JPMorgan Claverhouse (JCH) seeks to provide both capital and income growth from UK equities. It has a long track record of delivering dividend growth and the board recently announced the total dividend was up 1.7% in FY 2020, the 48th consecutive year of increases. JCH is the only AIC UK equity income ‘dividend hero’ to have achieved dividend growth ahead of inflation every year for the last two decades. The current dividend yields 4.6%. As discussed under Dividend section, revenue reserves hav
Companies: JPMorgan Claverhouse Investment Trust PLC
JPMorgan Claverhouse (JCH) seeks to provide both capital and income growth from UK equities, and is one of the AIC’s dividend heroes, having grown its dividend every year for 47 years. The trust is run by William Meadon and Callum Abbot with a bottom-up stock-picking approach within a strong risk-control framework. The team believe it is this which has enabled them to outperform the benchmark in c. 70% of the quarters since 2012, when William took over management. The team rely on a blend of qua
A long, long time ago, I can still remember how, that election had us all talking about sterling (well, some of us). Instead now we are hard put not to talk about mass dividend cuts, with Link Group estimating dividend cuts of 47% or more in the UK equity market. Way back in those distant epochs of early December 2019, we appeared to be approaching a greater degree of certainty about the shape of the future in the UK: an election was in the offing which promised to help resolve the outlook for o
Companies: TIGT ASEI JCH CTY DIG SCF BRIG ASL
March is traditionally considered ‘ISA season’, when UK investors focus on their annual ISA allowance and are encouraged to ‘use it or lose it’. As we highlighted in our article last year, investment trusts within ISAs are an excellent way to benefit from the power of compounding over the long term, without worrying about the tax consequences of whether you are receiving capital gains or dividend income. Our analysis last year showed that the top ten compounding trusts – since Personal Equity P
Companies: UKW JCH JGGI ASEI CTY
JPMorgan Claverhouse (JCH) invests solely in the UK equity market. The trust has an enviable track record of dividend growth which now stands at 47 consecutive years, and it is the only UK equity income ‘dividend hero’ (a trust which has raised its dividend every year for 20 or more years) to have achieved dividend growth ahead of inflation in every year of the past two decades. Managed by the highly experienced William Meadon and (since January 2018) Callum Abbot, the investment process emphas
It used to be said that in central London you were never more than six feet from a rat. Nowadays, the saying has been updated: you are never more than six feet from a Pret-aManger. Before Pret came McDonald’s, serving the same burgers in the same buns from London to Tokyo. Such was the ubiquitous nature of the fast food giant that in 1986 The Economist launched the ‘Big Mac Index’. Presently, this famous index of relative currency strength suggests sterling is seriously undervalued  . Sterlin
Companies: SCF JCH BRIG CLIG ASEI
JPMorgan Claverhouse (JCH) invests in predominantly large cap UK companies, with a focus on those that provide consistent and growing dividends. The trust aims to outperform its benchmark index, the FTSE All-Share, by 2% a year. The duo utilise a bottom up stock picking approach, and place an emphasis on understanding the value, quality and momentum characteristics of a company before making an investment decision. The portfolio holds between 60-80 stocks, reflecting a change in strategy made i
In January we introduced a new quantitative rating system for investment trusts. Our ratings look at NAV total return performance. They are, we believe, the first quantitative rating for closed-ended funds to do so and thereby capture the performance of the management team rather than the noisier share price movements. Our ratings aim to identify the top performers for capital growth and for income. We have designed the quants to identify those trusts which have added the greatest alpha to their
Companies: FGT SLS IPU BEMO JCH
Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantit
Companies: IPU FAS ATR JEO FEV FGT THRG SEC PAC BRSC IAT HNE MIGO TRY JMG DIVI SLS BGS SDP JETG SOI BCI MRC TIGT EDIN JAGI BEMO SDV BRIG AAIF HFEL SCF MAVT BRFI IVPG CTY HINT JCH NAIT
Income has for a long time been top priority for British investors, stripped of the traditional source of income that a savings account once represented by a decade of negligible interest rates. But with bonds in a parlous state and the wheels finally coming off the buy-to-let bubble, the range of options available is increasingly narrow. Equities have for some time now been the beneficiary of this search for yield and equity income funds have done very well on the back of this, attracting huge
Companies: JCH IVI EDIN BRIG IVPU SOI BEMO
Last year saw investment trusts soar in popularity among both retail investors and wealth managers. Statistics from the AIC show that during 2017, independent financial advisors bought £990m-worth of investment trusts through platforms. That was 46% more than in 2016, and 41% more than the previous record of £704m in 2015. This increased demand has shown itself in the average discount across the investment trust universe, which has narrowed markedly, as shown in the chart below.
