City of London Investment Group (CLIG): Good fund performance and solid results

City of London has announced its full-year results for 2024. As stated in the trading statement, FUM was $10.24bn, a 9% increase over the year. While market performance offset net outflows, there was a significant improvement in the latter in the second half, which bodes well going forward. Underlying profit before tax of $27.2m was a 0.5% increase over 2023’s $27.0m. A higher effective tax rate meant that underlying EPS declined 3% from 43.4¢ to 42.2¢. As previously announced, the final dividen

City of London Investment Group (CLIG LN) - Momentum swing underway

CLIG’s full year results to June 2024 are inline with our forecasts, set in February 2024. The annual report and accounts provides evidence of “compelling reasons for institutional asset allocators to choose an active manager.” CLIG’s outperformance of its benchmarks should drive net inflows.

Hardman & Co Monthly: September 2024

Feature article: The Tiktok generation are becoming “renegade” investors - How Gen Z’s investing habits differ from past generations As the landscape of investing evolves, a new generation is stepping onto the stage with fresh perspectives and unique approaches that are reshaping financial markets. At Hardman & Co, we’ve always been committed to understanding these shifts, and this month’s article delves into the rapidly changing ways in which Gen Z interacts with investment information and ma

Hardman & Co Research - City of London Investment Group (CLIG): Positive markets add to FUM and maintain dividend

City of London has announced its FUM for 4Q’24 and the full year. It was another positive quarter for the group, with FUM rising 1% from $10.10bn to $10.24bn. Over the financial year, FUM have increased 8.7% and are at their highest level since before the market weakness, in early 2022. Much of the positive effects this quarter were driven by markets: the MSCI Emerging Markets Index rose 4%, although the MSCI All-World ex-US index was flat. Inflows were mixed, with a positive quarter for the Int

City of London Investment Group (CLIG LN) - Preclose for year to 30 June

CLIG’s pre-close update reveals CLIG’s Funds under Management (FuM) rising 8.7% to $10,241m, with full year outflow of $320m and 12.1% investment performance. The Board expects the final dividend to be in line with the previous year: full results are scheduled for 17 September 2024.

The Hardman & Co Monthly: May 2024

Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the

City of London Investment Group (CLIG): Positive inflows boost FUM

City of London has announced its FUM for 3Q’24. It was a positive quarter, with group FUM rising 5.5%, from $9.58bn to $10.10bn. The largest contribution came from a positive market backdrop: all the benchmark indices for CLIM strategies delivered positive returns over the quarter. The MSCI Emerging Markets net total return Index was up 2.1%, while the MSCI ACWI ex US Index increased 4.5%, giving positive market movements across the strategies. Perhaps more importantly, City of London delivered

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

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

City of London Investment Group (CLIG): First-half results going in the right direction

City of London has announced its interim results for 1H’24. With the main headline figures having being announced in January’s trading statement, the principal interest was in some of the details. FUM of $9.58bn is 2% ahead of the level at 30 June 2023 and 5% ahead of the end of 2022. Gross revenues increased YoY by 2%, whereas, expenses grew 6%, resulting in a slightly lower operating profit of $10.0m. On an underlying basis, profit before tax of $13.3m was a 2% decline over the 1H’23 figure. U

City of London Investment Group (CLIG LN) - Interims, as in pre-close

City of London Investment Group’s interims are consistent with its 22 January pre-close statement, which revealed: • CLIG’s Funds under Management (FuM) of $9.6 billion at 31st December 2023 is: - Up 4% yoy from $9.2 billion at 31st December 2022 - Up 2% from $9.4 billion at the beginning of the financial year, 1st July 2023 - Up 8% in the 2Q of the financial year, with $8.9bn on 30 September 2023 - N.B. in 2024, FuM fell 1% to $9.5 billion on 31st January

The Hardman & Co Monthly: February 2024

Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. 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 t

