# NGI - Navigator Global Investments



## scsl (22 July 2006)

does anyone own or have held HFA shares?

i was lucky enough to get some shares in the IPO, as a MFS shareholder. (MFS owned HFA before the float and holds 39% of shares.)

HFA shares were offered at $1.10 and ended the first day of trading (28 april 2006) at $1.39. they closed at $1.80 on 21 july. 

HFA Holdings is an "absolute return fund of fund manager" with $2.5 billion under management. a "fund of fund manager" is a fund manager investing in other existing funds providing diversification across asset classes, strategies and management talent. it may also implement direct strategies. "absolute return" implies the fund is seeking to make positive returns in any situation, not simply trying to outperform a given index. 

seeing that i've read about hedge funds being a very high growth sector, i'm curious if any of you have absolute return funds as part of your investments or superannuation.

i rang and spoke to the company secretary a few days ago and she seems very confident about HFA's prospects and expects to announce results on 17-18 august. 

cheers,
scsl


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## scsl (17 August 2006)

HFA reported its debut full year results today.

They managed to increase Funds Under Management by 113% and Assets Under Management by 131%. Revenue was up 160% on the previous year to $35.4 million, contributing to an 850% increase in EBIT to $11.4 million. 

The figures above all outperformed forecasts from the IPO prospectus. 

The post tax net result was a loss of $10.8 million - but this was due to a one-off cost of $19 million associated with the HFA Employee Share Plan.

I am very confident of HFA's outlook and today's result only reinforce my view that HFA is in a very fast growing sector of the Australian wealth management industry.

HFA ended the day up almost 3%. (Hopefully, I can talk more about the result and outlook when I have more time this weekend.)


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## michael_selway (17 August 2006)

scsl said:
			
		

> HFA reported its debut full year results today.
> 
> They managed to increase Funds Under Management by 113% and Assets Under Management by 131%. Revenue was up 160% on the previous year to $35.4 million, contributing to an 850% increase in EBIT to $11.4 million.
> 
> ...




if HFA does well, does that mean MFS does well?

thx

MS


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## scsl (20 August 2006)

michael_selway said:
			
		

> if HFA does well, does that mean MFS does well?
> 
> thx
> 
> MS



MFS certainly benefits from HFA's outperformance of prospectus forecasts, and in more ways than one.

MFS still retains a significant 38.7% holding in HFA (78 076 173 shares according to HFA's financial report). This values its stake at about $147 million, up over 70% in 4 months. The announced fully franked special dividend of 1.5 cents per share means that MFS will receive approx $1.2 million.

Also, I think that MFS's reputation as an up and coming investment and financial services group will be given a further boost. MFS, which bought HFA for approx $3 million less than 3 years ago, should be given credit for the way it has significantly grown HFA's value and put it on a rapid growth profile.

The highly successful nature of the IPO will mean that MFS should find it easy to attract investors in the future, when it 'offloads' more assets into listed/unlisted vehicles, much like the way MacBank handles it.

cheers,
scsl


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## scsl (7 September 2006)

HFA today broke through the $1.90 level that it has been testing for one and a half months. It spent most of the day above this level, reaching a high of $1.95 just after 1 o'clock. I have been anticipating this break above resistance and think that a close above $1.90 would be very bullish. 

I reiterate that HFA is very much favoured by the brokers that cover it, with huge growth potential in at least the next 2-3 years. Please do your own research on HFA.


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## scsl (24 September 2006)

With the Aussie market performing the way it is, I have no doubt that investors will seek out hedge funds for less volatile and more consistent returns in both rising and falling markets. Being a major player in the Australian hedge fund market, HFA will benefit from the large amounts of funds flowing into this sector. Also, investors will prefer HFA because as a fund of fund manager, it provides instant diversification and active management by an expert in fund selection. 

Some of you may point to the recent closure of a hedge fund in America because of bets on enegy prices gone wrong, but frankly, the majority of hedge funds worldwide are not stupid enough to put a large portion of their money into the one investment.

I know it sounds like I am really talking up the stock, but that's exactly it - I am VERY confident of HFA's future potential.

With HFA off its recent highs, it is an excellent opportunity to buy.


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## rhombus (26 July 2007)

This crowd pinged off the last couple of days. Think there was an article on today tonight or something.


