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

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.

PANMURE: Insurance : Fat Tail Friday: What we learnt from Q1 Earnings Season

PANMURE: Sabre Insurance Group : Margin and volume expansion

PANMURE: Chesnara : Dividend to go Platinum

PANMURE: Direct Line Group : Shrink to profitability

PANMURE: Conduit : Strong growth

PANMURE LIBERUM: Record: Performance pop

Helios Underwriting - Delivery into a strong underwriting cycle

Helios Underwriting (Helios) delivered strong EPS of 21.6p in FY23, from a loss of 3.1p in FY22, ahead of our 14.7p forecast. On 7 June, the company announced that CEO Martin Reith had stepped down, with Michael Wade taking over as executive chair. Mr Reith had driven a strategy of investment in internal capabilities and Lloyd’s of London (Lloyd’s) capacity expansion via tenancy capacity and promotor activities. While Helios will still pursue select capacity acquisition, indications are that fut

Hardman & Co Real Estate Credit Investments (RECI): Capital Markets Day

RECI benefits from deep expertise, not only in selecting assets but in having the capability to protect assets where positions need attention. As part of the larger Cheyne debt investor specialist – with over $11bn assets under management – RECI has top-tier expertise. The CM Day presentation, on 27 June, highlighted the scope for a modest progressive rise in loan returns, an already-anticipated move out of development loans into loans for yielding assets where their owners seek finance to impro

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

Allenby Capital - NAHL Group plc: Finals - Profit and cash to accelerate strongly in FY24 and FY25

FY23 adjusted profits came in slightly above our expectations with results in both divisions reflecting the investments made in the period and in previous years. Despite the continued investment in operations, net debt was reduced from £13.3m to £9.7m and is expected to have fallen to c.£1.3m by end FY25. The year has started well with a subdued market in personal injury offset by a strong start in Critical Care. Consequently, management expects to meet market expectations for the full year.

Morning Note – 2 May 2024

Ruffer Investment Company - Overview

Ruffer Investment Company (RICA) is designed to achieve positive annual total returns (after expenses) of at least twice the Bank of England base rate. The trust invests internationally across a range of asset classes, seeking to hold both growth and protective strategies in an appropriate balance with the aim of generating consistent positive returns and avoiding losses over rolling 12-month periods. RICA consists of pools of assets designed to provide different return profiles in various envir