reports
Hardman & Co Video | Polar Capital (PCFT) Interview
Hardman & Co Research Hardman & Co Video | Polar Capital (PCFT) Interview 02-Aug-2024 / 09:45 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Polar Capital (PCFT) Interview In this Hardman Talks Keith Hiscock, CEO of Hardman & Co, sits down with Tom Dorner, Co-Manager of the Polar Capital Global Financials Trust. They discuss the current financial landscape, emphasizing the strategies employed by Polar Capital to navigate market challenges and leverage opportunities. Tom provides insights into the trust’s performance, investm...
- James Carthew
- Matthew Read
Polar Capital Global Financials Trust
As inflation seems to be easing and its looks increasingly like interest rates may have peaked for now, one potential negative overhanging the financials sector is the thought that central banks may have overdone their tightening efforts and that a recession could contribute to a sharp rise in defaults. The managers of Polar Capital Global Financials Trust (PCFT) believe both that the sector is more than pricing in a worst-case scenario and that we are more likely to experience a shallow recessi...
- James Carthew
- Matthew Read
Polar Capital Global Financials Trust
As inflation eases and its looks increasingly like interest rates have peaked for now, the only major potential negative overhanging the financials sector is the thought that central banks may have overdone it and a recession will contribute to a sharp rise in defaults. The managers of Polar Capital Global Financials Trust (PCFT) believe both that the sector is more than pricing in a worst-case scenario and that we are more likely to experience a shallow recession. The consensus seems to be shi...
- Sarah Godfrey
Around the World in Eight Ideas - Investment Trust Opportunities Beyon...
Although the UK now represents a paltry 3.5-4.0% of global equity indices, home bias in the domestic stock market is estimated at c 25% across institutional and retail investors. This persists across asset classes: in the Investment Association universe of open-ended funds, 28.1% of total AUM at the end of September 2023 was invested in UK sectors. This leaves a significant amount of investors' assets exposed to overseas markets that may be unfamiliar and harder to access. In such a situation, t...
Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc 21-Jun-2023 / 12:31 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc 08-Jun-2023 / 13:00 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
- James Carthew
- Matthew Read
Polar Capital Global Financials Trust – Avoiding mishap
After years of squeezed margins thanks to ultra-low interest rates, banks’ profitability is increasing. However, higher rates have brought increased recession risk and have exposed inept risk management within some US regional banks. The managers of Polar Capital Global Financials Trust (PCFT) were quick to cut exposure to more exposed areas of the sector, while increasing PCFT’s weighting towards areas such as insurance and reinsurance, where the picture looks brighter. Sentiment has turned a...
- James Carthew
- Matthew Read
Polar Capital Global Financials Trust – Avoiding mishap
After years of squeezed margins linked to ultra-low interest rates, banks’ profitability is increasing. However, higher rates have brought increased recession risk and, with some high profile recent failures, appear to have exposed inept risk management within some US regional banks. The managers of Polar Capital Global Financials Trust (PCFT) were quick to cut exposure to more exposed areas of the sector, while increasing PCFT’s weighting towards areas such as insurance and reinsurance, where ...
Form 8.3 -Civitas Social Housing plc
The Vanguard Group, Inc. ( ) Form 8.3 -Civitas Social Housing plc 10-May-2023 / 12:41 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and bene...
Polar Capital Global Financials Trust: 1 director
A director at Polar Capital Global Financials Trust maiden bought 20,000 shares at 142p and the significance rating of the trade was 69/100. 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 ...
Civitas Social Housing: 1 director
A director at Civitas Social Housing maiden bought 31,937 shares at 63p 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 yea...
- Jason Streets
Hardman & Co Insight - Asset managers had a poor 2022
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? The first chart is my favourite chart of asset m...
SDR SCHRODERS PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RAT RATHBONE BROTHERS PLC
IPX IMPAX ASSET MANAGEMENT GROUP PLC
LIO LIONTRUST ASSET MANAGEMENT PLC
FEN FRENKEL TOPPING GROUP PLC
MTW MATTIOLI WOODS
HL. HARGREAVES LANSDOWN PLC
A2PG8B MAN GROUP PLC
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
BRK BROOKS MACDONALD GROUP PLC
ASHM ASHMORE GROUP PLC
TAM TATTON ASSET MANAGEMENT
IHP INTEGRAFIN HOLDINGS
AJB AJ BELL
MNG M&G PLC
HL HARGREAVES LANSDOWN
- James Carthew
- Richard Williams
Civitas Social Housing – Time to buy?
