Cobas AM: Nueva Gestora de Francisco García Paramés

Yo voy a enviar un email a Cobas preguntando el tema de las comisiones, pero al leer el documento y teniendo en cuenta lo que ellos habían dicho, mi interpretación es la siguiente:

Primer punto importante aclarar: esta información se refiere a 2017, es información histórica. Recordemos que Mifid ha entrado este año y por lo tanto el año que viene veremos lo que han hecho en 2018.

El 1.79% es la comisión de gestión tradicional, eso es impepinable.

El 0.61% son los brokerage costs, dentro de los cuales están incluidos los servicios de análisis financiero o “research”.

“(1) Los costes y gastos operacionales de la cartera pueden recoger los gastos derivados del servicio de análisis financiero sobre inversiones incluidos en el servicio de intermediación ya que para su estimación se han tenido en cuenta los costes del ejercicio 2017. En este primer año los gastos son más elevados derivados de la configuración de la cartera. Cobas AM asumirá el coste de los servicios de análisis prestados por los intermediarios financieros.”

Lo que nos habían dicho y reafirman en ese párrafo, es que ellos asumen el coste del research (a partir de 2018). Es decir, que de repetirse el 0.61%, no sería un coste para el fondo en su totalidad sino que la parte de research la asumiría la gestora. Teniendo en cuenta que sea cierto lo que indican, que el 0.61% ha sido más alto por ser el primer año de configuracón de la cartera (esto lo veremos) y que ellos asumirán una parte de ese 0.61%, creo que la comisión total estará más cerca del 1.9%-2% que del 2.4% que ha sido en 2017.

Por otro lado y aplicando sentido común, sería de auténtico trilero que después de que FGP haya dicho que las comisiones ya son demasiado altas y que ellos quieren asumir parte del coste, ahora nos las subiesen (especialmente en el Grandes Compañías, después de vender las bondades de la baja comisión de ese fondo). No tendría ningún sentido.

Saludos

A ver si lo he entendido. Cobas gestiona algo más de 1.600 millones de euros. El coste del brokerage es total son 0,61%.

1.600.000.000 por 0,61% son cerca de 10 millones.

10 millones de euros entre compra venta y análisis. Qué locura.

No tiene sentido, pero me temo que es la realidad.

Tullow sigue desbocada, sube un 3% cada día, asi no hay quien venda!

Yo no la vendo. Ésta me la quedo para mi "colección". Le llevo un 68% y de lo único que me arrepiento es de no haber comprado más porque llevo poquitas.

Y los futuros del Brent camino de los 80 dólares.

Resultados de TGP

Highlights

• Reported GAAP net loss attributable to the partners and preferred unitholders of $6.9 million (impacted by a tax indemnification provision and write-down of conventional oil tankers) and adjusted net income attributable to the partners and preferred unitholders(1) of $22.1 million in the first quarter of 2018.
• Generated distributable cash flow(1) of $35.3 million, or $0.44 per common unit, and total cash flow from vessel operations(1) of $117.6 million in the first quarter of 2018.
• Since the beginning of 2018, the Partnership has taken delivery of four LNG carrier newbuildings, all on long-term charters, and one mid-sized LPG carrier newbuilding. 
• Re-chartered the Arctic Spirit and Polar Spirit LNG carriers for four years and one year, respectively, and extended the charter on the Torben SpiritLNG carrier until December 2018. 
• In May 2018, refinanced an outstanding debt facility of $58 million due in 2018 with a new $90 million long-term debt facility secured by seven mid-sized LPG carriers trading in the Teekay Multigas Pool.

Y para terminar .....

The UK taxing authority (HMRC) has challenged the use by third parties of similar lease structures in the UK courts. One of those challenges was eventually decided in favor of HMRC, with the lessor and lessee choosing not to appeal further. This case concluded that capital allowances are not available to lessors. On the basis of this conclusion, HMRC is now asking lessees on other leases, including the Teekay Nakilat Joint Venture, to accept that capital allowances are not available to their lessors. Under the terms of the lease, the lessor is entitled to make a determination that additional rentals are due, even where a court has not made a determination on whether capital allowances are available or where discussions are otherwise ongoing with HMRC on the matter (such that additional rental paid may be rebated in due course if the final tax position is not as determined by the lessor). On May 10, 2018, the lessor made a determination that additional rentals are due under the leases. As a result, during the three months ended March 31, 2018, the Teekay Nakilat Joint Venture has recognized an additional tax indemnification guarantee liability of $53.0 million for a total liability of $65.6 million (46.9 million GBP) as at March 31, 2018. The Teekay Nakilat Joint Venture is in discussions with HMRC in relation to the correct tax treatment to be applied to the leases and with the lessor regarding the timing and amount of this potential liability for additional rentals

Resultados de Teekay Tankers

Highlights

• Reported GAAP net loss of $19.2 million, or $0.07 per share, and adjusted net loss(1) of $22.0 million, or $0.08 per share, in the first quarter of 2018.
• Generated GAAP loss from operations of $8.4 million and cash flow from vessel operations(1) of $22.3 million in the first quarter of 2018.
• Signed term sheet for a sale-leaseback financing transaction for seven tankers, which is expected to increase liquidity by approximately $36.0 million.  In addition, the Company eliminated its minimum quarterly dividend of $0.03 per share to maintain balance sheet strength during cyclical downturn with the earnings-linked variable portion of the dividend policy remaining intact, which provides investors with participation in a tanker market recovery.

CEO Commentary

“Since reporting our fourth quarter earnings, we have continued to take proactive steps to further strengthen our balance sheet to better position Teekay Tankers during this cyclical low point in the tanker market,” commented Kevin Mackay, Teekay Tankers’ President and Chief Executive Officer. “ In April 2018, we signed a term sheet for a sale-leaseback financing transaction relating to seven mid-sized tankers, which is expected to provide approximately $36 million in additional liquidity and extend our debt maturity profile.  In addition, we have decided to eliminate our minimum dividend payment, which will result in retaining approximately $32 million of cash flow annually, but maintain the variable portion of our dividend policy, which will provide investors with the ability to directly participate in a tanker market recovery,” added Mr. Mackay.  “Should the tanker market remain under pressure, we have several options available to continue strengthening our balance sheet, including further sale-leaseback transactions which are currently under discussion.”

Looking ahead, while we expect the tanker market to remain under pressure in the near-term, we remain encouraged by the significant increase in tanker scrapping and strong global oil demand forecasted through the rest of this year and into 2019, which in combination with more moderate fleet growth, should lead to a tanker market recovery during the latter part of 2018 and into 2019.

Efectivamente, es que en la conferencia anual sugirió que lo probable en un futuro es que las comisiones bajen, no que nos las suban...