reports
- Brian Moretta
BR Review: The Seneca IHT Service | Seneca Partners Limited
The Seneca IHT Service is an unquoted Business Relief product, which lends on a secured basis across four different lending strategies. These are commercial property, stock finance, social residential housing and vehicle financing. The first two of those are by far the largest, while the others are particularly niche. There is no gearing. The product offers both capital and income options, with a target return of 4% p.a., which it has consistently matched since 2017. The report goes into detail...
- Mark Thomas
ICG Enterprise Trust plc: Shareholder seminar 2026: resilience and gro...
Key messages from ICGT’s 2026 shareholder seminar were i) robust 2025 portfolio performance with double-digit EBITDA growth and strong realisation activity, ii) proactive management, inter alia, of the origination network, co-investments, secondary sales, buybacks and dividends, iii) a strong balance sheet with low debt and significant available liquidity, and iv) well positioned for future growth with good diversification. The presentation also covered the benefit of having ICG as the manager....
- Richard Jeans
Hardman & Co Insight | Tech sector outlook
In our latest Insight, written by Richard Jeans, technology analyst at Hardman & Co, we examine a challenging year for UK technology stocks. The sector has diverged from buoyant UK blue chips amid perceived threats of AI-driven disruption, with this underperformance occurring despite generally positive trading news. Notably, larger-cap software and services companies have fared significantly worse than their smaller peers. Ongoing takeovers have continued to pick off the remaining companies whil...
- Mark Thomas
- Mike Foster
Real Estate Credit Investments (RECI): Manager presentation and Q&A
RECI has hosted two short webinars. In the first, RECI’s Chairman and manager gave a presentation outlining the fund’s strategy and operational management to deliver superior returns. In the second, they answered investor questions, including why the fund secured overwhelming shareholder support in the continuation vote at the recent AGM. They discussed how structural shifts are shaping pricing dynamics and how risks are managed. The discussion also explored its competitive advantages in recover...
- Brian Moretta
- Mark Thomas
- Mike Foster
Hardman & Co Monthly: March 2026
Feature article: Tech sector outlook | Small cap finding support at COVID-19 levels The past year has been a challenging period for UK technology stocks. The sector has diverged from buoyant UK blue chips due to the perceived threats of AI-induced disruption. This underperformance has been regardless of generally positive trading news, and larger cap software & services companies have performed significantly worse than their smaller brethren. Takeovers have continued to pick off the remainin...
- Brian Moretta
Managed EIS Follow-On Portfolio Service | Endeavour Ventures Limited
The Endeavour Ventures Follow-On Portfolio Service will invest in high growth companies with a bias towards technology companies. This will be later stage funding (for EIS) with the aim of being the last or next-to-last EIS round. Companies will be chosen from previous Endeavour investments or from cherry-picked opportunities from well connected EIS managers. Endeavour brings a very strong track record for a new fund, with 38 exits (11 successful) with an aggregate MoIC of 5.3x. The report goes...
- Brian Moretta
Chesnara plc (CSN): A positive expansion in Benelux
Chesnara has announced that it is buying Scottish Widows Europe, a closed company with a book consisting of UK products that were sold, pre-Brexit, into Europe, primarily Germany. The consideration is €110m, which will be met from internal resources, notably the proceeds of last year’s Tier 1 bond issue. For this, it adds ca.€1.7bn of AuA and 46,000 policies. It also brings an estimated €250m of future cash generation as the book runs off, with €100m in the first five years. Scottish Widows Euro...
- Richard Jeans
accesso Technology Group (ACSO): New payments’ strategy unveiled
accesso has taken its payments’ strategy to the next level in selecting Adyen, the Dutch-based payments company, to be its long-term global financial technology platform. The platform will be white-labelled and enable accesso to offer integrated embedded payments’ capabilities across all of its products. Consequently, accesso will be able to increase wallet share from both existing and new clients. As present, accesso supports more than $5bn in annual transaction volume. We will next review our ...
- Nigel Hawkins
Hardman & Co Insight: 2026 ‒ Will the IIC/REIF NAV worm turn?
