Attractive entry point: wide discount and high dividend yield

Our work suggests the current 23% discount to NAV is too wide The discount to NAV HICL trades at widened throughout 2023 as the impact of rising interest rates eventually translated into a higher cost of capital. The current 23% discount is close to trough historical valuation, and our work suggests this is too wide given that i) HICL disposed of 15% of its portfolio at or above carrying values, ii) transactions on private secondary markets are made at lower discounts, and iii) historical regre

LIBERUM: CLS Holdings: Conversion of Debussy, Paris into serviced apartments

LIBERUM: PayPoint: On track for £100m of EBITDA

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

abrdn Equity Income

AEI is delivering a sector-leading yield, with low valuations offering strong capital growth potential…

Custodian Property Income REIT - Organic earnings and dividend growth

Custodian Property Income REIT (CREI) has published results for the year ended 31 March 2024 (FY24). As previously indicated in the Q424 update, set against a challenging market environment, FY24 performance was strong. Underpinned by leasing progress and rental growth, EPRA EPS increased 3.6% to 5.8p, fully covering the targeted recurring DPS of 5.5p and the 0.3p special dividend. The FY25 annual DPS target is 6.0p (+9%), underpinned by the robust occupier market and CREI’s increasing confidenc

Syncona - Overview

Syncona (SYNC) founds, builds, and funds life science companies, seeking to build a relatively concentrated/high conviction portfolio of up to 15-20 companies. It aims to invest at a very early stage, partnering with academics and takes a long-term approach, seeking to maintain a majority equity stake over a company’s development. SYNC has the flexibility to run winners, such that the portfolio can be very concentrated. The majority of SYNC’s companies will be located in the UK or Europe, which

JPMorgan Global Growth & Income

JGGI’s rapid growth in assets reflects outstanding performance…

LIBERUM: Speedy Hire* - Strategy brings growth and resilience

LIBERUM: Speedy Hire* - More self-help and infrastructure boom

Hybridan Small Cap Feast - 28 Mar 24

28th March 2024 Happy Easter @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific inve

Henderson High Income

Henderson High Income (HHI) has recently announced that Henderson Diversified Income will be merged into it, subject to shareholder approval, which would add advantages of scale to HHI in the coming months. HHI’s manager David Smith believes that for the new HHI shareholders the timing of this merger may be fortuitous, as he feels that a number of key risks facing the UK equity market are reducing: it is likely to avoid a material recession, inflationary pressures have diminished, and political

DSW Capital+ (DSW, House Stock at 47p) - Appointment of Deputy CEO

An unhealthy addiction?

We have highlighted, on many occasions, the high level of concentration among UK equity income funds – in particular, the fact that many managers in the AIC UK Equity Income and IA UK Equity Income sectors rely on a small handful of mega-cap FTSE stocks for their dividends. This isn’t necessarily an issue in itself, but the fact many of these companies are fundamentally challenged due to low levels of dividend cover compounds the potential problems going forward. For example, in a piece of resea

Genesis Emerging Markets Fund - Executive interview - Genesis Emerging Markets Fund

Genesis Emerging Markets Fund(GSS) was launched in July 1989 and was one of the first emerging markets funds to be listed in the UK. It aims to deliver long-term capital growth through investing in emerging and frontier market equities following an in-depth fundamental approach. The fund’s benchmark is the MSCI Emerging Markets index. However, the manager is not constrained by the benchmark and focuses on investing in high-quality companies with above average sustainable long-term growth. The po