Murray International Trust - Business as usual at Murray International

The board of Murray International Trust (MYI) has been planning for manager Bruce Stout’s end-June 2024 retirement for a long time. He and the trust’s other two co-managers, Martin Connaghan and Samantha Fitzpatrick, have worked together for many years and they all share the same investment philosophy, so following Stout’s departure it will be business as usual. MYI returned to a covered dividend in FY22 following a two-year period where the trust’s income was negatively affected by COVID. Altho

Murray International Trust - Things looking good for MYI’s shareholders

Murray International Trust (MYI) is managed by members of abrdn’s global equity team, Bruce Stout (lead manager), Martin Connaghan and Samantha Fitzpatrick. Things are progressing well for the trust, which meaningfully outperformed its global reference index in FY22. MYI’s income during the period exceeded the managers’ expectations and the proposed annual dividend was c 1.1x covered. Performance has been enhanced by portfolio activity undertaken during the global pandemic, due to successful sto

Murray International

MYI’s benchmark agnostic approach may continue to benefit as the same structural economic challenges persist into the new year despite its current premium rating…

Murray International Trust - Big improvement in relative performance

Murray International Trust (MYI) employs a team-based approach, headed up by Bruce Stout working closely with Martin Connaghan and Samantha Fitzpatrick, who are part of abrdn’s global equity team. The trust offers investors a globally diversified portfolio of primarily equities (c 90%) with the balance in fixed income securities and cash, broadly split 50:50 between developed and emerging markets. MYI’s portfolio is constructed independently on a bottom-up basis without consideration of the make

Murray International Trust - Sticking to the funds income and growth credentials

Murray International Trust (MYI) is managed by Bruce Stout, who is supported by Martin Connaghan and Samantha Fitzpatrick; they are part of abrdn’s global equity team. The fund provides a differentiated offering for investors as emerging markets make up close to 50% of the portfolio as the managers favour these regions in terms of their higher growth potential and reasonably attractive valuations. A higher focus on real assets in recent years should stand the trust in good stead in the current i

It’s the end of the world as we know it

We examine five potential themes for investors seeking long-term returns in a troubled and uncertain world

Murray International

MYI offers investors one of the highest yields in its sector, coupled with a unique approach to income investing and a historically wide discount

Apples and pears

We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...

NewRiver REIT+ (NRR, House Stock at 87p) - Credit rating update reinforces balance sheet quality

SP Angel Morning View: China lithium stocks rally on prospects for market rebound

Regional REIT - Dividend rebase pragmatic and sustainable

Regional REIT’s (RGL’s) post-pandemic recovery in new lettings paused in H123, as occupiers adopted a cautious ‘wait and see’ approach, although rents increased and the strong ‘return to the office’ supports RGL’s expectation that leasing will accelerate. With DPS lowered to match reduced income prospects, the shares have fallen sharply, maintaining a sector-high dividend yield. Including asset sales focused on low-income properties, our forecasts show the rebased dividend to be fully covered an

NFT INVESTMENTS PLC (NFT PZ) - NAV Rises to 4.3P per share

Initial Equity Trading Comments - 1 December 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Henderson Far East Income - Cautious of continued volatility but value on offer

In our last review of Henderson Far East Income (HFEL) in July, Attractive yield despite modest dividend increase, we drew attention to the dividend increase from what is comfortably the highest yielding fund in the AIC Asia Pacific Equity Income sector. It was pleasing to see that in the company’s published full year results to the end of August, the dividends paid by the company were covered and that over £1m was added to the revenue reserves over this period. In this note we examine the drive

Princess Private Equity Holding - Offering an attractive dividend yield

Princess Private Equity Holding (PEY) posted a year-to-date NAV total return (TR) to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twelve-month (LTM) revenue and EBITDA growth to end-September 2023 of 16% and 15%, respectively, and sustained healthy average EBITDA margin of 24%. PEY’s balance sheet remains firm with c €134m in undrawn credit facility and €3m in cash, further assisted by the Civica sale proceeds

NewRiver REIT+ (NRR, House Stock at 85p) - High quality earnings story – upgrade potential

LIBERUM: PensionBee: Hitting milestones despite headwinds

Early Mover in UK Lab-grown Meat

BSF Enterprise Plc (BSF) is a biotechnology company focused on acquiring, combining, and building businesses in the lab-grown tissue space. It aims to achieve this through an acquisition-led growth strategy and has already acquired the tissue engineering and cellular agriculture company, 3D Bio Tissues.

NextEnergy Solar Fund - H1/24 interim results and asset recycling update

NextEnergy Storage Fund now has 100 operational assets with a combined installed capacity of 933MW and exclusivity over, or ownership of the project rights for, most of its c£500m pipeline of domestic and international solar and energy storage assets. H1/24 performance was robust, with power generation in line with budget and the 36MW Whitecross solar farm energised. The first sale from the asset recycling programme has been completed post-period, with the proceeds being used to reduce short-ter

European Opportunities Trust - Termination of coverage

Edison Investment Research is terminating coverage on European Opportunities Trust (EOT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

R&Q Insurance Holdings - FY22 Results

R&Q reported an adjusted group pre-tax operating loss for the year to end December 2022 of US$33.3m (2021 (US$21.4m)). The results were in line with guidance from the April trading statement but represented a significant deterioration YoY as strong results from the Accredited program management business were more than offset by losses in the R&Q Legacy insurance business and higher corporate costs. On an IFRS reported basis, R&Q made a loss of US$297.0m (2021 (US$127.1m)) generating a loss per s

Jarvis Securities (JIM) - Subdued transaction volumes, Skilled Person costs take toll; Model “B”s reduced

This morning's announcement from JIM highlights a combination of factors which lead to the company trading below current market expectations. In the light of current market conditions, it will come as no surprise that trading volumes are under pressure. Beyond this, in the interests of reducing any potential risks associated with certain Model “B” clients, and with voluntary restrictions imposed on some of these, Model “B” client numbers, as disclosed in today's RNS, have seen some reduction.