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QuotedData publishes free, reliable educational resources, research and news on carefully selected sectors and companies, some of which is sponsored. In addition, we provide data, including performance charts and statistics, across the full spectrum of pan-European equities.  Our team of expert analysts writes with a balanced view and our goal is to provide you with all the information you need to make your own investment decisions, or to understand in more detail what your adviser is recommending to you.

 

James Carthew
  • James Carthew
ATST Alliance Trust ...

Alliance Witan – Returns based more in reality than hope

Alliance Witan (ALW) has just announced its annual results for 2025, over which its returns lagged those of its benchmark, the MSCI All Countries World Index (MSCI ACWI). In this note, we examine the reasons behind that underperformance. Chief amongst them, according to ALW’s manager Willis Towers Watson (WTW), is that markets have become too short-term-focused, momentum-driven, and detached from underlying fundamentals. On average, the results of ALW’s companies are much stronger than the wider...

ATST ALLIANCE TRUST PLC
03/13/26 March 13, 2026 15 EN
James Carthew
  • James Carthew
NESF NextEnergy Sola...

NextEnergy Solar Fund – New focus on total returns

Reducing the dividend should free up an estimated £40m over the next five years, which will be applied to strengthening the balance sheet (a target of 40%-45% loan-to-value) and funding new investments to support NAV growth. This includes repowering existing solar assets to enhance energy yields and the installation of co-located energy storage. The overall exposure to energy storage is targeted to rise to 30% of the portfolio. As we explain in this note, NESF found itself in a difficult situ...

NESF NEXTENERGY SOLAR FUND
03/13/26 March 13, 2026 EN
James Carthew
  • James Carthew
BRNA Blackrock North...

BlackRock American Income Trust – On the up

BlackRock American Income Trust (BRAI) has continued to make good progress both in absolute terms and relative to its benchmark since we last published at the end of November 2025. Whilst it is still relatively early days for the strategy, the results so far are very encouraging. BRAI is benchmarked against a value index, which means it is significantly underweight the AI-driven mega-cap names that dominate broader US indices. This positioning is currently working in its favour as investors a...

BRNA BLACKROCK NORTH AMERICAN INCOME TRUST
03/04/26 March 4, 2026 11 EN
James Carthew
  • James Carthew
A0JMXQ India Capital G...

India Capital Growth Fund – Some welcome improvements

India Capital Growth Fund (IGC) is asking shareholders to approve plans to swap its biennial redemption facility with five-yearly performance- related tender offers. This will make it easier for the adviser to take a long-term view when evaluating investments. At the same time, the board is proposing to introduce an enhanced dividend policy. IGC will pay out around 2% of NAV as a dividend initially and then look to grow the dividend over time, if circumstances permit. For those shareholders w...

A0JMXQ INDIA CAPITAL GROWTH FUND LTD.
03/03/26 March 3, 2026 6 EN
Richard Williams
  • Richard Williams
THRG Blackrock Throg...

BlackRock Throgmorton – Stronger together

BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have published proposals to combine the two stablemates that would create a bigger, more-liquid, and lower-cost trust. The enlarged entity would be co-managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone – bringing together two of the most experienced and well-respected fund managers in UK smaller companies space – and provide a springboard for future growth. The two portfolios are already well aligned, with 75% ov...

THRG BLACKROCK THROGMORTON TRUST
03/03/26 March 3, 2026 EN
James Carthew
  • James Carthew
ATST Alliance Trust ...

Alliance Witan – Returns based more in reality than hope

Alliance Witan (ALW) has just announced its annual results for 2025, over which its returns lagged those of its benchmark, the MSCI All Countries World Index (MSCI ACWI). In this note, we examine the reasons behind that underperformance. Chief amongst them, according to ALW’s manager Willis Towers Watson (WTW), is that markets have become too short-term-focused, momentum-driven, and detached from underlying fundamentals. On average, the results of ALW’s companies are much stronger than the wider...

ATST ALLIANCE TRUST PLC
03/13/26 March 13, 2026 15 EN
James Carthew
  • James Carthew
NESF NextEnergy Sola...

NextEnergy Solar Fund – New focus on total returns

Reducing the dividend should free up an estimated £40m over the next five years, which will be applied to strengthening the balance sheet (a target of 40%-45% loan-to-value) and funding new investments to support NAV growth. This includes repowering existing solar assets to enhance energy yields and the installation of co-located energy storage. The overall exposure to energy storage is targeted to rise to 30% of the portfolio. As we explain in this note, NESF found itself in a difficult situ...

NESF NEXTENERGY SOLAR FUND
03/13/26 March 13, 2026 EN
James Carthew
  • James Carthew
BRNA Blackrock North...

BlackRock American Income Trust – On the up

BlackRock American Income Trust (BRAI) has continued to make good progress both in absolute terms and relative to its benchmark since we last published at the end of November 2025. Whilst it is still relatively early days for the strategy, the results so far are very encouraging. BRAI is benchmarked against a value index, which means it is significantly underweight the AI-driven mega-cap names that dominate broader US indices. This positioning is currently working in its favour as investors a...

