Author Topic: ELF.TO - E-L Financial Corp. Ltd.  (Read 43261 times)

notorious546

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #110 on: December 13, 2018, 02:00:03 PM »
United Corps has changed investment manager (per recent press release).  Any thoughts?  Does it reflect a strategy change, or just a transition of teams?

how why/ does this matter?


woodstove

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #111 on: December 14, 2018, 01:22:33 PM »
Hi Notorious...  I'm not sure I understand your question.  Here is what I was getting at...

-- Do you mean what is difference between strategy change vs transition of teams?  I am curious whether there is strategy change -- eg, with another ELF affiliated fund, a while-ago decision to allocate a small fraction of funds to emerging markets represented a small strategy change, I thought.

-- In contrast, a transition of teams is perhaps not a strategy change, just possibly a determination that another team(s) might be more suited to continue following of prior strategy.   Don't know ... that's why I am interested in thoughts of others.


SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #112 on: December 14, 2018, 03:44:54 PM »
They seem to have a preference for independent money managers so perhaps it has more to do with J&F being acquired by Scotia than a strategy change per se.

As a side note, this is the biggest NAV discount I have seen since 2011. I donít track it daily but by quarter end back to 2009 and yearly before that. At the end of 2011, the NAV was $642.98 and the stock was $340.
Top 5 positions: ELF IAM GCM.NT/GCM PIF EFR.DB

mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #113 on: December 15, 2018, 04:15:40 AM »
i FWIW also believe they are more stable w/o the property and casualty business they owned then and sold and with just Empire which is more stable and growing, albeit slowly.

woodstove

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #114 on: December 15, 2018, 07:29:35 AM »
"Preference for independent money managers" -- yes, that seems most probable reasoning.  I admit being a bit concerned about J&F acquisition by Scotia, that the rationality, value, loyalty, patience discipline might get diluted via larger organization culture.  So despite knowing nothing about these new investment managers, I'm ok with such a move.  One of the curiosities about ELF group is that the boards have max age-70 criterion, despite being such long-history firm.  Wise choice in my opinion (and I'm over that hill, among others).  Rely upon seasoned middle generation, facilitate the seasoning and intake.  Re stability -- the group has more cross bracing than most structures.  Very impressive.  Good for worry-free sleep.  Glad to be along for the ride, hope the group never goes private.  Thanks for the link to Australian fund manager writeup -- hadn't seen it before.  Maybe discount is Christmas special !

mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #115 on: March 09, 2019, 06:50:31 AM »
look like corporate's global portfolio got caught in the 4th quarter swoon.  looks like empire had a so-so year. any other more knowledgeable posters have any input.  TIA
« Last Edit: March 09, 2019, 06:53:03 AM by mjm »

wisowis

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #116 on: March 10, 2019, 12:59:23 PM »
From my crappy spreadsheeting skills, looks like these are the top drags on ELF from the Mar 2018 carrying value to current market price:

- United's Japan portfolio: -4.3$/share
- Conagra Brands [via United]: -2.7$/share
- Henkel [via Economic]: -3$/share
- Algoma: -3.2$/share (might be wrong about this one, based on SafetyInNumber's previous comment).