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
Companies: TR Property Investment Trust PLC Ordinary Shares Class GBP
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
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
Companies: FEV TRY THRG IPU
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
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
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We currently have 33 research reports from 4
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
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
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
Companies: Oakley Capital Investments
Avation is a lessor of 44 aircraft to a diversified airline client base of 19 commercial airlines across 15 countries. This morning, the group has provided a brief update as of 30 June 2021, which points to an impairment review having been completed in line with its standard accounting policies across its turboprop, narrow-body and wide-body fleet. The net impact is to reduce the book value of the fleet by c.$32m, which follows on from the H1 2021A impairment of $46.7m. Management believes that
Companies: Avation 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
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
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
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
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (AAU LN) – Kiziltepe production guidance maintained
Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect
Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
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
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
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
Record’s assets under management equivalent (AUME) has continued to grow in Q122 with net inflows including the launch of the new Record Emerging Market Sustainable Finance Fund. This is the first of several new product initiatives to be realised and will contribute to diversification of revenues. The group is also continuing to focus on modernisation and succession to support future growth.
Companies: Record plc
Management has released a trading update for the high-growth Program Management business, covering the half year to 30th June – as well as a quick note on July trading. During this period, Program Management has demonstrated astounding growth.
Companies: Randall & Quilter Investment Holdings Ltd.