The Lemon Fool

I received my Baronsmead interim reports in the post yesterday. Indeed I hadn't seen the relevant RNS announcements.

Gentle decline:-
1. NAV down 0.4% to 88.01p
2. NAV down 0.6% to 89.6p.

No mention of any more divdends yet.

If there is to be any more fund-raising it is likely to be intimated in November.

One fairly new investment written off - In the Style Fashion. Is this an example of investing under the new rules? More quick write-offs which are hopefully balanced by some bigger gains.

I notice that the value of Tasty plc has gone down rather dramatically in the last six months. Perhaps the managers could have seen the dire straits on the high street and sold this (on AIM) while it was near cost whereas now it is roughly one third cost.

I see that BVT has a 'new' director, actually someone who was previously with Baronsmead VCT. I would have far preferred new blood to add some independecne to the board. I will consider my voting stance at the next AGM where this appoinment will be up for ratification.

Subsequent to the above mentioned report we had new NAV figures announced yesterday:
1. BVT 92.16p
2. BMD 93.93p
That looks better! Market prices up a couple of pence.

Note that for both Baronsmead 1 and 2, the proportion of investments in either AIM stocks or 'collective vehicles' (smaller companies fund) is around 70%. Only 30% unquoted. Very different to the Baronsmead funds of five or more years back, and very different to most 'generalist' VCTs.

AIM market-mediated volatility puts me off further investments, especially given the AIM renaissance of the last year or two. I continue though to hold investments from a decade or so back.

I think that Baronsmead do well in their AIM trading , they have spent time in perfecting it. I have held my Baronsmeads a long time too.

Well, the market marked them up tuppence apiece on the results, so not too bad