Witan Investment Trust - Set to benefit from growth and structural change

Witan Investment Trust (WTAN) employs a multi-manager approach to invest in global equities, including varied and interesting areas such as climate change mitigation, private equity and the life sciences. Some of WTAN’s holdings are unlisted and are thus otherwise unavailable to individual investors. WTAN CEO Andrew Bell and Investment Director James Hart are optimistic about global growth from 2024 onwards and they expect this to drive equity markets over the medium term. Sectors with exposure

Witan

2023 has, so far, seen a return to outperformance, but the discount remains wide by historical standards…

Witan Investment Trust - A ‘one-stop global equities shop’ returning to form

Witan Investment Trust (WTAN) employs a multi-manager approach to invest in global equities, including varied and interesting strategies that may normally be unavailable to individual investors. WTAN’s recently released results for the year ended December 2022 do not tell the whole story regarding the trust’s current performance, however, as they mask an improvement in relative returns following a difficult first quarter. This improvement gathered momentum in the second half of 2022 and accelera

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.

Witan

Short-term challenges do nothing to dim the long-term prospects for Witan…

Witan Investment Trust - Turning a corner

With inflation surging, interest rates rising, regional recessions looking imminent and the continued conflict in Ukraine, there is more uncertainty and potential variances of possible outcomes than investors have been accustomed to in recent years, which may suit Witan Investment Trust’s (WTAN) broadly diversified portfolio. In our March 2022 update we reviewed WTAN’s FY21 results and in this note we review the HY22 results, highlight some incremental portfolio changes and take a closer look at

Witan Investment Trust

WTAN’s differentiated approach remains attractive despite short term performance challenges…

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

Witan Investment Trust - Strong absolute performance in 2021

Witan Investment Trust (WTAN) has used a multi-manager structure since 2004. However, it has continued to evolve as new opportunities and challenges emerge in investment markets. Performance was good in absolute terms through FY21 but lagged global markets, contributing to lower relative returns over the past five years. WTAN’s relative performance is still ahead over 10 years and 2021 saw the 47th consecutive year of dividend increases. The trust’s portfolio is well diversified and takes active

Witan - Overview

Witan offers investors a highly efficient way of getting exposure to global equities, with all the benefits of active management but with few of the disadvantages. The highly diversified portfolio has little key man risk thanks to the multi-manager approach and is different to other global trusts thanks to the in-house executive team, which is fully aligned with Witan’s shareholders. The portfolio is designed relatively simply and sees the majority of the trust’s assets invested with ‘core’ man

Witan Investment Trust - Back on track

Witan Investment Trust (WTAN) has employed a multi-manager approach since 2004, including strategies that may be unavailable to the general investor. The trust is back on track following a period of weak performance in early 2020 due to its positioning during the extreme coronavirus-led market sell-off, and is ahead of its composite benchmark and the majority of its peers over the last 12 months (WTAN has also outperformed its benchmark over the last decade). The trust’s portfolio was restructur

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.

BlackRock World Mining

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

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.

Morning Note – 18 April 2024

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

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.

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

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

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

Hybridan Small Cap Feast - 16/04/2024

16th April 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net