Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Jupiter Green

Macro events have boosted JGC’s story, but pulled down valuations leaving a potential opportunity...

You say tomato...

Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach

Jupiter Green - Overview

Jupiter Green (JGC) has shifted its investment focus towards targeting smaller and more innovative companies (see Portfolio), arguably making it a more interesting proposition for all kinds of long-term investors. The new lead manager, Jon Wallace, has been working on the trust since 2014, ensuring a smooth transition when he took the reins in January 2021. Jon is using JGC’s ability to be nimble (net assets of £63m) by investing at the smaller end of the market cap spectrum to access the most

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.

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

Bargains galore

We last updated our discounted opportunities portfolio in July. Since then markets have been grinding higher but discounts have not moved – and perhaps slightly widened. We think readers will largely agree that it is hard to have conviction about the direction of markets and leadership at the moment, which may explain the static picture regarding discounts. At a directional level, the easy gains in the recovery have been made, and government support schemes have still to be wound down, creating

Green is good!

Policymakers have arguably kept their heads in the sand over the threat from global warming, but 2021 seemingly marked a watershed moment. Looking for ways to stimulate economies in the wake of the COVID-19 pandemic, policymakers have responded with the promise of an unprecedented influx of fiscal stimulus, one of the focuses of which is the sustainability of the infrastructure of developed economies. One of the largest investment opportunities appears to be in renewable energy, both via the con

Jupiter Green

Jupiter Green (JGC) has had a well-timed shift of its investment focus, targeting smaller and more innovative companies (Portfolio). The new lead manager, Jon Wallace, has been working on the trust since 2014, which has ensured a smooth transition. The change in emphasis on the size and growth prospects of the underlying companies has already brought results in terms of strong absolute performance since September 2020, and (as discussed in Discount) a premium rating has been established, allowin

Spring Conference ‘21

Starting on Tuesday we heard from managers running investment trusts across all of the world’s major equity regions and found a bullish but cautious outlook was prevalent as the tide begins to turn on COVID-19.

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