reports
- 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
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
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
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
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
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
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
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
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
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
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
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
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
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...
- Colin Smith
Polarean Imaging | FY24 results – sales growth guidance reiterated
Polarean has more than tripled revenue YoY to US$3.1m for the year to December 2024 and raised the gross margin by 841 basis points, confirming that it is on a path to hyperbolic growth. Almost more importantly, the cost of a Phase III trial for the use of its XENOVIEW® technology in gas exchange has been halved to US$4.0m-US$4.5m. The cash runway has been extended to 2Q26 and the company reiterated revenue guidance for 2025 of US$5.0m-US$6.0m. Polarean has potential upside many times its curren...
- Sarah Godfrey
Make UK equities great again! - Why now is the time to rediscover the ...
The era of US exceptionalism has been called into question as a result of destabilising influences such as President Trump's tariff wars, Chinese advances in AI and concern over the high valuations of the ‘Magnificent Seven' US tech companies, which still made up almost 20% of the MSCI AC World Index at the end of March 2025, despite suffering a wobble in recent months. In the past 14 years, the US's share of the global index has gone up by half, while the UK's has gone down by 50% to less than ...
- Colin Smith
Seplat Energy | 1Q25 results – Dividend hiked 28% to USc4.6, QoQ
This was Seplat's first set of quarterly results including the acquired ExxonMobil offshore assets (SEPNU) for a full quarter. Revenue jumped 350% YoY, or by 220% excluding over/underlift on production up 167% to 132kboed, despite lower realisations, with a near sextupling in oil volumes lifted to 9.9mmbbl. That drove a tripling in profit before tax to US$207.4m, generating EPS of USc0.03 (1Q24 USc0.00). Strong cash flow generation saw a reduction in net debt to US$747.1m with leverage at 0.6x (...
- Colin Smith
AltynGold | FY24 results – a record year with more to come
AltynGold is a Kazakh based gold producer with current operations from its Sekisovskoye mine, where it has just completed a major expansion project. The company reported record results in 2024, generating a net profit of US$26.4m, up 133% YoY driven by increased production, higher realisations and lower unit costs. This year should prove even better with the company targeting a 30% plus increase in production to 50koz and as gold prices continue to strengthen. Besides growth from Sekisovskoye, A...
- Colin Smith
Tullow Oil | Kenya disposal on attractive terms
Tullow has announced the disposal of its Kenyan assets for US$120m plus potential future royalties and retains a zero-cost back-in right for 30%. The disposal should cut leverage by around 10%, further improving the chances of completing a successful refinancing while removing the drain on management time and cost involved in endeavouring to achieve a commercial development. We were carrying a de-minimis US$9m risked NAV10 worth 1p per share in our valuation for Kenya so the disposal is at a lar...
- Colin Smith
Tullow Oil | Initiation: Deleveraging targets well within sight
Tullow operates the Jubilee and TEN oil fields offshore Ghana and has just announced the sale of its Gabonese assets for US$300m. Current production and reserves are a substantial c55kboed and 165mmboe, including Gabon. Following a disciplined re-focusing of the business and the sale of its Gabonese assets, the company's de-leveraging targets of net debt under US$1bn and leverage under 1x are well within sight with further options to accelerate the process. Tullow has now returned to sustained p...
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