TR Property

TRY: a unique way to capture a recovery in property valuations...

Economic and Political Monthly Roundup January 2023

A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.

Economic and Political Monthly Roundup January 2023

A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.

TR Property

TRY: global debt re-pricing creates opportunities in pan-European property markets...

TR Property

TRY’s index-linked revenues could be appealing in the current inflationary environment…

TR Property - Overview

TR Property (TRY) offers exposure to the property market via the equities of companies owning property. As such it has a number of key advantages over investment in a direct property investment trust. Manager Marcus Phayre-Mudge is able to be much more flexible and nimble in his asset allocation, and make medium-term tactical trades as well as longer-term investments. He can also more easily invest in alternative sectors of the property market when they are facing a strong outlook. Marcus also

TR Property - Overview

TR Property (TRY) owns a portfolio of pan-European real estate equities, supplemented with a small physical property portfolio. TRY’s lead manager is Marcus Phayre-Mudge, who aims to invest in high-quality property companies supported by strong bottom-up and top-down fundamentals. His approach is sensitive to valuation, and he uses the flexibility afforded by investing in equities (rather than directly into property) to tactically tilt the portfolio – sometimes swiftly - as the investment outloo

TR Property - Overview

TR Property Investment Trust (TRY) owns a large and liquid, £1.2bn portfolio made up mainly of the shares of property companies based around Europe, including the UK. It also holds up to 15% in UK physical property (currently 7% of NAV). TRY has consistently outperformed its FTSE EPRA/NAREIT Developed Europe benchmark in recent years, as discussed in the Performance section. It has also outperformed the direct property trusts in the AIC UK Commercial Property sector, which are arguably the first

Making the grade: Kepler's rated trusts report strong performance in 2019

In January 2019 we unveiled our new quant rating system for investment trusts, identifying both the top 20 trusts for capital growth and the top 20 trusts for income by using a quant screening system. We believe this is the first quant rating system for closed-ended funds to be based on NAV returns, which reflects the performance of the manager much more purely than the share price, which is a far noisier signal. We aimed to reward consistent long-term outperformers within the metrics we chose a

TR Property - Overview

TR Property (TRY) aims to generate total returns from investing in the equity of UK and European listed property companies. It also owns a small portfolio of direct commercial property in the UK. Within the total return objective, the trust’s dividend is an important consideration for the board and managers. TRY’s management team is made up of commercial property specialists who invest in property securities across Europe. Underpinning the investment process is a desire to invest with managemen

Best in class

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

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

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

Hybridan Small Cap Feast - 22 April 2024

22nd 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

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.

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

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

Jupiter Green

Morning Note – 29 February 2024

Hardman & Co Insight - Asset managers had a poor 2022

Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m