Utilico Emerging Markets (UEM) has outperformed the MSCI EM index since inception, despite having a beta of just 0.78%. Sharing some of the defensive characteristics of utilities and the ability to capture the EM growth trajectory over the medium-term, UEM has generated c.10% annualised total return since inception, outperforming the MSCI EM index. Despite having a covered dividend yield of c.3.5% it is trading at an 11.7% discount. We believe that UEM is a differentiated, attractive vehicle for
Companies: Utilico Emerging Markets Trust PLC GBP
Utilico Emerging Markets Trust (UEM) is facing a continuation vote at the September 2021 AGM; since inception, the fund has generated NAV total returns of c 10.0% pa and has outperformed the MSCI Emerging Markets Index over the last decade. It is managed by Charles Jillings at specialist investment firm ICM Group. The manager is very encouraged by the robust operating performance of the majority of UEM’s investee companies, helped by higher revenues and strict cost control, which has been suppor
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
The Board of Utilico Emerging Markets Trust (UEM) has announced that, following a review, UEM has agreed with its portfolio managers, ICM Investment Management Limited and ICM Limited, that with effect from the start of UEM's new financial year on 1 April 2021, the performance fee will be discontinued and the investment management fee payable to the portfolio managers will be amended to a tiered structure. The Board is confident that the new structure will maintain a competitive ongoing charge a
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at specialist investment firm ICM Group. He reports that ‘operationally, portfolio companies are delivering results above expectations, helped by lower cost bases and higher margins’. However, the manager suggests there is hidden value in UEM’s portfolio as company valuations are lagging the improvement in their fundamentals. Jillings is encouraged that the trust is continuing to pay regular quarterly dividends, which remained f
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
Companies: AJIT ARW CEG BVC BAG BEG BON BWNG CLG CRPR EYE ECHO EPWN FDM FA/ GPH GNC HUW INSE KAPE KP2 MNZS NMCN NRR OBD PPC QFI ROL SAVE SCS SEN SOS SUR SNX TON TMG TGL TCN UEM VLS W7L WINK WYN
Utilico Emerging Markets (UEM) has gone through a period of underperformance after a period of strong performance. Growth and momentum have been the clear winners for 2020 and UEM’s NAV was down 10.5% for 2020. While the divergence in performance is disappointing, it opens up room for significant mean reversion. The underlying investments in UEM’s portfolio still have strong long-term growth prospects and we believe that as we emerge from the COVID pandemic, the combination of rising earnings an
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at ICM Group. While the company has suffered a tough period of absolute and relative performance, Jillings is very encouraged by the prospects for the fund, given attractive valuations and businesses that are ‘delivering good results’. He believes he can be patient, waiting for UEM’s value to be realised, and in the meantime the trust offers an attractive dividend yield. The manager suggests that over time there is potential for
While the NAV of Utilico Emerging Markets Trust (UEM) has declined substantially since the onset of COVID-19, the manager Charles Jillings is comfortable with the financial strength of most of the underlying portfolio. He expects the pandemic to impact businesses substantially this year but believes a recovery is likely in the second half. The portfolio of real infrastructure assets with strong underlying businesses in emerging markets should be able to benefit from the economic recovery. While
Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings at ICM Group. It is a specialist fund focusing on infrastructure and utility assets in emerging markets. The manager is encouraged by the prospects for UEM’s investee companies, supported by urbanisation and significant growth in the regions’ middle classes. He also suggests that it ‘is a very interesting time in the world’, with issues such as climate change and the shift to renewable energy high up on the global agenda, which
Utilico Emerging Markets (UEM) offers a different set of exposures to the average emerging market fund, focusing on the infrastructure and utilities sectors and on Latin America rather than North Asia. The trust owns a portfolio of companies chosen for their strong positions in their industries, which should allow them to generate high shareholder returns over the long term, with an aim of harnessing the growth potential in the rise of the emerging markets middle classes. The trust has performe
Utilico Emerging Markets Trust (UEM) has been managed by Charles Jillings at ICM Group since the fund was launched in 2005. He continues to find interesting infrastructure and utility investment opportunities in emerging markets. The manager notes that investee companies have strong earnings growth, supporting higher dividend payments; however, he says that company valuations have not kept pace with earnings growth, providing opportunities for revaluation. Jillings is constructive on the outlook
Utilico Emerging Markets Trust (UEM) is a specialist fund focusing on infrastructure and utility investment in emerging market equities. In April 2018, UEM completed its re-domicile from a Bermuda-based investment company to a UK-based investment trust, in order to benefit from the UK’s increasingly supportive regulatory and tax environment. There is no change to UEM’s investment approach or dividend policy. Also, following the final exercise of its subscription shares, UEM now has a simpler cap
Utilico Emerging Markets Limited (UEM) has a portfolio of predominantly developing world equities that has a clear focus on stocks and sectors that display the characteristics of essential services or monopolies. The portfolio is managed by Charles Jillings and the sizeable team at ICM. Charles and the team are bottom-up investors who run the fund with few peers in the investment trust universe, with a portfolio that is almost entirely focused on the emerging market utilities and infrastructure
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Companies: Real Estate Investors plc
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
Companies: Nextenergy Solar Fund
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
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Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
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Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc