reports
- Pedro Fonseca
The Merchants Trust - Termination of coverage
Edison Investment Research is terminating coverage on Oxford Cannabinoid Technologies (OCTP), Britvic (BVIC), Ultimovacs (ULTI), DFR Gold (DFR), The Merchants Trust (MRCH), PB Holding (PBH) and Biodexa Pharmaceuticals (BDRX). 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.
Edison issues update on The Merchants Trust (MRCH): Celebrating its 13...
Edison Investment Research Limited Edison issues update on The Merchants Trust (MRCH): Celebrating its 135th anniversary 30-Apr-2024 / 10:03 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 30 April 2024 Edison issues update on The Merchants Trust (MRCH): Celebrating its 135th anniversary The Merchants Trust’s (MRCH’s) manager, Simon Gergel at Allianz Global investors, is very excited about the number of reasonably priced opportunities available in the UK market. Also, good income generation from the trust’s portfolio of high-qual...
- Pedro Fonseca
The Merchants Trust - Celebrating its 135th anniversary
The Merchants Trust’s (MRCH’s) manager, Simon Gergel at Allianz Global investors, is very excited about the number of reasonably priced opportunities available in the UK market. Also, good income generation from the trust’s portfolio of high-quality companies with robust fundamentals enabled MRCH to record another consecutive dividend increase in FY24; it now has a 42-year track record. The trust’s attractive 5.1% dividend yield is one of the highest in the 19-strong AIC UK Equity Income sector ...
Edison issues review on The Merchants Trust (MRCH): UK equity valuatio...
Edison Investment Research Limited Edison issues review on The Merchants Trust (MRCH): UK equity valuations providing many opportunities 15-Dec-2023 / 09:19 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 15 December 2023 Edison issues review on The Merchants Trust (MRCH): UK equity valuations providing many opportunities The Merchants Trust (MRCH) manager, Simon Gergel at Allianz Global Investors, has been at the helm for the last 17 years during a variety of market environments. He has remained true to his investment process, s...
- Pedro Fonseca
The Merchants Trust - UK equity valuations providing many opportunitie...
The Merchants Trust (MRCH) manager, Simon Gergel at Allianz Global Investors, has been at the helm for the last 17 years during a variety of market environments. He has remained true to his investment process, seeking high-quality companies with solid fundamentals that are trading on reasonable valuations. The manager is very encouraged by the current valuation backdrop as, in aggregate, the UK market is trading at the low end of its 20-year range and within the market there is a wide dispersion...
- Pedro Fonseca
The Merchants Trust - UK market is ‘a stock picker’s dream’
The Merchants Trust (MRCH) has been managed by Simon Gergel at Allianz Global Investors for the last 17 years. He describes the valuation backdrop in the UK market as ‘a stock picker’s dream’, as in aggregate, UK stocks are trading at the low end of their 20-year range, and company valuations vary significantly, thereby affording the manager opportunities to identify reasonably priced businesses that have strong fundamentals and are operating in industries with favourable dynamics. Gergel’s stra...
- Sarah Godfrey
UK Equities: Overlooked, oversold, and over here
In the past two years, investors have pulled £19.7bn out of open-ended UK equity funds – the equivalent of the entire market capitalisation of Tesco – with negative net sales in all but two of the past 24 months, and outflows of over £12bn in the last 12 months alone. UK equity valuations (measured on a forward P/E basis) are close to record discounts versus the US and are also historically low compared with European equities. Across the three AIC UK equity sectors, discounts to NAV stand at an ...
- Pedro Fonseca
The Merchants Trust - Higher dividends for the last 41 years
Simon Gergel at Allianz Global Investors has managed The Merchants Trust (MRCH) for the last 17 years. His disciplined fundamental investment process has proved to be a successful strategy as MRCH is ahead of its benchmark over the last one, three, five and 10 years. The trust’s NAV total returns also rank top out of 20 funds in the AIC UK Equity Income sector over the last three years. MRCH has a commendable dividend track record, having increased its annual payments for the last 41 consecutive...
- Pedro Fonseca
The Merchants Trust - Higher gearing to take advantage of opportunitie...
The Merchants Trust (MRCH) is managed by Simon Gergel, chief investment officer of UK equities at Allianz Global Investors (AllianzGI). He highlights that the remaining £16m of the trust’s £42m credit facility has recently been drawn down, taking gearing from c 13% to c 15%. This indicates that the manager, and MRCH’s board, see good value in the UK market, particularly in the type of stocks that fit Gergel’s disciplined investment criteria. The manager continues to seek undervalued companies wi...
- Pedro Fonseca
The Merchants Trust - Performance shining brightly
The Merchants Trust (MRCH) is actively managed by Allianz Global Investors’ highly experienced chief investment officer of UK equities/UK income, Simon Gergel. He highlights that the portfolio is very different to what it was a couple of years ago, but the manager continues to adhere to his disciplined investment process, seeking undervalued companies with solid fundamentals, aiming to generate a high and growing level of income and long-term capital growth. MRCH’s portfolio is differentiated fr...
