Fishing again in the HYP Pool

[monabri]

I thought Wizard was simply asking whether the yield on CSN might have increased at the expense of capital in a round about manner.

"Given the divergent price movements are the yields now a long way apart?"

[Gengulphus]

Phnx forecast on capital invested is 6.6%, CSN 3.99%

I hold both but on yield alone Phoenix is obviously the one. However I doubt that Chesnara is yielding only 3.99%. .I think it is more like 7.5% which is where I would have expected it to be, bearing in mind its poor capital performance recently.

See my post. I didn't say it was yielding 3.99%, but on capital invested.

Which leaves it very unclear whether you mean the capital you / your wife have invested in the holdings, or the sort of capital-invested measure of the companies that is used in ratios such as "return on capital invested" or "ROCI" for short. Given the context that it arose out of Wizard's question about your previous statement "I am, though, biassed since my Chesnara holding is 30% underwater but my wife's Phoenix holding is roughly the same but positive ", I suspect the former and that you weren't seriously presenting that 6.6% vs 3.99% difference as something for anyone other than you and your wife to take into account (and possibly not even you and your wife). But it certainly isn't clear, so could you clarify please?

Gengulphus

[AsleepInYorkshire]

The reality is this is 50% of my HYP with the other 50 percent being ITs. Does anyone have any thoughts on this motley crew?


Ive chased IMB as far as I can go. Maybe Rio is something I could look at. I don't much like HSBC prospects and really the only one I can see me adding more to I'd Legal and General. Any obvious oversight here?

Have broadly 8% in cash from divis and Greene King waiting to be deployed


Legal and General 8%
Imperial Brands 15%
HSBC 5%
BP 7%
Shell 5%
Marston's 5%
Vodafone 13%
British Land 12%
NRR 7%
BATs 5%
Grid 6%
Unilever 5%
Diageo 3%
Persimmon 4%

May I [respectfully/humbly] suggest you review your holdings in British Land.

AiY

[Dod101]

May I [respectfully/humbly] suggest you review your holdings in British Land.

I am afraid that holdings in UK property companies have long since disappeared from my portfolio. It is such a minefield these days that I gave up on trying to second guess where their business is going, except that I do still hold Segro which seem to have managed to plug into the 'big sheds' which is really what is needed nowadays to support retail sales.

I would also look carefully at Persimmon. Do not know what NRR is, so cannot comment.

Dod

[jackdaww]

May I [respectfully/humbly] suggest you review your holdings in British Land.

I am afraid that holdings in UK property companies have long since disappeared from my portfolio. It is such a minefield these days that I gave up on trying to second guess where their business is going, except that I do still hold Segro which seem to have managed to plug into the 'big sheds' which is really what is needed nowadays to support retail sales.

I would also look carefully at Persimmon. Do not know what NRR is, so cannot comment.

Dod

==================

nrr is new river retail - reit .

[Arborbridge]

I hold both but on yield alone Phoenix is obviously the one. However I doubt that Chesnara is yielding only 3.99%. .I think it is more like 7.5% which is where I would have expected it to be, bearing in mind its poor capital performance recently.

See my post. I didn't say it was yielding 3.99%, but on capital invested.

Which leaves it very unclear whether you mean the capital you / your wife have invested in the holdings, or the sort of capital-invested measure of the companies that is used in ratios such as "return on capital invested" or "ROCI" for short. Given the context that it arose out of Wizard's question about your previous statement "I am, though, biassed since my Chesnara holding is 30% underwater but my wife's Phoenix holding is roughly the same but positive ", I suspect the former and that you weren't seriously presenting that 6.6% vs 3.99% difference as something for anyone other than you and your wife to take into account (and possibly not even you and your wife). But it certainly isn't clear, so could you clarify please?

Gengulphus

The former: the capital invested by myself and my wife, and I'm not seriously suggesting this as anything of concern to anyone else - I was just answering what I thought was the question. Indeed I thought the point of Wizard question might have been some other rejoinder given that information, but I had no idea. I was just trying to be helpful.

It's really odd how much time one can waste just trying to simply trying to answer a question. Anyone would think this is of epic importance when was just an ambiguous question from Wizard, mistranslated by me. And the answer he really wanted is available easily on line, whereas I've had to delve into my records etc etc.

For goodness sake, don't pull me apart any further: as Ian might say: I don't know why I bothered!

Arb.

[idpickering]

For goodness sake, don't pull me apart any further: as Ian might say: I don't know why I bothered!

Arb.

There’s no might about it. I have said that on this board more than once. There are some dark forces hereabouts, and there’s no need for it.

Ian.

[tjh290633]

May I [respectfully/humbly] suggest you review your holdings in British Land.

I am afraid that holdings in UK property companies have long since disappeared from my portfolio. It is such a minefield these days that I gave up on trying to second guess where their business is going, except that I do still hold Segro which seem to have managed to plug into the 'big sheds' which is really what is needed nowadays to support retail sales.

I would also look carefully at Persimmon. Do not know what NRR is, so cannot comment.

Dod

Interesting. I hold both British Land and Segro, the latter currently heading towards my weight limit, relative to the rest of my portfolio. I also hold Taylor Wimpey, which is a prolific provider of income.

I have never contemplated New River Retail but have kept my eye on PHP, which owns GP practice health centres, and various student accommodation companies. My feeling is that you need to diversify within the property market and to be selective rather than indiscriminate about the sub sectors.

