The Bankers Investment Trust (BNKR) has continued to post solid returns (NAV TR +17.4% in the six months to 30 April 2021) from its diversified global equity portfolio. Lead manager Alex Crooke oversees a team of regional fund managers, as well as setting the trust’s overall asset allocation and managing its gearing. While gearing has been low in recent times (averaging 1.25% net over the past 12 months), two newly announced loan note issues totalling c £75m will boost the available borrowing to
Companies: Bankers Investment Trust PLC GBP (BNKR:LON)Bankers Investment Trust (BNKR:LON)
The Bankers Investment Trust (BNKR) has continued to deliver on its twin objectives of long-term capital and income growth, rebounding strongly from the global market declines of Q120 and declaring increased dividends for H120 despite the difficult backdrop for corporate earnings. Coming into 2020, manager Alex Crooke had positioned the trust relatively cautiously with a net cash position of c 3%, which he put to work during the sell-off, boosting the portfolio’s long-term total return potential
Companies: Bankers Investment Trust
The Bankers Investment Trust (BNKR) has recently moved from a slightly geared to a small net cash position, as manager Alex Crooke seeks to lock in gains and await a more favourable re-entry point. The global fund is run as a collection of regional portfolios, with an overall tilt towards a value style of investment, although this varies from one sub-portfolio manager to another. Over 12 months to end-September almost all the regional portfolios have outperformed local indices, with the exceptio
Bankers offers investors capital and income growth from a fund of funds approach to global equities. With £1.22bn net assets, the trust is one of the largest and more liquid in the AIC Global sector. Alex Crooke has been at the helm of the portfolio since 2003, setting geographical allocations for the portfolio, with each of the regional sub-portfolios run by a specialist at Janus Henderson. Each of the major sub-portfolios will typically hold between 25-30 stocks, principally looking for cash
The Bankers Investment Trust (BNKR) has re-established its trend of long-term outperformance of its benchmark, after a slightly disappointing H218. While the portfolio retains a cyclical tilt, manager Alex Crooke at Janus Henderson Investors has overseen a gradual shift toward more defensive market areas in recent months. The trust’s regional sub-portfolio managers focus on finding well-managed, cash-generative companies whose growing dividends can support BNKR’s own impressive 52-year record of
The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index benchmark that better reflects its investment approach. Recent performance has been strong, buoyed by good returns from the US portfolio and eye-catching outperformance in China, while dividends grew ahead of forecasts in FY17. Manager Alex Crooke cautions that recent sterling strength could be a headwind for overseas dividend income in the c
The Bankers Investment Trust (BNKR) invests globally, with the aim of generating higher long-term total returns for its largely UK investor base than it could have achieved in its home market. Share price and NAV returns are ahead of the benchmark FTSE All-Share Index over both the short and longer term, with annualised NAV total returns of more than 15% pa over five years. BNKR also aims to grow its dividend ahead of inflation, and has the second-longest record of unbroken dividend growth of an
The Bankers Investment Trust (BNKR) aims to reward investors who take the additional risk of investing overseas with total returns in excess of those they could have achieved at home (as measured by the FTSE All-Share Index). The trust has a diversified approach, with lead manager Alex Crooke setting the geographical allocation, and regional sub-portfolios managed by specialists at Henderson Global Investors. Value and income are key tenets of the investment process, and the trust has recently a
The Bankers Investment Trust (BNKR) is a long-established, globally invested fund with a focus on achieving long-term capital growth greater than that of the FTSE All-Share index, and above-inflation dividend growth. Lead manager Alex Crooke makes use of the substantial resources of Henderson Global Investors, delegating ex-UK stock selection to regional specialists. BNKR has recently achieved its 49th consecutive annual dividend increase, the joint-longest record in the investment company secto
The Bankers Investment Trust (BNKR) is a global investment trust that aims to deliver capital growth in excess of the return on the FTSE All-Share index, as well as growing its dividend by more than the rate of UK inflation. Lead manager Alex Crooke looks after UK stock selection (c 38% of the portfolio) and sets the geographical asset allocation; regional portfolios are run by specialists from Henderson Global Investors’ well resourced fund management team. While there is no overall ‘house styl
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Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
Companies: Real Estate Investors plc
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Companies: Gore Street Energy Storage Fund PLC
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
Companies: ANP DMTR FCRM HUR I3E IGE KWG MTR MEAL POW