Monday, 13 October 2014

Would you trust these people with your money ? Rab Special Situations Fund 13 Oct 2014

Quentin Spicer
Mr Spicer joined the Board in May 2005. He qualified as a solicitor with Wedlake Bell in 1968 and became a partner in 1970. He moved to Guernsey in 1996 as senior partner in Spicer & Partners Guernsey LLP (previously Wedlake Bell Guernsey), specialising in United Kingdom property transactions for non-United Kingdom resident entities. He is Chairman of the Guernsey Housing Association LBG and is also a non-executive director of several other funds.
Peter Hodson
Mr Hodson joined the Board in May 2005. He qualified as a solicitor with Hyman Isaacs Lewis & Mills (now DAC Beachcroft LLP) in 1975 and became a partner in Masons, Hong Kong in 1985. He is a qualified solicitor in Hong Kong and in England and Wales and is also an accredited mediator with the Centre for Effective Dispute Resolution (“CEDR”) in London and with the Hong Kong International Arbitration Centre. He also holds a Diploma in Company Direction from the Institute of Directors in London. He moved to Guernsey in 1998 with Bank of Bermuda as Head of Private Clients, Europe and since 2002, he has operated as a personal fiduciary, licensed by the Guernsey Financial Services Commission. Whilst continuing to have a base in Guernsey, he is also a Consultant with Stephenson Harwood in Hong Kong, where he also has an office. He has had 28 years’ experience in fiduciary services, including senior executive roles with MeesPierson and Standard Chartered Bank Trustees, as well as Bank of Bermuda
Christopher Wetherhill
Mr Wetherhill joined the Board in May 2005. He founded and was chief executive officer of Hemisphere Management Limited (now renamed Citi), a financial services company located in Bermuda, from 1981 to 2002, when he chose to retire. Mr Wetherhill is a chartered accountant, a Fellow of the Institute of Chartered Accountants in England and Wales, a member of the Canadian and Bermudian Institutes of Chartered Accountants, a Fellow of the Institute of Directors and a Freeman of the City of London. He is a Bermudian resident and is a non-executive director of investment companies of several jurisdictions.
Nicholas Wilson
Nicholas Wilson has over 40 years’ experience in alternative asset management. He has established and run offshore branch operations for MeesPierson Derivatives Limited, ADM Investor Services International Limited and several other international brokerage companies. He is chairman of Qatar Investment Fund Plc, a Premium Listed company and a director of AIM Listed EPE Special Opportunities Plc. He is resident in the Isle of Man.


Rab Special situations , making £70 million become £ 7 million .
Nice work if you can get it . Wish I was part of this overpaid and underperforming team ;

From a cyclical perspective we think that current capex spend trends are setting up selective commodities for the next upcycle in pricing.  In particular we believe the broader strength of the base metals market forecast for 2016 will start to become more widely appreciated in the coming six months.

Given the above, we remain positive on the structural prospects for natural resources.

Philip Richards and Team
15 August 2014

Given risk is now skewed toward demand growth surprise and production disappointment, we continue to see long-term upside for commodity equities as the global recovery gains momentum.

Philip Richards and Team
16 August 2013

In conclusion, we believe all of the holdings in our portfolio offer deep and compelling value, while FOGL offers particularly great upside potential over the drill program to the end of 2012.  We feel that the setback in commodity pricing has been fully discounted in equity valuations.  Of course, a significantly worse global economy could lead to more downside, but the upside potential (assuming only moderate growth) is very attractive.  We thank all of our investors for their confidence in us.

Philip Richards
RAB Capital Limited
17 August 2012

With valuations and cash flow generation at compelling levels, the equities are due, in our opinion, a period of solid performance.

We thank investors for their continued support in the fund.

Philip Richards
RAB Capital plc
22 August 2011

The Investment Manager continues to view commodities investment as partly detached from the problems faced by the West, especially whilst the US Dollar remains the default currency for this asset class and medium/long-term value is under-pinned by a shortage of supply and strong demand in the developing countries, and is still of the belief that a fundamentals approach will perform going forward.
Philip Richards
RAB Capital plc
20 August 2010


     On the plus side , some of the directors are not claiming expenses / wages " at present " and we are due a total overhaul in 2015 .
Why on earth has a supposedly active managed fund lost so much money over 9/10 years ?
    Quite frankly some stocks almost defy belief .
Admittedly one quarter of their investment is FOGL which has halved in value . But , one can only marvel at such incompetence .

  And May 

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