reports
- Pedro Fonseca
Baillie Gifford US Growth Trust - A unique high-growth strategy meriti...
Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver above-market returns. Such businesses tend to operate at the cutting edge of technology-led change and USA has exposure to companies focused on AI, space travel and online services. This note reiterates USA’s unique investment proposition and scrutinises a recent proposal from Saba, a US hedge fund manager, aimed at ousting USA’s board and replaci...
- Pedro Fonseca
BlackRock Greater Europe Investment Trust - Positive prospects for hig...
BlackRock Greater Europe Investment Trust (BRGE) is one of six funds in the AIC Europe sector. Co-managers Stefan Gries and Alexandra Dangoor note that although BRGE delivered a modest below-market performance over the last 12 months, the trust’s NAV total return has retained the top spot over the last decade. Despite a somewhat weak European economic backdrop and the risk of tariffs under returning US President Donald Trump, the managers are positive about the prospects for the trust’s portfoli...
- Pedro Fonseca
Murray Income Trust - Termination of coverage
Edison Investment Research is terminating coverage on VolitionRx (VNRX), Murray Income Trust (MUT) and NioCorp Developments (NB). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Patria Private Equity Trust - High liquidity and solid long-term track...
Patria Private Equity Trust’s (PPET’s) distributions from its primary fund investments have increased recently, supported by a revival in private equity (PE) deal activity. Its portfolio valuations continue to be validated by uplifts upon exits, which in the nine months to end-June 2024 averaged 23.3% (in line with the long-term average of 25%). Valuations and liquidity were also assisted by the successful £180m secondary sale in October 2024 at a limited 5% discount to carrying value. While PPE...
- Pedro Fonseca
Deutsche Beteiligungs - Strengthened balance sheet for new opportuniti...
Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples, which offset the negative impact from changes in earnings and the higher net debt of portfolio companies. DBAG’s portfolio remains affected by the subdued macroeconomic environment in Germany, although its continued portfolio shift away from more traditional industrial holdings likely provided a cushion. Following the convertible bond and pr...
- Pedro Fonseca
Templeton Emerging Markets Investment Trust - Solid upward performance...
Templeton Emerging Markets Investment Trust’s (TEMIT’s) co-managers, Chetan Sehgal (lead manager) and Andrew Ness, are encouraged by a solid improvement in the trust’s performance, which is a result of successful stock selection rather than sector or geographic asset allocation. They reiterate how the prospects for emerging markets look particularly favourable in terms of above-average growth potential and attractive absolute and relative valuations. Sehgal and Ness consider that emerging market...
- Pedro Fonseca
Worldwide Healthcare Trust - Strong performance since inception
Worldwide Healthcare Trust (WWH) will be celebrating its 30th birthday in 2025 and, despite more recent underperformance, the trust has served its shareholders well over the long term. Its NAV and share price total returns of +4,770% and +4,181% respectively, since launch in April 1995 to the end of September 2024, are considerably ahead of the benchmark’s +2,438% total return. Co-managers, Sven Borho and Trevor Polischuk, at global healthcare specialist OrbiMed, remain bullish on the industry o...
- Pedro Fonseca
SDCL Energy Efficiency Income Trust - Robust performance in H125
SDCL Energy Efficiency Income Trust (SEEIT) reported robust H125 results. Its net asset value (NAV) increased marginally to 90.6p (90.5p at 31 March 2024), demonstrating resilience and stability despite the challenging market conditions. NAV was positively affected by portfolio valuation changes, but offset by FX movements. SEEIT paid a dividend of 3.16p in the six-month period (31 March to 30 September), 1.1x covered by cash inflows. Management also stated that the company is on track to delive...
- Pedro Fonseca
Georgia Capital - Successful disposal from the portfolio
Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private portfolio companies performed well operationally, whereas the stock value of GCAP’s holding in Bank of Georgia (BoG) remained flat quarter-on-quarter, after de-rating in Q224 amid political uncertainty. Meanwhile, international strategic investors seem to remain confident in Georgia’s prospects, as highlighted by GCAP’s strong uplift on the disposal of...
