Managed Funds Steve is alive and well

All

I have just spoken to Steve and he has asked me to pass on his apologies for his absence from the forum and his lack of responses to the questions we have all posed. He has been flat out meeting with clients and getting the Dow fund off the ground and is even meeting clients both intestate and in Sydney between Xmas and New Year. No time off it appears when you are financially independent

He is hoping to get to answer some of the questions in due course but asked me to post an explanation as to how the fund has been operating in this quarter (apologies to all especially Steve if I misunderstood or misquote your explanation).

In October the market fell by around 5%. At the start of the correction, the fund was around 38% in cash and as the market fell, it proceeded to buy quality stocks on the way down until it only held around 4% in cash. As the market recovered, it has been selling shares . At this point, it has around 15% in cash, so still has another 23% to go before it is back where it started. Steve's view is that for the first third of the recovery, the fund is actually selling at a loss against the share average puchase price and this is reflected in the performance fee of the fund (all of us have noticed it steadily decreasing over the last few weeks to the point where there is currently zero outperformance). For the second third of the recovery, the fund starts making a bit of money and really comes into its own in the final third. Bottom line at this point is the fund holds quality stocks with great upside potential and if the market continues to drift upwards, good gains and outperformance will be realised.

Hope my explanation was on the mark.

cheers
Gazza

 

" Bottom line at this point is the fund holds quality stocks with great upside potential and if the market continues to drift upwards, good gains and outperformance will be realised ".

Not to worry....( 4680 was holding too long...)
After all 1-st q of 2006 looks very promising !!.

 

Also in terms of the December distribution, Steve has confirmed around 2% , possibly a little higher depending on market's trends in the last few days of the quarter.

 

Thanks gazza. It's good to hear all is well. I have been tempted to ring Navrainvest to try to get some feedback on the recent meeting and other general information but keep telling myself to more patient, the information will come in good time

 

Thanks for the update, I too have been waiting for the details of AGM and how this quarter is progressing.

Best wishes to all for the silly season. Keep cool

Off to "the coast" now for a couple of weeks without technology

Jenny

 

Gees I would love to see another 1.5 to 2% for the last 3 days of the year for the market. Thats what I am asking from Santa this Christmas - a distribution of 3% would be nice!!

 

If level 4810 +... is hit = you might get lucky....
Marry Christmas

 

Incommunicado

Thanks Gazza for the update

What I am about to say is a little ironic given a previous thread where I suggested people might be expecting too much of Steve seeking instant answers, but I have to be honest and say I think its pretty ordinary that you had to be the one to post that info.

Surely the technology can allow someone from the NavraInvest organisation to post a 5 min overview to let us all know they are taking an active interest in this forum (especially considering it seems to have become the defacto method of communication of NI issues to interested parties)

I still think it is unreasonable to expect the Chairman of NI to lurk on the forums daily, but given the patience displayed by the interested parties in waiting for AGM feedback for example(http://www.invested.com.au/forums/showthread.php?t=486), I really think someone (not necessarily Steve if he is otherwise occupied developing the company) from NI needs to acknowledge the importance of following-up, or invent another method of updating NI unitholders with important information.

But regardless, thanks !! for the update, that makes me more comfortable about the recent lack of clarity surrounding the fund performance.

And Happy New Year to all - may your God, chief Spiritual Being or Bottle-Of-Choice be kind to you !

Cheers
Carl

 

I have very similar feelings as your post TryHard.

Steve mentioned in a previous post that he would ensure the shareholders were informed about the proceedings of the meeting before a general posting was made here.

As far as I know there has been no information sent to shareholders or unit holders covering the meeting.

It seems a bit tough that if you are unable to attend the meeting you have to wait for a month plus (at this stage) to find out what was divulged, discussed or decided.

I understand things appear to be running at full steam but when you stump a reasonable amount of money you like to keep as close an eye on it as possible, at least I do. Although we're locked in for the ride at the moment so there isn't a lot we can do about it.

 

Ho ho ho

I agree mate ... in terms of nett worth, the Navra organisation has most of my money ... I think the current trend where unitholders have felt compelled to post their versions of the 'informal' communications they're receiving about the AGM and the Dow Fund etc ... is something that needs to be addressed post haste given we are all interested in developing the fund/s to their full potential... communication is three-fifths of the battle ...

 

I'm a tad surpised to see people have placed a large % of their nett/gross worth into the Navra Fund. Nothing against the fund, but in terms of pure investment allocation, it's a relatively new fund, without a long track record and it's trading algorithm is still, as far as I can see, a black box which only the staff of NI have the details of.

I'm looking to invest in the fund early next year, but it certainly won't be more than 10% of my nett worth.

Is there something I can't see about this fund that makes it more appealing than it seems, or are people backing Steve's track record ?

 

Only my opinion

Hi Gonzo

Only from my own personal viewpoint, I have been to a number of Steve's presentations, I trust him, and so far everything he said would happen, has happened. I look on NI as a 'relatively' low risk place to park funds while I await the wealth needed for the next property investment. The NI investment remains fairly liquid, while generating income that I need to 'feed the beast'.

I don't have the time to research alternatives, or the guts or knowledge to go it alone in direct share investments. I believe Steve has the ability and experience to help me plan for a better future, and the combination of NI and NFS is a good one for someone in my position.

My ONLY problem with the NI method at the moment is the lack of open communication that I had hoped would occur. I think NI is still 'undeveloped' enough that there are some flaws in how the information is updated and distributed.

Anyway, I hope things sort themselves out - I think the information (or lack thereof) we're receiving doesn't do 'the man', the staff or the company (or shareholders and unitholders) justice ....

Cheers
Carl

 

I think it is that most investors have actually met Steve and, I guess, like what they see.

Cheers,

 

Fair enough, then I guess it's a combination of both. Having not met Steve or seen him present, I'm missing the 'x-factor' that makes it more appealing.

 

I'm missing the 'x-factor' that makes it more appealing.

I would say ...... " xxx2"