tag:blogger.com,1999:blog-2149523431587168680.post3810092177314309612..comments2024-01-16T00:12:23.220-05:00Comments on Oddball Stocks: Anyone can invest in this above average hedge fundNate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-2149523431587168680.post-54639608197994692872017-10-09T06:06:10.189-04:002017-10-09T06:06:10.189-04:00it is only after one has grasped the concept and i...it is only after one has grasped the concept and is ready to start trading using real money. Dummy account are not only a preserve of the new traders, those who have been in trade for sometime can also use them to familiarize them with the new platforms or when comparing two or more <a href="https://www.7binaryoptions.com" rel="nofollow">https://www.7binaryoptions.com</a> brokers.<br />daren sammyhttps://www.blogger.com/profile/08490881586724207479noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-89886452528976565732015-01-30T22:32:33.269-05:002015-01-30T22:32:33.269-05:00Hello Nate,
Just wondering whether Senvest Capita...Hello Nate,<br /><br />Just wondering whether Senvest Capital pays the 1.5/20 fee to the funds (senvest master fund and senvest israel) for the capital it invests in these two funds. I have not been able to find details on this in the annual.<br /><br />Thanks <br />EmmaEmmanoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-52252036647222979722013-11-11T16:32:04.550-05:002013-11-11T16:32:04.550-05:00Just curious if you still think the stock is under...Just curious if you still think the stock is undervalued here?Stevennoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-11524966844225564632013-10-23T23:33:26.245-04:002013-10-23T23:33:26.245-04:00There was a pretty interesting writeup on SA about...There was a pretty interesting writeup on SA about this company today. The author thinks that the fee-based asset management business is potentially worth more than the liquid NAV. <br />http://seekingalpha.com/article/1759562-senvest-capital-40-discount-to-nav-with-a-significant-near-term-catalystAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-40493455781893418202013-08-12T19:16:09.603-04:002013-08-12T19:16:09.603-04:00Hopefully these guys will use the buyback authoriz...Hopefully these guys will use the buyback authorization aggressively - it is easy to create value buying back your own shares at a 38% discount (discount is probably higher since they are net long and market has increased since 6/30). Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-35970773896866046762013-08-12T14:40:04.924-04:002013-08-12T14:40:04.924-04:00Wow. Book value is up to C$168/share vs. $104 mar...Wow. Book value is up to C$168/share vs. $104 market price (38%) discount. This is probably too cheap to ignore. I've taken a small position. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-59701819623326902732013-06-18T10:18:36.053-04:002013-06-18T10:18:36.053-04:00Hi Nate. I enjoyed your write-up. A few things t...Hi Nate. I enjoyed your write-up. A few things to add:<br /><br />- As stated in the management proxy, common equity investors do pay fees as there is a management bonus pool of 3.5% on pre-tax income and up to a further 3.5% if they exceed their benchmark by 35%. There are other employee expenses outside the bonus pools.<br />- The proxy also points out that the company only owns 60% of the revenue generated by the asset management company, with the other 40% going to Richard Mashaal. So the company is paying fees on its investments in the funds since it doesn't fully own the asset manager. The funds have a 1.5% base fee with 20% performance fee (with high watermark). <br /><br />So considering this, there is a cost, although when factored in, it's less than what investors in the funds would pay and is also further offset by the discount to book. If they can grow the outside AUM considerably, then maybe the 60% interest in the asset manager could have some meaningful value, although for now it looks like this just helps offset the cost of the management bonus pool in the holding company. <br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-8850043553221579712013-06-14T16:56:10.780-04:002013-06-14T16:56:10.780-04:00The latest financials show investor money (ie rede...The latest financials show investor money (ie redeemable units) in more detail. <br /><br />For example total assets were 454MM 12/31 are now shown (restated) as 728MM. The increase of 273MM is offset by redeemable partner units of 190MM as well as additional items such as money due to brokers. The shareholder equity did not change at 358.8MM as of 12/31/2012. <br /><br />https://www.senvest.com/pages/QuarterlyreportsJoshhttps://www.blogger.com/profile/12028228587020987588noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-76133780900080054652013-05-19T23:04:55.364-04:002013-05-19T23:04:55.364-04:00Saw that, not much new to add, business as usual i...Saw that, not much new to add, business as usual it seems.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-61868847900982899372013-05-18T02:11:34.178-04:002013-05-18T02:11:34.178-04:00Anyone have anything interesting to add with the n...Anyone have anything interesting to add with the new financials out? NCAV rose significantly. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-1721350621266534372013-05-10T14:41:23.359-04:002013-05-10T14:41:23.359-04:00"One of their major holders has been selling ..."One of their major holders has been selling and they could do a tender offer or buy back those shares in a privately negotiated deal or something like that."<br /><br />How did you figure out that one of their major holders has been selling?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-41989258423793485262013-05-07T12:26:58.933-04:002013-05-07T12:26:58.933-04:00If you gave out any more advice on them you would ...If you gave out any more advice on them you would probably have to charge them a consultant's fee. Thank you for sharing the information with us. You are right about the difficulty associated with finding a hedge fund that performs really well.<br /><br />I am concerned about the level of transparency shown by the company. They could be more open with all the details.Wall Street Dailyhttp://wallstreetdaily.bluepromocode.com/wallstreetdaily-promo-code/noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-11176984846468043882013-04-19T21:08:19.046-04:002013-04-19T21:08:19.046-04:00In the past, they did buy back stock. You can go ...In the past, they did buy back stock. You can go onto SEDAR and look up their old annual reports and MD&As, which contain some cool commentary.<br /><br />Their stock currently isn't very liquid so they can't buy back many shares even if they wanted to. I get the feeling that they aren't super interested in buying back shares (kinda like how Buffett isn't a fan of buying back Berkshire); Senvest could certainly be a lot more aggressive about share repurchases. One of their major holders has been selling and they could do a tender offer or buy back those shares in a privately negotiated deal or something like that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-26727048677828031552013-04-19T21:05:27.047-04:002013-04-19T21:05:27.047-04:00At around 2004/2005, I believe they started markin...At around 2004/2005, I believe they started marking their stocks to market. So you need to adjust for that when handling book value / share calculations. I would retroactively mark everything to market.<br /><br />There is also something with options expense that I don't understand. They stopped issuing options in 2005, but they are expensed now or something (???).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-42459097376636325122013-04-19T08:06:53.803-04:002013-04-19T08:06:53.803-04:00Nate
Thanks for sharing this great idea.