- Pedro Fonseca
Tetragon Financial Group - Termination of coverage
Edison Investment Research is terminating coverage on Tetragon Financial Group (TFG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Bankers Investment Trust (The) - Concentrating on best ideas only
Following a strategic review earlier this year, the manager of the Bankers Investment Trust (BNKR), Alex Crooke, has concentrated the portfolio, reducing the number of holdings from around 170 to 100 by focusing on the best ideas available across global markets. The manager and the board believe this asset reallocation will differentiate BNKR from its peers, by making it one of the most concentrated investment companies in the AIC’s Global sector. Crooke stresses that this change does not repres...
- Pedro Fonseca
Partners Group Private Equity - Seeing good demand for several of its ...
Partners Group Private Equity’s (PGPE’s) recent portfolio realisation efforts (supported by the gradual pick-up in M&A activity and an opening IPO window) included, most notably, the sale of SRS Distribution earlier this year (see our September 2024 note for details) and more recently Techem (3.8% of end-Q324 NAV, sold to a trade buyer in October 2024), as well as the successful IPO pricing of Galderma in March and KinderCare in October. The positive valuation effects from these activities (21% ...
- Pedro Fonseca
VietNam Holding - First redemption tender a success
VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The company outperformed a strongly appreciating market (Vietnam All Share Index (VNAS) at 20.6%), driven by the demand from retail investors. The economy showed robust growth, supported by a surge in exports, and investor confidence was reinforced by good H124 corporate earnings. Meanwhile, VNH executed its first share redemption tender, and investo...
- Pedro Fonseca
Murray Income Trust - Income focus keeps paying dividends
Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. MUT’s manager, Charles Luke, believes quality stocks are best placed to support the trust’s objective to provide a high and rising dividend. The trust has realised this objective, delivering continually rising dividends for 51 years, and looks set to extend this record in FY25. MUT’s quality focus has undermined its relative performance over recent years, as value stocks have outperformed, but long-term performance has b...
- Pedro Fonseca
Apax Global Alpha - Transaction activity picked up in Q324
Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp positive contribution from earnings momentum across its private equity (PE) investments. The company experienced a pick-up in new investments, and also saw some positive trends on the realisation front. Following recent exits and accounting for the take-private transaction of Thoughtworks, AGA’s pro-forma exposure to listed holdings has been ...
- Pedro Fonseca
VinaCapital Vietnam Opportunity Fund - Positive earnings outlook in Vi...
VinaCapital Vietnam Opportunity Fund’s (VOF’s) sterling net asset value (NAV) per share increased by 9.1% over the year ending October 2024 in total return (TR) terms, compared to the Vietnamese equity market’s 14.1%, as measured by the VN Index. Vietnam’s equities are benefiting from increased interest from local retail investors, driven by low deposit rates, alongside favourable economic prospects, including a revival of exports. In 2024, Vietnam’s GDP growth is expected to accelerate and corp...
- Pedro Fonseca
Henderson Far East Income - Portfolio refocus is paying dividends
Henderson Far East Income (HFEL) is an income-focused Asian investment trust, which aims to provide shareholders with growing total annual dividends and capital appreciation from a diverse portfolio of Asia-Pacific equities. As a result of efforts initiated this time last year to improve capital growth, the manager has repositioned the portfolio towards structural growth opportunities, while still protecting income. These changes are already enhancing performance. In the year to 31 October 2024,...
- Pedro Fonseca
HgT - Steady earnings growth, stable market multiples
HgT reported sustained healthy earnings momentum across its major holdings (driven primarily by upselling and cross-selling opportunities), contributing 5pp to its NAV performance in Q324. Its top 20 holdings (which make up 76% of its portfolio value) posted last 12-month sales growth of 20% (of which 12% was organic) and 24% EBITDA growth to end-September 2024, achieved at a 34% average EBITDA margin. The positive earnings impact on NAV was offset by adverse currency movements (sterling strengt...
- Pedro Fonseca
Henderson EuroTrust - Termination of coverage
Edison Investment Research is terminating coverage on Henderson Eurotrust (HNE). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Baker Steel Resources Trust - Key takeaways from the Cemos site visit
We recently visited the Tarfaya cement grinding line of Cemos Group, one of the two largest holdings of Baker Steel Resources Trust (BSRT), which made up 30.8% of the trust’s NAV as of end-September 2024. The facility’s location in Southern Morocco allows it to benefit from the extensive public infrastructure investments in the region. Cemos’s two major investment projects (a compact calcination unit (CCU) and second grinding line) offer the prospect of a significant increase in earnings from 20...
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