Civitas Social Housing (CSH) has suffered a sustained fall in its share price which sees it now trade on a discount of 44.4%. This seems wholly unjustified given the strong market fundamentals in the social housing sector and the group’s proven, secure government-backed income. CSH’s inflation-linked leases (which benefit from annual rental uplifts in line with CPI or CPI+1%) more than compensated for a higher discount rate used to value its portfolio (following market volatility caused by high...
- James Carthew
- Richard Williams
Civitas Social Housing – Time to buy?
Civitas Social Housing (CSH) has suffered a sustained fall in its share price which sees it now trade on a discount of 44.4%. CSH’s inflation-linked leases (which benefit from annual rental uplifts in line with CPI or CPI+1%) more than compensated for a higher discount rate used to value its portfolio (following market volatility caused by higher interest rates) and resulted in CSH reporting an uplift in NAV in September 2022 – one of the only REITs to do so in the period. Its NAV fell by 3.4% i...
- Shonil Chande
LIBERUM: Alternatives Daily: CHRY | FSFL | HGEN | CSH | CREI
Chrysalis Investments - Value accretive investment in Starling BankForesight Solar - NAV mostly flat as power price assumptions are offset by inflation increasesHydrogenOne Capital Growth - Modest Q4 NAV return increases discount to 21%Civitas Social Housing - Valuation holding up relatively wellCustodian REIT - -11% NAV TR in Q4 2022 and -8% for the calendar year
- James Carthew
Economic and Political Monthly Roundup January 2023
A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
STS SECURITIES TRUST OF SCOTLAND PLC
SIGT SENECA GLOBAL INCOME & GROWTH TRUST
ABD ABERDEEN NEW DAWN INVESTMENT TRUST PLC
SDP SCHRODER ASIA PACIFIC FUND PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
JII JPMORGAN INDIAN INV TRUST
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
JFJ JPMORGAN JAPANESE INV. TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SHRS SHIRES INCOME PLC
BEMO BARING EMERGING EUROPE PLC
EGL ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST
CSH CIVITAS SOCIAL HOUSING PLC
GSF GORE STREET ENERGY STORAGE FUND
EBOX TRITAX EUROBOX GBP
MLI INDUSTRIALS REIT LTD
SONG HIPGNOSIS SONGS FUND LTD
- James Carthew
Economic and Political Monthly Roundup January 2023
A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
STS SECURITIES TRUST OF SCOTLAND PLC
SIGT SENECA GLOBAL INCOME & GROWTH TRUST
ABD ABERDEEN NEW DAWN INVESTMENT TRUST PLC
SDP SCHRODER ASIA PACIFIC FUND PLC
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
JII JPMORGAN INDIAN INV TRUST
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
JFJ JPMORGAN JAPANESE INV. TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SHRS SHIRES INCOME PLC
BEMO BARING EMERGING EUROPE PLC
EGL ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST
CSH CIVITAS SOCIAL HOUSING PLC
GSF GORE STREET ENERGY STORAGE FUND
EBOX TRITAX EUROBOX GBP
MLI INDUSTRIALS REIT LTD
SONG HIPGNOSIS SONGS FUND LTD
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
SERE SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
- James Carthew
ATST ALLIANCE TRUST PLC
GCL GEIGER COUNTER
SLPE STANDARD LIFE PRIVATE EQUITY TRUST
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
JII JPMORGAN INDIAN INV TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
MTE MONTANARO EUROPEAN SMALLER C.TST
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SDV CHELVERTON UK DIVIDEND TRUST
BGUK BAILLIE GIFFORD UK GROWTH FUND PLC
GIF GULF INVESTMENT FUND
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
SMT SCOTTISH MORTGAGE INVESTMENT TRUST PLC
RICA RUFFER INVESTMENT COMPANY
BHMG BH MACRO (GBP)
VNH VIETNAM HOLDING
WTAN WITAN INVESTMENT CO. PLC
CHRY CHRYSALIS INVESTMENTS
EBOX TRITAX EUROBOX GBP
MTU MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
CBA CEIBA INVESTMENTS
ATT ALLIANZ TECHNOLOGY TRUST PLC
CIN CITY OF LONDON GROUP PLC
API ABRDN PROPERTY INCOME TRUST
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