Patience is a virtue
MFF Capital Investments Limited (MFF) entered 2020 advising shareholders to be cautious against expecting high future market returns. Market and economic risks had risen, as had ‘very significant geo-political issues’. The LIC paid a fully-franked 20cps special dividend in February, before reassuring investors that it was “not under pressure to either act or to do nothing”. After having minimal buying activity in the second half of 2019 ($33.5m purchases of investments), MFF continued to slowly reduce the opportunistic/tactical exposures in the portfolio. An unrestrictive mandate coupled with a high level of patience has seen the net cash weighting as a percentage of investment assets and net cash rise from 2.2% on 31 December 2019 to 46.4% at the end of May.
Regal strengthens on QuadPay merger
Regal Investment Fund (RF1) has furthered its recovery with Zip Co Limited (Z1P) announcing an agreement to acquire 100% of unlisted US buy-now pay-later company Quadpay. QuadPay is the largest investment in the Regal Emerging Companies Fund III and consequently a large position for RF1.
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