Gulf Investment Fund – In good hands

In terms of both its alpha generation and NAV returns, Gulf Investment Fund (GIF) has been one of the best-performing strategies focusing on the Gulf region. The management team has recently increased exposure to the healthcare sector, which it believes benefits from both government initiatives and the growing wealth of the GCC consumer. The management team also note the success of local financial institutions, which it says reflects the increasing mass affluence of the region. Jubin Jose stepp

Gulf Investment Fund – In good hands

Gulf Investment Fund (GIF) has demonstrated an ability to be one of the best-performing strategies focusing on the Gulf region, as illustrated by its ability to generate sector-leading alpha. The team has recently expanded into the healthcare sector, which has benefitted from both government initiatives and the growing wealth of the GCC consumer. GIF is also benefitting from the success of local financial institutions, which reflects the increasing mass affluence of the region. Jubin Jose stepp

Gulf Investment Fund – On the gulf of a new economy

The team behind the Gulf Investment Fund (GIF) has more than proven its worth as an active manager, having negotiated the turbulent markets of 2022 to deliver truly impressive outperformance of both GIF’s peers and its benchmark. In particular, in recent trading activity, it has eschewed some of the more highly-valued regions, and the globally exposed petrochemical sector (as at 31 December 2022, GIF had no direct exposure and limited indirect exposure), in favour of more-attractively-valued opp

Gulf Investment Fund – On the gulf of a new economy

The team behind the Gulf Investment Fund (GIF) has negotiated the turbulent markets of 2022 to deliver significant outperformance of both GIF’s peers and its benchmark. In particular, in recent trading activity, it has eschewed some of the more highly-valued regions, and the globally exposed petrochemical sector (as at 31 December 2022, GIF had no direct exposure and limited indirect exposure), in favour of more-cheaply-valued opportunities focused on the domestic economies of the Gulf. This inc

Hybridan Small Cap Feast - 23 Feb 23

23 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Gulf Investment Fund - Much more than just oil & gas

Gulf Investment Fund (GIF) has built up an attractive track record of both absolute performance and outperformance of its benchmark. Recent higher energy prices have bolstered sentiment toward the region. Governments are using the revenue windfall to fund vast infrastructure projects aimed at diversifying their economies. We think that this helps underpin the long-term case for an investment in the region and the fund. GIF is unique within the investment company universe and offers exposure to a

Gulf Investment Fund - Much more than just oil & gas

Gulf Investment Fund (GIF) has built up an attractive track record of both absolute performance and outperformance of its benchmark. Recent higher energy prices appear to have bolstered sentiment toward the region. Governments are using the revenue windfall to fund vast infrastructure projects aimed at diversifying their economies. GIF is unique within the London-listed investment company universe and offers exposure to an arguably increasingly important region. Notwithstanding GIF’s track recor

Hybridan Small Cap Feast 28/10/2021

Joiners No joiners today. Leavers Morrisons has left the Main Market following a takeover by a US private equity group. What’s cooking in the IPO kitchen? Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel exploration and development company, announced that the Company and Target Mine Consulting (Pty) Ltd have agreed to seek admission for 100% of the Blyvoor Joint Venture project (BV) by vending each of their separate interests into a new company to be listed on the Standard List of the

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Polemos, to be r

Equity investment in a growing economy

Qatar Investment Fund (QIF) aims to generate long-term capital growth from a relatively concentrated portfolio of c 25 holdings. The majority of the fund is invested in companies listed in Qatar, but up to 15% may be listed in other Gulf Cooperation Council (GCC) countries. Qatar has favourable economic growth led by infrastructure spending and population growth, as the Qatari government actively moves away from its traditional reliance on hydrocarbon-based revenues. QIF is benchmarked against t

Positive outlook for growth

Qatar Investment Fund (QIF) offers exposure to a country with growing GDP as a result of government policy to diversify away from a reliance on hydrocarbon-derived revenues as well as infrastructure spending ahead of the FIFA 2022 World Cup and population growth. Stocks are selected based on their potential for long-term capital growth, dividend yield and attractive valuations. The majority of the portfolio is comprised of stocks in the Qatar Exchange index, which has a forward P/E multiple belo

Not about oil

Qatar Investment Fund (QIF) offers exposure to growth in Qatar’s diversifying economy, which is benefiting from prudently reinvested oil “super profits”. Qatar is seeing above average GDP growth and its stock market has shown low correlation with the oil price. The fund seeks to capture the benefits of infrastructure investment, national development and diversification underpinned by wealth accumulated from hydrocarbon reserves. Prudence at national and fund level and the implicit government bac

Redde

Proposed share-for-share merger with Northgate

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

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.

PCI Pal - +25% FY23 revenue growth, FY24 growth of +28% reiterated

PCI Pal’s FY23 results show revenue growth of +25% to £14.9m, gross profit growth of +31% to £13.1m at a margin of 88%, and an outlook confirming robust momentum in H1 24. The FY23 results are as expected following the August trading update, and FY23 Total Annual Contract Value (TACV) is +23% yoy to £16.4m, with ARR +14% yoy to £12.6m due to £3.1m of contracts in deployment. We expect ARR will increase +35% and +31% to £17.0m and £22.2m in FY24 and FY25, as management lands and expands following

Tetragon Financial Group - FY23 growth driven by idiosyncratic factors

Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3

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

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Vector Capital - Full year results illustrate challenging backdrop; dividend maintained

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has reported full year results to 31 December 2023, illustrating the challenging market backdrop. While underlying trading was robust, with good demand being seen for new loans, provisions for bad debts relating to historical loans of £728k in the year led to a decrease in PBT to £2.1m (WHI est. £2.4m, FY22 £2.8m). Looking ahead, although VCA

Strong H1'23 results; forecasts upgraded