reports
- Brian Moretta
- Mark Thomas
- Martin Hall
- Paul Mylchreest
The Hardman & Co Monthly: May 2024
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...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
A0MXLB NB PRIVATE EQUITY PARTNERS
DUKE DUKE ROYALTY
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Yingheng Chen
The Hardman & Co Monthly: April 2024
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...
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: March 2024
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 ...
- Brian Moretta
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: February 2024
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...
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: January 2024
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 Q&A on Apax Global Alpha: Hidden gems strategy delivering...
Hardman & Co Research Hardman & Co Q&A on Apax Global Alpha: Hidden gems strategy delivering new investment opportunities 04-Dec-2023 / 15:00 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Investment Companies Q&A on Apax Global Alpha | Hidden gems strategy delivering new investment opportunities Apax Global Alpha (LON:APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews. In this interview Mark discusses his recent report on the company entitled ‘“’. He expl...
Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strat...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strategy: green shoots into live deals 23-Nov-2023 / 12:43 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): “Hidden Gems” strategy: green shoots into live deals In our view, the most interesting new information from AGA’s was the comment “a further five investments post quarter end” with a further one since. This six-week performance compares with two investments in the whole previous quarter. Market wide,...
- Mark Thomas
Hardman & Co Research: Apax Global Alpha (APAX) - “Hidden Gems” strate...
In our view, the most interesting new information from AGA’s 3Q results was the comment “a further five investments post quarter end” with a further one announced since. This six-week performance compares with two investments in the whole previous quarter. Market wide, there are comments about encouraging green shoots of activity, but Apax is now completing deals. We explore, here, what is unique about the “Hidden Gems” strategy and why it is creating these opportunities. Interestingly, the deal...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Paul Mylchreest
The Hardman & Co Monthly: November 2023
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...
Hardman & Co Q&A on Apax Global Alpha (APAX): Confirming strong underl...
Hardman & Co Research Hardman & Co Q&A on Apax Global Alpha (APAX): Confirming strong underlying competitive advantages 12-Oct-2023 / 14:15 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on Apax Global Alpha (APAX) | Confirming strong underlying competitive advantages Apax Global Alpha is the topic of conversation when Mark Thomas joins DirectorsTalk. In this interview Mark delves into the key theme of his recent report entitled ''. Mark also discusses AGA's strengths, such as its impressive ...
- 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...
- Mark Thomas
Apax Global Alpha (APAX) Resilience in face of rising interest rates
The interim results to June 2023 reconfirmed AGA’s core strengths, notably i) Apax enhances the operational performance of the funds’ investments ‒ LTM revenue and EBITDA growth of 16.0% and 14.1%, respectively, are, we believe, ahead of the market, albeit slowing in 2Q, ii) a 24% uplift on exits, proving conservative accounting and that the NAV is realistic, iii) a 2.4% NAV return, with the five-year 12.4% annualised return, and iv) the Debt portfolio proved its worth, with diversified, more s...
Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face ...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face of rising interest rates 25-Sep-2023 / 14:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): Resilience in face of rising interest rates The interim results to June 2023 reconfirmed AGA’s core strengths, notably i) Apax enhances the operational performance of the funds’ investments ‒ LTM revenue and EBITDA growth of 16.0% and 14.1%, respectively, are, we believe, ahead of the market, albeit slowing in ...
Apax Global Alpha Limited: 1 director
A director at Apax Global Alpha Limited sold 9,449 shares at 166p and the significance rating of the trade was 50/100. 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 cle...
- 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
Hardman & Co Q&A on Apax Global Alpha (APAX) Capital Markets Day: valu...
Hardman & Co Research Hardman & Co Q&A on Apax Global Alpha (APAX) Capital Markets Day: value added by the manager 20-Jul-2023 / 16:35 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Investment Companies Q&A on Apax Global Alpha (APAX) | Capital Markets Day: value added by the manager Apax Global Alpha (APAX) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk Interviews. In this interview Mark takes us through his recent report on the company entitled ‘’, the key investor comments...
Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden gems 05-Jul-2023 / 15:50 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden gems The key takeaway from AGA’s 27 June (CMD) was that 84% of value creation comes from operational improvements that APAX makes in the investee companies. On average, under APAX’s ownership, revenue growth accelerates by 700bps, EBITDA growth 1,500bps and the EBITD...
- Mark Thomas
Apax Global Alpha (APAX) 2023 Capital Markets Day: accessing hidden ge...
The key takeaway from AGA’s 27 June Capital Markets Day (CMD) was that 84% of value creation comes from operational improvements that APAX makes in the investee companies. On average, under APAX’s ownership, revenue growth accelerates by 700bps, EBITDA growth 1,500bps and the EBITDA margin 700bps. Additionally, the day highlighted that i) AGA gives access to companies unavailable elsewhere, ii) its companies are growing and performing well, iii) it is an All Weather Investment, with 84% of value...
- 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...
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