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New Amati offer

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
UncleEbenezer
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Re: New Amati offer

#447976

Postby UncleEbenezer » October 5th, 2021, 10:50 am

Amati may have been at the top of its cycle. Half-year report out today shows another modest rise, but this time underperforming its benchmark - the rising tide that's lifted all boats. NAV +7.9% (benchmark +8.2%), coupled with a discount widened from 7.6% to 9.2%.

That's of course pretty stable for a volatile fund that swings wildly in both directions. Who knows where next?

[edit to add] 4.5p divi in November.

Spet0789
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Re: New Amati offer

#448034

Postby Spet0789 » October 5th, 2021, 2:15 pm

UncleEbenezer wrote:Amati may have been at the top of its cycle. Half-year report out today shows another modest rise, but this time underperforming its benchmark - the rising tide that's lifted all boats. NAV +7.9% (benchmark +8.2%), coupled with a discount widened from 7.6% to 9.2%.

That's of course pretty stable for a volatile fund that swings wildly in both directions. Who knows where next?

[edit to add] 4.5p divi in November.


I don’t think there are any conclusions to draw from a 0.3% performance deviation to benchmark!

Reading the report, what I found more interesting was that the managers seem to have a decent spread of interesting new investment opportunities. The other notable point was how international the businesses they invest in are. The simplistic view would be to consider VCTs as an allocation to U.K. smaller companies but that’s really not the case.

Happy to have put my full allowance in Amati this year. Let’s see how things are in 5-10 years time!

Given the continuing restrictions on pensions and the uncertainty over dividend taxation and future CGT, I’d expect the recent strong flows into VCTs to continue.

sinterklaas
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Re: New Amati offer

#448058

Postby sinterklaas » October 5th, 2021, 3:08 pm

Also they invested in “In the style”. Wasn’t that in Baronsmead VCTs a while ago? Didn't it tank?

barchid
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Re: New Amati offer

#448259

Postby barchid » October 6th, 2021, 11:32 am

sinter
During the collapse of the AIM market in 2019 I did raise a similar question on this board, ie "has Amati lost its mojo", especially as one of the founders, Doug Stevenson I believe was his name, had just left to start his own business, but one of the wise owls on this board, BBB I recall, pointed out that it was AIM that had lost its mojo not Amati.
I have a similar feeling here in that they did pick bioscience as a potentially huge market which could be accessed by vct co's & even hired a PHD in the area to analyse prospective investments & were well ahead of the curve in doing that.
I do not expect them to be right all of the time but they seem to pick, & importantly, hang on to winners.
As it is we are now in volatile markets but technology is changing so rapidly in so many industries that frankly I am very happy to leave it to Dr Jourdan & his team to do the work for me, protected as investors are by the 30% rebate it is difficult for me to think otherwise.

scotia
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Re: New Amati offer

#466030

Postby scotia » December 15th, 2021, 12:23 pm

In today's email from Amati

Amati AIM VCT plc has today announced that after considering the current rate of investment activity, it will trigger the over-allotment facility of up to £25m and re-open the Offer in February 2022.


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