PANMURE LIBERUM: Ramsdens Holdings: All income streams ahead of last year

PANMURE LIBERUM: UK Asset & Wealth Management: Farewell to Summer

H&T Group+ (HAT, House Stock at 368p) - Maxcroft site visit

H1 AUM +4% from quality manager with 8.6% yield

AUM increased 4% over H1-25 (1 Apr 24 – 30 Sep 24) to £22.7bn from £21.9bn on 31 Mar 24. It was a half-year of two quarters with Q1 AUM up by 7.4% (net inflows: +£644m, investment performance: +£978m), while a more challenging and volatile market environment saw Q2 AUM down 3.5% (net outflows: -£172m, investment performance: -£655m). The marginally negative net flows of Q2 (0.7% of AUM) were not a surprise for a period of investor nervousness, with UK investors withdrawing from equity funds in

Impax AM: AUM +0.7% in Q4, -0.6% in FY24, dividend yield 7.4%

AUM closed FY24 (1 Oct 23 - 30 Sep 24) on £37.2bn, 0.6% down y-o-y. Net outflows over FY24 totalled £5.8bn, largely offset by a positive investment performance of +£5.3bn and a contribution of +£0.3bn from the acquisition of Absalon Capital Management in Q4. As flagged, outflows were heavily impacted during the year by Impax’s largest distribution partner, BNP Paribas, and some other clients in European private wealth, reducing their clients’ weighting to equities in favour of money market fund

PANMURE LIBERUM: Liontrust Asset Management : Waiting Game

PANMURE LIBERUM: DF Capital: Strong momentum and solid fundamentals

Strong FY24 prompts improved outlook for returns

The yoy growth rates are impressive across the board, underpinned by +12% lfl rental growth. The asset performance in the portfolio remains strong, providing clear evidence that demand for the product is undimmed. This has continued into Q1. In light of this performance, the board has indicated that it will review the FY25e dividend target. We increase our estimates (+8-10% EPS, +4% NAV) bolstered by the performance but retaining conservatism. We increase our target price to 145p (FY25e NAV, fro

Alliance Trust

ATST’s combination with WTAN could produce a FTSE 100 giant…

Feedback from Digital Transformation Conference

On 1st October, Dowgate Capital and FTI Consulting held their fourth annual Digital Transformation Conference.

Allenby Capital TMT Update - 07.10.24 - SPSY.L, CHSS.L, ELEG.L, SEEN.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Morning Note – 30 September 2024

NB Private Equity Partners (NBPE): NB: adding value in attractive co-investment sector

In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE. Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics. In this note, we review how the manager, NB, adds value in this attractive market. Inter alia, NB has i) the resources to understand the investee company dynamics, ii) excellent GP relationships and iii) experience/skills that add value to the GPs. Its su

PANMURE LIBERUM: Harworth: Acquisition of a Grade A urban logistics scheme

Flow headwinds come as no surprise

With the Budget looming, it comes as no surprise that the Intermediary community is taking a cautious approach. Overall, AuM declined by 4% qoq to £26.0bn (vs £26.5bn SCMe) with £1.1bn net outflows driven by natural redemptions and a small £0.1bn positive performance contribution, although some drag from style biases. We had anticipated the flow performance in our recent preview note: this outturn drives no material changes to our estimates. We see considerable upside here (8x PER) as and when f