Majedie Investments final results for the year ended 30 September 2014 show the fund’s net asset value returning 10.8%. The dividend was cut from 10.5p to 7.5p. However the fund’s discount narrowed from 28.4% to 5.3% over the year and so the return to shareholders was much higher at 49.7% as the share price rose to 229p, marginally higher than its level ten years ago (when it was 227.5p) but some way off the levels of 2007.
2014 kicked off with Majedie’s announcement that it would close Javelin Capital LLP and shift the management of most of its assets to Majedie Asset Management (“MAM”), a business that it established and still retains a large stake in. the company’s funds are distributed across a range of funds managed by MAM. Looking at returns from the date of investment until the 30 September, the UK Equity Segregated fund underperformed its benchmark by 1%, the Tortoise Fund (a global equity absolute return fund) fell in value by 4.9%, the UK Income fund beat its benchmark by 1.7%, the US equity fund outperformed by 1.4%, the Global Equity Fund underperformed by 1.3% and the Global Equity Focus Fund underperformed by 3.1%. Offsetting all this underperformance was a write up in the value of their stake in MAM.
MAJE : Year of transformation for Majedie