TJH

[Dod101]

I hold PHP. It is of course a property company but nothing like British Land or the other big city centre landlords. I hold it for the reasons cited by TJH. Not in the least exciting but it just keeps plugging away, and it seems to me that they know what they are doing.

BTW, I do not suppose that TJH intended to say so but his post reads almost as though PHP owns student accommodation. I know he has a correctly positioned comma, but PHP's tenants are as far as I know exclusively medical professionals.

Dod

[MDW1954]

I have never contemplated New River Retail but have kept my eye on PHP, which owns GP practice health centres, and various student accommodation companies. My feeling is that you need to diversify within the property market and to be selective rather than indiscriminate about the sub sectors.

TJH

Absolutely. I have a modest holding in NRR, but larger holdings in PHP and ESP. Apart from ESP, the student accommodation sector isn't really HYPable. UTG yields about 2.5%, with DIGS about a percentage point higher.

Tritax Big Box (BBOX) and WHR are another interesting sub-sector. Haven't looked at SHED for a while. And while they aren't proper REITs, BSIF and UKW are also HYPable property plays (albeit with a difference), in my view.

MDW1954

[tjh290633]

I hold PHP. It is of course a property company but nothing like British Land or the other big city centre landlords. I hold it for the reasons cited by TJH. Not in the least exciting but it just keeps plugging away, and it seems to me that they know what they are doing.

BTW, I do not suppose that TJH intended to say so but his post reads almost as though PHP owns student accommodation. I know he has a correctly positioned comma, but PHP's tenants are as far as I know exclusively medical professionals.

Dod

Absolutely correct.

TJH

[Arborbridge]

May I [respectfully/humbly] suggest you review your holdings in British Land.

I am afraid that holdings in UK property companies have long since disappeared from my portfolio.

Dod

Are you sure

You own Segro and PHP, I believe.

Arb.

[Dod101]

You are correct Arb. I was thinking when I wrote that, about shares like British Land, Land Securities, Hammerson and the other 'traditional' property companies. The two which I hold have got pretty much niche markets and I much prefer that. My mistake and it was not intended to mislead.

I actually mentioned my holding in Segro earlier on in this thread and for some reason, I have never really thought of PHP as a property company. It is of course but as I have just said, a very niche one.

Dod

[monabri]

I bought a small qty of shares in PHP in April 18.....I should have bought a larger qty! Probably a bit early but the internal rate of return has been pretty good (21%).

[Arborbridge]

You are correct Arb. I was thinking when I wrote that, about shares like British Land, Land Securities, Hammerson and the other 'traditional' property companies. The two which I hold have got pretty much niche markets and I much prefer that. My mistake and it was not intended to mislead.

I actually mentioned my holding in Segro earlier on in this thread and for some reason, I have never really thought of PHP as a property company. It is of course but as I have just said, a very niche one.

Dod

I know you didn't mean to mislead and realised you were separating "traditional" from "niche" - forgive me, but I just felt like a little leg pulling.

Arb.

[Dod101]

I bought a small qty of shares in PHP in April 18.....I should have bought a larger qty! Probably a bit early but the internal rate of return has been pretty good (21%).

The share price has crept up since they took over MedicX in March this year. (You may remember someone posted that PHP had overpaid but it has in fact proved a good investment.) The yield is not really HYP-P at around 3.8% but is good enough for me and just chugs along as one would expect with this type of business. My one gripe is that they tend to fund raise by private placement meaning that existing investors tend to be diluted which is a bit annoying.

I think it is a share which we can buy and just leave alone.

Dod

[monabri]

I bought a small qty of shares in PHP in April 18.....I should have bought a larger qty! Probably a bit early but the internal rate of return has been pretty good (21%).

The share price has crept up since they took over MedicX in March this year. (You may remember someone posted that PHP had overpaid but it has in fact proved a good investment.) The yield is not really HYP-P at around 3.8% but is good enough for me and just chugs along as one would expect with this type of business. My one gripe is that they tend to fund raise by private placement meaning that existing investors tend to be diluted which is a bit annoying.

I think it is a share which we can buy and just leave alone.

Dod

Yeah, fair cop!

[88V8]

I think CSN has fallen on read-across from Rothesay https://www.lexology.com/library/detail ... ecf16fa808 as CSN is relatively new and small.
I hold CSN but won't add atm.
Might add to PHX.

V8

[Dod101]

I bought a small qty of shares in PHP in April 18.....I should have bought a larger qty! Probably a bit early but the internal rate of return has been pretty good (21%).

The share price has crept up since they took over MedicX in March this year. (You may remember someone posted that PHP had overpaid but it has in fact proved a good investment.) The yield is not really HYP-P at around 3.8% but is good enough for me and just chugs along as one would expect with this type of business. My one gripe is that they tend to fund raise by private placement meaning that existing investors tend to be diluted which is a bit annoying.

I think it is a share which we can buy and just leave alone.

Dod

Yeah, fair cop!

Was it you? I do not remember and it does not matter anyway.

Dod

[Arborbridge]

The share price has crept up since they took over MedicX in March this year. (You may remember someone posted that PHP had overpaid but it has in fact proved a good investment.) The yield is not really HYP-P at around 3.8% but is good enough for me and just chugs along as one would expect with this type of business. My one gripe is that they tend to fund raise by private placement meaning that existing investors tend to be diluted which is a bit annoying.

I think it is a share which we can buy and just leave alone.

Dod

I can see the argument there, but with a modest yield, might you not be better off ditching the single company risk and buying a generalist IT of larger yield?
One would normally prefer a higher yield to compensate for the perceived added the risk, at least on initial purchase.

Arb.