BRM - New Warrant Issue for Barramundi

[Basil]

69.35 cps is today's update.  Better than I was expecting.  Warrant exercise price is almost sure to be 64 cps, 5.35 cps lower than the current share price and there's more than 9 months to run so there's likely, (but not certain) to be some value there at the time of exercise in August 2026.  2.4 cps is certainly a cheap option on their portfolio picking up in value.

[Basil]

Not wasting my time at the annual meeting this year despite the free lunch.  Not very happy.  At last years meeting I publicly admonished Robbie Urquart about chasing tech companies on super elevated metrics, singling out XRO and Wisetech on triple digit PE's.  Was water off a duck's back.  Over the last year Wisetech down from $115 to $70 and XRO down a few dollars.
No point in me going as it makes me grumpy and I lose my appetite that he ignored me last year and I am certain more barking would make no difference.   Why waste hours of my time ?  Frankly, I'd rather take my dog for a walk in the sun and get my own lunch.    We will see if their NTA picks up over the next 9 months such that its worth exercising their warrants.  Certainly 2.4 cents per warrant is not a lot invested on the chance it does.

[seaweed]

Not wasting my time at the annual meeting this year despite the free lunch.  Not very happy.  At last years meeting I publicly admonished Robbie Urquart about chasing tech companies on super elevated metrics, singling out XRO and Wisetech on triple digit PE's.  Was water off a duck's back.  Over the last year Wisetech down from $115 to $70 and XRO down a few dollars.
No point in me going as it makes me grumpy and I lose my appetite that he ignored me last year and I am certain more barking would make no difference.   Why waste hours of my time ?  Frankly, I'd rather take my dog for a walk in the sun and get my own lunch.    We will see if their NTA picks up over the next 9 months such that its worth exercising their warrants.  Certainly 2.4 cents per warrant is not a lot invested on the chance it does.

I'm not going either and also like the free lunch and a bit of a div here and there. You are more than welcome to come over here and join the party we are having at FSF and SEK. We got a special 10c div coming our way with SEK in December/January.     

[Basil]

Robbie trying to shine the best possible light on things.  https://api.nzx.com/public/announcement/461765/attachment/455528/461765-455528.pdf
If Fisher funds doesn't perform in FY26 they should get the boot.

[Dolcile]

Lipstick on a pig comes to mind.  Although I'm not sure how you can make the huge negative bar in the waterfall attributable to poor stock selection look anything but woeful.

[snapiti]

BRM makes up 10% of my investment portfolio, certainly a big under performer when compared to the rest of my portfolio, with most them being of less risk as well.
Pleased I sold my warrants as soon as they hit my account.

[Basil]

Lipstick on a pig comes to mind.  Although I'm not sure how you can make the huge negative bar in the waterfall attributable to poor stock selection look anything but woeful.

To be fair, the chart of Barramundi over / under performance from the benchmark for the last decade in that presentation looks okay.  Everyone wants to kick a dog / pig when its down.  I'm pleased I walked my dog in the sun today rather than barking up a storm at the annual meeting. 

[Dolcile]

October not great.. more underperformance I'm afraid

https://api.nzx.com/public/announcement/462655/attachment/456705/462655-456705.pdf

[Dolcile]

https://api.nzx.com/public/announcement/466571/attachment/461170/466571-461170.pdf

TSR of 1.7% pa over the last 5 years compared to the benchmark return of 10.8% pa.  Shocking.

[Basil]

Agreed.  To be fair the NAV to NAV performance which is after fees and excludes whether the shares are trading at a discount or a premium has been just over 5% over that 5 year timeframe but noting the 3 month, 1 year, 3 year and 5 year performance are all well south of the benchmark I agree that the investment team need to be fired.  Its simply not good enough. Same goes for the team at Marlin who have an equally appalling track record in woeful underperformance in recent years.

[winner (n)]

Xero continues its downward trend ..now into the 80's

Apparently affected by the AI fears and the market becoming to realise they paid far too much for that US acquisition

Share price long way off the close to $200 and BRM suffering.

Still seem to be holding a decent chunk ..conviction must be strong

[Basil]

The game is up on "looney tunes" tech valuations. 

[Dolcile]

Oaf ASX getting hammered today.  BRM and PIE Australasian Dividend Fund even worse. 

[winner (n)]

Barramundi have lots of CSL dont't they?

Share price getting hammered last couple of days

"The [company's] strategic framework is sound," insists interim CEO Gordon Naylor.

"The challenge is whether we can do better within that framework."

 So future O.k ..no worries

[Basil]

Sold the last of my BRM warrants today.  I have lost confidence in the team at Barramundi and Marlin.  They are FAR TOO SLOW to change their positions when the narrative changes and in my opinion they are only paying lip service to the last part of the STEPP process.

Price/Valuation
How much of the future earnings growth is already reflected in the share price? Where does the current share price sit in relation to Fisher Funds' worst to best case valuation range? A company will generate a higher score where the market price currently reflects little of that company's upside potential.

I'm not prepared to be involved and support any fund manager that holds significant amounts of tech stocks on "looney tunes "metrics. Kingfish and their NZX holdings can easily be replicated without Fisher's quite expensive fees or beaten by anyone with a reasonable skill set so I'm done with fisher funds.
In her earlier years I think Carmel Fisher had some magic but the current investment team have disappointed for too long and should be fired.