Last year we published a number of studies showing that investment trust managers were counteracting the rise of passive vehicles by further concentrating their portfolios and using the advantages of the closed-end structure such as gearing and the ability to pay income from capital more aggressively. New analysis from the team at Kepler shows that that over the past five years, trusts which have seen the greatest reduction in number of stocks in portfolios have generated the highest levels of
Companies: MNP MNKS HNE MRC FSV JAM
nvestors are increasingly turning to global funds. We suggest that concerns around Brexit are most likely leading investors to seek diversification overseas. In terms of retail sales the global sector has been comfortably the most popular among investors over the past few quarters. In 2018 global funds had close to twice the level of retail sales of any other sector, as can be seen in the chart below. A similar trend has emerged in the investment trust sphere, where the average discount within t
Companies: SMT MNP MNKS MWY
Monks Investment Trust (MNKS) aims to deliver long-term capital growth through a well-diversified, actively managed, global equity portfolio. Rigorous, bottom-up analysis is at the heart of the investment process, with the managers, Charles Plowden, Spencer Adair and Malcolm MacColl, looking to identify growth companies with above-average earnings growth. The team takes a long-term view on their holdings as this ensures that the fundamental attributes of a company are given ample time to drive
Companies: Monks Investment Trust PLC
The principal aim of Monks is to deliver long-term capital growth, through a differentiated, actively managed global equity portfolio. The managers utilise a rigorous bottom up investment process, seeking out growth stocks which they envisage will offer above average earnings growth. In order to achieve this a longterm view is taken, ensuring that the fundamental attributes of the company are given ample time to drive returns. Diversification is a key attribute of the portfolio, and constituents
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Agronomics is an investment company focused on investing in the cellular agriculture sector. The sector is responding to global mega-trends driving increased demand for animal protein, which in turn could lead to negative environmental effects. Cultivated meat, for example, uses cell culture technology to grow cells in bioreactors producing differentiated cells (such as muscle and fat cells) that can be formed into consumer food products. These technologies have the promise of producing animal p
Companies: Agronomics Limited
We update our forecasts to take account of (1) Group 2020/2021 Annual Report & Accounts released in September (2) 1Q IMS released in October (3) End October 2021 FUM update in early November. Key points include:
Group Funds Under Management “FuM” remain circa US$11 bn; in October there was a small uptick which may indicate small net inflows.
Strong investment performance across CLIG’s investment strategies (Exhibit 3 shows performance over 5 years relative to peers and benchmarks).
Companies: City of London Investment Group PLC
Duke's H1/22A results give evidence that FY22E will be a record year, with a strong rebound from Covid-19 disruptions, with impressive YoY growth across all metrics. Having already completed all forecast deployments for FY22E, our forecasts are well underpinned and upgraded by +9% today. Comments of Duke having its healthiest ever pipeline with near-term deals likely, suggests further upgrades could be possible this year. If seen, any improvement in FCF p/s is likely to drive DPS uplifts, in add
Companies: Duke Royalty Limited
Companies: Oakley Capital Investments
i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide work
Companies: TGN AFC COIN COIN HL/ OMI
Evidencing the strength of Belvoir’s long-term growth strategy and the very buoyant conditions in the UK housing market in 2021, the company has detailed that trading in the ten months to the end of October was ahead of expectations. Lettings income was up 21% and Housing Sales income up 65%, driving total Property gross profit up 29%. Financial Services gross profit increased 39%. We have upgraded FY 2021E EPS by 3%. While we maintain our view that next year will likely see more normal housing
Companies: Belvoir Group PLC
Liontrust has reported a strong, in line H1 performance (+93% adj. PBT) on continued organic growth including £2.1bn net inflows YTD, as well as a full period contribution from Architas. The H1 outturn has covered 47% of our FY adj. PBT estimate, which we leave unchanged. AuM has continued to grow: +2.2% to £36.5bn in Q3 so far – momentum has been sustained. We think the valuation is not challenging given the outlook for growth. We set a 2450p 12m Target Price (18x FY23e PER) and a BUY recommend
Companies: Liontrust Asset Management PLC
Gore Street Energy Storage Fund (GSF) has announced that Kilmannock, one of the Company’s ROI
assets in construction, has secured an additional grid connection volume allocation of 90MW (in
addition to the 30MW). The initial 30MW benefits from a six-year fixed price contract, while the
remaining capacity can primarily derive revenues from extra capacity which could be used forwholesale
trading or the volume uncapped DS3 market (Delivering a Secure Sustainable Electricity System). GSF
Companies: Gore Street Energy Storage Fund PLC
Gore Street’s confirmation of a 90MW capacity increase at Kilmannock is a clear positive in our view and takes the fund’s portfolio to over 600MW of projects either operating or under construction. These are split between the GB market and the all-Ireland market with the fund now owning the largest portfolio of storage assets in Ireland. In the GB market price volatility continues to be strong and we expect the fund’s assets to be benefiting from this.
Companies: Chrysalis Investments Limited
Mercia reported a strong rise in the NAV of its Northern Venture Trust (NVT) subsidiary, reflecting the IPO of musicMagpie and other successful exits, leading to Mercia receiving a net performance fee of £1.6m. As a result, together with Mercia’s substantially recurring management fees, management expects H122 PAT to exceed £10m, with the FY22 adjusted operating profit (excluding the NVT net performance fee) expected to be materially ahead of market forecasts. The shares trade at a larger discou
Companies: Mercia Asset Management PLC
Record’s H122 results showed benefits from its growth and diversification strategy. Its first new product, a sustainable fund, is increasing AUM and there is a pipeline of further opportunities with the potential to add further AUM and produce a richer fee mix. Board confidence in the outlook is evident in the step up in the ordinary dividend.
Companies: Record plc
Avation is a lessor of 42 commercial aircraft to a diversified airline client base. This morning, the group has provided an update to coincide with its AGM, that illustrates the further progress made and wider developments in the first five months of the current financial year. The group presently has three ex-Virgin Australia ATR 72-600 aircraft subject to a sale agreement with Aegean Airlines, three further ATR 72-600 aircraft that may be sold or leased and an A320 due to transition from Air F
Companies: Avation PLC
We have published research on TMT Investments recent News flow, which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has seen its share price fall some 23% to US$7.25 over the last week, against a backdrop of weak global equity markets, concerns over the emergence of the Omicron Covid-19 variant and signs of tightening monetary policy. However, since the publication of HY June 2021 results on 18 Augus
Companies: TMT Investments
Companies: Equals Group Plc