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## numbercruncher (8 September 2007)

> HFA NET SHORT US SUB PRIME SECTOR
> 
> In light of recent events in global and domestic equity, bond and credit markets, and the global liquidity crunch, HFA Asset Management would like to clarify the position of its funds, with respect to these issues and in particular to clearly articulate HFA’s exposure to US Sub Prime and CDO’s (collateralised debt obligations) across its funds.
> 
> ...




http://www.allfinancialservices.com.au/financial-articles/hfa-net-short.php


Im in there geared accelerator fund (hap) and found this ann. yesterday interesting.

4. Details of present registered holders: additional information
The Carrousel Fund Ltd
The Carrousel Fund II Ltd
- *Bear Stearns International Ltd
- Citigroup Global Markets Ltd
- Bear Stearns International Ltd
- Citigroup Global Markets Ltd*
Nbr. of securities
7,392,555
2,119,982
1,848,134
527,715
5. Consideration: additional information
Holder of relevant
interest
Date of
acquisition
Consideration
Cash
noncash
Class and Nbr. of securities:
Ordinary
The Carrousel Fund Ltd
12/07/07-31/07/07
01/08/07-10/08/07
17/08/07-31/08/07
01/09/07-05/09/07
1.29
1.17
1.12
1.13
571,834
345,858
327,167
255,271
The Carrousel Fund II Ltd 12/07/07-31/07/07
01/08/07-10/08/07
17/08/07-31/08/07
01/09/07-05/09/07
1.29
1.17
1.12
1.13
142,958
86,464
81,792
63,818


Hopefully be some good NTA monthly announcemets coming up !


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## nikkothescorpio (21 January 2008)

Down over 40% today and why?

Is this a debt related matter or what?   I can't see any announcements that'd link me to an answer.

I do hold.


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## ormond (21 January 2008)

Talk about a massive over reaction.
Speculation of a potential sale bt MFS group of its 12% holding in HFA.
From oct 1 lighthouse partners diversified fund delivered a positive return of 1.5%.The LHP long short equity fund delivered a negative return of less than 1.9%.
Seems like its death by assosiation rather than looking at the basic fundamentals so will top up tommorow in this well run company.


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## scsl (31 January 2008)

Here's some info I've collected on HFA recently:

- The share price plunge (it touched 71 cents on 21/1/08) was because of concerns of HFA's connections to MFS, with MFS' margin call exacerbating it. In the process, MFS now only holds 0.23% of HFA. Down from 40m shares (8.6%).

- The absence of this MFS share overhang may potentially allow HFA's share price to 'move on' from the negativity.

- Net funds flow across HFA products has been positive every month this financial year and there has been no unusual redemption activity (unlike MFS's $770m Premium Income Fund, which has had to freeze all redemptions).

- Fund inflows so far in FY08 stand at $200m. (In the year to 30/6/07, FUM increased 47% to $1.56b.)

- Despite being initially delayed due to credit conditions, there has been rapid satisfaction of the merger. The merger was expected to be completed in early Jan.

I used to hold. But am now looking to buy. I am looking forward to 1H 2008 announcement, which will provide more clarity.

Regards,
scsl


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## vishalt (31 January 2008)

I wonder if HFA's funds are getting a lot of redemptions simply because of the MFS connection. 

I didn't even know MFS had a holding in it!


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## the bard (27 November 2008)

Anyone know why HFA plunged 47% today, no news, big volume, what the? I have done a bit of a look around, nothing to be found news wise, if somebody knows something and they are not telling me, they will be in big trouble!


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## BMTT88 (23 December 2008)

Down 55% today on huge volume.  Current market cap of 15 mill, would their management fees far exceed this?  oversold?


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## aazar (23 December 2008)

They are freezing redemptions on their funds. Don't touch. Go and buy some decent blue chip stocks instead unless you don't mind losing all your capital.


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## BMTT88 (23 December 2008)

Pretty much anybody who wasn't covered under the government guarantee froze their funds.  Its a good move on their part to preserve their management fees since this is based on total funds under management.


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## mfp (27 December 2008)

aazar said:


> They are freezing redemptions on their funds. Don't touch. Go and buy some decent blue chip stocks instead unless you don't mind losing all your capital.




Made 25% on this on xmas eve. Noticed the successful retest of the previous day's low @ 3.9c and buyers building @ 4c. Bought 200,000 @ 4c, sold @ 5c average 2 hours later (4.7c and 5.3c). Just for another little flutter re-entered with 100,000 near close @ 4.8c, closed @4.9c.  Prior to this had never heard of the stock before.


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## my03 (27 December 2008)

sorry to ask such newb questions but is this stock a good option for medium-long term 1-3 years? will it ever get back to what it was before?