REIF wind-downs, plunging NAV discounts and “ajar” equity markets, but... Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs). Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues in both the UK and in the US. The question for investors is: where do we go from here? On the one hand, yields for some REIFS are well ov...
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
3IN 3I INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEIT SDCL ENERGY EFFICIENCY INCOME TRUST
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ORIT OCTOPUS RENEWABLES INFRASTRUCTURE TRUST
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
HGEN HYDROGENONE CAPITAL GROWTH PLC
AEET AQUILA ENERGY EFFICIENCY TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
FSFLL FORESIGHT SOLAR
INPP INPP
- Mark Thomas
- Mike Foster
- Nigel Hawkins
The Monthly: February 2026
Stormy times at present – a sunnier outlook? Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs). Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US. The question for investors is: where do we go from here? On the one hand, yields for some REIFS are well over twice those of 10-year gil...
- Martin Hall
Hardman & Co Healthcare Index: 2025 – Index rose, but another tough ye...
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025. While this sounds positive, it was below the strong performance of most major UK healthcare stocks and, in general, it underperformed its UK and peer benchmarks: FTSE 100 (+21.5%); FTSE All-Share (+19.8%); and the NASDAQ Biotech Index (NBI; +32.4%). Th...
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2026
This month’s feature article is the Hardman & Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman & Co. 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 49 constituents of the index are high-risk, with micro-capitali...
- Mark Thomas
NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-ris...
NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides...
- Mark Thomas
Real Estate Credit Investments - Investor Day: opportunities aplenty
In previous reports, we have highlighted RECI’s downside resilience. Our key takeaway from the November Investor Day was the scale of RECI’s current opportunities. The key driver to the strong pipeline is the manager having the expertise and scale to access the least competitive sectors of real estate lending. By doing so, it can earn good returns (typically 8%-10% unleveraged) and only see a modest impact from whole-market dynamics. Regular repayments, both contractual and customers refinancing...
- Brian Moretta
Blackfinch Ventures EIS Portfolios | Blackfinch Investments Limited
Scheme assets: £60m EIS & VCT assets: £124m Total FUM: £923m Blackfinch Ventures EIS Portfolios invests in early-stage technology-enabled investments. It has a target return of an average of 3x capital with at least 10 companies in each portfolio. There is an experienced management team in place who have invested significantly in building an effective and efficient investment process. Given its age, there is limited performance data, there are signs of growth already. The report goes into deta...
- Brian Moretta
Blackfinch Spring VCT | Blackfinch Investments Limited
VCT assets: £64.0m Offer size: £20m + £20m EIS & VCT assets: £124m Total FUM: £922m Launch date: 2019 Blackfinch Spring VCT invests in Scale-up technology-enabled investments. It has a target return of an average of 2.5x capital on investments. There is an experienced management team in place who have invested significantly in building an effective, and efficient investment process. Given its age, there is limited performance data. However, there are signs of growth already with top-quartile pe...
- Brian Moretta
Par EIS Fund | Par Fund Management Limited
The Par EIS fund invests in early-stage technology companies, especially those related to deeptech. There is a regional focus on northern UK and companies should be showing meaningful traction before investment. The fund has been using the same strategy since 2012 and Par as a whole has built up a strong record of returning cash to investors through successful exits. The report goes into details of how the investment process works, sourcing and decision-making, exit strategies, post-investment...
- Mark Thomas
NB Private Equity Partners (NBPE): 1H’25 results: turning the corner
In our view, NBPE’s 1H’25 results may be characterised as turning the corner. There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong. NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid. Current performance remains below long-term...
- Yingheng Chen
Hardman and Co Insight: Feeding the future
The global food system has been, and continues to, undergo a structural transformation driven by population growth, climate change and the rise of a larger, wealthier global population. The global middle-class population is projected to increase from 4.1bn currently to just over 5bn by 2035. By 2050, global food demand is expected to increase significantly as population rises and diets shift from staple grains to higher-value proteins and dairy products ‒ a change that exponentially increases th...
- Mark Thomas
- Yingheng Chen
Hardman & Co Monthly: November 2025
Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support. Today, the transformation of the global food system represents one such structural force. As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longe...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.