City of London Investment Group (CLIG): Bounce back in FUM after strong quarter

City of London has announced its trading statement for 2Q’24. Both developed and emerging markets bounced back from a weak 1Q’24 and posted gains for the six-month period. Over 1H’24, the MSCI Emerging Markets TR Index increased 4.7% while the MSCI All World ex US Index increased by 5.6%. These led to a strong increase in FUM, which was $9.58bn at 31 December 2023. This is a 2% increase over the 30 June figure, but 8% over the total at the end of 1Q’24. Across the strategies there was some outpe

The Hardman & Co Monthly: November 2023

This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe

City of London Investment Group (CLIG): Weak markets weigh on FUM

City of London has announced its trading statement for 1Q’24. The main feature of the quarter was soft markets, with the MSCI Emerging Markets total return index declining 2.9% and the MSCI All-Country World ex US Index down 3.8%. Widening discounts also led to underperformance across the CLIM strategies and group FUM declined 6% to $8.88bn from $9.42bn. There were net outflows as well. The Emerging Markets strategy’s net outflow of $53m was in line with our forecast rate, while the Internationa

SP Angel Morning View: Iron ore limit up as China stimulates further over the weekend, boosting sentiment

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Trinity Delta Lighthouse: Avacta

Trinity Delta view: Avacta is transitioning into a developer of innovative highly targeted specialist oncology products. Lead asset, AVA6000, has successfully demonstrated the pre|CISION platform’s ability for tumour-specific delivery of potent and toxic actives with minimal systemic effects. Broader data indicating that lower FAP activity is still sufficient for active drug release, extends the applicability of the pre|CISION platform to other FAP-expressing tumour types (FAPmid), using novel w

Lack of newsflow on factory funding impacts sentiment

Operating losses increasing faster than expected H1 operating losses were EUR20m vs -EUR15m expected. RandD expenses were up 43% with headcount expanding. Sales and Marketing expenses were up 87% with Carbios now in a position to address all key geographies. Finally, GandA was up 46% due the rollout of a new enterprise resource planning (ERP) software. Net income was -EUR18m and the gross cash position at the end of H1 was EUR144m, down from EUR192m the year before. Longlaville plant construct

Tickled pink with record Q1

Morning Note – 6 August 2024

Braemar - Diversification underpins resilience

Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o

Hybridan Small Cap Feast - 17 April 24

17th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Trinity Delta Lighthouse: Avacta

Trinity Delta view: Data presented at ESMO 2024 provide further proof of concept, confirming that AVA6000 works as designed at both Q3W and more frequent Q2W dosing, with selective targeted release of the drug warhead (doxorubicin) in the TME, resulting in lower toxicities than standard doxorubicin and preliminary efficacy in cancers that over-express FAP and are doxorubicin sensitive. These data should guide dose and indication selection for the planned expansion cohorts in H224. Excitingly, PK

Allenby Capital TMT Update - 30.09.24 - MWE.L, CHSS.L, MIRI.L, ENET.L, ELEG.L, MBT.L, PPS.L, ITIM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

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.

Frontier IP Group plc: Initiation of Coverage

Frontier IP Group plc: 1H23 Interim Results

Frontier IP Group (FIPP) recently reported Interim results to December 31st 2022 (1H23). FIPP earns equity stakes in early-stage, IP-rich, technology companies by providing technical expertise, access to external funding, and commercialisation services. In 1H22, the Group produced a pre-tax profit of £10.3m, after operating costs, supported by an unrealised profit on investments of £11.9m as Exscientia (NASDAQ EXAI) underwent IPO. In 1H23, in the absence of such an event, FIPP produced a pre-tax

Hargreaves Services - Initiation of coverage

Hargreaves Services has outperformed the AIM market and wider market over the past 1 year, 3 years and 5 years. In our view, this reflects a maturing profile of the business and an increased emphasis on crystalising value within the portfolio. We believe that the company’s specialised services offering and land development activities are well positioned to continue to perform over the next five years. In this initiation report, we provide a detailed overview of the operations and financial metri