China Merchants China Direct Investments (CMCDI, 133) refuses to acknowledge the issue of large discount to net asset value (~60% discount now).

CMCDI argues, disingenuously, that is because a big portion of its total assets are illiquid. At at 31 December 2024, 45% of its total assets are investments in private companies. If Insta360, the maker of GoPro-like cameras, goes IPO as it plans, that number is 40% on pro forma basis.

Are there other comparable reputable closed-end funds that invest in a diversified mix of listed and private companies? How big are their discounts?

These are rare, but we found one recently. Edinburgh Worldwide Investment Trust plc (Edinburgh Trust) is exactly that.

Edinburgh Trust is managed by Baillie Gifford, a GBP 200 billion British manager. Like CMCDI, Edinburgh Trust focuses on “frontiers of technological innovation and transformation“. Edinburgh Trust has NAV of US$ 1 billion, which is comparable with CMCDI’s US$ 660m.

27% of Edinburgh Trust’s portfolio are investments in private tech companies. Its largest investments are Elon Musk’s SpaceX and PsiQuantum, a quantum computing unicorn.

As at 31 December 2024, Edinburgh Trust was trading at 0.8% premium over its NAV, which is partly due to Saba Capital’s recent activism and purchases.

Even before Saba was involved, the average discount of Edinburg Trust over the past three years was merely 13%.

If you are new to CMCDI, read our primer.

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招商局中国基金(133 HK,“招商局基金”)拒绝承認其净资产值折价严重的问题(目前折价约60%)。

招商局基金辩称,折价是因为其总资产中有很大一部分是未上市或者流动性差的资产。截至2024年12月31日,其总资产中有45%是对未上市公司的投资。如果Insta360上市(正如其计划的那样),按照假设计算,这一比例将为40%。

是否有其他同时投资上市公司和私营公司多样化组合且声誉良好的封闭式基金?它们的交易折价有多大?

这类基金比较罕见,但我们最近发现了一个。爱丁堡全球投资信托公众有限公司(Edinburgh Worldwide Investment Trust plc,“爱丁堡基金”)正是这样一个例子。

爱丁堡基金由英国管理资产规模达2000亿英镑的柏基环球(Baillie Gifford)管理,与中国基金类似,爱丁堡基金专注投资于“技术创新和变革的前沿科技”。爱丁堡基金的目前净资产值为10亿美元,与中国基金的6.6亿美元相当。

爱丁堡基金组合中有27%的资产投资于未上市的科技公司,最大的投资包括埃隆·马斯克的SpaceX和一家量子计算独角兽公司PsiQuantum。

截至2024年12月31日,爱丁堡基金的交易价格比其净资产值高出0.8%,这在一定程度上归因于Saba资本最近的行动和购买。

即使在Saba资本介入之前,爱丁堡基金过去三年的平均折价也仅为13%。

如果您刚开始了解招商局基金,请阅读我们的指南

欢迎随时跟我们联系:

💬 微信: ASM_Argyle

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🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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