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## 4eyesnb (28 December 2008)

devoured 435,000 shares at 0.042, spit 150,000 at 0.05 next day.

wait for tomorrow, see if i can get more


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## mfp (29 December 2008)

mfp said:


> Made 25% on this on xmas eve. Noticed the successful retest of the previous day's low @ 3.9c and buyers building @ 4c. Bought 200,000 @ 4c, sold @ 5c average 2 hours later (4.7c and 5.3c). Just for another little flutter re-entered with 100,000 near close @ 4.8c, closed @4.9c.  Prior to this had never heard of the stock before.




Sold again on open @ 5.5c. A little more patience would have gotten me 6c, but I'm pretty satisfied with my double trade, and the fact that it is currently at its day low of 5.2c makes me fairly confident the run is over.


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## andione1983 (23 March 2009)

What the hell did HFA go up by 100% today for?? I have been watching this one for some time, but unfortuanately have not brought into them.


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## Boggo (23 March 2009)

Nick Radge gave us a heads up on that stock as one that had upside potential when he was on "Your money, Your call" on Sky last week.


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## MACCA350 (24 March 2009)

Boggo said:


> Nick Radge gave us a heads up on that stock as one that had upside potential when he was on "Your money, Your call" on Sky last week.



HFA up 100% in one day on the back of announcing they have successfully extended their loan facility until Nov 2011

cheers


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## Viva_Las_Vegas (24 March 2009)

Wonder why it fizzeled out today and didn't really do that much. Profit taking from those that bought cheap yesterday morning perhaps? Any ideas?


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## MACCA350 (2 April 2009)

Up 52% today.

Delaware hedge fund has been buying up HFA stock since March 19 and now own 24.5M shares (5.33%), 772k today.

cheers


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## rhen (15 April 2009)

Good news
http://www.financialstandard.com.au/news/view/25519/

The "1" is my automatic (programmed)  buy signal (that needs to be confirmed by visual scan).
The chart (and indicators not shown) suggest it may be overbought at this point.
I own shares in HFA.


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## dc_b4 (14 April 2010)

20% up in 3 days, what happened?

Heard news from Financial Standard, is that why?

http://www.financialstandard.com.au/news/view/28526/

HFA Asset Management is set to re-open its flagship $565 million Diversified Investments Fund to new investment as early as July this year - more than a year since it was forced to suspend redemptions due to the liquidity crisis.

The decision to re-open the fund comes as the value of the fund's net assets coupled with improving liquidity in underlying investments has improved.



While conditions are improving, the fund manager has not announced an exact date to re-open again, stating that it depends on the level of liquidity in its underlying investments.

The fund manager suspended applications and redemptions to the fund at the end of December 2008 due to the lack of liquidity in global investment markets.

A unitholder meeting in June last year voted in support for the fund to continue its investment mandate while at the same time providing limited liquidity windows to those investors seeking to redeem from the fund.

"The liquidity of the fund's underlying investments continue to improve at a rate beyond our expectations and combined with the strong positive investment performance, we are confident the fund will be back to its pre-GFC terms much earlier than originally anticipated," said Oscar Martinis, joint managing director at HFA Asset Management.

The fund's net assets appreciated more than 19 per cent during last year and since applications and redemptions were restricted, the fund investments have gained more than 20 per cent.

HFA Asset Management expects to change from monthly redemptions with 30 days notice to quarterly periods with the same number of days notice.

This comes after six Australian hedge fund managers were considerig suspending or closing their fund's redemption or application terms following the ban on short selling in 2008, according to a survey by the Australian arm of the Alternative Investment Management Association (AIMA) at the time.


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## notabclearning (15 January 2011)

hfa, has had a good run from 20c to 30c. I hold to $1.

Reasons: 1. Debt under control
             2. Apollo bringing money to Lighthouse
             3. Equity markets improving
             4. Stock was over $2 pre GFC
             5. New products

This is 5 reasons why this stock will get to at least $1 , in my opinion.
Give if I really thought about it, i'm sure there are lots of reasons.


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## notabclearning (27 January 2011)

strong uptrend occuring. Up 10% today. I got in at low twenty's currently im very


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## piggybank (19 February 2014)

Update:-

​


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## Boggo (31 March 2015)

Rather than derail the momentum thread I thought I would post a comment on HFA here.

Some bits of interest in the pic of the depth.

