BlackRock Throgmorton – AGM update

In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined what he sees as the significant potential for a surge in UK small and mid-cap valuations to outstrip those in the large cap sector when the macroeconomic backdrop in the UK improves. Dan says that UK companies’ share prices have become increasingly detached from their earnings potential, through a combination of political uncertainty, sticky interest rates, strength in overseas markets (in partic

BlackRock Throgmorton Trust

BlackRock Throgmorton Trust (THRG) remains committed to the UK quality-growth small-and-mid-caps that has long characterised the trust. While the UK small-and-mid-cap sector has appeared to have been out of favour recently, THRG’s holdings seem to have stock specific strengths that have allowed its returns to pull away from the wider UK small-and-mid-cap market, once again. The trust is outperforming its benchmark over both the near and long term. The manager says that, irrespective of their sh

BlackRock Throgmorton Trust

BlackRock Throgmorton Trust (THRG) remains committed to the UK quality-growth small-and-mid-caps that has long characterised the trust. While the UK small-and-mid-cap sector has appeared to have been out of favour recently, THRG’s holdings seem to have stock specific strengths that have allowed its returns to pull away from the wider UK small-and-mid-cap market, once again. The trust is outperforming its benchmark over both the near and long term. The manager says that, irrespective of their sh

BlackRock Throgmorton Trust

BlackRock Throgmorton Trust’s (THRG’s) continues to demonstrate its commitment to UK quality-growth small-and-mid-caps that has long characterised the trust, even in the face of apparent headwinds. While the UK small-and-mid-cap sector has been somewhat out of favour recently, the stock-specific strengths of THRG’s holdings have allowed it to pull away from the wider UK small-and-mid-cap market once again, outperforming over both the near and long term. Irrespective of their share price movemen

BlackRock Throgmorton Trust

THRG: falling portfolio valuations mask strong and resilient operational growth trends…

BlackRock Throgmorton Trust - The strong have only gotten cheaper

Dan Whitestone, manager of BlackRock Throgmorton (THRG), remains steadfast in his commitment to what he believes to be the most-attractive, highest-quality growth opportunities within the UK small cap sector, despite the apparent headwinds. Whilst THRG has lagged its benchmark and peers recently, having been caught up in the wider growth-stock selloff, Dan says that the vast majority of THRG’s investee companies continue to demonstrate the same fundamental strength and resilient business models,

BlackRock Throgmorton Trust - The strong have only gotten cheaper

Dan Whitestone, manager of BlackRock Throgmorton (THRG), remains steadfast in his commitment to the most-attractive, highest-quality growth opportunities within the UK small cap sector, despite the apparent headwinds. Whilst THRG has lagged its benchmark and peers recently, having been caught up in the wider growth-stock selloff, the vast majority of Dan’s investee companies continue to demonstrate the same fundamental strength and resilient business models, albeit at much more attractive valuat

BlackRock Throgmorton Trust

THRG’s manager argues macro is driving short-term volatility, but fundamentals should prevail in the long term…

Great expectations

Once upon a time I was lucky enough to spend a few days on a junket to Morocco, where I stayed at a hotel in Marrakech called La Mamounia, occupying the grounds of a former royal palace built by Sultan Mohammed ben Abdallah in the 18th century and described by Winston Churchill as ‘the most lovely spot in the whole world’. On my last night at the hotel I won approximately 52 million dirhams1 in the hotel casino and, feeling somewhat groggy the following morning after celebrating my victory unti

Powering on

BlackRock Throgmorton Trust (THRG)’s results for the accounting year ended 30 November 2021 will not be published for a while yet, but it looks as though THRG has had another great year, with its net asset value (NAV) and share price returns well above peer group averages and its benchmark (see pages 8 to 12). It might have been reasonable to think that the resurgence in sectors hit badly by COVID (retail, leisure, banks, energy and mining, for example) – areas that THRG tends to have little or

Powering on

BlackRock Throgmorton Trust (THRG)’s results for the accounting year ended 30 November 2021 will not be published for a while yet, but it looks as though THRG has had another great year, with NAV and share price returns well above peer group averages and its benchmark. It might have been reasonable to think that the resurgence in sectors hit badly by COVID (retail, leisure, banks, energy and mining, for example) – areas that THRG tends to have little or no exposure to – would have provided a sig

BlackRock Throgmorton Trust - Overview

BlackRock Throgmorton Trust (THRG) invests in small and mid-sized UK companies that are either driving innovation or benefitting from structural change, with the primary aim of achieving capital growth. The portfolio manager, Dan Whitestone, firmly believes financially sound, well-managed companies with differentiated products that have a tailwind of secular trends are most likely to undergo exponential growth, and as discussed in Performance to date, this has translated into exceptionally stron

Confidence rewarded

In mid-December 2020, when we last published a note on BlackRock Throgmorton Trust (THRG), its manager Dan Whitestone said he was genuinely excited about the prospects for the stocks in its portfolio. That enthusiasm has been vindicated and the many investors that have embraced the trust over the past year have been well-rewarded. Dan highlights the breadth of opportunity afforded by the stocks in THRG’s portfolio. His confidence in the outlook for these companies is undimmed and, reflecting thi

Confidence rewarded

In mid-December 2020, when we last published a note on BlackRock Throgmorton Trust (THRG), its manager Dan Whitestone said he was genuinely excited about the prospects for the stocks in its portfolio. That enthusiasm has been vindicated and the many investors that have embraced the trust over the past year have been well-rewarded. Dan highlights the breadth of opportunity afforded by the stocks in THRG’s portfolio. His confidence in the outlook for these companies is undimmed and, reflecting thi

BlackRock Throgmorton Trust - Overview

BlackRock Throgmorton Trust (THRG) invests primarily in UK small and mid caps, with lead manager Dan Whitestone able to allocate to both long and short positions. Typically running gross portfolio exposure of c. 120–130%, with ordinary anticipated net exposure of c. 100–110%, the manager seeks to use the short book as an extra source of active stock differentiation. As we discuss under Performance, THRG’s returns have been exceptionally strong in both the short term and over the past five years

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Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

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

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Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

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

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

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Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

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AUM up 30% in FY24, record flows, forecasts raised

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