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Sarah Godfrey
  • Sarah Godfrey

BlackRock Frontiers Investment Trust (BRFI) | Big opportunities in the...

BlackRock Frontiers Investment Trust (BRFI) offers a unique proposition for emerging markets investors, avoiding the largest markets – which between them account for the vast majority of global EM investment – in favour of less researched and often faster-growing countries at an earlier stage of development. Co-managers Sam Vecht and Emily Fletcher, backed by BlackRock's deep and broad research resources, blend top-down and bottom-up considerations to find investment opportunities in smaller eme...

Colin Smith
  • Colin Smith

Tullow Oil | 1HFY25 - Results belie strategic progress

Tullow reported sharply reduced results for 1H25, on lower production and weaker oil prices. However, the financial performance belies the underlying strategic progress the company made in the half towards refinancing its debt. That includes generating US$380m in 2025 disposal proceeds, with US$300m already received in July, together with significant reductions in costs and interest which will benefit the second half, as well as entering a MoU to extend the Ghana licences to 2040. Production gui...

Colin Smith
  • Colin Smith

Seplat Energy | 2Q25 results - reinstating forecasts

Seplat reported a strong operating performance in 1H25 with production of 135kboed up 178% YoY, reflecting both the impact of the MPNU acquisition and increased production from its legacy onshore business. The cash flow performance was particularly strong with net debt further reduced and net debt/EBITDA at just 0.53x. The 2Q25 dividend was maintained at the new USc4.6 run rate resulting in a 53% YoY increase in the 1H25 dividend. Current guidance for 2025 was maintained. Seplat will hold a Capi...

Colin Smith
  • Colin Smith

Craneware Group | FY25 update – Confident in double digit growth

Craneware has released a very positive update ahead of its FY25 results, highlighting revenue growth of 9% YoY to US$205.7m with even stronger growth of 12% in adjusted EBITDA to over US$65m. The company ended the period with net cash of US$28.2m. Moreover, Annual Recurring Revenue increased 7% to US$184m (2% YoY growth in FY24) and Net Revenue Retention was even more impressive, increasing to 107% (FY24 98%). All of which confirms that the company is really beginning to press the accelerator on...

Colin Smith
  • Colin Smith

TheraCryf (TCF) | AGM updates on OX-1 and SFX-01 programmes

TheraCryf held its AGM yesterday at which management emphasised its focus on brain disorders and specifically on advancing the Orexin (Ox-1) programme acquired in the Chronos transaction to clinical stage readiness by the end of calendar 2026, for which the company is now fully funded. The legacy synthetic Sulforaphane molecule (SFX-01) continues to be progressed in third-party funded programmes, most notably in the potential treatment for the brain cancer Glioblastoma at the Erasmus Medical Cen...

Colin Smith
  • Colin Smith

Galliford Try | FY25 Trading Update - Results beat expected, again

Galliford Try's results continue to affirm the strength of its strategy, market positioning, execution, and risk management. After a strong performance for 1HFY25, full-year guidance to June is again for a beat to expectations with revenue and adjusted profit before tax expected to slightly exceed the top end of market forecasts, currently standing at £1,885.6m and £41.6m, respectively. That is despite a 14.4% hike in the consensus forecast for adjusted profit before tax since January. The comp...

Sarah Godfrey
  • Sarah Godfrey

Schroder AsiaPacific Fund | Dedicated followers of quality at reasonab...

In an asset class that is perhaps more susceptible to ‘fashion' than others, with hot-money investors chasing the next big thing, SDP is reassuringly sensible in its focus on finding quality, well-governed and return-generative Asia-Pacific companies at valuations that leave a margin of safety to support long-term growth. The managers are not afraid to back their best ideas – the top 10 stocks (of c 50) account for more than 45% of the portfolio – but they also have a large, dedicated and locall...

Sarah Godfrey
  • Sarah Godfrey

JP Morgan Emerging Markets | Long-established fund with focus on quali...

While it may not quite be the oldest of the emerging markets investment trusts (Fidelity Emerging Markets [formerly Genesis Emerging Markets] and Templeton Emerging Markets were both launched in 1989), JPMorgan Emerging Markets (JMG) does have the longest record of consistent management, with Austin Forey having run the portfolio on broadly the same lines for more than 30 years. J.P. Morgan Asset Management (JPMAM) has a wealth of analyst resources covering not just the well-known EM companies, ...

Sarah Godfrey
  • Sarah Godfrey

BlackRock Frontiers Investment Trust (BRFI) | Pioneers of smaller emer...

With a diversified portfolio of companies based or operating in some of the world's least developed economies and/or capital markets, BRFI is the only investment trust offering global exposure to frontier markets, and as such is the obvious choice for investors who believe that today's underdeveloped markets could be the economic powerhouses of tomorrow. The increasingly fractured geopolitical backdrop presents an uncorrelated value opportunity in countries that are not aligned with either east ...

Sarah Godfrey
  • Sarah Godfrey

Beyond Barriers - EM opportunities in an era of trade tensions

Emerging and frontier markets are home to more than 85% of the world's population and generate over 40% of global GDP, yet make up only a small fraction of investors' portfolios. Allocations to these less developed – and generally faster-growing – economies have suffered in the era of tech-centred US exceptionalism, yet some of the world's most dominant technology companies are based in emerging markets. While Donald Trump's ‘Liberation Day' tariffs have sparked negative headlines regarding expo...

