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Senvest Capital Inc. (SEC.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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405.000.00 (0.00%)
At close: 02:00PM EST
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  • A
    Anonymous
    They sold off over 1/2 of Ebay which reduces that from around 11-12% to maybe a 4-5% weight.
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    Anonymous
    Wow big pops in multiple holdings past few days. Be interesting to see the quarterly update on holdings and book value. I think the companies they hold are performing really well. We will see if the recent Russell outperformance is the start of a reversal versus the large cap indexes.
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    Anonymous
    Does anyone have info on the number of shares Senvest has on Paramount Resources & Arch Resources (ARCH)?
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    Anonymous
    Quarterly report indicates POU,ARX,TSEM,CPRI,VAC are likely the top 5 holdings possibly in that order. Up so far this month about 10%,2%,11%,28%,10% portfolio making up for very average 3rd quarter in a hurry.
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    Anonymous
    The holdings of Senvest are having fantastic earnings reports and reacting very positively. Expect a good finish to the year on book value. We will get the 3rd quarter update soon.
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    Anonymous
    SVCTF master fund up over 6% this month approximate. Huge week of earnings next week for the top holdings. Week after that we get the quarterly book value update and holdings update. This could fly past 350 US in early November.
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    Anonymous
    Small caps at 20 year low on relative valuation, SVCTF is going to crush the market 1-3-5 years out from here. This dead period between March and now is just a blip.
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    Anonymous
    Nice bump for VAC top 5 holding coming today. This portfolio had a subpar 3q, on fire first 6 weeks of 4th quarter. SVCTF 40% plus discount to book value.
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    Anonymous
    Master fund gain 1.29% in Sep
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    Anonymous
    Master fund up an estimated 5.5% for October at moment. This is about 2/3 of the value of Senvest book value.
  • Y
    Yahoo Finance Insights
    SEC.TO reached an all time high at 409.00
  • A
    Anonymous
    @Telcotales Sorry, I missed your reply. Thanks for your detailed estimates. I had the similar weights for the portfolio composition (Masterfund 0.38 and Tech fund 0.62). Seem like they are much more weighted towards the technology fund (maybe because it newer fund?).

    Like you mentioned, even with the ultra-conservative estimates, the NAV discount is wide (if book value is $583 CAD). I didn't even include the 60% percent of the management/incentive fees, they will gain in 2020/21. When Oaktree got sold, KKR bought their fund for 20x projected fee stream. Since asset management is very sticky business, they are a very juicy M&A target. Just rough estimates, if they manage $2 billion in outside capital (1.5% management fee) would translate to $30 million dollars YoY. If you stick a 10-15 multiple on that ($300-450 mil) --> in addition to the NAV. There are companies like Brookfield, Onex listed on the TSX, so we do have local investors who can price asset managers. It seems just a liquidity issue (not enough volume for fund managers).
  • A
    Anonymous
    These are my conservative estimates of book value (April 2021)
    $594 (CAD)

    *My estimates have been the lowest so far. So the upside is at least a double from today's stock price ($330 CAD)
  • A
    Anonymous
    Anyone know what to make of SVCTF quarterly report after the bell? I can not get a book value? Noticed it made about the same for the quarter as last year 2nd quarter even though the master fund was up less this time. Any help breaking this down would be appreciated or a link to book value?
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    Anonymous
    Monthly Return (FEB 2021) 15.25% and YTD (2021) return is 59.59% !
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    Anonymous
    @anonyomous This is the outside AUM pulled from the 2021 Q1 report
    Liability for redeemable units 2,580,334 (March 2021) 1,477,779 (December 2020)

    This is very sticky business. Once a brand name is created (i.e KKR, ONEX, Brookfield) the funding flywheel is much easier. The easiest position would be for U.S asset manager to buyout Senvest at slight premium to book, just so that they can buy the historically performance of the funds (18% IRR)

    Example include SkyBridge Capital using acquired fund's performance to market their Flagship funds for the next 10 years.
  • A
    Anonymous
    No one ever sells large number of shares, on the other hand no one ever wants to buy a large number of shares. I fully understand not wanting to sell these shares at this surpassed level. I do not get why no one has discovered this fund. Yes the tax situation is a nightmare in a regular account, and I guess not paying dividend makes it unloved for IRAS. My guess is for US shareholders a dividend would give this a great boost in interest.
  • A
    Anonymous
    Based on the last filings

    Liability for redeemable units is $2,580 billion. This is the amount of outside capital being charged AUM fees. If the management fee is 1.5%, then the current Management Expense Ratio (MER) would be 0.28%.

    *The assumption is $25 million base cost for salaries. The current AUM would receive around $22.5 (60%) of the 1.5% management fee. I think it is absolute steal to gain access to management on ETF level MER ratios.
  • A
    Anonymous
    FYI The Senvest overall investment portfolio is up 0.81% (13f filings positions) but the stock is down on low trading. Go figure!

    Estimated Book Value of $680 (CAD)
    Trading 0.51 x Book Value
    95% of the book value is publicly traded equities (Level 1 Quotes)
  • A
    Anonymous
    1,200 shares traded in past 9 trading days between the combined indexes. Shares outstanding 2.6 million. I think at this rate it would take much longer to turnover the shareholder base than the galaxy will last.