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Axion European Financial Debt (AXI)

Closed-end funds and OEICs
88V8
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Re: Axion European Financial Debt (AXI)

#458702

Postby 88V8 » November 17th, 2021, 10:33 am

mc2fool wrote:The issue with AXI on ii isn't to do with the Appropriateness Assessment for complex instruments as I've already passed that and am enabled to trade those but it won't let me buy AXI.

They told me they were missing the KID... I said they could copy it from HL to which they went Harrumph! then they said they were awaiting the Costs Statement. One piece of BS after another.
I can't even buy NWBD online through ii. I think they're having a fit of the sillies.

Anyway, HL will allow AXI's purchase online. Their trading fees are not high although unlike ii, one has to pre-fund the account.
And I don't really like HL's website, probably that's just unfamiliarity.

Before buying AXI, I had to do the Complex Instruments test - I chose the piano accordian.

V8

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Re: Axion European Financial Debt (AXI)

#458728

Postby stevensfo » November 17th, 2021, 11:40 am

Padders72 wrote:
Padders72 wrote:
stevensfo wrote:
I just checked with ii this morning and it seems that AXI, NBMI and NCYF can all now be bought online, though not via 'Regular Trading.'


Steve


Well in the case of AXI this is certainly not the case for me (and I doubt it actually is for you). I tried this morning and again got the red banner declaring that they are unable to trade those online. As I mentioned earlier in the thread, the last time I experienced this I phoned and they stated that they were in fact unwilling to allow the purchase of them at all. I suggest you try a dummy purchase yourself, it wont stop you until you get right to the final preview stage.


Hmm on reading that back it sounds a bit terse, sorry Steve!


No problems. I'm married, so on the terse scale it barely scored 3/10. ;)

But you're absolutely correct! I tried a dummy purchase and NCYF, NBMI were fine, but not AXI. I think that last time, the page did not even bring up the name for AXI, whereas now it does, so I assumed that it was okay.

Again, even if accepted, the holdings are not eligible for 'Regular Investments'. I also discovered that another of my holdings has joined that list: Alternative Income REIT (AIRE). No idea why this should be.

Steve

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Re: Axion European Financial Debt (AXI)

#458855

Postby Laughton » November 17th, 2021, 5:52 pm

And I don't really like HL's website, probably that's just unfamiliarity.


I'm so glad to hear that I'm not the only one.

88V8
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Re: Axion European Financial Debt (AXI)

#461368

Postby 88V8 » November 27th, 2021, 10:11 am

Edison review of Axion ... a 21% total return over the last 12 months, well above the average of its debt investing closed-end funds peers...... AXI’s portfolio has a 7.8% running yield; 8.3% to perpetuity. AXI is trading on an 11% discount to NAV with a covered 6.4% dividend yield.

https://www.edisongroup.com/publication/resilience-and-regulatory-changes-driving-returns/30209

Nuisance that I can only buy them via HL.

V8

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Re: Axion European Financial Debt (AXI)

#472220

Postby Padders72 » January 11th, 2022, 9:43 pm

Just thought I would flag up that these have now ticked up to 98p/101p, a post 2018 high so confidence has clearly returned. I am obviously not regretting my investment at the end of last year. I went in chasing the 6%+ dividend but there has been a happy additional capital bump also. The discount seems to have narrowed to nearer 7% but that may be based on older data so to to be treated with suspicion perhaps.

88V8
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Re: Axion European Financial Debt (AXI)

#474762

Postby 88V8 » January 20th, 2022, 2:46 pm

An oddity on the revamped AIC website...

'Wind up provisions:
The Company is intended to have an indefinite life and the Articles do not provide for a scheduled winding-up. However, at every seventh annual general meeting, the first being in 2023, the Board will propose a special resolution that the Company should cease to continue as presently constituted. In the event that a Discontinuation Resolution is passed, the Board will be required to formulate proposals to be put to Shareholders within four months to wind-up or otherwise reconstruct the Company, having regard (to the extent applicable) to the illiquid nature of any of the Company.' underlying assets. Any such proposals may incorporate arrangements which enable investors who wish to continue to be exposed to the Portfolio to maintain some or all of their existing exposure.


