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Richard Williams
- Richard Williams
RIT Capital Partners – Riding out the tariff storm
Uncertainty levels have been dialled up across global markets, with Trump’s tariffs throwing up a new dimension of risk. RIT Capital Partners’ (RIT’s) diversified portfolio (across asset classes, sectors and geographies) and stringent risk controls put it in a unique position to weather the storm. Leveraging off its manager’s investment skillset and unparalleled access to specialist fund managers, the trust’s portfolio has been constructed with the aim of performing well across market cycles. ...
Matthew Read
- Matthew Read
Vietnam Holding Limited – Cheap stocks, bold reforms, big ambitions
Vietnam still offers one of the most compelling macro stories across emerging markets. In the short term, concerns over China, US trade policy and a focus on large-cap US tech have seen it left behind, but its fundamentals remain very attractive, and the government is making major structural reforms to support very ambitious GDP growth targets. VNH’s portfolio has been repositioned to take advantage of the expected acceleration in GDP growth, with increased weightings in banking and retail, f...
David Johnson
- David Johnson
Montanaro UK Smaller Companies – High growth, bigger yield
Montanaro UK Smaller Companies (MTU) has adopted a new enhanced dividend policy, paying out 1.5% of NAV every quarter. This will make it one of the highest-yielding UK equity strategies on the market. For traditional equity income investors, whose portfolios tend to be tilted towards more value-focused cash-generative stocks, MTU’s combination of a high dividend yield and a strong focus on quality growth stocks differentiates it from peers. UK equities were cheap relative to their history and...
Andrew Courtney
- Andrew Courtney
GCP Infrastructure – Consolidate and capitalise
For most of 2024, financial conditions had finally started to turn favourably for infrastructure investors. Inflation had dropped sharply from the previous year, allowing the Bank of England to begin its easing cycle, while the new government’s ambitious plans for infrastructure development provided a renewed sense of optimism across the sector. These green shoots were evidenced by GCP’s annual results, which showed a total shareholder return of 28.4%, leading to a significant narrowing of its s...
James Carthew
- James Carthew
Pantheon Infrastructure – Powering up
Over the past year, as its portfolio continues to mature, Pantheon Infrastructure (PINT) has risen towards the top-end of peer group performance tables as Figure 11 on page 11 shows. Over the first six months of 2024, PINT reported a NAV return of 8.5%, running well ahead of its target of 8%–10% per annum. In PINT’s recent results, the stand-out winner within the portfolio was the US power generation business Calpine. This note delves into the Calpine story in more detail and sets out why we ...
Richard Williams
- Richard Williams
RIT Capital Partners – Riding out the tariff storm
Uncertainty levels have been dialled up across global markets, with Trump’s tariffs throwing up a new dimension of risk. RIT Capital Partners’ (RIT’s) diversified portfolio (across asset classes, sectors and geographies) and stringent risk controls put it in a unique position to weather the storm. Leveraging off its manager’s investment skillset and unparalleled access to specialist fund managers, the trust’s portfolio has been constructed with the aim of performing well across market cycles. ...
Matthew Read
- Matthew Read
Vietnam Holding Limited – Cheap stocks, bold reforms, big ambitions
Vietnam still offers one of the most compelling macro stories across emerging markets. In the short term, concerns over China, US trade policy and a focus on large-cap US tech have seen it left behind, but its fundamentals remain very attractive, and the government is making major structural reforms to support very ambitious GDP growth targets. VNH’s portfolio has been repositioned to take advantage of the expected acceleration in GDP growth, with increased weightings in banking and retail, f...
David Johnson
- David Johnson
Montanaro UK Smaller Companies – High growth, bigger yield
Montanaro UK Smaller Companies (MTU) has adopted a new enhanced dividend policy, paying out 1.5% of NAV every quarter. This will make it one of the highest-yielding UK equity strategies on the market. For traditional equity income investors, whose portfolios tend to be tilted towards more value-focused cash-generative stocks, MTU’s combination of a high dividend yield and a strong focus on quality growth stocks differentiates it from peers. UK equities were cheap relative to their history and...
Andrew Courtney
- Andrew Courtney
GCP Infrastructure – Consolidate and capitalise
For most of 2024, financial conditions had finally started to turn favourably for infrastructure investors. Inflation had dropped sharply from the previous year, allowing the Bank of England to begin its easing cycle, while the new government’s ambitious plans for infrastructure development provided a renewed sense of optimism across the sector. These green shoots were evidenced by GCP’s annual results, which showed a total shareholder return of 28.4%, leading to a significant narrowing of its s...
James Carthew
- James Carthew
Pantheon Infrastructure – Powering up
Over the past year, as its portfolio continues to mature, Pantheon Infrastructure (PINT) has risen towards the top-end of peer group performance tables as Figure 11 on page 11 shows. Over the first six months of 2024, PINT reported a NAV return of 8.5%, running well ahead of its target of 8%–10% per annum. In PINT’s recent results, the stand-out winner within the portfolio was the US power generation business Calpine. This note delves into the Calpine story in more detail and sets out why we ...
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.