Ruffer Investment Company

RICA’s tough 2023 followed a stellar 2022…

Ruffer Investment Company

RICA is available on a small discount for the first time in years…

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.

Ruffer Investment Company

RICA is positioned to protect against inflation or a new leg down in equity markets…

Inflation & Investment Trusts - Sep 2022

Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time. In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and

Ready player one

The last six months may seem like a lifetime to investors, with the jubilation of the post-COVID economy giving way to inflationary blues, and equity markets entering the worst bear market in years. The roller coaster is not over, however, with the Ukrainian crisis yet to be resolved, inflation rampant, and supply chains restricted. Oases have been hard to find. Many real assets, alternatives and infrastructure trusts have managed to generate positive NAV returns. However, as the risk-off ride a

A game of two halves

In the first article of our series examining the AIC Flexible Investment sector, we divided this widely disparate group of trusts into what we think are more comparable sub-groups, identifying four roughly similar types of strategy.

Spider’s web

They say that sharks die if they stop moving. It turns out this is only true of obligate ram breathers such as the great white, many other sharks will be just fine. That said, one of our latest innovations to ensure our site doesn’t go the way of MySpace or Digg is the KTI Spider Chart which we have been steadily rolling out in our notes on individual investment trusts. This is a series of quantitative screens which aim to show how a trust performs versus its peers on what we think are critical

PANMURE LIBERUM: Alpha Group International: Underlying margins modestly ahead

Target Healthcare REIT - Q4 rounds off a strong year of performance

Target Healthcare REIT has released its Q424 trading update. We expect the full year results to be published in late September. Income and capital values are benefiting from inflation-linked rental growth, reflected in fully covered dividends and a sixth consecutive quarter of NAV growth and positive total returns. Q424 NAV total return was 2.8%, taking the FY24 total to more than 11%.

Impressive FY24; well-set for future growth

Dream team

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

Five reasons to be cheerful about the outlook for your portfolio

Our analysts think global markets look likely to continue their ascent…

PANMURE LIBERUM: Speedy Hire: We expect a much stronger H2

Hybridan Small Cap Feast - 6 September 2024

6th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Camelli

H1'24 results outline mid-term strategy

Bargain hunt

We survey the discount opportunities in the market and update on the performance of our Discounted Opportunities Portfolio

HICL Infrastructure

HICL’s increased dividend target comes amidst other positive signs…

Primary Health Properties - Continuing dividend growth

Primary Health Properties’ (PHP’s) H124 results show continuing earnings and dividend growth, driven by rental income and underpinned by a low cost ratio and significantly fixed borrowing costs. With open market rental growth, covering two-thirds of rent roll, accelerating further, we forecast this to continue through FY26, which would mark 30 years of unbroken dividend growth.

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

Hybridan Small Cap Feast - 22 May 24

22nd May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

LSL Property Services (LSL LN) - Trading ahead of expectations

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.