reports
- Richard Williams
Lindsell Train Investment Trust – Durability in times of volatility
Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese AI model DeepSeek – provided an interesting snapshot into the potential performance of the companies that Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), invest in during times of market stress. The durability and resilient cash flows, which are hallmarks of LTL investments, proved popular with investors, with many holdings recording large share price g...
- James Carthew
European Opportunities Trust – European winners, global exposure
European Opportunities Trust (EOT) remains the most growth-focused fund in its peer group. This is at a time when there are increasing signs of this style of investing coming back into favour, as inflation remains under control and interest rates trend down. More widely, Europe seems to be coming back on to the radar of investors, not least because of the policy whiplash that has accompanied Donald Trump’s second presidency, and its impact on the US market. Nonetheless, the managers are not simp...
- James Carthew
Caledonia Investments – Public matters
On 24 June Caledonia Investments (CLDN) hosted a public companies spotlight event, where the managers presented in detail on the company’s global portfolio of publicly listed investments. This element of the portfolio has a strategic allocation of between 30% and 40% of net asset value (NAV), currently making up 33%. Around 30 companies are held across two portfolios, with a capital portfolio accounting for 72% of the total and income 28%. The target return is 10% per annum for the capital portf...
- James Carthew
Polar Capital Global Healthcare – Recovery play
When we last published on Polar Capital Global Healthcare (PCGH), President Trump had just been elected, and while there were some nerves about Robert F. Kennedy Jr (RFK) being linked to the top job in the US health system, the mood was reasonably upbeat. The managers observed that the sector’s fundamentals (underlying financial and operational health of the sector, such as revenue growth and profitability) were strong, stocks looked cheap, and cautioned against worrying about the impact of poli...
- James Carthew
Baillie Gifford UK Growth Trust – Significant catch up potential
After three challenging years, there are now signs that sentiment towards both growth stocks and the wider UK market is improving. Baillie Gifford UK Growth Trust (BGUK) has been a clear beneficiary of this, delivering a marked uptick in performance over the past year. The tide may be turning, but UK equities in general – and growth names in particular – remain deeply out of favour versus their global peers. This leaves significant catch-up potential if conditions continue to improve, particular...
- James Carthew
GCP Infrastructure - Substantive progress
Since interest rates began to rise to tackle inflation, GCP Infrastructure (GCP) has, like many similar investment companies, been afflicted by a wide share price discount to net asset value (NAV). The board and the investment adviser have been working to tackle this through a policy of capital recycling. This aims to free up £150m to materially reduce the drawn balance on the revolving credit facility (RCF), return at least £50m to shareholders, and rebalance the portfolio to improve its risk a...
- James Carthew
AVI Global Trust – No shortage of targets
AVI Global Trust (AGT) offers a distinct investment proposition from its peers, focusing on opportunities to extract value from undervalued companies where structural reform could unlock value. The weighted average discount on the underlying portfolio is close to historically wide levels, reflecting a number of attractive opportunities that the manager has identified. Activism in holdings such as Chrysalis, Gerresheimer, and Third Point Investors, and the ability to capitalise on “special sit...
Fuel for (AI powered) thought
Pantheon Infrastructure’s (PINT) portfolio is focused on areas of secular growth. It helps both enable and take advantage of technological progress and global connectivity. It is also supporting the shift towards more sustainable energy generation. The success of its approach is particularly evident in the area of data centres – the focus of much of this note – where PINT is directly exposed to the voracious demand for energy to power the unfolding Artificial Intelligence (AI) revolution. AI mod...
- Richard Williams
Foresight Environmental Infrastructure – Strategic refresh
Foresight Environmental Infrastructure (FGEN) has set out its strategic focus over the medium term that will centre on core renewable energy generation assets. This will see it sell its growth assets once operations have ramped up and valuation maximised. This will provide the company with capital allocation flexibility and allow it to invest the sales proceeds into assets that display attractive income characteristics such as visible, stable and secure long-term revenue with inflation linkage (...
- James Carthew
Capital Gearing Trust – Cautiously positioned in volatile markets
In times of market turmoil, it is only natural that investors would look closer at trusts such as Capital Gearing Trust (CGT), which seeks to avoid losing shareholders’ money. As we show on page 3, it has done a great job of achieving this over more than four decades, with just two, low-single-digit “down-years” since 1982. Management view CGT as the most defensive trust in the UK market, just along the risk curve from cash (very low risk, but not completely risk-free like cash, for example a ba...
