Ecofin Global Utilities and Infrastructure Trust – Strong outlook as macro gloom lifts

Over the past 12 months, Ecofin Global Utilities and Infrastructure (EGL), along with the broader utilities and infrastructure sector, has been at the mercy of broader macro-economic conditions. However, its recent performance in no way diminishes the secular opportunity that exists for the fund, which should become more apparent as interest rates retreat from their highs. The company maintains exposure to a suite of investments that stand to benefit from an ever-growing list of tailwinds as gl

Ecofin Global Utilities and Infrastructure Trust – Strong outlook as macro gloom lifts

Over the past 12 months, Ecofin Global Utilities and Infrastructure (EGL), along with the broader utilities and infrastructure sector, appears to have been at the mercy of broader macro-economic conditions. However, the managers note that its recent performance in no way diminishes the secular opportunity that exists for the fund, which, they believe should become more apparent as interest rates retreat from their highs. The company has exposure to a suite of investments that the managers believ

Ecofin Global Utilities and Infrastructure Trust – Utilities and infrastructure at low tide

In recent months, macroeconomic conditions have weighed on the utilities and infrastructure sectors and on the returns generated by Ecofin Global Utilities and Infrastructure (EGL). Now, as the peak of interest rates draws nearer and economic growth stutters, the tide may be about to turn in EGL’s favour. EGL’s manager, Jean-Hugues de Lamaze highlights the strong earnings of the companies in its portfolio, which have exacerbated the undervaluation of some of these. In common with most London-li

Ecofin Global Utilities and Infrastructure Trust – Utilities and infrastructure at low tide

In recent months, macroeconomic conditions appear to have weighed on the utilities and infrastructure sectors and on the returns generated by Ecofin Global Utilities and Infrastructure (EGL). Now, as the peak of interest rates hopefully draws nearer and economic growth seems to be faltering, EGL’s manager, Jean-Hugues de Lamaze feels that the tide may be about to turn in EGL’s favour. He highlights the strong earnings of the companies in its portfolio, which have exacerbated the undervaluation o

Economic and Political Monthly Roundup January 2023

A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.

Economic and Political Monthly Roundup January 2023

A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.

Ecofin Global Utilities and Infrastructure Trust - A portfolio for all seasons

Even considering the particularly challenging markets we have seen during the last couple of months, Ecofin Global Utilities and Infrastructure Trust (EGL) has posted a very respectable performance and has been issuing shares. This most likely reflects the long-term strong structural growth drivers, inflation linkages and the defensive nature of its investments, in an environment where the global economy is slowing down and tipping into recession. There is little doubt that current uncertainty h

Ecofin Global Utilities and Infrastructure Trust - A portfolio for all seasons

Even considering the particularly challenging markets we have seen during the last couple of months, Ecofin Global Utilities and Infrastructure Trust (EGL) has outperformed and has been issuing shares. This possibly reflects the long-term strong structural growth drivers, inflation linkages and the defensive nature of its investments, in an environment where the global economy is slowing down and looks increasingly like it could tip into recession. Current uncertainty appears to have been unhelp

Happy birthday to ya!

Ecofin Global Utilities and Infrastructure Trust (EGL) has just had its fifth birthday and has much to celebrate. As at end September 2021, since its launch, EGL had provided NAV and share price total returns of 11.3% and 17.1% per annum respectively (cumulative returns of 71.3% and 120.2% in just over five years); and the icing on the cake is its outperformance of global utilities YTD, during what has been a very challenging period. Reflecting the strength of its performance, EGL has benefitted

Happy birthday to ya!

Ecofin Global Utilities and Infrastructure Trust (EGL) has just had its fifth birthday (having launched on 26 September 2016) and has much to celebrate. As at end September 2021, since its launch, EGL had provided NAV and share price total returns of 71.3% and 120.2% respectively, in just over five years. The icing on the cake is the trust’s outperformance of global utilities over 2021 to date, during what has been a very challenging period. Reflecting the strength of its NAV performance, EGL ha

Ecofin Global Utilities and Infrastructure Trust - A wealth of opportunities

Ecofin Global Utilities and Infrastructure Trust (EGL) has come through the crisis well (its NAV total return is 12.1% YTD to the end of November, outpacing the MSCI World’s 10.9%). Investors increasingly appreciate its proposition (earnings and cash flow growth in sectors with sound growth prospects and a dividend target of 4% of NAV) and the trust has seen a sustained improvement in its rating over the last 14 months. EGL’s manager, Jean-Hugues de Lamaze, considers that COVID-19 has provided a

A wealth of opportunities

Ecofin Global Utilities and Infrastructure Trust (EGL) has come through the crisis well (its NAV total return is 12.1% YTD to the end of November, outpacing the MSCI World’s 10.9%). Investors increasingly appreciate its proposition (earnings and cash flow growth in sectors with sound growth prospects and a dividend target of 4% of NAV) and the trust has seen a sustained improvement in its rating over the last 14 months. EGL’s manager, Jean-Hugues de Lamaze, considers that COVID-19 has provided a

A wealth of opportunities

Ecofin Global Utilities and Infrastructure Trust (EGL) has come through the crisis well (its NAV total return for 2020 – to the end of November – is 12.1%, outpacing the MSCI World’s Index’s return of 10.9%). Investors increasingly appreciate its proposition (earnings and cash flow growth in sectors with sound growth prospects and a dividend target of 4% of NAV) and the trust has seen a sustained improvement in its rating over the last 14 months (it has recently been trading close to asset value

Second Quarter of 2020

It was a remarkable second quarter with global markets staging the sort of comeback few would have thought plausible, at the end of March. With some countries still battling the first wave of infection and others seemingly headed to a second, not to mention what happens when governments start to remove direct stimulus measures, uncertainty still abounds.

Resilient income

Investors in search of income have been hit hard by the COVID-19 crisis. Bond yields and interest rates have tumbled, and dividend cuts have proliferated. By contrast, the companies in Ecofin Global Utilities and Infrastructure Trust’s (EGL’s) portfolio have proved relatively resilient. In addition, when paying its dividend, EGL is able to use its distributable reserves to top up any shortfall in revenue that might occur.

LIBERUM: Plus500: Strategic progress pays dividends

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

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

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.

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

BlackRock World Mining

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

Morning Note – 18 April 2024

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.

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

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

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

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

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