reports
Pantheon International: 1 director
A director at Pantheon International bought 166,038 shares at 325p and the significance rating of the trade was 68/100. 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 directors over the last two years cl...
- Anais Lachaud
- Keith Hiscock
- Mark Thomas
- Mike Foster
- Yingheng Chen
The Hardman & Co Monthly: October 2023
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...
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: September 2023
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...
DIVI DIVERSE INCOME TRUST
ARBB ARBUTHNOT BANKING GROUP
AVO ADVANCED ONCOTHERAPY
LWDB LAW DEBENTURE CORP. PLC
RECI REAL ESTATE CREDIT INVESTMENTS
CTY CITY OF LONDON INVESTMENT TRUST PLC
EDIN EDINBURGH INVESTMENT TRUST PLC
DIG DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
JCH JPMORGAN CLAVERHOUSE IT
BCI BMO CAPITAL & INCOME INVESTMENT TRUST
TIGT TROY INCOME & GROWTH TRUST
PIN PANTHEON INTERNATIONAL
SDV CHELVERTON UK DIVIDEND TRUST
SCF SCHRODER INCOME GROWTH FUND PLC
SHRS SHIRES INCOME PLC
TMPL TEMPLE BAR INVESTMENT TRUST PLC
BRIG BLACKROCK INCOME AND GROWTH INVESTMENT TRUST
IVPU INVESCO PERPETUAL SELECT TRUST
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
BHI BMO UK HIGH INCOME TRUST (A)
LWI LOWLAND INVESTMENT COMPANY P L C
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: August 2023
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...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
APAX APAX GLOBAL ALPHA
3IN 3I INFRASTRUCTURE PLC
ICGT ICG ENTERPRISE TRUST
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ONEM 1LIFE HEALTHCARE
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
TLEI THOMASLLOYD ENERGY IMPACT TRUST PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Anais Lachaud
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: July 2022
This month, we feature a contribution by Stephen Isaacs, who is known in the hedge fund world for his, often, thought-provoking commentaries about markets, economics and politics. It goes without saying that the thoughts expressed in this article are those of Stephen, and do not necessarily reflect Hardman & Co’s views. Feature article: UK/OK – muddling through The past few years have seen previously unheard-of constitutional risks – from threats to the Union to the departure from the EU. Brit...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: June 2023
Feature article: UK Water – making waves Over the past year, UK utility share prices have been volatile, especially within the electricity sub-sector. The combination of the war in Ukraine and the associated impact of fluctuating gas prices, along with sharply higher inflation and the consequential rise in interest rates, have destabilised much of the sector. Indeed, most sector constituents have seen their share pieces fall (although not seriously), while Centrica, the UK’s leading gas company...
CLIG CITY OF LONDON INVESTMENT GROUP
UU. UNITED UTILITIES GROUP PLC
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
SRG SEVERN TRENT
- Brian Moretta
- Mark Thomas
- Martin Hall
- Riccardo Bindi
Hardman & Co Monthly: April 2023
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
INCY INCYTE CORP
IPN IPSEN SA
NOVN NOVARTIS AG
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
J7Z JOHNSON & JOHNSON
HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
FEV BIOGEN INC.
IBT FIDELITY EUROPEAN VALUES PLC
FCSS INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FSV FIDELITY CHINA SPECIAL SITUATIONS PLC
FJV FIDELITY SPECIAL VALUES PLC
FAS FIDELITY JAPAN TRUST
AVO FIDELITY ASIAN VALUES PLC
CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
NOVO B MERCK KGAA
novob NOVO NORDISK A/S CLASS B
RECI NOVO NORDISK
SAN REAL ESTATE CREDIT INVESTMENTS
UCB SANOFI
HIK UCB S.A.
PIN HIKMA PHARMACEUTICALS PLC
PFIZER PANTHEON INTERNATIONAL
4506 PFIZER
4523 SUMITOMO DAINIPPON PHARMA CO. LTD.
4507 EISAI CO. LTD.
4568 SHIONOGI & CO. LTD.
VTAS DAIICHI SANKYO COMPANY LIMITED
STX VOLTA FINANCE (GBP)
4502 SHIELD THERAPEUTICS
HAT TAKEDA PHARMACEUTICAL CO. LTD.
