Impax Environmental Markets

IEM’s portfolio is cheap, and its shares trade on a wide discount…

Impax Environmental Markets

The drivers for IEM’s portfolio have been reinforced by changing government, business and consumer support… PUBLIC EXCERPT

Impax Environmental Markets

IEM’s underlying drivers have been reinforced, yet its premium valuation has crumbled, offering a compelling opportunity...

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

Impax Environmental Markets

IEM’s very high premium has eroded, offering a potentially attractive entry point for long term investors

Holding back the tears

Was COP26 a success or failure? In many ways it is irrelevant. Alok Sharma may have been upset at the last-minute watering down of the final text of COP26. However, its success cannot be attributed to the choice of words settled on at the end. The COP26 conference final agreement is clearly important, but its legacy is likely to be so much more.

Gone with the wind

Over the course of the last 18 months the world has been battling a crippling pandemic, but thanks to the remarkably fast development of vaccines, the recovery is very much under way. However, a potential threat to this recovery is the alarming rise in energy costs which is being experienced by a number of countries. We would argue that this highlights that there will still be investment opportunities in fossil fuels over the next few years, as well as in the technologies allowing them to be use

Impax Environmental Markets - Overview

Impax Environmental Markets (IEM) is the standard bearer for sustainability-focussed trusts. For nearly two decades, it has offered exposure to mid- and small-cap companies exposed to the transition to a more sustainable economy. The last few years have seen what has historically been a niche area of investment finally become mainstream. IEM has ridden this wave of investor enthusiasm, reflected in both strong NAV performance relative to world equities, but also a discount giving way to a premiu

Green is good!

Policymakers have arguably kept their heads in the sand over the threat from global warming, but 2021 seemingly marked a watershed moment. Looking for ways to stimulate economies in the wake of the COVID-19 pandemic, policymakers have responded with the promise of an unprecedented influx of fiscal stimulus, one of the focuses of which is the sustainability of the infrastructure of developed economies. One of the largest investment opportunities appears to be in renewable energy, both via the con

Impax Environmental Markets - Overview

Impax Environmental Markets (IEM) offers exposure to mid- and small-cap companies the managers expect to profit from the transition to a more sustainable economy. The trust has performed very well relative to wider equity markets over the past five years – especially in share price terms. The managers have a disciplined investment process which they believe has helped them cope with the huge shifts in equity markets seen over the past 12 months. Impax are growth investors but have a strong valu

Eurovision 2021

Europe, despite its intention to put past crises to rest, may end up being a major economic flashpoint in 2021. With sudden developments in Italian politics, battles over vaccinations and bonds that guarantee a loss, investors may be forgiven for expecting the once benign region to be the next big source of volatility. Yet there is an equal argument for a European renaissance with pan-European stimulus, attractively valued equities and increasing demand for sustainable investing; the argument is

This time next year Rodney...

I once sat through a three-hour performance of Samuel Beckett’s Waiting for Godot at the Theatre Royal which, despite the best efforts of Ian McKellen and Patrick Stewart – both of whom I like very much – to this day remains one of the dreariest experiences of my life. It is on that note that we welcome 2021, with all the promise it holds, and return to our ‘top picks’ for 2020, a year which is probably best summarised (for those of us lucky enough to have been not directly impacted by the virus

My haven’t you grown!

Like childbirth, we think 2020 will be remembered for what it produced rather than the agony of the experience. Events have conspired that, rather than the sickly and unpopular child it once was, sustainability as an investment theme has become a thriving, healthy teenager which seems destined for great things (note the torturous lack of gender specifics in this sentence, another thing we can thank 2020 for). As with many trends that were already in progress at the start of 2020, the speed at w

Impax Environmental Markets - Overview

Having been one of the forerunners of the sustainable investment theme, Impax Environmental Markets (IEM) now finds itself in the epicentre of what we believe is strengthened secular growth post-COVID-19. The trust seeks to invest in companies which will profit from the transition to a more sustainable economy. An investment theme that seems likely to run for many years yet. As we discuss in Portfolio, IEM offers a specialist exposure to mid and small-cap companies around the world within four b

Nice guys finish first

ESG investing, Environmental, Social, and Governance respectively, is much in vogue and has ended up weaving its way into almost every manager’s investment thesis, though with varying degrees of genuine integration. In this article we shine light on where ESG originated from, how Kepler Trust Intelligence goes about analysing ESG, and examples of trusts which demonstrate both good ESG credentials but also the nuances of assessing ESG.

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.

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

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

BlackRock World Mining

BlackRock World Mining (BRWM) is a specialist trust offering exposure to mining and metals companies globally. A number of themes have coalesced in the last couple of years to provide a strong tailwind to the sector. Despite short term volatility, profitability, dividends and sentiment towards mining companies and BRWM have all improved significantly. In our recent meeting with the managers, they expressed their firm opinion that the tailwinds are still entrenched and gave a positive outlook.

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Cordiant Digital Infrastructure

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PANMURE: Premier Miton : Improving … As Anticipated

Triple Point Social Housing REIT - Robust base and capital deployment options

Triple Point Social Housing (SOHO) reported solid H123 results. With borrowing costs fixed, growth in indexed rental income partly offset the impact of credit loss provisions against its two unperforming tenants. Progress is being made in resolving these issues, and as there is no read-across to the wider portfolio, we forecast full dividend cover through FY24. Meanwhile, with the demand for specialised supported housing remaining strong, SOHO has entered a partnership with one of the leading pr

Hardman & Co Monthly: July 2024

Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa

Hybridan Small Cap Feast 07/07/23

Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou

Resilient earnings

The third-quarter results showed resilient net interest margins and benign asset quality trends, thus enabling the management to target a more than decent 14% RoTE. The expected imminent recovery in house prices, if correct, is good news for the future evolution of the cost of risk.

Oakley Capital Investments – Getting down to business

In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an 18% total shareholder return (TSR) during the period, extending the long run of performance delivered by the company (five-year TSR CAGR of 24%). The same macro uncertainty may also be creating opportunities. OCI’s investment mana

Jarvis Securities - Q1 DPS announcement pending eventual completion of Skilled Person Report

Today's RNS from JIM is brief and economical as they generally are in terms of the quarterly DPS announcement and announces what would appear to be a prudent number, 1.75p. This marks a return to payment of the DPS after Q4-2023, when no dividend was paid.