AJ Bell: “a little bit aggressive” works. Q3 net flows +54% yoy.

AJ Bell showed an acceleration in growth of its D2C platform in Q3 to June, in terms of both net flows and customer numbers. D2C customers were +7% in a single quarter, and +17% YoY, though some of this was one-off in nature as 7k customers migrated from another D2C platform. The CEO was right that aggressive price cuts would drive higher growth.The D2C platform is heading for c. 18% net new money this year, while the Advised platform is running at annualised AuA growth of 3.8%. Looking at the t

AJ Bell: AJB gets “a little bit aggressive”. Market maybe cannot compute.

AJB’s CEO, Michael Summersgill, said on the results call that some of the recent price changes were perhaps “unnecessary” and maybe “a little bit aggressive” at the time. That is because AJ Bell is a proper growth company, taking share in two big markets. We believe the nub of the investment story is that the market has a tough time estimating the growth acceleration that should come from such aggressive pricing. We now see the company close to fair value, but the market-share-taking trend may b

PANMURE: AJ Bell : In the words of Charlie Croker …

AJ Bell: Heavily invested, taking share, and growing earnings while reducing pricing and staying competitive

We think AJ Bell is two well-run, well-invested platforms, and with a growing and well-targeted investment business. It will continue to reduce prices as it scales, but, on our numbers earnings, growth will still be mid-teens; growth which does not seem to be adequately reflected in the current share price. A DCF indicates a 400p fair value. In the short-term estimates seem too low to us as the market catches up with Q2’s strong flows and market performance.

PANMURE: AJ Bell : Cooking on (British) Gas

PANMURE: UK Asset & Wealth Management : Interest in Interest

PANMURE: AJ Bell : Ringing Up Records

PANMURE: UK Asset & Wealth Management : Leaping Markets, Limping Flows

LIBERUM: Investment Platforms: Initial thoughts on the Dear CEO letter

PANMURE: AJ Bell : Dividend Delight

PANMURE: AJ Bell : Stand Out Performer

PANMURE: UK Asset & Wealth Management : Bird’s Aye

PANMURE: AJ Bell : Ring Up the Growth

PANMURE: UK Asset & Wealth Management : A Wealth of Opportunity

PANMURE: AJ Bell : Clear as a Bell

LIBERUM: Ramsdens Holdings: Solid H1 and trading conditions on an improving trend

Balancing act

Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.

Molten Ventures - Making progress on its realisation agenda

Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that re

Jarvis Securities - In line with expectations in a challenging year; Skilled Person enquiry ongoing

Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p

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PANMURE: Premier Miton : Improving … As Anticipated

Triple Point Social Housing REIT - Robust base and capital deployment options

Triple Point Social Housing (SOHO) reported solid H123 results. With borrowing costs fixed, growth in indexed rental income partly offset the impact of credit loss provisions against its two unperforming tenants. Progress is being made in resolving these issues, and as there is no read-across to the wider portfolio, we forecast full dividend cover through FY24. Meanwhile, with the demand for specialised supported housing remaining strong, SOHO has entered a partnership with one of the leading pr

AUM down in Q3, another fixed income acquisition

AUM declined over Q3 of FY24 from £39.6bn on 31 Mar 24 to £36.9bn on 30 Jun 24, a fall of 6.8%. That offsets a 5.9% increase over H1, resulting in AUM being down 1.3% over the first 9 months of FY24. Net flows and market movements / investment performance were negative in the quarter, -£1.89bn and -£0.81bn respectively. Impax noted that outflows were dominated by its wholesale channel, with some clients continuing to rotate out of equities, although outflows eased in key parts of its European op

Jarvis Securities - Q1 DPS announcement pending eventual completion of Skilled Person Report

Today's RNS from JIM is brief and economical as they generally are in terms of the quarterly DPS announcement and announces what would appear to be a prudent number, 1.75p. This marks a return to payment of the DPS after Q4-2023, when no dividend was paid.