QuotedData you with provides access to research on Investment Companies, Investment Trusts and Mining companies. Our aim is to provide you all the information you might need to make your own investment decisions. We cannot offer you advice on your investments.
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Andrew Courtney ... (+2)
- Andrew Courtney
- James Carthew
Bluefield Solar Income Fund – Fundamentals shine despite discount
The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual...
Andrew Courtney ... (+2)
- Andrew Courtney
- James Carthew
HydrogenOne Capital Growth – Momentum building despite discount
The advisor notes that while shares of HydrogenOne Capital Growth (HGEN) have continued to fall, it believes that investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. The advisor points out that despite challenging macro-economic conditions, HGEN’s NAV grew 5.8% over 2023, while the portfolio generated aggregate revenue growth of 125%. It says that this momentum reflects the rapidly accelerating demand for green hydroge...
David Johnson ... (+2)
- David Johnson
- James Carthew
abrdn Private Equity Opportunities – On the way to greener pastures?
Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea...
James Carthew ... (+2)
- James Carthew
- Matthew Read
Oakley Capital Investments – Getting down to business
In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an 18% total shareholder return (TSR) during the period, extending the long run of performance delivered by the company (five-year TSR CAGR of 24%). The same macro uncertainty may also be creating opportunities. OCI’s investment mana...
Andrew Courtney ... (+2)
- Andrew Courtney
- James Carthew
Temple Bar – Foundations for success
We are now more than three years into the tenure of Ian Lance and Nick Purves as managers of the Temple Bar Investment Trust. In that time, the Redwheel team has aimed to establish a well-diversified portfolio of value-orientated holdings, which it says is positioned for a long-overdue reversion to more normal market conditions, after a decade of what the managers believe was exceptional economic policy and quantitative easing. They say that slowing growth and stubborn inflation in the UK have w...
James Carthew ... (+2)
- James Carthew
- Matthew Read
Over the trough?
It has been another tough six months for abrdn New Dawn (ABD) as the Asia Pacific region has had to face new challenges from the Russo-Ukrainian conflict to China’s deadliest COVID-19 wave yet (the economic impacts of which have been made worse by Xi Jinping’s zero-COVID policy). This has only exacerbated headwinds already in place such as rising inflation. Manager James Thom believes the worst is behind us, but uncertainty and volatility remain. The trust itself has underperformed in the short-...
James Carthew ... (+3)
- James Carthew
- Matthew Read
- Richard Williams
Fundamentals remain strong
Civitas Social Housing’s (CSH’s) discount to net asset value (NAV) has yet to recover from an activist short seller attack last year, with its share price almost as low as it has ever been in over five years since it launched. Although CSH’s manager made a strong rebuttal to the allegations made by the short seller, regulatory concerns around the financial strength of some of its housing association tenants has persisted throughout its existence. To aid regulatory compliance, CSH plans to add a ...
James Carthew ... (+2)
- James Carthew
- Matthew Read
Proving its mettle
With a solid first set of results published, revenue and dividends running ahead of IPO forecasts, a diverse and differentiated portfolio of attractive renewable energy assets, and a growing NAV supported by investments that are helping to build NAV and profits, Downing Renewables and Infrastructure (DORE) is attracting the support of new investors.On 11 May 2022, the trust announced an NAV as at end March 2022 of 110.1p – up from 103.5p per share as at 31 December 2021; we discuss what drove th...
James Carthew ... (+2)
- James Carthew
- Matthew Read
Bargain hunting
After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current events. The manager believes that when markets settle, discounts will start to narrow again.
James Carthew ... (+2)
- James Carthew
- Matthew Read
Resilient income in uncertain times
Standard Life Investments Property Income Trust’s (SLI’s) portfolio has performed strongly over the past year, posting a net asset value (NAV) total return of 30.7%. It is reaping the rewards of its manager pivoting the portfolio’s focus onto the well-performing industrial and logistics sector many years ago (it now makes up 55% of the portfolio). This has allowed the manager to sell assets for substantial profits in a buoyant investment market for industrial assets; focusing on properties that ...
Economic & Political Roundup - March 2016
”‹A collation of recent insights on markets and economies taken from the comments made by Chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
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).
James Carthew
- James Carthew
Diverse renewables exposure
Since its launch in March 2014, John Laing Environmental Assets Group (JLEN) has built up a diverse portfolio of wind, solar, anaerobic digestion, waste and wastewater projects. It uses most of the revenue from these to pay its dividends (currently a yield of 5.9%) and the balance goes to reinvest in new projects, to help maintain the long-term value of the portfolio when adjusted for inflation. JLEN is targeting an internal rate of return between 7.5% and 8.5% (net of fees and expenses) on its ...
James Carthew
- James Carthew
Quality small cap focus
Strategic Equity Capital (SEC’s) managers believe the current portfolio consists of very high quality smaller companies. The high cash balances that built up in 2016, on the back of events such as the e2v technologies takeover, have, largely, been redeployed. Cash drag and the fund’s focus have held back returns over the past year (see page 12). However, investment activity (detailed on page 10) has generated encouraging initial returns. Longer term, the detailed private equity derived process, ...
Matthew Read
- Matthew Read
Sounding a note of caution
”‹Fidelity Special Values (FSV) is managed with a contrarian style (it focuses on stocks which are out of favour with other investors, yet show potential for change). It benefited from the Trump reflation trade (see page 14), as value stocks (stocks that that tend to trade at low valuations relative to their fundamentals) rallied strongly, but, as the market has reset its expectations, value has moved out of favour as investors have refocused on growth. With market valuations close to all-time h...
Matthew Read
- Matthew Read
Reasons to be cheerful
”‹Fidelity Japanese Values (FJV) has recovered strongly this year as investors have refocused their attention on growth stocks (those that tend to increase in capital value). Japanese corporate earnings have recovered sharply from their low and while yen strengthening, on the back of regional political events, is a potential challenge, FJV’s manager says that an uptick in the global cycle has helped Japan to expand beyond its potential growth rate. The trust’s manager, Nicholas Price, observes t...
Matthew Read
- Matthew Read
Two years on and all is well
”‹Since Nitin Bajaj’s appointment in April 2015, Fidelity Asian Values (FAS) has markedly outperformed its peer group and benchmark. This is despite relative performance suffering this year, as large-cap stocks (which dominate the index and where FAS is underweight) have outperformed smaller companies (FAS’ absolute returns have nonetheless been very strong). Over the long term, Nitin expects this to reverse with the trust benefiting.