- Richard Williams
Geiger Counter Limited – Enriched prospects
A commitment to quadruple nuclear generating capacity in the US, made by President Donald Trump in a series of executive orders signed at the end of May, has provided a significant and much-needed boost to the uranium sector, in which Geiger Counter (GCL) invests. A number of uranium stocks rose by double figures in the days following the pledge to “re-establish the US as a global leader in nuclear energy”. Investor sentiment towards the sector had been waning prior to this, with a number of ...
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – July 2025
At the halfway point of the year, real estate stocks have performed strongly – up 8.0% on average. In June, the median uplift was 1.9% and was again dominated by merger and acquisition (M&A) news. Warehouse REIT has been the subject of a number of diminishing offers from private equity giant Blackstone over recent months, but was the subject of a merger offer from a listed peer at a healthy premium to the previous recommended bid (see the corporate news section for details). Life Science REIT...
- Richard Williams
RIT Capital Partners – Riding out the tariff storm
Uncertainty levels have been dialled up across global markets, with Trump’s tariffs throwing up a new dimension of risk. RIT Capital Partners’ (RIT’s) diversified portfolio (across asset classes, sectors and geographies) and stringent risk controls put it in a unique position to weather the storm. Leveraging off its manager’s investment skillset and unparalleled access to specialist fund managers, the trust’s portfolio has been constructed with the aim of performing well across market cycles. ...
- Matthew Read
Vietnam Holding Limited – Cheap stocks, bold reforms, big ambitions
Vietnam still offers one of the most compelling macro stories across emerging markets. In the short term, concerns over China, US trade policy and a focus on large-cap US tech have seen it left behind, but its fundamentals remain very attractive, and the government is making major structural reforms to support very ambitious GDP growth targets. VNH’s portfolio has been repositioned to take advantage of the expected acceleration in GDP growth, with increased weightings in banking and retail, f...
- David Johnson
Montanaro UK Smaller Companies – High growth, bigger yield
Montanaro UK Smaller Companies (MTU) has adopted a new enhanced dividend policy, paying out 1.5% of NAV every quarter. This will make it one of the highest-yielding UK equity strategies on the market. For traditional equity income investors, whose portfolios tend to be tilted towards more value-focused cash-generative stocks, MTU’s combination of a high dividend yield and a strong focus on quality growth stocks differentiates it from peers. UK equities were cheap relative to their history and...
- David Johnson
Seraphim Space Investment Trust – Entering orbit
Seraphim Space Investment Trust (SSIT) continues to see its portfolio of cutting-edge SpaceTech companies achieve key milestones. Over SSIT’s financial year, its companies raised $900m in new investments, with SSIT contributing £11m across 10 positions. Notable examples are the oversubscribed IPO of Astroscale, the successful capital raise of D-Orbit, and the soaring share price of AST SpaceMobile. This has resulted in positive NAV growth for SSIT during the period. SSIT’s portfolio companies...
- Richard Williams
Urban Logistics REIT – Half year results analysis
Urban Logistics REIT (SHED) has reported half year results for the six months to 30 September 2024 this morning. EPRA net tangible assets (NTA) was down 1.4% to 158.05p over the period, primarily due to costs associated with asset acquisitions. NAV total return for the period was 1.3%.
- Andrew Courtney
Bluefield Solar Income Fund – Compelling opportunity
Despite its resilient business model, high dividend payout, and deep development pipeline, investors have continued to overlook the Bluefield Solar Income Fund (BSIF). This appears to be related to the negative sentiment surrounding the renewable energy sector. Positively, despite the troubles of the broader sector, we see a clear path for the company’s discount to return to its historic premium. The new partnership with GLIL provides an avenue for the ongoing development of its impressive pipel...
- Andrew Courtney
QuotedData’s Economic and Political Monthly Roundup – September 2024
As inflation recedes across the bulk of the world’s developed economies, all eyes turn to the path of interest rates and the speed with which these come down in the coming months. Several major central banks have already cut their interest rate, including the Bank of England (BoE) which reduced its base rate to 5% on 5 August, the first reduction in over four years. While markets generally view these cuts as a positive, it’s important to consider the fundamentals driving these decisions. In t...
- David Johnson
QuotedData’s Investment Companies Roundup – September 2024
Interest rates were the driving force behind markets in August, with the Bank of England finally making its first interest rate cut since it began its hiking cycle in January 2022. In their August meeting, the Bank of England elected to cut rates by 0.25% to 5.0%. And while the US is yet to cut interest rates, Jerome Powell made a formal comment that interest rate cuts were ‘on the cards’. Though the move may be relatively small, it represents a clear shift in direction with interest rate-sensit...
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