- Pedro Fonseca
The Merchants Trust - Successfully navigating market uncertainty
The Merchants Trust (MRCH) is managed by Allianz Global Investors’ chief investment officer, UK equities, Simon Gergel. He is very pleased by how the trust’s income has recovered as companies have returned to paying dividends. With an uncertain economic and investment backdrop, which has been exacerbated by the Russian invasion of Ukraine, the manager stresses the importance of focusing on companies’ long-term prospects. Gergel considers MRCH’s balanced portfolio of attractively valued cyclical ...
- Pedro Fonseca
The Merchants Trust - Firing on all cylinders
The Merchants Trust (MRCH) is managed by Simon Gergel, who is chief investment officer, UK equities, at Allianz Global Investors (AllianzGI). This firm has been engaged in environmental, social and governance (ESG) research since 2000, and a consideration of ESG factors is deeply embedded in MRCH’s disciplined investment process. While the manager is very encouraged by the trust’s improved performance following a tough period in early-2020, he is not complacent, and continues to seek high-qualit...
- Pedro Fonseca
The Merchants Trust - Firing on all cylinders
The Merchants Trust (MRCH) is managed by Simon Gergel, who is chief investment officer, UK equities, at Allianz Global Investors (AllianzGI). This firm has been engaged in environmental, social and governance (ESG) research since 2000, and a consideration of ESG factors is deeply embedded in MRCH’s disciplined investment process. While the manager is very encouraged by the trust’s improved performance following a tough period in early-2020, he is not complacent, and continues to seek high-qualit...
- Pedro Fonseca
The Merchants Trust - Finding high-quality, well priced opportunities
The Merchants Trust (MRCH) is managed by Simon Gergel who is chief investment officer, UK equities, at Allianz Global Investors. He stresses that being a value investor does not mean buying bad businesses, and the polarised UK market is enabling him to invest in high-quality companies at reasonable prices. While the manager experienced a tough period of relative performance during the coronavirus-led market sell-off in early 2020, he adhered to his long-term, high-conviction process, which was t...
Merchants Trust: 1 director
A director at Merchants Trust bought 3,000 shares at 510p and the significance rating of the trade was 54/100. 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 clearly sho...
- Pedro Fonseca
The Merchants Trust - Meaningful improvement in relative performance
The Merchants Trust (MRCH) is managed by Simon Gergel at Allianz Global Investors. He suggests the company is ‘in a much better place’ compared with early 2020. The manager now has more confidence in the trust’s income prospects as dividends are resuming and in some cases being raised, and he has been able to take advantage of stock market volatility to reposition the portfolio. Gergel believes MRCH’s shareholders appreciate how the trust’s investment process remains consistent despite periods o...
- Pedro Fonseca
The Merchants Trust - Distinguished history of dividend growth
The Merchants Trust (MRCH) has been managed by Simon Gergel at Allianz Global Investors (AllianzGI) since 2006. He is continuing to find interesting opportunities in the UK market, seeking high-quality, reasonably valued companies with attractive dividend yields. The manager says we are ‘past the worst’ in terms of dividend cuts in the wake of the coronavirus pandemic, with many companies reinstating their payments. MRCH has sufficient revenue reserves to be able to build on its record of 38 yea...
- Pedro Fonseca
The Merchants Trust - Opportune reduction in gearing in early 2020
The Merchants Trust (MRCH) is managed by Simon Gergel at Allianz Global Investors (AllianzGI). Aiming to continue to provide a high and growing level of income, he is adjusting the trust's portfolio in the wake of dividend cuts sparked by the negative economic effects of COVID-19. If there is an income shortfall in this financial year, MRCH is well positioned to maintain its dividend, with revenue reserves of more than 1x the last annual payment. It has not been an easy period for value managers...
- Pedro Fonseca
The Merchants Trust - High and growing level of income
The Merchants Trust (MRCH) offers investors the potential for long-term capital growth along with a high and growing level of income. Helped by the refinancing of the trust’s high-cost, long-term debt, for FY20 (ending 31 January) the board’s intention is that MRCH’s annual dividend will be at least 4.2% higher year-on-year. Manager Simon Gergel at Allianz Global Investors (AllianzGI) is optimistic about the trust’s prospects, citing a broad opportunity set due to attractive valuations ...
- Mel Jenner
The Merchants Trust - Celebrating its 130th birthday with higher divid...
The Merchants Trust (MRCH) is managed by Simon Gergel at Allianz Global Investors (AllianzGI). He highlights the trust’s growing income stream, long-term capital growth and above-average dividend yield. The manager notes that in FY19, MRCH’s dividend growth of 4.8% was meaningfully higher than the rate of UK inflation, and a step up in dividend growth following the debt refinancing in January 2018. He explains that revenue growth in FY19 was even stronger, allowing an addition to reserves, w...
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