AVI Global

AGT’s increasing focus on idiosyncratic opportunities may offer a good source of diversification…

AVI Global Trust

AVI Global Trust (AGT) has been performing well recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them to unlock value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which we discuss in this note. While the NAV seems to be moving in the right direction, the double discount – AGT’s own discount plus the gap between the share prices of investee companies and their underlying in

AVI Global Trust

As the data on page 13 shows, AVI Global Trust (AGT) has been outperforming recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them with the aim of unlocking value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which are discussed in this note. While the NAV seems to be moving in the right direction, the double discount – AGT’s own discount plus the gap between the share price

AVI Global

AGT is trading at its widest ‘double discount’ since the great financial crisis…

AVI Global

AGT is the top-performing global trust over three years…

AVI Global Trust – Doubly blessed

AVI Global Trust (AGT) offers investors a unique opportunity to access an idiosyncratic portfolio of good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure to tap into these discount-opportunities. This gives AGT’s shareholders the potential

AVI Global Trust – Doubly blessed

AVI Global Trust (AGT) offers investors an opportunity to access a portfolio of what the manager feels are good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the manager’s estimation of the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure, with the aim of tapping into these discount-opport

AVI Global

AGT’s double discount is around the widest it has been since the aftermath of the 2008 crisis…

AVI Global Trust - Bargain hunting

After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current events. The manager believes that when markets settle, discounts will start to narrow again.

AVI Global Trust - Bargain hunting

After a strong run of both absolute and relative performance (see page 16), AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio – as holdings’ share prices move further below their underlying net asset value – and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing (borrowing) at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by curre

Finding value in a haystack

Non-income value strategies are becoming increasingly scarce, but the holdouts represent attractive near-term opportunities

AVI Global

AGT trades on an attractively wide discount, despite its long-term outperformance and potential capacity to rebound

Fight or flight

Two of our analysts debate the impact that war in Ukraine could have on investors' portfolios

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.

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

Initial Equity Trading Comments - 19 February 2024

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

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

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

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