Companies: ATST JCH WTAN
JPMorgan Claverhouse invests in income-generating UK companies with a focus on those that provide consistent and growing dividends. The fund aims to outperform its benchmark index, the FTSE All-Share, by 2% a year. Since the strategy review in 2012, the managers have continued to pursue a more ‘high conviction’ approach, running their winners and keeping stocks as they become more expensive as long as earnings growth continues. The portfolio of 66 stocks is built through a bottom up, stock picki
Research Tree provides access to ongoing research coverage, media content and regulatory news on JPMorgan Claverhouse Investment Trust PLC.
We currently have 14 research reports from 2
The quarter enjoyed the ongoing recovery in revenue margins and net provision releases further boosted by a portion of the announced tax gains. The question is not at what pace profitability will recover but instead at what pace will it normalise? In the meantime, the group is accumulating excess capital that will be returned to shareholders.
Companies: Lloyds Banking Group plc
Legal & General’s performance in its H1 21 release came with a certain satisfaction. Most of it is attributable to an improving rates environment and strong performances, finally, from LGC and LGI.
Companies: Legal & General Group Plc
Duke has announced its third new royalty partner since April's placing, with a C$8.3m (£4.8m) agreement with Creō-tech Industrial Group Inc (“Creō-tech”). This scheduled new partner is another buy & build platform, with follow-on deployments expected. It represents Duke's 12th current royalty partner and its first in North America, adding diversity in number and geography. This should further add to the anticipated step-up in quarterly cash revenues from Q2/22, after Q1/22's £2.9m record.
Companies: Duke Royalty Limited
Q2 progress very much followed the trend of Trident continuing to build the foundations of what we believe can be a leading diversified royalty company. Some exciting asset level progress which should materially bolster future royalty revenue potential and some top-notch additions to the Board. With $8m cash in the bank and the $10m Tribeca loan facility finalised and drawn-down, TRR is well placed to secure further value accretive royalty acquisitions
Companies: Trident Royalties Plc
TPFG has delivered an impressive H1/21E trading update, confirming a doubling of interim revenues. The result reflects a buoyant sales market and only a partial contribution from sales-focused Hunters, whose March 2021 purchase looks astute. Given sales pipelines remain robust (set to convert largely over H2/21E); the 73k managed properties continue to provide a high degree of recurring & transactional income; and Ewemove continues to scale quickly, we view the outlook positively. Despite the sh
Companies: Property Franchise Group PLC
The quarter enjoyed stronger-than-expected provision releases and a partial reversal of the first quarter negative equity adjustments, whereas the DTA remeasurement offset ongoing restructuring charges.
Companies: Barclays PLC
The quarter enjoyed accelerated provision releases. The improved visibility on the group’s mid-term perspectives enabled management to increase its capital distribution plan over the next three years.
Companies: NatWest Group Plc
Ground Rents Income Fund (GRIO) has today released its Interim Results for the period ending 31 March 2021. The NAV fell by 1.1% to £101.4m (104.5 pps). Dividends of 1.98p have been paid over the six month period, but going forward the Board have announced that they will be reducing the annual dividend target to 3.0pps and expect the dividend to be fully covered by the year ending 30 Sep 2022. At the AGM in March, shareholders approved the authority for the Company to purchase up to 14.99% of it
Companies: Ground Rents Income Fund PLC
L&G reported an operating profit from continuing divisions (excluding Mature Savings and General Insurance businesses) of £1,128m, -2.2% yoy. The COVID-19-related cost was £129m. LGR posted a growing operating profit to £721m. Net profit amounted to £290m vs. £874m a year before, being affected by the reduced discount rate used to calculate LGI reserves. The Solvency II ratio stood at 173%. The Board recommended an interim dividend of 4.93p/share, stable relative to H1 19.
The quarter enjoyed further net provision releases whereas the pre-provision performance came in line with our expectations. The group is on track to meet its mid-term financial objectives.
Companies: HSBC Holdings Plc
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 30 June 2021. The key elements of the announcement are:
Significant progress across a number of projects over which Trident holds royalties.
Total quarterly royalty revenue of US$381,808 from two paying royalties over copper and iron ore assets.
The appointment of Mr Paul Smith as Non-Executive Chair alongside a personal investment of £1 million at 40p as well as the ad
Altus Strategies* (ALS LN) – BUY, Target 118p – New addition to the team to manage Egyptian portfolio of assets
BHP (BHP LN) – Main workers union at Escondida rejects company offer
Newcrest Mining Ltd (NCM AU) – Additional targets close to Havieron
Piedmont Lithium (PLL AU) – Delays predicted supply timeline for Tesla deal
PureGold Mining (PUR LN) – PureGold reaches commercial production
URU Metals* (URU LN) – Zebediela project sale completed
Companies: PGM ALS BHP URU NCM PLL
Agronomics is an investment company, making selective investments in early-stage alternative protein companies. We believe the combination of the conservative approach to calculating a reported net asset value (NAV) and growing interest in the broader alternative protein and cultured meat opportunities has resulted in Agronomics' shares trading at a c320% premium to its latest reported NAV per share value. Our analysis suggests that not only can this premium be justified but that upside exists b
Companies: Agronomics Limited
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Companies: Oakley Capital Investments