North American Income Trust (NAIT) stands apart amongst the AIC North America sector funds in combining an income focus with at least 90% of its portfolio invested in the US. NAIT’s manager, Fran Radano, believes that this should work in its favour, as there is a good chance that the market rotation back into sectors with attractive valuations, like financials, will continue over the rest of 2021.
Companies: North American Income Trust PLC GBP Ord.Shs
North American Income Trust (NAIT) stands apart amongst the AIC North America sector funds in combining an income focus with at least 90% of its assets invested in the US. NAIT’s manager, Fran Radano, believes that this should work in its favour, as there is a good chance that the rotation back into sectors providing value, like financials, will continue over the rest of 2021.
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
The coronavirus pandemic has caused dividends to be cancelled or cut across the world, but the impact has yet to be fully felt – with more bad news likely to come in the second half of the year. Pressure has come through reduced revenues, due to a slowdown in economic activity and a regulatory interference in dividends being paid by industries which have received taxpayer support. The task for income investors is to identify the regions and sectors which are expected to be less affected; to whic
Companies: BRNA NAIT JETG BGEU SOI HFEL BRFI BEMO
US equity income-focused funds, like the North American Income Trust (NAIT), have not had to deal with the suspension of dividends in the way that their UK peers have. Though share buybacks have ceased, regulators in the US have not banned bank distributions in the way that they have elsewhere, while healthcare, NAIT’s other major exposure, is holding up very well.
The North American Income Trust (NAIT) is a £427m investment trust which aims to generate a steady, growing income and capital growth over the long term. Managed by Ralph Bassett and Francis (Fran) Radano, the trust has seen its discount narrow sharply this year as it moved to split stock five-for-one – making it easier for small investors to buy. Offering a yield of 2.8% the trust is one of two US-focused trusts which aim to generate income, achieving that via a focused portfolio of equities a
Fran Radano, the manager of North American Income Trust (NAIT), comments that the US market has been very highly driven by macroeconomic sentiment this year, with the effects of this frequently outweighing company fundamentals. He notes that, whilst it can be challenging to trade through such environments, increased market volatility creates opportunities for investors who are able to look through the noise.
Fran Radano, the manager of North American Income Trust (NAIT), comments that the US market has been very macro-driven this year, frequently outweighing company fundamentals. Whilst it can be challenging to trade through such environments, increased market volatility creates opportunities for investors who are able to look through the noise.
The North American Income Trust (NAIT) has been generating an attractive and increasing dividend (up 9% for the year ended 31 January 2019). It is also generating reasonable capital growth, despite an environment that has been favouring low-yielding, highgrowth companies. The manager, Fran Radano, is not unduly concerned about the health of the US economy. He continues to recycle the portfolio into good quality stocks that offer the prospect of reasonable dividend growth and should prove resilie
The North American Income Trust (NAIT) has been generating an attractive and increasing dividend (up 9% for the year ended 31 January 2019). It is also generating reasonable capital growth, despite an environment that has been favouring low-yielding, highgrowth companies. The manager, Fran Radano, is not unduly concerned about the health of the US economy. He continues to recycle the portfolio into stocks that he believes are good quality that offer the prospect of reasonable dividend growth and
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
Investors in the US may be preoccupied by a possible trade war with China and rising interest rates but the manager of North American Income Trust (NAIT) is relatively upbeat. He points out that the US economy is outpacing peers; markets have corrected and are some way off their peaks; investors’ narrow focus on growth stocks has abated somewhat; and, crucially for a trust that has an income mandate, dividends are set for a positive step change.
The North American Income Trust (NAIT) adopted an active strategy in 2012, aiming to generate above-average income and long-term capital growth primarily from investment in US and selected Canadian equities. NAIT’s performance has been particularly strong over the last 12 months in absolute terms and relative to its S&P 500 index benchmark and its NAV total return is ahead of the peer group average over one, three, five and 10 years. NAIT has a progressive dividend policy – annual dividends have
The North American Income Trust (NAIT) is a concentrated portfolio of primarily US large-cap stocks. Manager Fran Radano selects companies
on the basis of their quality, value and income. The trust is benchmarked against the S&P 500 Index, but is also referenced against the Russell 1000 Value Index as it better reflects the investment mandate and income objective. Prior to May 2012, the trust was an index fund tracking the total return of the S&P 500 Index. NAIT has a progressive distribution p
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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
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