NYX GAMING GROUP LTD 11 PCT DEBS V.NYX.DB

RE:RE:No comment from Nuttalls?

[JohnnyUtah16]

I would disagree that Nutts has VERY high hopes for NYX. We dont have to make assumptions since we know what his most recent comments on NYX are (see below). I dont read that and hear extreme optimism. It sounds like he's in the same boat as many of us and is dissappointed and will wait for another quarter or two before he's out if there isn't improvement.

"Demonstrating what a challenging year it was for non-resource small caps nearly all of our performance detractors were non-resource stocks (NYX Gaming, Grenville Strategic Royalty, Air Canada, and Martinrea). NYX was particularly disappointing to us as it was by far the biggest weighting in the Fund (and remains so). We underappreciated that despite trading at an attractive P/E relative to its future earnings growth rate in an industry growing by 10% per year that the corporate shenanigans perpetrated by some of its public peers would taint the space and cause investors to flee all of the public online gambling stocks. We intend to stick to our guns on this position for another few quarters to see if improved execution can cause the stock to move closer to where we see a more proper valuation however this one position did cost
the Fund over 5% of lost performance on the year."