An IT with its own sunset clause...

V8 (holds)

88V8
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Re: Axion European Financial Debt (AXI)

#476269

Postby 88V8 » January 26th, 2022, 10:05 am

Available again online via ii.

Whether it's a good idea to buy more FI with inflation ramping up.....

V8

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Re: Axion European Financial Debt (AXI)

#476274

Postby Padders72 » January 26th, 2022, 10:21 am

88V8 wrote:Available again online via ii.

Whether it's a good idea to buy more FI with inflation ramping up.....

V8


Indeed so, just got an online price to buy of £1.0044 which is a surprise considering only 3 months ago ii were adamant these were too complex for retail investors. What a shame I had to set up a HL F&S account just to hold them.

88V8
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Re: Axion European Financial Debt (AXI)

#476356

Postby 88V8 » January 26th, 2022, 5:16 pm

Padders72 wrote:... just got an online price to buy of £1.0044 which is a surprise considering only 3 months ago ii were adamant these were too complex for retail investors. What a shame I had to set up a HL F&S account just to hold them.

Likewise with HL.
Although I really should run another broker account... eggs... basket.

I topped up at a quid.

V8

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Re: Axion European Financial Debt (AXI)

#476363

Postby Padders72 » January 26th, 2022, 5:46 pm

88V8 wrote:
Padders72 wrote:... just got an online price to buy of £1.0044 which is a surprise considering only 3 months ago ii were adamant these were too complex for retail investors. What a shame I had to set up a HL F&S account just to hold them.

Likewise with HL.
Although I really should run another broker account... eggs... basket.

I topped up at a quid.

V8

I may now convert some of the less interesting parts of my ISA (the bulk of which is held with ii) into these, though I think we are all holding our breath at present due to the possibility of a Russo-Ukranian market meltdown, maybe in a month or two when there is literally blood on the streets* they may be cheaper. But then so may be the instruments I would be selling down.

*Yes I do hate myself for saying that. No I don't crave a conflict in Eastern Europe for the purposes of personal gain, I have more moral compass than that, but I am not certain that Vlad does, which is rather the issue.

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Re: Axion European Financial Debt (AXI)

#476489

Postby 88V8 » January 27th, 2022, 10:32 am

Padders72 wrote:....I don't crave a conflict in Eastern Europe for the purposes of personal gain, I have more moral compass than that, but I am not certain that Vlad does, which is rather the issue.

He's trying to fend off another Russian revolution with him as the tsar, so hard to predict, but if he doesn't move during the winter his gas weapon will be blunted, and come the thaw armoured vehicles move less easily... invade or not, either way I think we have not long to wait.

AXI is a small fund as these things go... £91mio... which I quite like.
I recall when I joined Arbuthnot many moons ago a manager tried to sell me into one of their funds, pointing out that it was only £1mio or so and thus easier to manage.

V8

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Re: Axion European Financial Debt (AXI)

#482613

Postby 88V8 » February 24th, 2022, 4:29 pm

AXI available to buy at 96.6.
Just topped up.

V8

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Re: Axion European Financial Debt (AXI)

#496850

Postby bruncher » April 27th, 2022, 11:04 am

88V8 wrote:AXI available to buy at 96.6.
Just topped up.

V8


Now quite a bit lower. I don't understand why, does anyone?

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Re: Axion European Financial Debt (AXI)

#523335

Postby simoan » August 18th, 2022, 8:09 am

Well done to any holders of AXI here. Nice result with a tender offer announced at NAV less costs. Price currently up 11%.

