reports
- 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...
- Andrew Courtney
GCP Infrastructure – Consolidate and capitalise
For most of 2024, financial conditions had finally started to turn favourably for infrastructure investors. Inflation had dropped sharply from the previous year, allowing the Bank of England to begin its easing cycle, while the new government’s ambitious plans for infrastructure development provided a renewed sense of optimism across the sector. These green shoots were evidenced by GCP’s annual results, which showed a total shareholder return of 28.4%, leading to a significant narrowing of its s...
- James Carthew
Pantheon Infrastructure – Powering up
Over the past year, as its portfolio continues to mature, Pantheon Infrastructure (PINT) has risen towards the top-end of peer group performance tables as Figure 11 on page 11 shows. Over the first six months of 2024, PINT reported a NAV return of 8.5%, running well ahead of its target of 8%–10% per annum. In PINT’s recent results, the stand-out winner within the portfolio was the US power generation business Calpine. This note delves into the Calpine story in more detail and sets out why we ...
- 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...
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – September 2024
The customary summer lull in activity in the real estate sector was evident during August, with news flow at a trickle. This was mirrored in share prices, with the average movement over the month of +0.3%. Once again corporate activity was the main driver behind the largest share price outlier, this month PRS REIT. Its share price bounced at the end of the month as shareholders requisitioned the board calling for two directors, including the chairman, to be replaced (see page 3 for more details)...
- David Johnson
Dawn of a new era for uranium
The supply-demand dynamics that exist in the uranium sector, in which Geiger Counter (GCL) invests, are as strong today as they have ever been. Having been made a keystone of global efforts to decarbonise the global electricity supply, nuclear energy is now benefitting from favourable government policy and vast investment. To meet an international agreement to triple nuclear capacity by 2050, which was reached at COP28, trillions in investment is needed in infrastructure spend, while demand f...
- David Johnson
Primed for ignition
With its dedication to high-quality, high-growth companies, Montanaro European Smaller Companies (MTE) has fallen awry of recent market trends. MTE’s manager, George Cooke, notes that the market is currently favouring low-quality, low-value companies (such as smaller southern-European banks). This may be due either to improving sentiment around Europe’s economy (having seemingly dodged a recession) or the initial effect of falling interest rates, which are typically positive for riskier assets l...
- Andrew Courtney
- James Carthew
Bluefield Solar Income Fund – Fundamentals shine despite discount
The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual...
- Andrew Courtney
- James Carthew
HydrogenOne Capital Growth – Momentum building despite discount
The advisor notes that while shares of HydrogenOne Capital Growth (HGEN) have continued to fall, it believes that investors should be buoyed by the ongoing growth of the portfolio and the accelerating development of the green hydrogen sector. The advisor points out that despite challenging macro-economic conditions, HGEN’s NAV grew 5.8% over 2023, while the portfolio generated aggregate revenue growth of 125%. It says that this momentum reflects the rapidly accelerating demand for green hydroge...
- David Johnson
- James Carthew
abrdn Private Equity Opportunities – On the way to greener pastures?
Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. APEO’s discount has narrowed by more than 10% in recent months, so that it is trading on a 28.9% discount currently, narrowing from about 45% last October. These figures were generated over a period that saw a slowdown in activity in Europea...
- James Carthew
- Matthew Read
Oakley Capital Investments – Getting down to business
In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an 18% total shareholder return (TSR) during the period, extending the long run of performance delivered by the company (five-year TSR CAGR of 24%). The same macro uncertainty may also be creating opportunities. OCI’s investment mana...
- Andrew Courtney
- James Carthew
Temple Bar – Foundations for success
We are now more than three years into the tenure of Ian Lance and Nick Purves as managers of the Temple Bar Investment Trust. In that time, the Redwheel team has aimed to establish a well-diversified portfolio of value-orientated holdings, which it says is positioned for a long-overdue reversion to more normal market conditions, after a decade of what the managers believe was exceptional economic policy and quantitative easing. They say that slowing growth and stubborn inflation in the UK have w...
- David Johnson
- Matthew Read
BlackRock Throgmorton – AGM update
In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined what he sees as the significant potential for a surge in UK small and mid-cap valuations to outstrip those in the large cap sector when the macroeconomic backdrop in the UK improves. Dan says that UK companies’ share prices have become increasingly detached from their earnings potential, through a combination of political uncertainty, sticky interest rates, strength in overseas markets (in partic...
- Andrew Courtney
- James Carthew
Aquila European Renewables – Powering through
A number of factors appear to have combined to have a small negative effect on Aquila European Renewables’s (AERI’s) NAV and discount in recent weeks, including nerves about when interest rates will be cut, lower power prices, and the imposition of new taxes on renewables in Norway and Spain. These may be adding to the broader economic pressures that seem to have weighed on the shares over the past year, but the adviser observes that these are now mostly de-risked. The entire renewable energy i...
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