OCI H&T GROUP
4578 OAKLEY CAPITAL INVESTMENTS
APAX OTSUKA HOLDINGS CO. LTD.
4503 APAX GLOBAL ALPHA
ICGT ASTELLAS PHARMA INC.
UTHR ICG ENTERPRISE TRUST
PFE UNITED THERAPEUTICS CORPORATION
AZN PFIZER INC.
GLAXO ASTRAZENECA PLC
ABBV GLAXOSMITHKLINE PHARMACEUTICALS
VRX CN ASTELLAS PHARMA INC
MRNA ABBVIE INC.
TXG BAUSCH HEALTH COMPANIES INC.
NOVO MODERNA INC.
VTRS 10X GENOMICS INC CLASS A
4568.T NOVO NORDISK A/S-B
ME VIATRIS INC.
OCL DAIICHI SANKYO COMPANY
LUND A LIMITED
23ANDME HLDG CO
OAKLEY CAPITAL
H. LUNDBECK A/S
- Anais Lachaud
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: March 2023
Feature article: Higher interest rates overshadow IIC/REIF prospects We focus on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our ‘Quoted UK Infrastructure and Renewable Energy – Prospects for 2023’ publication, we have addressed the three key issues of recent months – higher inflation, extremely volatile power prices and risin...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
- Shonil Chande
LIBERUM: Alternatives Daily
Bluefield Solar Income Fund - 23% NAV TR in 2022 calendar yearAquila Energy Efficiency Trust - Proxy votes indicate continuation vote is set to failPrincess Private Equity - Change in FX hedging strategy will increase volatility but improve liquidity managementPantheon International - NAV down 1.5% in January due to adverse FX movements
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: February 2023
Feature article: Asset manager valuations Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year?
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
OCL OAKLEY CAPITAL
- Anais Lachaud
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
Hardman & Co Monthly: January 2023
Feature article: Hardman & Co Healthcare Index - Review of 2022 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 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sal...
FEV FIDELITY EUROPEAN VALUES PLC
SCE SURFACE TRANSFORMS PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
- Keith Hiscock
The Hardman & Co Monthly: November 2022
Feature article: A different kind of beat: Boyzone, 1996 Quoted company engagement with retail investors – a new world This month's feature article has been written in collaboration with The Quoted Companies Alliance. Introduction: Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended ...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
AVO ADVANCED ONCOTHERAPY
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
OCL OAKLEY CAPITAL
- Anais Lachaud
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
- Stephen Clapham
The Hardman & Co Monthly: October 2022
Feature article: A glass half-empty view of markets - The 20s harder than the last decade This month’s feature article is written by Steve Clapham, who gives his view on the outlook for markets. He sets out one side of the current debate in markets. Steve is admirably experienced to express an opinion. Steve is the founder of Behind the Balance Sheet, an investor training consultancy. He qualified as a chartered accountant before moving into investment banking as an analyst in the 1980s. In ...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FSV FIDELITY SPECIAL VALUES PLC
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
OCI OAKLEY CAPITAL INVESTMENTS
ICGT ICG ENTERPRISE TRUST
SPA 1 SPATIAL
OCL OAKLEY CAPITAL
DNL DIURNAL
Hardman & Co Q&A on Pantheon International (PIN): 35 years’ outperform...
Hardman & Co Research Hardman & Co Q&A on Pantheon International (PIN): 35 years’ outperformance, positioned for resilient, long-term secular growth 30-Aug-2022 / 11:45 GMT/BST Analyst interview | Investment Companies Q&A with Mark Thomas on Pantheon International (PIN) | 35 years’ outperformance, positioned for resilient, long-term secular growth Pantheon International plc is the topic of conversation when Mark Thomas, Analyst at Hardman & Co caught up with DirectorsTalk Interviews. Mark talks us through his report on the company entitled “”, the resilience of the portfol...
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