Report
Brian Moretta ...
  • Dorothea Hill
  • Jason Streets
  • Keith Hiscock
  • Mark Thomas
  • Martin Hall
  • Mike Foster
  • Paul Singer
  • Tony Williams
  • Yingheng Chen

The Monthly: January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes every UK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.
Underlyings
600 Group PLC

600 Group is an engineering group. Co. operates these businesses from locations in North America, Europe and Australia selling into more than 180 countries worldwide. Co. has two segments: Machine Tools and Precision Engineered Components, which designs and develops metal processing machine tools sold under the brand names Colchester, Harrison and Clausing and designs and manufactures precision engineering components under the brand names Pratt Burnerd and Gamet; and Industrial Laser Systems, which operates under the combined TYKMA Electrox brand that provides laser solutions across a number of industrial laser applications including marking, engraving and micro-material processing.

Advanced Oncotherapy

Advanced Oncotherapy is focused on providing radiotherapy systems for cancer treatment through the use of a proton therapy technology. Co. operates in two business segments: proton therapy and healthcare related properties. The healthcare related property U.K. segment relates to Co.'s property in Folkestone, which is being marketed for sale.

Allergy Therapeutics PLC

Allergy Therapeutics is a pharmaceutical group focused on allergy vaccination. Co. mainly sell its products in European countries and its pipeline of products in clinical development includes vaccines for grass, tree and house dust mite, as well as a peanut allergy vaccine in preclinical development. Co. sells a range of aluminium-free allergy vaccines and diagnostics. Co. sells both injectable and sublingual (oral) formats. The commonly prescribed are those for the treatment of pollen related allergies, particularly for allergies to grasses, weeds and trees. Co.'s vaccines trade under various brand names depending on the market, e.g. Pollinex Quattro, Polligoid and TA Graser Top.

Arbuthnot Banking Group

Arbuthnot Banking Group is primarily involved in banking and financial services. Co. is organized into three main operating segments: Retail banking (associate), which incorporates household cash management, personal lending and banking and insurance services; U.K. Private banking, which incorporates private banking, commercial banking and wealth management; and Group Centre, which is comprised in Co.'s Group Centre management. As of Dec 31 2016, Co.'s total assets were £1.27 billion.

Burford Capital Limited

Chamberlin

Chamberlin is engaged in the production and sale of iron castings. Co. operates in two segments, Foundries and Engineering. The Foundries segment is engaged in supplying iron castings, in raw or machined form, to a variety of industrial customers who incorporate the castings into their own products or carry out further machining or assembly operations on the castings before selling them on to their customers. The Engineering segment is engaged in manufacturing and imported products to distributors and end-users operating in the safety and security markets. The products fall into the categories of door hardware, hazardous area lighting and control gear.

City Of London Investment Group

City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.

Diurnal Group

Diurnal Group is a pharma company developing products for the life-long treatment of chronic endocrine conditions. Co. is focused on addressing clinical and patient needs in hormone replacement, initially by developing and marketing products for the rare orphan diseases congenital adrenal hyperplasia and adrenal insufficiency. Co.'s products include Infacort®, an immediate-release hydrocortisone preparation targeting Adrenal Insufficiency (including Congenital Adrenal Hyperplasia) in children under six years of age in Europe and 16 years of age in the U.S.; and Chronocort®, a modified-release hydrocortisone preparation, initially targeting Congenital Adrenal Hyperplasia in adult patients.

Genedrive

Genedrive is a holding company. Through its subsidiaries, Co. is a molecular diagnostics business developing and commercializing a point of care diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. Co.'s Genedrive® is a patented small polymerase chain reaction platform which enables rapid nucleic acid amplification and detection from various sample types, including plasma, sputum and buccal swabs. Co. also provides contract research services to drug development companies under the Epistem brand name.

Morses Club

Morses Club is a United Kingdom consumer finance business in the Home Collected Credit market. Co.'s customers are served by self-employed agents, as well as employees based across 98 branches. Co. operates through a series of local branches based all over the UK. Co.'s field management team operate from these branches, working with its network of self-employed agents.

Non-Standard Finance

Non-Standard Finance is a holding company. Through its subsidiaries, Co. is engaged in the provision and servicing of secured and unsecured personal instalment loans.

Pantheon Resources

Pantheon Resources is engaged in the investment in oil and gas exploration and development. Co. operates in the U.K. through its parent undertaking and in the U.S. through subsidiary companies. Co. operates in two reportable segments: USA and Head Office. Non-current assets, income and operating liabilities are attributable to the USA, whilst most of the corporate administration is conducted through Head Office. As of June 30 2017, Co. held 58% working interest in the VOBM#1 & VOBM#2H wells in Polk County. Co. also held 75% working interest in VOBM#4 in Tyler County.

Primary Health Properties PLC

Primary Health Properties is a holding company and a real estate investment trust. The principal activity of Co. is investment in primary healthcare property in the U.K. and Ireland. Co.'s properties are leased principally to general practitioners, government healthcare organizations and other associated healthcare users.

Surface Transforms PLC

Surface Transforms is a developer and manufacturer of carbon ceramic products for the brakes market. Co. is engaged in the design, manufacture and sell carbon fiber components. Co.'s products in the automotive industry are lightweight, durable and refined, providing heat dissipation and material strength. In the aerospace industry, Co.'s products provideweight reduction, improved brake performance and wear life. Co's research activities are concentrated on the ongoing identification of new products and applications for carbon fibre reinforced ceramic friction and non-friction materials.

Volta Finance (GBP)

Volta Finance is a closed-ended investment company with the objective of investing, among other asset types, in the following main asset classes: Collateralized Loan Obligation, Synthetic Corporate Credit, Cash Corporate Credit and ABS. Co. has appointed AXA Investment Managers Paris S.A., as its Alternative Investment Fund Manager to manage the investments of Co.

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Hardman & Co
Hardman & Co

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Analysts
Brian Moretta

Dorothea Hill

Jason Streets

Keith Hiscock

Mark Thomas

Martin Hall

Mike Foster

Paul Singer

Tony Williams

Yingheng Chen

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