Top of the Pops

We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio

Fund Insight: JPMorgan Global Growth & Income (JGGI) - All-Weather Approach

Our new Fund Insight report series breaks down the strategies and performance of listed funds. This investment trust research is available to all readers.

JPMorgan Global Growth & Income

JGGI has delivered consistently strong performance across multiple time periods…

JPMorgan Global Growth & Income

JGGI’s flexible, bottom-up investment approach has led to sector-leading performance over five years…

JPMorgan Global Growth & Income - Income and outperformance in uncertain times

JPMorgan Global Growth & Income (JGGI) invests in long-term structural winners, although in these uncertain times, managers Helge Skibeli, Tim Woodhouse and James Cook are looking to balance the portfolio via a mix of defensive and quality stocks. The trust’s strong performance track record continues. It has outperformed its benchmark, and its peers, over the short and longer term, thanks to the managers’ stock selection skills. JGGI also continues to deliver competitive and rising dividends, fu

JPMorgan Global Growth & Income

JGGI’s wider-than-average discount may offer long-term investors an opportune entry point following the successful merger with SCIN…

JPMorgan Global Growth & Income - JPM Elect merger strengthens investment case

JPMorgan Global Growth & Income (JGGI) yesterday announced that it has signed heads of terms with the board of JPMorgan Elect (JPE) in respect of a proposed merger with JPE, which will see assets transferred to JGGI. This merger follows JGGI’s well-received combination with Scottish Investment Trust, which was finalised in August this year. It will further increase JGGI’s assets under management by over £330m, to £1.64bn, making it one of the UK’s largest investment trusts and a leading investme

JPMorgan Global Growth & Income - Stock selection skills delivering strong performance

JPMorgan Global Growth & Income’s (JGGI) managers, Helge Skibeli, Rajesh Tanna and Tim Woodhouse, look for long-term structural winners, but they are also ’leaning into the recovery’, taking advantage of the investment opportunities they see among good companies yet to realise the full benefit of the global economic reopening. The managers’ stock selection skills have ensured that the trust has outperformed its benchmark, and its peers, over the short and long term, with an average annualised re

JPMorgan Global Growth & Income

JGGI’s flexible approach to income investing has generated strong, sector-leading returns over a volatile 12 months

Apples and pears

We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...

No humbug

“Let us learn from the past to profit by the present, and from the present to live better in the future.” Like everyone else in the country we like to kick back and relax in the office with some cheese and wine. It was with these words from the great English poet, William Wordsworth, ringing in our ears that we did so in the week before Christmas, to take a look back at the research we have produced in 2021, aiming to identifying what are, in the opinion of our analysts, the ‘best articles’ of

JPMorgan Global Growth & Income - Merger with SCIN will double size and cut charge

The board of JPMorgan Global Growth & Income (JGGI) has announced that it has signed heads of terms with the board of Scottish Investment Trust (SCIN) in respect of a proposed combination. Following the transaction, JGGI’s assets would total at least £1.2bn. This announcement follows a review of SCIN’s investment management arrangements undertaken by its board after a period of underperformance, which was due at least in part to its contrarian and value bias. SCIN’s board selected JGGI because o

JPMorgan Global Growth & Income - Overview

JPMorgan Global Growth & Income (JGGI) offers investors a portfolio of global equities. The managers, Helge Skibeli, Rajesh Tanna and Timothy Woodhouse, aim to maximise total returns with their stock selection, but the trust pays out 4% of its financial year-end NAV as a dividend by tapping into both its revenue and capital. Paying out of capital allows the managers a degree of flexibility not typically associated with equity income investors, as they can focus on the maximisation of total retur

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...

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.

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

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

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

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

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

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