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Seraphim Space Investment Trust set to rocket onto LSE

Closed-end funds and OEICs
TheMotorcycleBoy
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Seraphim Space Investment Trust set to rocket onto LSE

#424842

Postby TheMotorcycleBoy » July 5th, 2021, 5:43 am

Hi folks,

Just seen this, and thought I'd share with people who might want to diversify their IT portfolios a little:

Seraphim Space Investment Trust PLC's Mark Boggett joins Proactive London's Katie Pilbeam to discuss their July 9th London Stock Exchange launch.

Boggett believes they have colossal opportunities and explains why an investor should want exposure to Spacetech.

He goes on to explain how over 100,000 satellites being launched in the next decade to build a new digital infrastructure around our planet could pose a risk and how he is investing into mitigating it.

from https://www.proactiveinvestors.co.uk/co ... 54019.html

Matt

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#424848

Postby mc2fool » July 5th, 2021, 7:31 am

IPO available through Interactive Investor (and undoubtedly some others).

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#424866

Postby ReformedCharacter » July 5th, 2021, 8:56 am

Hmm,

Sir Richard (Branson) is very much our man...

Going head to head with Elon Musk...

The UK government made a huge investment in OneWeb...

I think the latter was a bailout needed when investors saw the competition from SpaceX.

The fund may do well, but despite my interest in space technology I think it's not for me.

RC

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#428278

Postby SalvorHardin » July 17th, 2021, 12:03 pm

I haven't bought any, though I suspect that I will soon, as I'd rather let things settle down for a bit after last week's IPO. It's definitely something that I'd put into the high risk investment category.

The article below goes into considerable depth as to what is going into Seraphim Space. It is buying all of the Seraphim Space Fund, a venture capital fund which holds stakes in 19 different companies, using the £178.4 million raised in the IPO. The estimated value of Seraphim Space's stakes in these companies, according to the article, is US$105 million as of May 2021. Note that the definition of "space" here includes drones and self-driving vehicles.

https://www.nanalyze.com/2021/07/review-seraphim-space-investment-trust/

Here's the link to the Seraphim website:

https://seraphim.vc/

Other stories:

https://www.investmentweek.co.uk/news/4034269/seraphim-space-raises-gbp180m-oversubscribed-ipo

https://spacenews.com/seraphims-investment-trust-gets-firepower-for-bigger-space-deals/

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#428280

Postby Alaric » July 17th, 2021, 12:24 pm



Space evidently has far more appeal to IPO investors than residential property. The IPO for a residential property REIT at the same time was withdrawn because of insufficient interest.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#429177

Postby SalvorHardin » July 20th, 2021, 7:39 pm

I bought a few of these today. Not a big stake (just under 1% of my portfolio). Watching the Blue Origin mission was the tipping point, though I'd probably have bought some within a month or two anyway.

Some of the companies noted in the Nanalyze article mentioned earlier in this thread look rather interesting.

I've mentally put these shares into my "keep these for at least five years" box (along with my remaining Moderna shares). Speculative early stage companies like this IT holds need time to develop.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475223

Postby mc2fool » January 21st, 2022, 9:47 pm

The sizeable premium that these rocketed to more or less since launch has plummeted back to earth in the past couple of weeks, for no newsworthy reason that I can find, on a quick google at least. As the share price since launch has been pretty much totally driven by the premium it's gone the same way. Just initial exuberance making a rapid exit?

Image
https://uk.advfn.com/stock-market/london/seraphim-space-investment-SSIT/share-price

Also https://www.theaic.co.uk/companydata/0P0001MVIF/performance for SP, NAV & premium/discount history.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475330

Postby TheMotorcycleBoy » January 22nd, 2022, 2:36 pm

mc2fool wrote:The sizeable premium that these rocketed to more or less since launch has plummeted back to earth in the past couple of weeks, for no newsworthy reason that I can find, on a quick google at least. As the share price since launch has been pretty much totally driven by the premium it's gone the same way. Just initial exuberance making a rapid exit?

