Re: Results Agreed. Ive held these for a long time and the current structure seems the best Ive seen.
Results Excellent results - good NAV uplift with liquidity OK - becoming more US centricFD
Discount falling The latest results contain a useful table of NAV and share price over 1, 3, 5 and 10 years.In a nutshell, the NAV has grown faster than the FTSE All-Share index over 3, 5 and 10 years. Over the past year, however, it undershot the index slightly. More worrying, the NAV grew by 0.6% in the past quarter but the index grew by 4%. Hopefully a blip.Meanwhile the discount to NAV has narrowed sharply from 38.5% a year ago to 15.7% now. Historically the discount is still fairly high but unless the performance vs the index picks up I don't think it will continue to narrow. Needs a close watch - the new management at IGC are still to prove themselves in my opinion despite the great share price improvement.
Re: NAV 30%discount Market jitters and potential risk around a forecast market downturn are why ICG's bonds drifted down and the investment trust's discount to NAV has widened. ICG provides mezz financing whilst the trusts are leveraged equity instruments .... all will under-perform in a downturn and move negatively when the market is 'risk off'. Hence the Graphite / ICG trust traded at a maximum 67% discount to NAV during the crash!
Re: NAV 30%discount ICGT has been drifting down for months. Results due next week. Encouraging uptick in the price before results, and as you mention the NAV discount has widened to much higher than typical levels. I can't see a reason why ICGT's investments should be underperforming so the results should be reasonable and the discount should start to narrow.Incidentally, Intermediate Capital Group's share price has recovered sharply after a bad patch, and their retail bonds have been yielding over 6%, which suggested significant concerns over financial soundness though I cannot see why. The bonds too have improved but they're still amongst the highest yielding LSE retail bonds. Good value if you ask me.
NAV 30%discount have held this for a while now from when it was about £1.50 during the crash. Is it now time to buy again given the NAV?
Can anyone shed light on why this particular fund has dumped in last month. I know they were taken over by IC Group but all management etc is apparently still there, any thoughts?