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Tag Archives: Ashmore Group

Asset Managers – Cash Hogs & What’s Hot, What’s Not

23 Wednesday May 2012

Posted by Wexboy in Uncategorized

≈ 3 Comments

Tags

% of AUM, 3i Group, Affiliated Managers, AHL, alternative assets, Altira, Argo Group, Artio Global, Ashmore Group, asset managers, carry trade, Charlemagne Capital, CIFC, Cowen Group, David Harding, FRM Holdings, GLG Partners, IFMI, Integrated Asset Management, Janus Capital, Man Group, MPC Capital, Polar Capital, Price/Cash, Ramius, Record plc, Volcker rule, Winton Capital

Continued from here. And plse ref. my (alternative) asset manager table here. Taking a look, I marvel again how conservative most managers are in terms of net cash/investments. Less than 1 in 10 has net debt, while the average manager’s on a 4.6 Price/Cash multiple – 22% of the average market cap. consists of net cash/investments! This has always puzzled me. In general, particularly now, I don’t believe shareholders are being properly rewarded for this asset/financial strength. You’d think managers would be a little savvier about shareholder value..?! And reasons for this surplus cash? I can think of three:

i) Management Nap Policy:  Ah diddums, management finds it hard to sleep, or even nap, unless they’ve a large chunk of cash lying ’round so they feel warm & cozy… Maybe they’re even hoping a lap dancer will be impressed at the size of their…balance sheet? A touch sarcastic? Don’t forget a company’s really just a collection of people – which can sometimes be wonderful…or terrible! [btw Here’s another collection of people]

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Sailing on the Good Ship Argo

01 Tuesday May 2012

Posted by Wexboy in Uncategorized

≈ 4 Comments

Tags

% of AUM, Argo Group, Ashmore Group, distressed assets, Ex-Cash Ratios, hedge funds, Margin of Safety, Price/Cash, private equity funds, Rialas brothers, The Argo Fund

Argo Group Ltd. (ARGO:LN)

  • Mkt Price:  GBP 13.375p
  • Mkt Cap:  GBP 9.0 mio
  • % of AUM:  4.5%  (of $325.4 mio)
  • P/C:  0.6
  • P/S:  1.3
  • P/E:  10.0  (Pre-Amortisation/One-off Fee)
  • Div Yield:  9.7%      

Please read my previous investment write-up here & here. Wow, it was December when I last wrote about Argo! But not so surprising – the pace of news from the company is astonishingly low… In fact, we’ve only had one news item since, their Final Results. Shouldn’t complain though, I guess this contributes to the market’s neglect of the stock. Anyway, it’s a pleasure to write about Argo again…and marvel at just how bloody cheap this stock is!? If you haven’t read my prior posts (which provide plenty of useful background, some of which has contributed to ARGO’s cheapness), I think you’re in for a treat!

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Argo – Time to Claim the Golden Fleece

01 Thursday Dec 2011

Posted by Wexboy in Uncategorized

≈ 4 Comments

Tags

% of AUM, ACMH, Argo Group, Ashmore Group, Colony Financial, emerging markets, Florian Homm, PSource, Rent-A-Center, Sean Ewing

Argo Group Ltd. (ARGO:LN)

  • Mkt Price:  GBP 14.5p
  • Mkt Cap:  GBP 9.78 mio
  • % of AUM:  4.0%
  • P/S:  1.3
  • Div Yield:  8.3%      

Argo is an AIM quoted alternative investment manager focused on global emerging markets. Argo’s funds are designed to deliver low volatility absolute returns with lower correlation to wider global markets. It invests primarily in special situations, real estate, high yield corporate credit and distressed debt. The company has a performance track record dating back to 2000, and has won several awards for best Risk Adjusted/Sharpe Ratio performance. Andreas Rialas, the CIO, is Argo’s founder while his brother Kyriakos has been CEO since 2003. Unfortunately, to reach its current listed status, the company has really been through the Symplegades…

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