Image
https://uk.advfn.com/stock-market/london/seraphim-space-investment-SSIT/share-price

Also https://www.theaic.co.uk/companydata/0P0001MVIF/performance for SP, NAV & premium/discount history.

I think it's just a reflection of how many in the investment community have recently sold equities which were priced at high PEs. Since they are held which an expectation of future cash flows whose present values are higher in low interest rate monetary environments.

Matt

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475342

Postby ReformedCharacter » January 22nd, 2022, 3:20 pm

TheMotorcycleBoy wrote:I think it's just a reflection of how many in the investment community have recently sold equities which were priced at high PEs. Since they are held which an expectation of future cash flows whose present values are higher in low interest rate monetary environments.

Matt

Maybe, but I've just had a look at their website and the companies within the fund look highly speculative to me. Perhaps one or two may come good but frankly it likes like a bunch of high risk punts cobbled together to make a fund. Bargepole territory for me.

https://seraphim.vc/portfolio/

RC

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475349

Postby TheMotorcycleBoy » January 22nd, 2022, 3:45 pm

ReformedCharacter wrote:
TheMotorcycleBoy wrote:I think it's just a reflection of how many in the investment community have recently sold equities which were priced at high PEs. Since they are held which an expectation of future cash flows whose present values are higher in low interest rate monetary environments.

Matt

Maybe, but I've just had a look at their website and the companies within the fund look highly speculative to me. Perhaps one or two may come good but frankly it likes like a bunch of high risk punts cobbled together to make a fund. Bargepole territory for me.

https://seraphim.vc/portfolio/

RC

What I'm saying is, those kind of assets will "work best" (for an investor) with a v low rate environments, since the investors will be reaching for yield, and the startup firms comprising the trust will have lower borrowing costs.

Personally, I don't hold them. Space, at least near earth orbits, is a high risk IMHO, what with Russians currently testing weapons up there! An inflationary environment no less - an inflation in the amount of space junk, dead satellites etc.

Matt

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475357

Postby UncleEbenezer » January 22nd, 2022, 4:38 pm

ReformedCharacter wrote:Maybe, but I've just had a look at their website and the companies within the fund look highly speculative to me. Perhaps one or two may come good but frankly it likes like a bunch of high risk punts cobbled together to make a fund. Bargepole territory for me.
RC

Is Scottish Mortgage also on your bargepole?

I don't hold Seraphim, but I do hold a couple of space-based startup companies.

TheMotorcycleBoy wrote:Space, at least near earth orbits, is a high risk IMHO, what with Russians currently testing weapons up there! An inflationary environment no less - an inflation in the amount of space junk, dead satellites etc.


Now that you mention junk (a drop in the ocean compared to what we're doing nearer to home), a credible company on a mission to clear up space junk would look investable to me. I wonder if Seraphim hold any? [edit] It appears they do indeed have investments in that field!
Last edited by UncleEbenezer on January 22nd, 2022, 4:42 pm, edited 1 time in total.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475359

Postby TheMotorcycleBoy » January 22nd, 2022, 4:42 pm

UncleEbenezer wrote:Now that you mention junk (a drop in the ocean compared to what we're doing nearer to home), a credible company on a mission to clear up space junk would look investable to me. I wonder if Seraphim hold any?

Sure. But who'd pay the cleaning bill and hence originate the revenues/profits/cashflows? IOW I'm not ruling it out, merely pointing out that it doesn't sound particularly lucrative.

Matt

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475362

Postby UncleEbenezer » January 22nd, 2022, 4:47 pm

TheMotorcycleBoy wrote:
UncleEbenezer wrote:Now that you mention junk (a drop in the ocean compared to what we're doing nearer to home), a credible company on a mission to clear up space junk would look investable to me. I wonder if Seraphim hold any?

Sure. But who'd pay the cleaning bill and hence originate the revenues/profits/cashflows? IOW I'm not ruling it out, merely pointing out that it doesn't sound particularly lucrative.

Matt


I can imagine some big-name (blue chip) potential buyers for such a company. Or of course licensees for its technology.

