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Benjamin Hornigold Limited

Fund Manager: John Bridgeman Limited
Inception Date: May 12, 2017

Henry Morgan creates new global LIC

Financial Standard - May 12, 2017

Henry Morgan's investment manager, John Bridgeman, will launch a new global equities listed investment company following the successful oversubscription of another LIC last month. The new LIC, William Kidd Ltd, will be based on a global equities fund John Bridgeman is developing and the prospectus for its initial public offering is expected to be lodged in July. Henry Morgan and John Bridgeman are aiming to raise about $15.5 million. [More]

Listed investment company Henry Morgan Limited has delivered spectacular returns in the year to date, betting on the British pound, the euro and warning everyone that “if you think you are ‘long’ enough on stocks, you probably are not”. Last month, the company announced that net tangible assets before tax rose a staggering 45.5 per cent since January 1, 2017. However, often high returns are a result of high risk and given the leveraged nature of the fund’s investment strategy, the question must be asked whether this unusual little LIC is a lifetime opportunity or a house of cards that will eventually collapse? It also goes without saying any investment manager that names its funds after famous pirates is, well, highly speculative and makes no effort to conceal that fact. [More]

"Barbarians at the Gate" may have been a one-time popular description of New York's Wall Street, but if one local investor gets his way, Australian markets will be populated increasingly by pirates. Benjamin Hornigold, John Bridgeman and Henry Morgan are the names of famous pirates and local investment funds. John Bridgeman and Henry Morgan are already listed – on the National and Australian stock exchanges respectively – while Benjamin Hornigold is in the final stages of completing a small sharemarket float, raising an initial $20 million. [More]

A brief look at the performance charts of LICs on the ETF Watch Fund Database shows a shining light in what has been a reasonably good year for many funds. Little know LIC Henry Morgan Limited (HML), listing only in February 2016 has delivered a remarkable 64% investment growth and 12% dividend yield and still trades at a 20% discount to NTA.This remarkable performance has all happened whilst the majority of ‘free’ options have been exercised, and diluted the NTA somewhat. Benjami ... [More]

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