BRNA BLACKROCK NORTH AMERICAN INCOME TRUST
03/04/26 March 4, 2026 11 EN
James Carthew
  • James Carthew
A0JMXQ India Capital G...

India Capital Growth Fund – Some welcome improvements

India Capital Growth Fund (IGC) is asking shareholders to approve plans to swap its biennial redemption facility with five-yearly performance- related tender offers. This will make it easier for the adviser to take a long-term view when evaluating investments. At the same time, the board is proposing to introduce an enhanced dividend policy. IGC will pay out around 2% of NAV as a dividend initially and then look to grow the dividend over time, if circumstances permit. For those shareholders w...

A0JMXQ INDIA CAPITAL GROWTH FUND LTD.
03/03/26 March 3, 2026 6 EN
Richard Williams
  • Richard Williams
THRG Blackrock Throg...

BlackRock Throgmorton – Stronger together

BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have published proposals to combine the two stablemates that would create a bigger, more-liquid, and lower-cost trust. The enlarged entity would be co-managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone – bringing together two of the most experienced and well-respected fund managers in UK smaller companies space – and provide a springboard for future growth. The two portfolios are already well aligned, with 75% ov...

THRG BLACKROCK THROGMORTON TRUST
03/03/26 March 3, 2026 EN
CMCL LN Caledonia Minin...

Expansion boosts bottom line

”‹Caledonia Mining (Caledonia) produced 23,300oz (23koz) of gold in H1 2016, a 14% increase on H1 2015, indicating that its investment in infrastructure to expand production is already bearing fruit. The company is on schedule to produce around 50koz of gold in 2016 (2015: 43koz)

CMCL LN CALEDONIA MINING
08/15/16 August 15, 2016 11 EN
Matthew Read
  • Matthew Read
PMGR Premier Miton G...

Pocket rocket

”‹Aided by the significant gearing provided by its zero dividend preference shares, sterling depreciation and some notable successes within its portfolio, Premier Energy and Water Trust (PEW’s) NAV and share price delivered MSCI Utilities Index beating performances over the 12 months to the end of June 2017. The portfolio has a high allocation to higher growth emerging markets (45.9% as at 30 June) reflecting the attractive discount at which emerging market utilities trade relative to wider mark...

PMGR PREMIER MITON GLOBAL RENEWABLES TRUST
07/12/17 July 12, 2017 13 EN
Matthew Read
  • Matthew Read
HRI Herald Investme...

Backing growing businesses

”‹The Technology sector has been rising strongly in recent months. In this note, we discuss a number of stocks that contributed to a near 40% increase in Herald Investment Trust’s NAV over the year to the end of May 2017. Nevertheless, Herald’s manager is convinced that UK technology companies in particular, which comprise over half the portfolio, have the growth potential to justify continued progress. The opportunity set for technology and media companies is considerable, allowing the best of ...

HRI HERALD INVESTMENT TRUST PLC
07/11/17 July 11, 2017 11 EN
Matthew Read
  • Matthew Read
SLPE Standard Life P...

Loading the portfolio

”‹SL Capital Partners, the manager of Standard Life Private Equity Trust (SLPE), observes an improving outlook in Europe. However, it thinks that some form of market disruption could occur during the next 12 to 24 months. This might lead to greater volatility and an improved pricing environment for those of its underlying funds that wish to make acquisitions. SLPE has been selective with its primary commitments and secondary fund purchases, aiming to be well positioned in advance of any market s...

SLPE STANDARD LIFE PRIVATE EQUITY
07/03/17 July 3, 2017 11 EN
Matthew Read
  • Matthew Read
SIGT Seneca Global I...

Changing tack

”‹Seneca Global Income & Growth (SIGT) has continued to outperform its flexible investment peer group, since we last wrote, while providing lower volatility of returns. Demand for its strategy is strong and, as planned, this has allowed SIGT to issue shares and grow the trust. This should lower the ongoing charges ratio over time. SIGT’s manager has recently been reducing exposure to equities, with overseas equities taking the brunt. This reflects the manager’s views that equity markets have exp...

SIGT SENECA GLOBAL INCOME & GROWTH TRUST
06/13/17 June 13, 2017 11 EN
BCAI Blue Capital Al...

Uncorrelated yield opportunity

”‹Blue Capital Alternative Income Fund Limited (BCAI) offers investors a diversified exposure to catastrophe reinsurance risks. This business is largely uncorrelated with investment markets, so the fund offers investors diversification and a yield of 6.5%. The return from inception to 31 March 2017 is 45.8% (9.1% annualised). The shares trade at a discount to NAV of 7.8%, which we regard as unwarranted given the fund’s strong fundamentals and the board’s determination to maintain strong returns....

BCAI BLUE CAPITAL ALTERNATIVE INCOME FUND LIMITED
05/31/17 May 31, 2017 30 EN

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