Colin Smith
  • Colin Smith

Polarean Imaging | Ascend representative agreement

Polarean has signed a Representative Agreement with Ascend Imaging LLC (Ascend) covering four specific US states. Under the agreement Ascend will act as a non-exclusive, independent manufacturer's representative supporting the promotion and sale of Polarean's Xenon MRI lung-imaging platform. Polarean has potential upside many times its current market capitalisation, we calculate, based on observable deal metrics and our NPV analysis, while the valuation is so low, it could attract take-over inte...

Sarah Godfrey
  • Sarah Godfrey

AEW UK REIT | Reinvesting for capital and income growth

AEW has reached the tenth anniversary of its IPO in May 2015, providing investors with a share price total return of c 120% since launch (c 80pp ahead of the AIC Property – UK Commercial sector average), as well as ranking highly in its peer group over shorter periods. The UK REIT is highly focused on value investment, acquiring mis-priced assets and then maximising income and unlocking capital upside through asset management initiatives. Since our last update, AEWU has sold the bulk of its larg...

Colin Smith
  • Colin Smith

Tullow Oil | Ghana licences extended to 2040

Tullow has announced the signature of a Memorandum of Understanding (MoU) for the extension of the licences covering its Jubilee and TEN fields in Ghana to 2040 on unchanged fiscal terms. These licence extensions unlock the potential for up to an additional 20 wells in the Jubilee field resulting in a potentially material increase in proven and probable reserves and an increase in gas sales on more secure terms. After allowing for the required additional investment, of up to US$2bn, we raise our...

Colin Smith
  • Colin Smith

TheraCryf (TCF) | FY25 results: expanded portfolio; focus on Ox-1

TheraCryf has released results for the year to March 2025 with the next 12-18 months set to be pivotal for the company as it focuses on advancing its Orexin-1 (Ox-1) programme while the Sulforaphane (SFX-01) programmes continue with third party funding. During FY25, the company acquired Chronos Therapeutics, making it a multi-compound drug developer, and raised a total of £5.2m, gross, funding the Ox-1 programme through to clinical readiness while extending TheraCryf's cash runway to 4Q 2026. Th...

Colin Smith
  • Colin Smith

Polarean Imaging | FDA extends use of XENOVIEW® to 6-year-olds

The US Food and Drug Administration (FDA) has approved Polarean's proven Xenon MRI platform for use in paediatric patients as young as six years old from the previous limit of 12. This approval increases the number of eligible patients by c1 million, confirming a total addressable market (TAM) in the US of cUS$2bn for use of the technology in evaluating ventilation. The FDA decision has come a little ahead of previous guidance. Approval for use in gas exchange, which remains subject to a clinica...

Colin Smith
  • Colin Smith

Tullow Oil | AGM update – strengthening the balance sheet

Tullow has released an AGM update which confirms the strong progress the company has made in strengthening the balance sheet with completion of the US$300m Gabon disposal expected imminently and a potential acceleration of receipts from Kenya with US$80m now expected this year. Previous production guidance was reiterated and the first well in the Jubilee programme has just spudded. The revolving credit facility (RCF) has been extended from the end of June to the end of October when it is expecte...

Sarah Godfrey
  • Sarah Godfrey

JPMorgan Claverhouse - Raising dividends for more than half a century

While it may not share the long history of some of its peers at the top of the AIC's list of dividend heroes (at just over 60 years since incorporation, versus 120-plus for City of London IT), JPMorgan Claverhouse's 52-year record of consecutive annual dividend growth is both impressive and unlikely to be put in jeopardy, making the trust a solid option for investors in search of a dependable stream of dividends. The management team's blend of faster- growth stocks alongside those with higher yi...

Sarah Godfrey
  • Sarah Godfrey

CT UK High Income Trust - Management change revitalises performance

Although its corporate structure may be unusual, with ordinary and B shares aimed at investors with different tax positions, CT UK High Income Trust (CHI) is managed without bells and whistles, seeking to achieve income and capital growth from a sensibly constructed portfolio of predominantly UK equities chosen from across the market capitalisation spectrum, augmented by a modest level of gearing. Manager David Moss has a wealth of experience built through more than 25 years at the same firm, an...

Sarah Godfrey
  • Sarah Godfrey

Schroder UK Mid Cap Fund - The only trust for dedicated FTSE 250 expos...

Following the merger of J.P. Morgan's UK mid- and small-cap trusts into a single entity, Schroder UK Mid Cap Fund is now the only dedicated UK mid-cap investment trust. Not only is the mid-cap space a deep pool of innovative and entrepreneurial companies both domestically and internationally focused; the FTSE 250 index has also produced as many '21-baggers' (stocks with a return of 21x or more) as the US in the 21 years to November 2024, as well as surpassing the S&P 500 index return over 25 yea...

Colin Smith
  • Colin Smith

TheraCryf (TCF) | Pharmaron contracted to progress Ox-1 programme

Following its £4.25m fund raise last February, TheraCryf has now appointed Pharmaron, a leading contract manufacturing and research organisation (CMD/CRO), to progress development of TheraCryf's Orexin programme for the treatment of addiction to the point at which clinical trials in humans can commence. Pharmaron is expected to commence work imminently with expected completion of all necessary studies in 2H26 leaving TheraCryf on track to start a Phase 1 clinical trial in 2026, subject to fundin...

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