LIBERUM: Alternatives Daily: ARR | RCOI

LIBERUM: Aurora Investment Trust* - Significant upside to intrinsic value

Aurora - Overview

Aurora Investment Trust (ARR) sits in the UK All Companies sector and aims to offer long-term returns through capital and income growth. Phoenix Asset Management was awarded the management contract in 2016, with Gary Channon as manager. He employs a high-conviction and deep value approach, creating a highly concentrated portfolio of 15–20 stocks. Gary is a long-term value investor, with the selection of companies being entirely bottom-up, following an in-depth research process. Gary and his team

Rebel Rebel

There are more than 26,000 investment funds available to UK investors today, yet the average UK investor has just six funds of any kind in their investment portfolio. Clearly, then, investors must be filtering out a lot of potential investments before they make a decision, and an obvious way to do this is by choosing an appropriate sector - but here too, there is a somewhat daunting range to choose from. The AIC announced yesterday an “overhaul” of its sectors, in order that they are as “clear a

Aurora Investment Trust - Overview

Aurora Investment Trust is a highly-concentrated portfolio of UK-listed companies run with a clear bottom-up, value style. It has been run by Phoenix Asset Management since January 2016, which has marked a significant change of fortunes with net assets rising from only £15m to £125m, largely through share issuance. The managers seek to invest in UK-listed businesses of all sizes to deliver strong absolute and relative returns, although they are able to invest up to 20% overseas, and up to 10% i

LIBERUM: Aurora Investment Trust* - Excellent long-term returns

Star struck

The star fund manager culture and its effect on open-ended fund industry has been the subject of debate for many years, frequently making headlines when a high profile manager leaves for pastures new. To try and address the problems associated with key man risk, many fund management groups have pushed the ‘team-based’ approach more in recent years in an effort to soften the blow if a lead manager does change fund management houses The idea being if a manager does depart, investors won’t feel the

LIBERUM: Aurora Investment Trust* - Initiation - Strong returns for long-term investors

CMD - Broadening & deepening client relationships

FLASH: In-line trading update

A dose of morosity

No change in the narrative. Aviva’s ship sails on as usual. The PRT business is still going well, inflation remains an impediment to a strong P&C improvement, retail customers seem more interested in the rising cost of living than savings’ products and Aviva investors see no real signs of an improvement. This is the same story as in recent quarters and, in that context, our thesis remains the same.

'Airlines will be shocked when Covid leases run out and rates go up’

Critical Metals Plc - Molulu Operational Update - Target Price £1.14 ps

Event On the 15th May, Critical Metals plc released an operational update relating to their Molulu copper project in the DRC. Key Points 1. 6,500t of copper ore grading 3% copper has been mined 2. The mining focus is moving towards the high grade sulphide copper ore grading above 8.3% copper 3. No cobalt has been identified in the mining so far using hand-held XRF 4. Dewatering of the pits has begun with a trench decanting water from the small pit. Implications As soon as the road rehabilitation

Cenkos: Duke Royalty Ltd -- Record revenues and more to come

Duke has released a Q1/24E trading update which points to a continuation of steady growth in recurring cash revenues and resilient underlying portfolio companies. Guidance for the quarter is for £6m of recurring cash revenues, and total cash revenues are expected to be c£7.5m once the buyout premium from Instor is accounted for. Duke's valuation looks very compelling at current levels with the FY24E dividend yield over 10% whilst being backed by FCF generation.

Morning Note – 5 June 2023

Acquisition of Silver Royalty

Trident Royalties Plc (AIM: TRR) has, this morning, announced the acquisition of two royalties and a production-linked milestone payment over the La Preciosa Silver Project, owned by Avino Silver & Gold Mines Ltd (TSX: ASM, mkt cap US$87m) in the State of Durango, Mexico. The consideration consists of US$7m cash to Coeur Mining (NYSE: CDE, mkcap US$1.1bn) on closing with a further US$1m in either cash or shares at Trident's election upon receipt of the milestone payment. The acquisition is Tride

Morning Note – 30 May 2023

NewRiver REIT+ (NRR, House Stock at 83p) - Final results preview

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.

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

Very strong CY22 - CY23 upgraded 10%

Trading update indicates strong FY23 performance

XPS CMD articulates growth potential