I love this one because it is a train wreck in slow motion. Urgently laying some track down in front of itself as it lurches towards its inevitable demise.
I used to be a CTN shareholder and had a good ride, albeit with ordinary stock performance. Holders now must be bitter because the performance is so far below every other microcap fund manager it would hurt
George has been there nearly 3 years now. In that time has he won a single mandate? I don't believe so. Has the performance turned around? No, its actually gotten worse. If he comes back with a suitcase of cash you would assume blood was given.
Contango are (were at least) a top down manager so that means its all about the global macro calls. I assume he makes the calls as the website says he is MD and Chief Investment Officer http://contango.com.au/investment-team/ I don't think he has much to hang his hat on here. the tables show them. The last 3 months they are 78/79 Australian fund managers, and over 1 year 66/79 (remember that #68-79 are all growth managers who've been smashed this year if you weren't one of them it would not have been possible to underperform them)
It was beautifully ironic to see the Fund Manager move the old crew out (the people who brought the money through the door and actually performed reasonably well) to replace them with...themselves, fire the then-and-now better performing manager in OC, and continue to...well, all can see.
I would be very curious to have a look at who was doing the buying immediately post listing up to its high of $1.93 and learn how many shares were bought by staff. If I recall correctly the company provided staff with an interest free loan to buy CGA shares and indemnified them if the share price went below $1.00. I am hazy on this, will read the plan over the weekend. Weather is too nice to be inside all today
Melbourne Storm vs the Cowboys. How about a merger? The Melbourne Cowboys?
Have bookmarked November 24th. I just might wander in and have a squiz. I would expect there will be some more surprises before then. I will bring my bag of HotCopper PopcornTM Contango Asset Management Limited AGM
Friday 24 November 2017
10:00am – 12:00noon
Sheraton on the Park
161 Elizabeth Street
Sydney NSW 2000
CGA Price at posting:
$1.00 Sentiment: Sell Disclosure: Not Held
