Marten & Co Equity Research & Stock Reports
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09 Mar 17
The Russian market has been rebounding on the back of a strengthening oil price but remains one of the cheapest emerging markets. The manager thinks the market could rise further from here. The economy is on an improving trend but, if President Trump eases sanctions, this could provide a significant tailwind. JPMorgan Russian Securities (JRS) offers the only pure play on Russia within the investment companies market. It comes with an attractive yield and one of the most experienced investment managers in the sector, Oleg Biryulyov, who has been managing JRS since it was launched, and Russian equity funds for 23 years.
24/7 operations approval boost
28 Nov 16
Wolf Minerals (Wolf) has received approval to operate its processing plant on a 24/7 basis, permanently, and permission to extend mining activities to 2036. Both permissions will have a significant impact on future production at its Drakelands open-pit mine, in Devon.
Diversify your income
26 Oct 16
The sharp falls in sterling over the past few months have flattered the performance of many funds investing overseas, including Henderson International Income Trust (HINT), but have compounded problems for some UK equity income trusts. The threat of dividend cuts looms large for UK-focused trusts and now, more than ever, the yield on HINT’s overseas equity portfolio should look very attractive to UK-based investors. HINT has just raised its quarterly dividend to 1.2p, up 4.3% on the previous quarterly dividend.
Reinvestment phase underway
14 Sep 16
Over the past few years, Standard Life European Private Equity Trust (SEP) has been benefitting from a high level of distributions. Now, as equity markets become more volatile, SEP’s managers think that we could be shifting from a realisation phase into an investment phase. The underlying managers should be deploying cash at attractive valuations, laying the foundations for continued good performance in the years to come. In the meantime, the mature portfolio should support continued strength in the net asset value.
Steady progress in turbulent times
06 Sep 16
We believe that The SME Loan Fund (SMEF)’s discount is unjustified, given both its track record (since it was launched it has been one of the best-performing funds in its peer group in NAV terms) and its focus on SME lending which, to date, has proved to be less prone to defaults than consumer lending. The board and the manager are keen to close the discount and expand the fund. They point out that investors buying today can, if they wish, exit part of their holding at NAV less 0.5% in March 2017. The board may also consider buying back stock beforehand
A BREXIT beneficiary
05 Sep 16
Assisted by a marked depreciation of sterling, to which it is unhedged, Premier Energy and Water Trust’s (PEW’s) NAV has soared by 26.1% since the UK’s EU referendum. PEW has little exposure to “UK plc”, a geared structure and many holdings that the manager believes are materially undervalued. The share price has not kept pace with recent NAV growth, allowing a discount to emerge, which we think provides an opportunity for long term investors. In addition, PEW’s attractive 4.9% yield (based on its forecast dividend of 8p) could rise from here as PEW has reached its full year revenue targets just half way through its year.
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