The AIC Flexible Investment sector is, like a discounted haggis, a simple casing which can house myriad ingredients. In fact, the constituent meats are so exotic that we typically caution it is not a good comparator when discussing relative performance. The individual trusts that make up the sector often aim to accomplish very different things. Meanwhile the flexible mandates of some of them mean the composition of individual portfolios can vary drastically over time. Below, we have looked at th
Companies: MAVT SONG RICA BMPI MIGO TPOU
Momentum Multi-Asset Value Trust (MAVT), recently rebranded from Seneca Global Income & Growth Trust (SIGT), aims to achieve total returns of at least CPI + 6% p.a. net of costs over a typical investment cycle through investment across a range of asset classes and geographies. With a team-based approach, the managers of MAVT invest both in direct securities and via third-party fund managers, employing a unique value influenced decision making process across a wide range of assets. The investmen
Companies: Momentum Multi-Asset Value Trust plc GBP
In times of crisis, the Romans would consult the Sibylline Prophecies. Contained therein was a prophecy that the 12 vultures seen by Romulus as he founded Rome (despite founding a start-up he still had time left for birdwatching, living before the modern-day culture of investors demanding updates) represented a signal that the primacy of Rome would last 12 saecula, a saeculum being a period taken as something between 85-100 years. With Rome and the Western Roman Empire falling to the Visigoths i
Companies: AJOT CCJI BRWM BRLA AIE MAVT BMPI MINI ASL ATT
There is no question the UK economy is in dire straits. A fall of 12% in GDP in Q2, followed by a 16% rise, led to an economy 7% smaller in September. The recent imposition of a second lockdown will lead to a further decline. The Bank of England forecasts the UK economy will end the year 11% smaller than when it started. The OBR estimates it will be smaller than it was entering the current crisis until late 2022. One lagging indicator which is lagging even more than normal is the unemployment ra
Companies: DSM ASIT MAVT IPU ASL MAJE THRG
Seneca Global Income & Growth Trust’s (SIGT’s) UK-biased value style and mid-cap exposure suffered heavily as markets collapsed during the first quarter of 2020. However, the manager used the rout to take advantage of deep value opportunities, while adding risk to the portfolio, and SIGT has benefitted during both recovery phases. While small-mid caps have recovered relative to larger stocks, though, and sterling has shown some appreciation, value remains deeply unloved by most investors. SIGT’s
Seneca Global Income & Growth Trust (SIGT) aims to achieve total returns of at least CPI +6% p.a. net of costs over a typical investment cycle, through investment across a range of asset classes and geographies. The management company, Seneca Investment Managers, looks to achieve real (i.e. inflation-adjusted) growth in capital and income over the longer term through investment in direct securities and via third-party fund managers employing a unique value-influenced decision-making process acro
Seneca Global Income & Growth Trust’s (SIGT’s) UKbiased value style and mid-cap exposure suffered heavily during the first quarter of 2020 as markets collapsed – its net asset value (NAV) fell by some 30.4%. However, the manager used the rout to take advantage of deep value opportunities and SIGT has benefitted as markets have rebounded – up 16.5% during the second quarter. The manager believes there is much more to come.
Seneca Global Income & Growth Trust’s (SIGT’s) UKbiased value style and mid-cap exposure suffered heavily during the first quarter of 2020 as markets collapsed – its NAV fell by some 30.4%. However, the manager used the rout to take advantage of deep value opportunities (increasing exposure to UK equities, for example) and SIGT has benefitted as markets have rebounded – up 16.5% during Q2. The manager believes there is much more to come.
It was a remarkable second quarter with global markets staging the sort of comeback few would have thought plausible, at the end of March. With some countries still battling the first wave of infection and others seemingly headed to a second, not to mention what happens when governments start to remove direct stimulus measures, uncertainty still abounds.
Companies: NCYF EGL NAIT THRG GCP IGC HHI JLEN PCT VNH ASLI IBT HRI CSH MAVT
Seneca Global Income & Growth Trust (SIGT) is managed by a four-strong team at Seneca Investment Managers, seeking undervalued securities across multiple asset classes in order to diversify the trust’s risk and return drivers. Its UK equity portfolio was particularly negatively affected by the coronavirus-led market sell-off in March, given its focus on domestic, mid-cap value stocks, which performed relatively poorly. However, these holdings could stand SIGT in good stead during an economic rec
The outbreak of covid-19 has taken the wind out of global markets and Seneca Global Income & Growth Trust (SIGT) has not been immune to this; its net asset value (NAV) has fallen 30.4% during the first quarter of 2020 (23.6% in March – all in total return terms). It has suffered a triple whammy from its UK-biased value style, its mid cap exposure and the correlation of alternative asset fund prices to equity markets, but its board has said that it intends to maintain the quarterly dividend rate
The outbreak of covid-19 has taken the wind out of global markets and Seneca Global Income & Growth Trust (SIGT) has not been immune to this; its NAV has fallen 30.4% during the first quarter of 2020 (23.6% in March – all in total return terms). It has suffered a triple whammy from its UK-biased value style, its mid cap exposure and the correlation of alternative asset fund prices to equity markets, but its board has said that it intends to maintain the quarterly dividend rate at 1.68p for the t
Seneca Global Income & Growth Trust (SIGT) has an overriding focus on value, which the team at Seneca Investment Managers believes offers compelling long-term investment opportunities. They employ a multi-asset approach in order to diversify the trust’s risk and its return drivers. While stock market volatility has spiked due to the coronavirus outbreak, SIGT’s managers are remaining calm. They are continuing to collect income and are topping up the trust’s positions that they consider are overs
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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
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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
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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
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Companies: Oakley Capital Investments