Ashoka India Equity

AIE is the top-performing India fund since launch…

Top of the Pops

We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio

Ashoka India Equity

AIE is the top-performing trust in the exciting India sector...

Ashoka India Equity

A successful valuation model keeps AIE top of the performance charts…

Same same but different

To many investors the thought of investing in emerging markets may sound somewhat exotic, with the prospect of high returns, while to others the first thing coming into their heads will be the risks and volatility of past events, as well as how investors got burned by events such as the numerous defaults by Argentina, the Russia crisis in the late 1990s and the multitude of political uprisings in individual countries which have upset foreign investors.

Ready player one

The last six months may seem like a lifetime to investors, with the jubilation of the post-COVID economy giving way to inflationary blues, and equity markets entering the worst bear market in years. The roller coaster is not over, however, with the Ukrainian crisis yet to be resolved, inflation rampant, and supply chains restricted. Oases have been hard to find. Many real assets, alternatives and infrastructure trusts have managed to generate positive NAV returns. However, as the risk-off ride a

Ashoka India Equity

Ashoka India Equity (AIE) is the standout performer amongst its peer group with a NAV return of 83.8% since it launched in July 2018 (see Performance). The portfolio is managed by White Oak Capital Management, using a process designed to extract maximum value from stock-picking rather than top-down or macro-economic calls. Market cap or sector biases made no contribution to returns; almost all of the outperformance is attributable to stock selection.

You say tomato...

Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach

Ashoka India Equity - Overview

Ashoka India Equity (AIE) is the top-performing India trust since it launched in July 2018 by some way (see Performance). The portfolio is managed by White Oak Capital Management using a process designed to extract the maximum value from stock-picking rather than top-down or macro-economic calls. All the trust’s considerable outperformance – a NAV total return of almost 100% compared to 56% for the benchmark since launch – has come from stock selection, with sector or market cap biases having no

Beyond the Middle Kingdom

China was flying high at the start of the year, having performed strongly during the initial impact of the pandemic and then again during the reflationary rally. Looking back over five years investors had made 189% in the MSCI China Index on a total return basis compared to just 112% in the MSCI ACWI. China’s performance was the key factor behind the strong performance of the broader emerging Asia markets.

Shoot to Thrill: ISA targets for long term growth

In times of crisis, the Romans would consult the Sibylline Prophecies. Contained therein was a prophecy that the 12 vultures seen by Romulus as he founded Rome (despite founding a start-up he still had time left for birdwatching, living before the modern-day culture of investors demanding updates) represented a signal that the primacy of Rome would last 12 saecula, a saeculum being a period taken as something between 85-100 years. With Rome and the Western Roman Empire falling to the Visigoths i

Ashoka India Equity - Overview

Ashoka India Equity Investment Trust (AIE) has been the best-performing India specialist trust since it launched in July 2018. In that time AIE has more than doubled the return of its benchmark, while its peers have each underperformed. As we discuss in the performance section, the vast majority of excess returns have come from stock selection rather than sector or market cap allocation. The performance is built upon the stock selection of a large, dedicated team of India specialists. AIE’s inve

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

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hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Morning Note – 26 March 2024

Anexo Group (ANX LN) - Key Supreme Court Judgement: No cap on non-whiplash compensation

Key ruling sets out the ability to claim compensation for non-whiplash injuries alongside whiplash claims, without the quantum of damages being restricted by the Whiplash Injury Regulations, supporting the Group’s legal services division Bond Turner in pursing the optimal outcome for the claimants it represents.

Hardman & Co Insight - Asset managers had a poor 2022

Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m

Allenby Capital: Franchise Brands - Capital Markets Day

A well-attended and successful Capital Markets Day (CMD) was held yesterday with the theme being “unlocking the Group’s maximum potential and financial targets” with presentations by all Group companies and divisions. Financial targets for the Group have been set for the period from FY25 to FY27 which emphasises the growth that the Board believes the Group capable of achieving. We include these targets in our financial model with the proviso that at this early stage they are more indications of