reports
- 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...
- 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...
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