily in the red, but like the balance of assets and will continue to average down.

Wasron

I have from time to time looked at JARA, but was wary of its exposure to property and infrastructure at a time when interest rate rises were anticipated.

Have you looked at MATE? A lower dividend yield at 4.73%, than JARA, but it majors on low volatility and diversity, includes bonds, infrastructure and US technology. I used to hold it, but got fed up with its lack of capital upside performance. It's a small trust c £70m.

https://www.hl.co.uk/shares/shares-sear ... ome-ord-1p

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

I didn’t start buying until rates were already on the rise, but the extent of the rise has surprised me.

I did look at MATE at the time, but preferred the larger trust.

I’m not inclined to jump from one to the another now, so will just be patient.

Regards,

Wasron