Or even future governments imposing cleanup levies on companies operating in space to fund cleanup contracts.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475366

Postby monabri » January 22nd, 2022, 4:56 pm

You expect "rocket scientists" to be concerned with things like "margins" and "cost control".... ? Trust me, they aren't.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475371

Postby UncleEbenezer » January 22nd, 2022, 5:18 pm

monabri wrote:You expect "rocket scientists" to be concerned with things like "margins" and "cost control".... ? Trust me, they aren't.

Speaking as someone who spent a fair chunk of my life working on space projects, we get all sorts. Even rocket scientists have beancounters on their backs, albeit some more generous than others.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475373

Postby ReformedCharacter » January 22nd, 2022, 5:21 pm

UncleEbenezer wrote:
ReformedCharacter wrote:Maybe, but I've just had a look at their website and the companies within the fund look highly speculative to me. Perhaps one or two may come good but frankly it likes like a bunch of high risk punts cobbled together to make a fund. Bargepole territory for me.
RC

Is Scottish Mortgage also on your bargepole?

No, and I'm sure you don't need me to point out the differences between the two. SMT's holding in Spacex looks good to me. Space development is flourishing and I'm glad to see it but the failure rate of space related companies has been very high historically and picking the winners is difficult if not impossible IMO. The rate of change in the industry renders new ideas uncompetitive very quickly. The best that can be hoped for investors of Seraphim IMO is that the management are sufficiently skilled - or more likely lucky - to pick sufficient winners from the complete failures.

RC

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475374

Postby UncleEbenezer » January 22nd, 2022, 5:25 pm

ReformedCharacter wrote:
UncleEbenezer wrote:
ReformedCharacter wrote:Maybe, but I've just had a look at their website and the companies within the fund look highly speculative to me. Perhaps one or two may come good but frankly it likes like a bunch of high risk punts cobbled together to make a fund. Bargepole territory for me.
RC

Is Scottish Mortgage also on your bargepole?

No, and I'm sure you don't need me to point out the differences between the two. SMT's holding in Spacex looks good to me. Space development is flourishing and I'm glad to see it but the failure rate of space related companies has been very high historically and picking the winners is difficult if not impossible IMO. The rate of change in the industry renders new ideas uncompetitive very quickly. The best that can be hoped for investors of Seraphim IMO is that the management are sufficiently skilled - or more likely lucky - to pick sufficient winners from the complete failures.

RC

What's spacex got to do with anything? Unless as a potential client (or even buyer) for some Seraphim investees?

That's the second time you've described something that looks a lot like SMT's strategy of making big, high-risk bets in the expectation that though many will fail, enough of them will come good to keep investors happy.

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475375

Postby ReformedCharacter » January 22nd, 2022, 5:25 pm

UncleEbenezer wrote:I don't hold Seraphim, but I do hold a couple of space-based startup companies.


Would you like to mention which ones?

RC

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475376

Postby SalvorHardin » January 22nd, 2022, 5:27 pm

TheMotorcycleBoy wrote:Sure. But who'd pay the cleaning bill and hence originate the revenues/profits/cashflows? IOW I'm not ruling it out, merely pointing out that it doesn't sound particularly lucrative.

Governments are prime candidates to pay for cleaning up space junk.

I could see insurers getting involved. Less junk means fewer claims. Companies with commercial space interests will have an incentive to keep space relatively debris free. Maybe junk tracking companies will sell data about existing debris.

Elon Musk or even Jeff Bezos. Musk is launching a huge number of satellites; space junk is not good for this business.

A lot of froth has gone off the share price, so the premium to NAV will be much smaller than a couple of months ago. I'll be buying back in soon

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Re: Seraphim Space Investment Trust set to rocket onto LSE

#475379

Postby UncleEbenezer » January 22nd, 2022, 5:36 pm

ReformedCharacter wrote:
UncleEbenezer wrote:I don't hold Seraphim, but I do hold a couple of space-based startup companies.


Would you like to mention which ones?

RC

Why? I'm not giving them as share tips, just mentioning that I hold some. But since you ask, two are Vultus and Wegaw.


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