E Split Corp T.ENS

ens premium

[marcrobert]

used to have 10+% premium over nav, yesterday it was 0, today under 2% while enb is flying higher. 

what's wrong here?

[Obscure1]

 aGood question marcrobert, but no easy answer. My model after the close shows ENS at 99% of the NAV which equates to a 1% discount to the NAV Math is math.  The problem is with the humans.   When the fund manager (Middlefield) continually knocks the craap out of the share price of ENS, the ENS investors get frustrated and even angry.  That is why we always see the

[cttglvr]

Thanks as always for your detailed message Obscure1. It's always an enlightening read. Middlefield also runs another real estate split RS. They also did another raise on this split mid April. Yes the share price went down but even now "investors" are paying over a 15% premium to NAV on RS while ENS trades at a slight discount to NAV. I guess ENS holders are more ticked off or has

[marcrobert]

All in all, "ENS is a pretty safe bet which will continue to get safer over time as long as ENB doesn't do something stupid", agree you hit the nail on the head. but ENS has the inherent risk of owning split corp, as discussed, which are non trivial, then there's the rich MER of probably 1.5-2%+. I own lots of financial splits with portfoilios underlying. This one