I'm...Nate<br /><br />Thanks for sharing this great idea.<br /><br />I'm afraid the annual returns of 22.8% to book value aren't true though. In 2005 the accounting rules changed which is why there was a huge increase in book value. It wasn't a gain so much as revaluing all their assets to fair value and realising lots of historical gains. I did a brief post on it here http://investingsidekick.com/hedge-fund-at-a-discount/<br /><br />If you look at the returns since 2005 it's only 12.7% per annum. Still decent though.Sidekickhttp://investingsidekick.comnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-54172616749079359162013-04-19T00:05:49.553-04:002013-04-19T00:05:49.553-04:00this company has traded at a similar discount over...this company has traded at a similar discount over the years. Any guess as to why?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-63950362949125829202013-04-18T18:40:36.404-04:002013-04-18T18:40:36.404-04:00Given the volatility, the fund has to be pretty le...Given the volatility, the fund has to be pretty levered long (+34% in 2010, -39% in 2011, +27.8% 2013 YTD). I assume that’s why they havn’t been able to raise more capital despite the track record?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-21694364237614604222013-04-18T17:18:04.910-04:002013-04-18T17:18:04.910-04:00The company is Canadian, so SEDAR or on their webs...The company is Canadian, so SEDAR or on their website. Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-36954338657532201392013-04-18T17:08:02.629-04:002013-04-18T17:08:02.629-04:00Where can you find the financials for this hedge f...Where can you find the financials for this hedge fund? I tried Edgar and Otcmarkets but no luck...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-21549831275553369112013-04-18T14:54:27.292-04:002013-04-18T14:54:27.292-04:00very interesting find Nate. nice find!
any guess...very interesting find Nate. nice find!<br /><br />any guess why they're not buying back stock here? If I were them I'd be buying stock with my own money in the open market as well as taking whatever cash was available to buy back stock, maybe even sell some stuff to do so. <br /><br />any thoughts on how they've treated minority shareholders in the past also to judge their respect for those of us along for the ride?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-69783712426349813962013-04-18T10:38:00.411-04:002013-04-18T10:38:00.411-04:00Jeff,
I agree with you that the return comes from...Jeff,<br /><br />I agree with you that the return comes from investment performance not a closing of the discount gap. The funds have done well and it appears that they're investing the firms capital in a similar manner. These guys are just so secretive and off the beaten path. <br /><br />The returns are crazy, you're correct on the insiders, I forgot to mention that. <br /><br />NateNate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-45547561690523797792013-04-18T10:30:43.639-04:002013-04-18T10:30:43.639-04:00Thanks Nate, this is a real gem. I found it inter...Thanks Nate, this is a real gem. I found it interesting that insiders own 55% of the shares, mostly the Mashaal family. So interests should be aligned with shareholders.<br /><br />As far as prospective return though, I believe you're ultimately going to do as well as Senvest investments do. Historically, although I haven't looked too closely, it appears there is usually a gap between the NCAV & market price. <br /><br />Also, 23% annual returns are insane, I don't believe even Warren Buffett can match that. But achieving 15% annual returns going forward would make shareholders very wealthy indeed. I can't wait to do further due diligence on this one.<br /><br />Anonymoushttps://www.blogger.com/profile/16309241914114536054noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-53224440489720343082013-04-18T01:34:34.470-04:002013-04-18T01:34:34.470-04:00I'm not sure exactly what you're asking, b...I'm not sure exactly what you're asking, but they have $159m worth of investments in associates which is $56 p/s.<br /><br />As far as I can tell they don't owe any money to investors, the only money owed is to brokers for short holdings and derivatives.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-57103415274195985932013-04-18T01:31:08.107-04:002013-04-18T01:31:08.107-04:00nate what percentage of the ncav/book value is own...nate what percentage of the ncav/book value is own by senvest, not money owe to investors?Anonymousnoreply@blogger.com