MIR - Mirrabooka Investments

[Dona Ferentes]

(cont. ... buys in 2024 )
ARX >>> buy ... slip n slide

IEL >>> add .. unmitigated failure

SDR >>> buy .. hopeless


CBO >>> buy ... solid

 

[Dona Ferentes]

the rights issue in April was the low point in the recent trumpian shakeout; I wonder if they could have tried for a higher issue price than $3.06?

So the stock has put on a nice 10 percent since then, and back at, around or above NTA .

Tomorrow 17 July is the FY Final Results, and already foreshadowed is a 6.5c dividend.
Goes ex-divi on 30 July to be paid on 19 Aug.

 

[rolly1]

Another one of these fund managers that like to bloat their returns by adding in the franking credits.

 

[Dona Ferentes]

> Net Profit attributable to members was $7.9 million, down 26.2% from $10.7 million in the previous corresponding period.
> Net profit per share was 4.05 cents, down from 5.56 cents per share in the p.c.p.
> Revenue from operating activities was $11.4 million, down 6.4% on the pcp.
> The final dividend of 6.5 cents per share fully franked, the same as last year, will be paid on 19 August 2025
> Shares issued under the recent 1-for-7 rights issue are eligible for the final dividend.
> The entire final dividend is sourced from capital gains, on which the Company has paid or will pay tax. The amount of the pre-tax attributable gain, known as an “LIC capital gain”, attached to this dividend is 9.3 cents.

 

[Dona Ferentes]

Acquisitions Cost ($m)
Macquarie Technology Group .. 9.8
Treasury Wines Estates ... 7.5
ARB Corporation ...... 7.3
Ramsay Health Care .. 6.0
Region Group ............. 6.0
Channel Infrastructure ... 5.7

Disposals ...Proceeds ($m)
PSC Insurance* (sold under takeover) .. 14.1
Pinnacle Investment Management .... 11.0
Temple & Webster Group .......9.0
Dropsuite* (sold under takeover) ... 6.0
FINEOS Corporation* ..... 6.0
*Complete sale from the portfolio

New Companies Added to the Investment Portfolio
Treasury Wines Estates
Ramsay Health Care
Channel Infrastructure (NZX listed)
Cuscal
GrainCorp
Servcorp
ReadyTech Holdings
Australian Ethical Investment
Napier Port Holdings (NZX listed)
Ai-Media Technologies
PWR Holdings
Winton Land (NZX listed)

 

[Dona Ferentes]

Another one of these fund managers that like to bloat their returns by adding in the franking credits.

from the annual report :

Note: Rebalancing of the portfolio to manage risk is an important part of Mirrabooka’s investment approach. The tax paid on realised gains can impact relative performance figures against the Index which does not have such imposts. The inclusion of the benefit of franking credits from the tax paid and distributed to shareholders in the dividend is one way of overcoming this distortion.

 

[rolly1]

from the annual report :

Note: Rebalancing of the portfolio to manage risk is an important part of Mirrabooka’s investment approach. The tax paid on realised gains can impact relative performance figures against the Index which does not have such imposts. The inclusion of the benefit of franking credits from the tax paid and distributed to shareholders in the dividend is one way of overcoming this distortion.

Yea na that is a copout. Best practice is returns after fees and expenses but before tax. Sure, put other returns like including franking credits (of which only a small part of the holders can compare to) and even after tax if you like.
Anything else is just trying to dress it up.

 

[Dona Ferentes]

Yea na that is a cope out. Best practice is returns after fees and expenses but before tax. Sure, put other returns like including franking credits (of which only a small part of the holders can compare to) and even after tax if you like.
Anything else is just trying to dress it up.

you mean like this

 

[rolly1]

While that may be correct it lacks the clarity to fully inform investors.

The above is from WAX. At least Geoff spells it out no matter how dodgy the practice is.

Imagine this:
Me to Wifee - Hey I made 100k this year
Wifee - Oh how come there is only 90k in the account then.
Me - Oh cause I don't take into account brokerage, data fees etc.
Wifee - WTF you idiot you made 90k.

The above is LSF which is fully transparent.

If folklore is to be believed, 80% of managers underperform their benchmark after fees. I guess that is why ETF's inflows are booming.

 

[Dona Ferentes]

sometimes participation in Reinvestment plans can be a bit of a punt (short term at least).

711,256 new shares issued at $3.30; MIR now trading around $3.34 and the latest NTA, last Friday, is $3.44.

 

[monkton]

sometimes participation in Reinvestment plans can be a bit of a punt (short term at least).

711,256 new shares issued at $3.30; MIR now trading around $3.34 and the latest NTA, last Friday, is $3.44.

That would have been a 'good punt'! Unfortunately I needed the cash, still can't complain.