My concern with the depth/volume that I referred to on the momentum thread is highlighted down the left of the pic. If anything spooks this stock and some of those single buyers do a runner this can easily jump your stops and can easily leave you with double digit losses.

Maybe its just me but I like to see a few buyers as well as the associated volume.

Having said that, if you look at the depth pic you see the ^ symbol.
This is what that means...
_Iceberg orders are a concept used by the ASX for placing orders with only a portion of the volume disclosed. When the disclosed volume of an iceberg order is filled, this volume is automatically renewed and the order is positioned behind orders at the same price level. The disclosed volume displays as visible volume whilst the undisclosed volume displays as market order volume. The minimum required visible volume depends on the security. _

That could override my earlier comments/concerns perhaps, interesting though imo.


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## System (20 November 2017)

On November 20th, 2017, HFA Holdings Limited (HFA) changed its name and ASX code to Navigator Global Investments Limited (NGI).


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## greggles (3 July 2018)

Navigator Global Investments, formerly HFA Holdings, has been having a great run over the last 18 months.

After bottoming out in March 2017 at around $1.90 it made steady gains until late May 2018 when it took off like a rocket, catapulting from $4 to $5.50 in a little over a month. The catalyst for this rapid share price growth was the acquisition by NGI's United States subsidiary, Lighthouse Investment Partners, LLC of the assets of Mesirow Advanced Strategies, the multi-manager hedge fund division of Mesirow Financial. The acquisition was completed on 1 July and US$5.2 billion of assets under management transitioned to Lighthouse at closing.

Market cap is currently around $870 million.


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## Dona Ferentes (29 October 2020)

greggles said:


> Navigator Global Investments, formerly HFA Holdings, has been having a great run over the last 18 months.
> 
> After bottoming out in March 2017 at around $1.90 it made steady gains until late May 2018 when it took off like a rocket, catapulting from $4 to $5.50 in a little over a month. The catalyst for this rapid share price growth was the acquisition by NGI's United States subsidiary, Lighthouse Investment Partners, LLC of the assets of Mesirow Advanced Strategies, the multi-manager hedge fund division of Mesirow Financial. The acquisition was completed on 1 July and US$5.2 billion of assets under management transitioned to Lighthouse at closing.



and that was about it for that bout of enthusiasm. Got to $6 in August 2018, then a retreat, rout even, to its current post Covid torpor.






> Navigator anticipates some continued redemptions across the Lighthouse’s multi-strategy complex as an on-going consequence of March 2020 performance and overall market conditions, however with improving performance over the past six months we expect to see these redemptions trend downward.



Still expecting 20% fee reduction, despite some equity-based strategies and its platform services offering performing well.

One fund manager, Eley Griffiths, sees some upside for its fund (Ah the life of an asset, held in a fund by another fund; no wonder performance can be muted, everyone taking a clip)







> During the quarter we increased our exposure to Navigator Global. NGI is a holding company that owns 100% of Lighthouse partners, a US based, fund of fund alternatives manager. Lighthouse has experienced a period of outflows, almost entirely relating to the acquisition of Mesirow, a business in run off that NGI paid nothing for. The case for increasing our holding at $1.20 was driven by valuation (6x cashflow) and a view that the period of outflow was coming to an end. As it turns out, NGI had been working on a material transaction with Dyal Capital Partners to purchase equity stakes in 6 leading alternative managers, collectively representing $35B in funds under management. The transaction will be earnings accretive, accelerate NGI's move up the value chain into product manufacturing and also diversify NGI's earnings, underwriting a very healthy 9% dividend yield (at current trading of $1.60.)











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## fergee (29 October 2020)

Dona Ferentes said:


> and that was about it for that bout of enthusiasm. Got to $6 in August 2018, then a retreat, rout even, to its current post Covid torpor.
> View attachment 113903
> 
> Still expecting 20% fee reduction, despite some equity-based strategies and its platform services offering performing well.
> ...



I'd rather to be manager rather an investor in these "things".


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## greggles (29 October 2020)

Dona Ferentes said:


> and that was about it for that bout of enthusiasm. Got to $6 in August 2018, then a retreat, rout even, to its current post Covid torpor.
> View attachment 113903
> 
> Still expecting 20% fee reduction, despite some equity-based strategies and its platform services offering performing well.




The party is definitely over for NGI... for now. The five year historical performance tells the story.






There will be a bottom, eventually. But when that will be is anyone's guess. COVID-19 is far from over and NGI will no doubt suffer from further fund outflows under the global economy has stabilised.


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