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James Carthew
- James Carthew
Alliance Witan – Returns based more in reality than hope
Alliance Witan (ALW) has released its 2025 annual results, showing returns below its benchmark, the MSCI All Countries World Index (MSCI ACWI). This note looks at the reasons for this underperformance. ALW’s manager, Willis Towers Watson (WTW), says markets are now too focused on short-term trends and momentum, with valuations rising for unprofitable companies based on hope, rather than strong business fundamentals. In contrast, ALW’s companies generally have stronger results than the wider mark...
James Carthew
- James Carthew
NextEnergy Solar Fund – New focus on total returns
As we explain in this note, NESF has found itself in a difficult place. No bidders emerged during the strategic review and a wide discount to NAV lowers its enterprise value, which limits its ability to buy back shares under the USS preference share covenant. While asset sales have helped reduce debt, weak demand for mature assets means this is not a quick solution and a managed wind down is not possible. As NESF needs cash, reducing the dividend is seen as the best option. The board and adviser...
James Carthew
- James Carthew
BlackRock American Income Trust – On the up
BlackRock American Income Trust (BRAI) has performed well both in absolute terms and compared to its benchmark since our last update in November 2025. Although the strategy is still new, early results are promising. BRAI uses a value index as its benchmark, so it holds fewer of the large AI-focused US companies that dominate broader indices. This has helped recently, as investors are starting to question whether these companies can maintain their high levels of investment and whether this inv...
James Carthew
- James Carthew
India Capital Growth Fund – Some welcome improvements
India Capital Growth Fund (IGC) is asking shareholders to approve replacing its biennial (every other year) redemption facility with five-yearly performance-based tender offers. This change aims to help the adviser take a longer-term approach to investments. The board also plans to introduce a new dividend policy, paying out about 2% of NAV as a dividend, with the aim to grow this over time if possible. Shareholders who prefer to reinvest rather than receive income can use a dividend reinvest...
Richard Williams
- Richard Williams
BlackRock Throgmorton – Stronger together
BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have announced plans to merge, creating a larger, more liquid, and lower-cost trust. The combined trust is to be managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone, both highly experienced in UK smaller companies, and is expected to provide a platform for future growth. The portfolios are already well aligned with 75% overlap in their stocks, which should make the merger process smooth. The management fee is to b...
James Carthew
- James Carthew
Alliance Witan – Returns based more in reality than hope
Alliance Witan (ALW) has released its 2025 annual results, showing returns below its benchmark, the MSCI All Countries World Index (MSCI ACWI). This note looks at the reasons for this underperformance. ALW’s manager, Willis Towers Watson (WTW), says markets are now too focused on short-term trends and momentum, with valuations rising for unprofitable companies based on hope, rather than strong business fundamentals. In contrast, ALW’s companies generally have stronger results than the wider mark...
James Carthew
- James Carthew
NextEnergy Solar Fund – New focus on total returns
As we explain in this note, NESF has found itself in a difficult place. No bidders emerged during the strategic review and a wide discount to NAV lowers its enterprise value, which limits its ability to buy back shares under the USS preference share covenant. While asset sales have helped reduce debt, weak demand for mature assets means this is not a quick solution and a managed wind down is not possible. As NESF needs cash, reducing the dividend is seen as the best option. The board and adviser...
James Carthew
- James Carthew
BlackRock American Income Trust – On the up
BlackRock American Income Trust (BRAI) has performed well both in absolute terms and compared to its benchmark since our last update in November 2025. Although the strategy is still new, early results are promising. BRAI uses a value index as its benchmark, so it holds fewer of the large AI-focused US companies that dominate broader indices. This has helped recently, as investors are starting to question whether these companies can maintain their high levels of investment and whether this inv...
James Carthew
- James Carthew
India Capital Growth Fund – Some welcome improvements
India Capital Growth Fund (IGC) is asking shareholders to approve replacing its biennial (every other year) redemption facility with five-yearly performance-based tender offers. This change aims to help the adviser take a longer-term approach to investments. The board also plans to introduce a new dividend policy, paying out about 2% of NAV as a dividend, with the aim to grow this over time if possible. Shareholders who prefer to reinvest rather than receive income can use a dividend reinvest...
Richard Williams
- Richard Williams
BlackRock Throgmorton – Stronger together
BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have announced plans to merge, creating a larger, more liquid, and lower-cost trust. The combined trust is to be managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone, both highly experienced in UK smaller companies, and is expected to provide a platform for future growth. The portfolios are already well aligned with 75% overlap in their stocks, which should make the merger process smooth. The management fee is to b...
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).
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 ...
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, ...
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...
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...
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.