devonplay
29 May 2019
Final Results Highlights +10.9% NAV total return for the year (+8.1% excluding currency gains) Strong returns from the Quoted, Unquoted and Funds pools and a small positive return from the Income pool; returns enhanced by the strengthening US dollar Continued growth in dividends to shareholders 4% increase in annual dividend per share to 59.3p 52nd consecutive year of increasing dividends Strong NAV growth over the year of +9.0% £491m realised from the portfolio including £92m from sale of Choice Care Group £560m investment in new and follow-on opportunities including £117m in Deep Sea Electronics equity and £50m in debt (subsequently repaid) and £93m in Cooke Optics Significant capacity to capitalise on market opportunities £112m of cash available Unutilised facilities of £250m at year end [link] DL
shareordie
19 Dec 2018
Results and reclassification I’ve also held for a long time, and agree totally. Definitely a good one to hold on to.
devonplay
19 Dec 2018
Results and reclassification It’s a solid company. I’ve held if for ages. It’s not on my buy list at the moment, but you can’t really go wrong with it over the long term. DL
shareordie
19 Dec 2018
Results and reclassification Reclassification to flexible investment sector. I don’t know if that will have any effect on discount to NAV? Results look good, NAV growth seems to be good especially in the current climate, just discount to NAV stubbornly high.
shareordie
25 May 2018
Re: Results CLDN is a long term investment, and as said does do well over this time frame, the markets are doing well at the moment, People seem to be going for risky investments and defensive shares seem to be rated lowly. Any market nervousness could see this reversed.
divvent argie
25 May 2018
Re: Results Thanks for your views - it has been helpful. Interesting that the sp went up yesterday while much of the market was having a wobble. I'm going to hang in here as now is clearly the wrong time to sell and I take on board the long term nature of this trust. I just hope the bod and investment managers have another look at what they are doing and have been doing of late.
Windsor Buffet
24 May 2018
Re: Results PS they aim to outperform the FTSE over a 5 year horizon. Shorter term their KPIs refer to RPI+ type returns (I know they didn't manage these either). Don't sell now is my advice. If it's the wrong investment for you wait for the current upswing in 'value' stocks to play out for a few more months. DYOR etc and good luck
Windsor Buffet
24 May 2018
Re: Results The Caysers are long term investors and overall the 'pools' approach has worked well since Wyatt took over back at the start of the decade. As far as stocks are concerned they're very much value investors which as a theme has had a poor 12 - 24 months so it's not surprising the 'income' and to a lesser extent the 'quoted' pool underperformed. Looking very quickly through the presentation slides I see they took a big haircut on the valuation of Gala Bingo and their funds pool did okay except for it pretty much being totally associated with the USD which weakened vs sterling in the reporting period. As for currency hedging some do it really well (RCP for example) but in my experience if it's not a core competence then positions can go sour very quickly to a costly extent. My personal philosophy over 25 years of investing has always been to have a significant exposure to overseas equities because besides everything else sterling has been steadily depreciating since the end of WW2. Note that sterling has weakened a fair bit since March 31st. CLDN is never a short term investment but overall it has a place in my portfolio as I think the longer term horizon of the Caysers will pay off, especially during inevitable dips and bear markets. Don't expect the discount ever to get really low due to the vagaries of the 'Cayser Factor' (they'd start fighting like cats and dogs over who's shares got sold in any buy back) but IMO a 20% discount after a period in which value investing has been out of favour represents a decent entry point for anyone looking to get in for ideally a minimum of 5 years.
devonplay
24 May 2018
It's a drag.... It's a drag all that cash, but as someone who now only invests only from dividend income I'm comforted by the idea that CLDN will be able to move quickly when the PE market is less frothy.I've benefitted the discipline of only investing from income. It's forced me to be much more careful and that's had very positive results.I still invest in risk assets, but make phased purchases. I always admire CLDN's attitude to managing risk and their approach to wealth preservation.I'll be adding if that discount goes over 20% again. Personally, I thought the results were broadly inline with what I expected. The cycle begins again.DL
divvent argie
24 May 2018
Results I've had a quick look this morning and would be interested in others views. Initial thoughts include the lack of FX hedging - why? NAV reduction primarily due to £55 special div - NO- only in part. Aim to out perform FTSE all share - well do the graph yourself using the chart tool here and see for yourself, particularly the last few weeks. £208M in cash and can't think what to do with it? Really? Is this all a bit complacent?I've only been in for under a year so would appreciate the views of others but I'm not too impress
divvent argie
23 May 2018
Re: A Question Thanks for your views. Yes I got the 100p divi but am currently 328p down on my purchase price which is a concern to say the least. I wont be buying any more although I appreciate others may see this as a good entry point. I'll hang in there for another year and see if this turns around as it seems the unquoted element is more of a driver than I thought. Thanks again.
shareordie
23 May 2018
Re: A Question You are right in that this last year has been quite pedestrian compared to the other years, although as said people are chasing excitement at the moment.The un quoted pool seems to be the driver of NAV and if they make no sales on these holdings NAV only goes up a bit, some of the un quoted stuff has sold for far higher than they were on the books for in the past.It's hard to control the discount to NAV with CLDN as any re purchase in shares Pushes the Family holdings over the holding limits and I think they already have special permission to hold a bigger % than initially allowed, its a shame because at such a big discount it would make sense to start buying there own shares.
TX2
22 May 2018
Re: A Question Yes I agree performance has been rather poor this year;although much better on a bit longer time frame.One point I might make if you have only held for a year you perhaps need to take into account 100p special dividend paid from memory last July (in addition to normal divis) when working out total return.I am currently holding as a long term investment and am making modest additional purchases from time to time.
devonplay
22 May 2018
Re: A Question Personally I’d hold.In fact, now you’ve drawn it to my attention I’m going to watch it more closely as this might be a good time to add more.I dont think of CLDN as a high growth opportunity, but more as a wealth preservation tool.Saying all that I’m showing a very healthy profit on my existing holding.I’ve seen it drift down, but hadn’t noticed how far it had come. There’s been much more exciting opportunities/ radical shifts in price from other stocks. But I suppose, that’s the point. CLDN is often at a healthy discount. I’d keep my powder dry and see if you get a bargain by buying more. I have my son suspicions why the price has drifted down, but I need to did some more work on it. DL
divvent argie
22 May 2018
A Question Almost a year since I invested and I've a question for those longer serving supporters:- Should I stay or take the hit and go? Now trading about 21% below NAV with the market at an all time high???? How does anybody manage that?? Any input from those wiser than me would be welcome.
