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Fund Prices (20 Nov 2008) |
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A Share |
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£ 88.41 |
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£130.57 |
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£132.16 |
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£ 81.01 |
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£101.77 |
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£ 64.08 | |
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B Share |
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£ 86.36 |
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£128.05 |
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£130.84 |
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£ 76.25 |
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£101.03 |
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£108.86 | |
Funds under Management - £176.7 million | |
Unlike most fund management companies, Bedlam is structured to make investors money |
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Emerging Markets Stock Writeups |
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Nagacorp. This Cambodian casino company has significant earnings upside due to the additional gaming and hotel capacity it is currently building. This additional capacity, which is being funded from existing cash resources, will more than double both the number of gaming tables and the number of rooms. The stock is priced at a discount to its international peers, before allowing for any additional income from the expansion, hence this provides a very attractive entry point.
| Sedol |
Type |
Price |
Date |
| B1FSSM3 |
Buy |
HKD 2.00 |
22/05/2008 | |
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Following discussions with management and subsequent news of slippage on their new Australian mine, we have sold out of the stock across all funds. Not only is the company struggling to stand still in terms of expanding its production base, but its cash cost of production is at the high end versus other holdings Agnico Eagle and Goldcorp. Slippage on its Australian expansion does not fill us with confidence. Its high cash cost results in substantial operational gearing to the gold price. On our revised earnings forecast, coupled with a gold price of US$750/oz in 2010, we now view the stock as full valued.
Newmont Mining is the largest pure gold miner in the world. Originally focussed on the Western U.S., it has expanded significantly both in terms of production and exploration "across five continents" (according to their somewhat puffed-up releases). Over the last three years the group has been particularly aggressive in Australia, buying out one of the largest mining companies, Normandy Resources, after a corporate tussle. Although not particularly sensitive to gold price movements, as overall production costs are below $220 per oz., there are sufficient exploration, expansion and development programmes in train to give a sustainable increase in gold production of around 10-15% p.a.: coupled with our expectation of a further significant rise in the gold price in 2004, this should result in 20% plus annual profits growth over the next two years.
| Sedol |
Type |
Price |
Date |
| 2636607 |
Sell |
USD 40.147 |
19/09/2008 |
| 2636607 |
Buy |
USD 43.725 |
20/03/2007 |
| 2636607 |
Buy |
USD 52.227 |
18/05/2006 |
| 2636607 |
Buy |
USD 42.630 |
24/01/2005 |
| 2636607 |
Buy |
USD 48.30 |
04/11/2004 |
| 2636607 |
Buy |
USD 42.429 |
21/09/2004 |
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Nong Shim, the Korean noodle and beverages manufacturer, has been hit by weak consumption patterns, a tired range of products, and rising raw material prices. The company has now managed to increase prices by 7%, re-brand the noodle ranges as being more healthy, double the mineral water production capacity and launch a premium range of products.
| Sedol |
Type |
Price |
Date |
| 6638115 |
Buy |
KWR 256,988 |
16/04/2007 |
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