All the best, Si

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Re: Axiom European Financial Debt (AXI)

#523348

Postby Gan020 » August 18th, 2022, 8:34 am

Nice profit of 20%+ for those holding who bought below 80p recently

I have no idea where to put the money but I'll worry about that later.

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Re: Axion European Financial Debt (AXI)

#523379

Postby 88V8 » August 18th, 2022, 9:35 am

The RNS says the offer will not be until 2023, so some upwards potential.

Might put the cash into MCT or SHRS, or NCYF but already rather overweight there.

V8

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Re: Axiom European Financial Debt (AXI)

#523406

Postby Padders72 » August 18th, 2022, 10:21 am

Gan020 wrote:Nice profit of 20%+ for those holding who bought below 80p recently

I have no idea where to put the money but I'll worry about that later.


And a crumb of comfort for those of us who bought at just under a quid but further to go yet before the ship is afloat!

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Re: Axion European Financial Debt (AXI)

#580688

Postby bruncher » April 4th, 2023, 3:55 pm

88V8 wrote:The RNS says the offer will not be until 2023, so some upwards potential.

Might put the cash into MCT or SHRS, or NCYF but already rather overweight there.

V8


Please could you provide a link to the announcement - does it say that there WILL be an offer or that 2023 is the earliest it could happen IF there is to be an offer?

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Re: Axion European Financial Debt (AXI)

#580706

Postby 88V8 » April 4th, 2023, 6:35 pm

bruncher wrote:
88V8 wrote:The RNS says the offer will not be until 2023, so some upwards potential.

Please could you provide a link to the announcement - does it say that there WILL be an offer or that 2023 is the earliest it could happen IF there is to be an offer?

The former.

However the rationale has rather evaporated along with the NAV discount to Ask.

V8

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Re: Axion European Financial Debt (AXI)

#580711

Postby bruncher » April 4th, 2023, 6:52 pm

Thanks V8, I was scanning the RNS's for last August looking for 'offer' or 'tender' rather than the 'Company Update' heading that it's listed under

The Board of Axiom European Financial Debt Fund Limited (the "Company") notes that the regulatory transition that the Company's investment objective has sought to exploit since IPO is now drawing to a close. The Board also notes the persistent discount on, and limited liquidity in, the Company's shares despite the NAV performance track record of the Company which, in the 3- and 5-year periods to 15 August 2022, was by a substantial margin the best in the AIC Debt - Loans & Bonds sector at 6.85% p.a. and 5.23% p.a. respectively. Consequently, and in the light of feedback from a significant proportion of the Company's shareholders (the "Shareholders"), the Board has determined that it would not be in Shareholders' best interests to continue the Company in its present form and intends to put forward alternative proposals to Shareholders.

The Board has been encouraged by the positive feedback from Shareholders in respect of the Company's strategy and the potential for it to be evolved to provide attractive returns into the future. The Board also notes that the investment manager, Axiom Alternative Investments SARL ("Axiom") already manages a range of other funds which follow similar strategies with success and which have seen substantial inflows of investor capital over the past two or three years. Accordingly, due to the challenges noted above, the Board intends to offer Shareholders the option of receiving cash at NAV (less costs, including any portfolio realisation expenses) for some or all of their shareholding and/or to continue their investment in an open-ended vehicle managed by Axiom (the "Proposals"). That vehicle will have a similar investment strategy to that which the Company would have proposed if it were to continue to operate as a closed-ended listed investment company. In order to effect the Proposals it is expected that the existing Company will be liquidated.

The Board, together with Axiom and the Company's broker, Winterflood Securities Limited, is working on formal proposals to be put to Shareholders and will make a further announcement with details in due course. The Board's aim is for the proposals to be put to Shareholders early in 2023 and, assuming Shareholder approval is received, for the transaction to be completed as soon as reasonably practicable thereafter.


https://www.londonstockexchange.com/new ... e/15590198

Is it still 'early in 2023'? I wonder how many investors will not be voting? Will brokers offer us that opportunity if we hold in a nominee account?


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