BlackRock Energy and Resources Income | Update Note - December 2023

BlackRock Energy and Resources Income Trust (BERI) began life as a blend of traditional energy and mining stocks, but broadened its remit in 2020 to include energy transition plays, with neutral positions of 30% each in conventional energy and energy transition, and 40% in mining. Its co-managers, Mark Hume (an energy expert) and Tom Holl (a mining specialist) describe the globally invested portfolio as ‘a trust for the 2020s and beyond', and dynamically allocate between the three segments in or

BlackRock Energy and Resources Income

BERI’s managers are once again adding to energy transition stocks…

BlackRock Energy and Resources Income | Initiation of Coverage

Capital Access Group has initiated coverage on BlackRock Energy and Resources Income Trust plc (BERI).

BlackRock Energy and Resources Income

BERI offers a pragmatic and realistic approach to the net-zero investment theme…

Inflation & Investment Trusts - Sep 2022

Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time. In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and

BlackRock Energy and Resources Income

BlackRock Energy and Resources Income (BERI) has seen an undeniable improvement in its prospects since the shift in emphasis in its strategy in June 2020, explicitly positioning the trust towards the decarbonisation of the global economy. However, over the last year or so, performance has been driven by its significant exposure to traditional energy companies which have been reporting bumper profits. Whilst not exactly what one might have expected when the board evolved the strategy, as we discu

Reality check

As we emerged from the pandemic, it seemed the world was gripped by a greater awareness of the fragility of our planet, and our place within it. Mirroring this, investors and fund managers started to explore what this increased focus on sustainability meant for investing. For many, the instinctive response was to follow their heart and ditch ‘dirty’ stocks from portfolios, such as oil companies. Hot on the heels of the likes of Shell and BP cutting their dividends in 2020 – a result of Covid-19

Catch a tiger by the tail

It’s the topic on everyone lips. Yes, Inflation. It is thirty years since the UK has seen inflation at a higher level. Will it subside, or will it persist? Not possessing a crystal ball, this isn’t something we are going to determine here. However, what we will discuss are the various trusts that investors might like to consider as a reaction to this very novel environment. We consider how one might most directly benefit from rising inflation, and potentially protect capital or income in real te

Holding back the tears

Was COP26 a success or failure? In many ways it is irrelevant. Alok Sharma may have been upset at the last-minute watering down of the final text of COP26. However, its success cannot be attributed to the choice of words settled on at the end. The COP26 conference final agreement is clearly important, but its legacy is likely to be so much more.

BlackRock Energy and Resources Income - Overview

BlackRock Energy and Resources Income Trust (BERI) saw a shift in emphasis in its mandate over a year ago, explicitly positioning the trust towards the decarbonisation of the global economy. In our view, this is one of the biggest changes we will see over our lifetimes, and as an investment theme is set to run for decades. As such, from being a relatively niche trust, BERI is now relevant to a significantly wider audience of investors. At the same time BERI is not trying to be an explicitly ‘gr

Gone with the wind

Over the course of the last 18 months the world has been battling a crippling pandemic, but thanks to the remarkably fast development of vaccines, the recovery is very much under way. However, a potential threat to this recovery is the alarming rise in energy costs which is being experienced by a number of countries. We would argue that this highlights that there will still be investment opportunities in fossil fuels over the next few years, as well as in the technologies allowing them to be use

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