Salt seems to have less investors in their funds now compared to December
Probably correlated to their returns :eek2:
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Probably because they think RYM is heavily overpriced and trading on past glory when really their growth rate has been nothing special in the last 5 years, (14% per annum average), slower even than MET's growth rate ! Possibly because you can buy a good company like this on a PE of 9 and RYM is on around three times that.
From their December update
While Ryman was an annoying detractor, the Fund did very well out of the NZ retirement village sector thanks to the large longs we had built up in Oceania Healthcare (OCA, +22.2%) and Metlifecare (MET, +17.0%). We had bought these when they were somewhat friendless in the June to September period, with MET trading in a range of $4.30-$4.50 compared to the somewhat fortunate takeover bid that came in at $7.00 during the month. The two lessons from this were that you make your luck by playing in the right places and that these names were very weak when the Auckland housing market had only slowed down slightly, with the rest of the country still being strong. Woe betide the sector when there is a sustained housing pullback and the premium multiples attached to the rapid developers, Ryman and Summerset, come under scrutiny. That is not our near-term expectation and we a