Fidelity China Special Situations

FCSS has outperformed in a challenging year…

Fidelity China Special Situations

FCSS is a highly differentiated way to access the growth potential in China…

Hardman & Co Monthly: April 2023

Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren

Fidelity China Special Situations Plc (FCSS): If you like China, why invest via FCSS?

Our recent notes explored why investor concerns over the whole Chinese market appeared overdone. With the recent rise in these markets, it appears that these disquiets have moderated. Accordingly, in this note, we consider why investors, having decided that they like China, would choose FCSS as their investment vehicle. We note that i) it has delivered superior returns, ii) Fidelity’s processes and infrastructure are the drivers to this outperformance, iii) it is a large, liquid closed-ended veh

Hardman & Co Monthly: March 2023

Feature article: Higher interest rates overshadow IIC/REIF prospects We focus on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our ‘Quoted UK Infrastructure and Renewable Energy – Prospects for 2023’ publication, we have addressed the three key issues of recent months – higher inflation, extremely volatile power prices and risin

Hardman & Co Monthly: February 2023

Feature article: Asset manager valuations 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?

Hardman & Co Monthly: January 2023

Feature article: Hardman & Co Healthcare Index - Review of 2022 The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sal

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.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Fidelity China Special Situations Plc (FCSS): Government controls put into perspective

In this note, we give our view on Chinese government policies, putting into perspective their objectives, the potential risks and upsides, and how fundamentals and sentiment may be affected. We note both negative and positive market reactions to recent events. We also update investors on themes in recent notes, including i) economic forecasts (still showing to be well above developed economies’ growth and resilience), ii) regulatory risk (on hold for a while), and iii) the geopolitical environme

The Hardman & Co Monthly: November 2022

Feature article: A different kind of beat: Boyzone, 1996 Quoted company engagement with retail investors – a new world This month's feature article has been written in collaboration with The Quoted Companies Alliance. Introduction: Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended

Avation (AVAP LN) - Sale of ATRs validates fleet carrying value

Avation, a lessor of 32 commercial aircraft, has announced the sale of two ATR 72-600 aircraft this morning, realising $10m of net cash proceeds after repayment of associated debt. With the sale being completed at book value, the sale price provides a positive validation of the book value of Avation’s fleet, contributing to a net asset value which currently stands at a substantial premium to the share price (NAV: 256p as at 31 December 2023). Sale proceeds should enable Avation either to continu

Dream team

Our analysts review how their fund picks for 2024 have done…

Triple Point Social Housing REIT - Financial and operational progress

Triple Point Social Housing REIT (SOHO) reported a robust FY23 financial performance. Benefiting from inflation-linked rental growth and improving rent collection, DPS is once again covered on a run-rate basis, and we expect further progress. Operational initiatives included the roll-out of the new lease clause and launch of the eco-retrofit pilot project.

Triple Point Social Housing REIT - Strong rent growth and improving rent collection

Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.

THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather

PCI Pal - £3.5m raise to drive further growth from a robust foundation

On 12 March, PCI Pal successfully completed an oversubscribed placing to raise £3.5m through the issue of 6.25m new ordinary shares at a price of 56p. After H1 results showed revenue growth +20% yoy to £8.7m, the group’s first period of EBITDA profitability since relaunch in 2016, and a confident outlook, the raise will enable management to invest in US and EMEA expansion, and strengthen the net cash position. Following North America H1 revenue growth of +38% yoy to £3.1m, over half of the proce

JPMorgan American

JAM’s outperformance puts it in the spotlight as a low-cost, core option for US equities…

Jupiter Green

Hybridan Small Cap Feast 16/12/2021

Joiners DSW Capital plc (DSW.L) a profitable, fast growing, mid-market, challenger professional services network joins AIM. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Public Policy Holding Company (PPHC.L) leading bi-partisan, full-service US government affairs business joins AIM. Through its wholly-owned companies, PPHC operates a portfolio of independent firms that offer public affairs, crisis mana

Hybridan Small Cap Feast - 21 Feb 23

21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Hybridan Small Cap Feast - 14 Jul 23

14th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

Allenby Capital - First Property Group Interims

At a 62% discount to interim NAV, the shares take a pessimistic view of the outlook, that we believe overstates the valuation risks and operational challenges First Property Group (FPO.L faces. The outlook for Poland, its key market, is good and improving and it reports solid demand for vacant space it owns directly in two strategically located office buildings in Warsaw and Gdynia. When let, this should add c. €2m to the rent roll and generate a commensurate uplift in asset values. There is al

PCI Pal - 1H sees accelerating revenue growth as TACV builds

The interims confirm acceleration in the already rapid revenue growth (+29% yoy in 1Q and now +33% yoy across 1H23), keeping the LBITDA in line with last year despite increased investment in product development and sales and marketing to seize new market opportunities (notably in Canada and Australia). PCIP remains on track for FY forecasts, which remain unchanged. Investment in the channel sales strategy is paying off with continued strong new customer sales; a record number of new contracts we

Morning Note – 3 October 2023

PCI Pal - Victory in the Court of Appeal, net cash upgrade of +£1.1m

PCI Pal has announced that the Court of Appeal has ruled in its favour in the unfounded patent litigation case brought by Sycurio, and that the Court of Appeal has indicated that it would make an order for £1.1m of funds to be released from escrow to PCI Pal as soon as possible. The Court of Appeal dismissed the appeal after just one day of the two day hearing, and upheld the resounding victory in the UK High Court case in September 2023, including invalidating Sycurio’s patents for prior art an