LIC & LIT Whitefield Limited SPP

I was just looking at the recent annual report. Is that right that the Gluskie family owns 46%? That's some serious flexing.

 

and

 

I should add I am not totally negative to WHF considering it has done what I wanted of it over the years and maybe it will continue in that manner. However, the institutional placement was a corporate action which has not sat entirely well with me. Yes, it is permitted to raise funds that way under the Corporations Act and it does gather them in more rapidly than by other means, such as, a rights issue or an SPP.

It's the why when it is to the detriment of smaller shareholders.

I will not rush into a decision so I will not only consider the SPP but other matters involved in order to be comfortable I am not making a rushed decision with the potential of an adverse outcome on either myself or for the SMSF.

 

Don't double count the Gluskie holdings. A holds S under power of attorney and all directors have to declare all holdings in relevant companies not just their proportional ownership. If there are no other part owners of Caithness and Fiducio then Gluskies appear to have 17,678,345 shares of 96,298,506 SOI or about 18%.



Laurence Gluskie retired in February 2003 the same time Angus was appointed.
What do you reckon? Nepotism or Merit based appointment.

To really be on their coat tails you need to be a holder of white funds management not so much WHF. The only reason to be in WHF I reckon is if you like all that factor type voodoo magic alpha crap they are practicing lately.

 

Thanks for pointing that out @dunno

 

The way the some of the old school LICs are going we might all end up with ETFs which means mostly in Vanguard.

 

Awwww, what about STW? It would like some lurve too ya know.

 

As @Ray said thanks for pointing this out & your other educational posts on WHF.
It was due to this type of 'in house/home' appointing that I sold MLT a while ago. Bit early in hind site.

 

Unlike in the past with less interest in all this nowadays the fact that ETFs like VAS never have SPPs, rights issues, mergers and the like has become very appealing. Nothing to do. We now only hold two LICs and two ETFs.

 

Yeah, PMC and ALI were sold on Monday. Placed the funds into VGS. I'm thinking about one more sale.

 

But then there would be no merger the like of MLT. Seriously that day when they announced, I thought Comsec had a technical glitch

 

Spoken like a true boglehead. Sir Jack would be proud!

 

Yes, I never expected this would ever happen to MLT. Times change, reassessment is perhaps wise.

 

Oh well Thornhill still as enthusiastic on WHF as ever. Seems discipline is more important than fact. Still no mention of his favourite, MLT and merger with SOL.

 

SK puts on



Is PT considered an institution in which case...........

Let the conspiracies begin.

He he.

SK exits stage left

 

Dimensional should launch some of their products as ETFs in Australia. Would appeal to many LIC investors still dubious about cap weight I think.

I

He made up his mind in 1982, and by jingo, he’s keeping it !

 

Could never understand what Whitefield strategy was, some kind of hocus pocus and the classic “identifying mispriced securities” but deciding to limit the opportunity set, by only focusing on “industrials” which by a peculiar definition includes all sectors bar materials.

 

PT banging about the negatives of the trust structure of ETFs again too. Even if there was a problem, one could just hold investments in a company structure and run your own investment company.

 

It would be interesting to see a discussion on DFA. Often touted as a superior product to Vanguard index funds do most of their funds really outperform once their generally higher fees are accounted for? Also are their algos as superior now compared to in the past?

Further given DFA products here are only available through a FA that adds another fee layer.

 

Oh ye of little faith.