Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol...
Hardman & Co Research Q&A on Real Estate Credit Investments (RECI): Conservative accounting at play 14-March-2024 / 11:25 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Investment Companies Q&A on Real Estate Credit Investments | Conservative accounting at play Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mark Thomas, analyst at Hardman & Co, joins DirectorsTalk Interviews. In this interview, Mark gives an overview of his latest report entitled ‘’. He highlights the conservative acc...
Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport. The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on ...
We last reviewed RECI’s operations in France, 25% of the latest portfolio, in our note, Vive la difference, published 15 February 2022. The core approach is unchanged, but, following the December 2023 factsheet report of an unrealised hit of 1.6p to the NAV from a prime Grade A Paris office exposure, we thought we would review them again. Also, with the November Factsheet reporting a 1.1p NAV hit from a legacy mezzanine position exposed to a Berlin asset, we have considered the de minimis German...
Hardman & Co Research Hardman & Co Research on Real Estate Credit Investments (RECI): French and German exposures in perspective 27-Feb-2024 / 15:35 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Real Estate Credit Investments (RECI): French and German exposures in perspective We last reviewed RECI’s operations in France, 25% of the latest portfolio, in our note, , published 15 February 2022. The core approach is unchanged, but, following the report of an unrealised hit of 1.6p to the NAV from a prime Grade A Paris ...
Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and t...
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 52 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely...
Hardman & Co Research Hadrman & Co Q&A on Q&A on Real Estate Credit Investments: Actively managing the portfolio to the latest market opportunities 28-Nov-2023 / 13:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Investment Companies Q&A on Real Estate Credit Investments | Actively managing the portfolio to the latest market opportunities A Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews. In this interview Mark give...
In previous notes, we have reviewed why we believe RECI has procedures and practices that limit downside losses to help ensure the resilience of the NAV. In this note, we explore further how portfolio management helps optimise risk/reward with a dynamic approach to bond portfolio allocation, leverage, top 10 concentrations, geographical sectors, and duration. RECI’s portfolio is not a static, long-duration, totally illiquid book. It is actively managed to the latest market opportunities, with an...
Hardman & Co Research Hardman & Co Research | Real Estate Credit Investments (RECI): Portfolio management to optimise risk/reward 16-Nov-2023 / 11:35 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Real Estate Credit Investments (RECI): Portfolio management to optimise risk/reward In previous notes, we have reviewed why we believe RECI has procedures and practices that limit downside losses to help ensure the resilience of the NAV. In this note, we explore further how portfolio management helps optimise risk/reward wit...
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe...
Feature article: Liquidity – shrinking when it’s most needed A review of liquidity in London since 2016 Summary ► Liquidity is the lifeblood of equity markets. ► Following the events at the Woodford Equity Income Fund (WEIF) in 2019, professional investors, increasingly, focus on liquidity when making investment decisions. ► However, this paper shows that liquidity declined significantly between 2016 and 2022. Our work demonstrates that, in 2016, the total value traded of trading companies lis...
Hardman & Co Research Hardman & Co Q&A on Real Estate Credit Investments: Why commercial property worries do not apply to RECI 13-Sep-2023 / 15:45 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on Real Estate Credit Investments | Why commercial property worries do not apply to RECI Real Estate Credit Investments (LON: RECI) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews. Mark gives us an overview of his report entitled, ‘’, the importance of R...
Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge...
Hardman & Co Research Hardman & Co Research on Real Estate Credit Investments (RECI): Why CRE equity worries should not apply to RECI 30-Aug-2023 / 13:55 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Real Estate Credit Investments (RECI): Why CRE equity worries should not apply to RECI RECI’s current discount to NAV (15%) suggests to us that some investors could be concerned that potential issues with commercial real estate (CRE) will dramatically affect the trust’s assets. In our view, the key reasons why they should...
RECI’s current discount to NAV (15%) suggests to us that some investors could be concerned that potential issues with commercial real estate (CRE) will dramatically affect the trust’s assets. In our view, the key reasons why they should not lie in RECI’s management of its position as a debt provider and in its asset selection. We note i) CRE equity holders take first losses (with a 60% LTV, RECI has a big cushion), ii) when accounts have got into difficulties, RECI has typically seen more funds ...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
Two Directors at Real Estate Credit Investments PCC Limited bought 25,000 shares at between 123p and 123p. The significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's ...
Hardman & Co Research Hardman & Co Q&A on Real Estate Credit Investments (RECI): Stable dividends since 2013 06-Jul-2023 / 15:15 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on Real Estate Credit Investments (RECI) | Stable dividends since 2013 Real Estate Credit Investments (LON:RECI) is the topic of conversation when Mike Foster, Analyst at Hardman & Co joins DirectorsTalk Interviews. Mike reminds us of what RECI does, discusses the quality of the loan exposure and how that might change. He al...
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