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Tyrion Lannister
Posted: 12 January 2018 20:08:27(UTC)

Joined: 03/03/2017(UTC)
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jvl;55312 wrote:
dlp6666;55301 wrote:

It looks like Lazard's WTR does something very similar to MIGO, but also pays a 3.4% dividend:

http://www.lazardworldtr...wtf-factsheet-nov17.pdf



When I looked it up on HL, I got the message:

"By law certain stocks must have a Key Investor Information Document / Key Information Document available before investors can purchase them. The party responsible for publishing the documents have not made them available to Hargreaves Lansdown for this stock and so it cannot be purchased"

That would be the EU's Mifid II again, wouldn't it?

I can't wait until we're out (properly). Though it's a forlorn hope that this timid corporatist government's going to exit properly, removing nanny-state guff like this...


I think this legislation is good, I really had my eyes opened when I saw the real costs of one of the ITs I'm investing in and won't be buying anymore as a result.

Yes, there's been teething problems with HL, but I put that down to them being petty and inflexible rather than the legislation per se.

If a fund doesn't want to provide the information required, you have to ask yourself why.
chubby bunny
Posted: 12 January 2018 22:56:44(UTC)

Joined: 31/10/2016(UTC)
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Tyrion Lannister;55317 wrote:
I think this legislation is good, I really had my eyes opened when I saw the real costs of one of the ITs I'm investing in and won't be buying anymore as a result.

Yes, there's been teething problems with HL, but I put that down to them being petty and inflexible rather than the legislation per se.

If a fund doesn't want to provide the information required, you have to ask yourself why.


I like it too. Most private investors will have no idea how much they are losing to charges on top of the published OCF. You shouldn't have to trawl through annual reports to find the true costs.
King Lodos
Posted: 18 January 2018 14:13:18(UTC)

Joined: 05/01/2016(UTC)
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Stop Loss on HICL Infrastructure at 148.4.

Attractive 5.1% yield on something with low correlation to the market, but Carillion might be saying something about the health of the sector, while HICL's diversification away from PFI contracts seems to be shares (and are these companies I'd buy as a particular sector play at the moment?).

A Stop Loss is a nice way to avoid having to make the decision myself – but it's much nicer holding things I know I'd buy more of on price falls
lynne shaffer
Posted: 18 January 2018 14:20:07(UTC)

Joined: 15/03/2011(UTC)
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I sold my Gateley yesterday for a 50% profit in 16 months as I've read a few lukewarm articles about these shares.

I thought 'strike while the iron is hot' so to speak!
1 user thanked lynne shaffer for this post.
c brown on 18/01/2018(UTC)
Mr Helpful
Posted: 18 January 2018 15:19:32(UTC)

Joined: 04/11/2016(UTC)
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King Lodos;55590 wrote:
Stop Loss on HICL Infrastructure at 148.4.
Attractive 5.1% yield on something with low correlation to the market, but Carillion might be saying something about the health of the sector, while HICL's diversification away from PFI contracts seems to be shares (and are these companies I'd buy as a particular sector play at the moment?).
A Stop Loss is a nice way to avoid having to make the decision myself – but it's much nicer holding things I know I'd buy more of on price falls


As we posted at the time, the kerfuffle during the Labour Party Conference, all as reported and analysed on CityWire, caused us to re-assess the sector and then dump HICL and INPP.
Did wonder about the HICL purchase by KL at the time of the purchase, but do not have the chutzpah of a few posters, to voice a contrary opinion.
Am always uncertain !!!

Still holding BBGI and 3IN as long term investments in this troubled sector, at about 80% full weighting. Hope would be able to add on any future serious price weakness; taking note of your last sentence !!!
Still quite fully valued IMHO as is the whole sector.
King Lodos
Posted: 18 January 2018 15:31:13(UTC)

Joined: 05/01/2016(UTC)
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Well the Labour threat's overstated imo – and brought the yield and discount to an attractive level.

But Carillion's just the inherent riskiness of any investment .. Two bad points and it's stop loss time
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Mr Helpful on 18/01/2018(UTC)
dyfed
Posted: 18 January 2018 16:42:59(UTC)

Joined: 01/09/2016(UTC)
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Just bought HICL and topped up JLIF which I bought recently at slightly below today's price.
I was involved in a couple of PFI/PPPs and find it hard to believe that any government buy-outs will do other than cause an early wind up at an advantageous price for the private-sector partners.
The risks I think are:
- the SPVs that run most PFIs often turn out to be unequal, with one company (e.g. the catering provider in a hospital) getting a worse deal than it's partners but no mechanism to share the pain. My guess is that Carillon's partners in established PFIs will find another player and so continue to service the contract and their capital debt (which is mainly what I am buying) albeit they may make a smaller margin
- early stage PFIs always hold higher risk: Carillon maybe looks to have been overweight here?
- investor sentiment drives down share price, but then I buy more, with higher divi and a discount rather than a premium

So buying into HICL etc at these prices is worth a modest punt, especially since I hold very little infrastructure - previously far too expensive for me - my cash reserves are high and it looks like good diversification.

But I could be completely wrong!
3 users thanked dyfed for this post.
Jim S on 18/01/2018(UTC), Mr Helpful on 18/01/2018(UTC), Tim D on 18/01/2018(UTC)
King Lodos
Posted: 18 January 2018 17:25:38(UTC)

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Well I'm glad I set a stop and went out for a walk rather than sitting there hovering over the Sell button, thinking about losses.

What concerns me from recent days is that the media whips up so much anger over PFIs and offshore funds, that cracking down on it becomes an easy way for either government to score points
Mr Helpful
Posted: 18 January 2018 18:49:15(UTC)

Joined: 04/11/2016(UTC)
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The National Audit Office seem to have been asleep in the passenger seat as Gordon "no more boom and bust" Brown, and politicians of other persuasions, drove Public Infrastructure down the private route.
Suddenly the NAO are awake with the realisation money can be borrowed and deployed at lower rates.

As investors in Infrastructure Funds, we could have told the NAO years ago. We as investors have been lapping up the yields and capital growth, amazed at the 'Alice in Wonderland' world; where the generous money coming into one pocket from the Infrastructure Funds has to be paid for with money leaving the other pocket in unnecessary taxation.

What started out as a sensible idea to delegate risk became over-employed dogma, and a means of concealing debt.

This all comes at a most unfortunate time for the Gov't, very much playing into Jeremy's hands.
1 user thanked Mr Helpful for this post.
Tim D on 18/01/2018(UTC)
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