reports
- Sarah Godfrey
All Change? Investing in a Year of Global Elections
This year has been an extraordinary one for the global electorate, with more than half the world's population going to the polls in elections in 50 countries from Algeria to Venezuela. With the US Presidential election on 5 November now only a week away, all eyes are on the world's largest economy, where fireworks are widely expected in a contest with only one certain outcome: a different president from the incumbent Joe Biden. Meanwhile, the UK's new Labour government – which has arguably faile...
- Sarah Godfrey
BlackRock Energy and Resources Income | A Trust for the 2020s and Beyo...
BlackRock Energy and Resources Income Trust (BERI) has so far enjoyed a more positive start to the year after a difficult 2023. With heightened geopolitical risk underpinning oil prices, robust demand for materials amid continued supply constraints, and more attractive valuations in the energy transition space, fundamentals in all three of the trust's areas of focus look encouraging on a medium-term basis.
- Sarah Godfrey
BlackRock Energy and Resources Income | Update Note - December 2023
BlackRock Energy and Resources Income Trust (BERI) began life as a blend of traditional energy and mining stocks, but broadened its remit in 2020 to include energy transition plays, with neutral positions of 30% each in conventional energy and energy transition, and 40% in mining. Its co-managers, Mark Hume (an energy expert) and Tom Holl (a mining specialist) describe the globally invested portfolio as ‘a trust for the 2020s and beyond', and dynamically allocate between the three segments in or...
JP Morgan US Smaller Companies Investment Trust: 1 director
A director at JP Morgan US Smaller Companies Investment Trust sold 20,000 shares at 363p and the significance rating of the trade was 63/100. 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...
- Martin Hall
International Biotechnology Trust (IBT): Industry M&A remains a key dr...
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the past five years, IBT’s NAV per share has...
Hardman & Co Research on International Biotechnology Trust (IBT): Indu...
Hardman & Co Research Hardman & Co Research on International Biotechnology Trust (IBT): Industry M&A remains a key driver 10-Jul-2023 / 10:40 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on International Biotechnology Trust (IBT): Industry M&A remains a key driver IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through t...
- Sarah Godfrey
BlackRock Energy and Resources Income | Initiation of Coverage
BlackRock Energy and Resources Income Trust plc (BERI) is a differentiated proposition for investors seeking income and capital growth. Its threefold focus on mining, traditional energy and energy transition means it has the potential to perform in a range of market conditions; indeed, its holdings in more traditional commodities helped lift it to the position of the top-performing UK-listed equity investment trust in 2022, despite the growth stock sell-off having a negative impact on some of th...
- 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
- 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
- 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
- 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
- Martin Hall
International Biotechnology Trust (IBT): Low FDA activity may drive fu...
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s main aim is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has...
Hardman & Co Research on International Biotechnology Trust (IBT): Low ...
Hardman & Co Research Hardman & Co Research on International Biotechnology Trust (IBT): Low FDA activity may drive further M&A 08-Dec-2022 / 07:47 GMT/BST Hardman & Co Research on International Biotechnology Trust (IBT): Low FDA activity may drive further M&A IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage early drug discovery via venture capital funds (SV Health Investors) through to global, multinational biotechnology companies. The trust’s mai...
BlackRock Smaller Companies Trust : 1 director
A director at BlackRock Smaller Companies Trust bought 1,500 shares at 1,297p 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 ...
- 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
- 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
- Oliver Juggins
Inflation & Investment Trusts - Sep 2022
Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time. In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and ...
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
HHI HENDERSON HIGH INCOME TRUST PLC
BERI BLACKROCK ENERGY AND RESOURCES INCOME TRUST PLC
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
RICA RUFFER INVESTMENT COMPANY
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
AEWU AEW UK REIT
SERE SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST
HICL HICL INFRASTRUCTURE PLC
SEIT SDCL ENERGY EFFICIENCY INCOME TRUST
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: September 2022
Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect ...
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
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
ICGT ICG ENTERPRISE TRUST
CIZ CIZZLE BIOTECHNOLOGY HLDGS PLC
OCL OAKLEY CAPITAL
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Nigel Hawkins
The Hardman & Co Monthly: August 2022
Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin...
FEV FIDELITY EUROPEAN VALUES PLC
IBT INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
ARBB ARBUTHNOT BANKING GROUP
FJV FIDELITY JAPAN TRUST
FAS FIDELITY ASIAN VALUES PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
APP APPRECIATE GROUP
PANR PANTHEON RESOURCES
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
OCI OAKLEY CAPITAL INVESTMENTS
DNL DIURNAL GROUP
PCA PALACE CAPITAL
ICGT ICG ENTERPRISE TRUST
BBGI BBGI GLOBAL INFRASTRUCTURE
CIZ CIZZLE BIOTECHNOLOGY HLDGS PLC
OCL OAKLEY CAPITAL
- Martin Hall
International Biotechnology Trust (IBT) - M&A activity on the rise
IBT was established in 1994 to provide institutional and retail investors with the opportunity to participate in global biotechnology and life science companies, from venture-stage development via venture capital (SV Health Investors) funds through to global, multinational biotechnology companies. The main aim of the trust is to generate capital growth, while minimising risk, through a diversified portfolio and an experienced investment team. Over the last five years, IBT’s NAV per share has inc...
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