Trusts, ETFs & Funds

Trusts, ETFs & Funds equity research

Explore the latest equity research for companies within the Trusts, ETFs & Funds sector. Funds in this sector provide investment opportunities via equity and non-equity investment trusts, as well as exchange-traded funds.

Trusts, ETFs & Funds equity research

26 Jun 17

come together, right now

We think DIVI is a UK income product worth a look at this point in time. We call for holders of FGT to also pay attention as the two vehicles combined have lower volatility than FGT alone. Having analysed the UK income trusts since DIVI’s launch in April 2011, we have identified FGT and DIVI as two distinguished winning strategies. DIVI is a multi-cap balanced strategy, presently with a small/micro cap tilt and FGT is a large cap growth one.

Companies: Diverse Income Trust Finsbury Growth & Income Trust

22 Jun 17

Finding exciting investment opportunities

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of European (ex-UK) small-cap equities. Despite a period of underperformance versus the Euromoney Smaller Europe ex-UK benchmark in 2016 due to conservative portfolio positioning, JESC’s longer-term performance record remains intact. It has outperformed the benchmark over three, five and 10 years. The managers believe that the European economic backdrop is favourable, political risk has been reduced and they are finding plenty of investment opportunities, across a range of industries, including companies that are adapting in a period of rapid technological change.

Companies: Jpmorgan European Smaller Cos Trust

22 Jun 17

N+1 Singer - Carador Income Fund - Level of refinancing and reset activity remains high

The level of refinancing activity across the CLO market was still strong during May, although lower than in April. Portfolio activity remained high with continued level of resets and refinancing opportunities delivering good uplifts. NAV as at end of May was 75.49c, up by 0.91% on a TR basis from last month. Shares were trading on a discount of 4.3% as at the month end, and currently on 4.6% discount based upon price of 72c.

Companies: Carador Income Fund

28 Apr 17

N+1 Singer - T3 Trend spotting - Strategy update

In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.

Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL

26 Jun 17

Steady as she goes

JLEN’s full year results were solid, slightly above the fund’s targeted long run return and otherwise unremarkable – a positive in our opinion. Also, the ROC recycle looks to be returning to life with positive implications for the revenue statement.

Companies: John Laing Environmental Assets Group Lt

07 Jun 17

Asian focused, high quality growth companies

The key objectives of The Establishment Investment Trust (ET) are capital preservation, long-term capital growth and steady growth in dividends. Launched in March 2002, the trust has a flexible mandate and a broad global investment brief. Managed by Henry Thornton, who sits within Blackfriars Asset Management, its focus is predominantly Asian. In our view, the lower volatility, dividend yield (4.82%), current discount (24%) and long-term performance make ET an attractive vehicle for investors who favour the benefits of long-term returns and are not necessarily constrained by the shortterm relative performance vis-à-vis a benchmark index.

Companies: Establishment Investment Trust

03 Apr 17

The Monthly

After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.

Companies: ABZA AVO AGY APH ARBB AVCT BUR COG CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP RE/ RGD REDX SCLP SPH TRX

02 Jun 17

The Monthly

Despite the calling of a General Election for June 8th, the FTSE-100 continues to perform strongly, partly on the back of Wall Street and encouraging corporate figures. Since the surprise Election was called on April 18th, the FTSE-100 has advanced by over 5%. There has been no sign of political nerves as is normally the case with opinion polls conveying mixed messages.

Companies: AVO AGY APH ARBB BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP SPH TRX TON

07 Jun 16

The Cybersecurity Rebellion: “No, I’m Spartacus!”

Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.

Companies: BA/ BVC BLTG CHRT CLST CNS DFX ECK EXPN GBG IGP MPAY NCC OSI SCH TERN

22 Dec 16

Disciplined approach to value creation

It is often said that 60% of all acquisitions lose money - a phenomenon known as “buyer’s curse”, whereby over-zealous bidders overpay for strategic assets. Not so FastForward, where we were encouraged to hear at yesterday’s interims that all 9 investee companies have either maintained or increased their valuation.

Companies: Fastforward Innovations

01 Jun 17

Introduction to Tern plc (TERN)

12 Jun 17

Vietnam Opportunity Fund (VOF)

01 Jun 17

Tern plc (TERN) Questions & Answers

14 Mar 17

121 Mining Investment Conference Cape Town 2017

31 Mar 17

Capital Network: Fahad Changazi highlights 'attractive' VinaCapital Vietnam Opportunity Fund

10 Feb 17

SP Angel - 121 Mining Investment Cape Town 2017

15 Jun 17

121 Group - 2017 Highlights New York

10 Feb 17

Gemfields - 121 Mining Investment Cape Town 2017

10 Feb 17

Taurus Funds Management - 121 Mining Investment Cape Town 2017

10 Feb 17

Battery Minerals - 121 Mining Investment Cape Town 2017

27 Jun 17

Executive interview - Seneca Global Income & Growth Trust

10 Feb 17

Berkeley Energia - 121 Mining Investment Cape Town 2017

21 Nov 16

Defenx - Update at 121 Tech Investment

10 Feb 17

Manas Resources - 121 Mining Investment Cape Town 2017

10 Feb 17

Predictive Discovery - 121 Mining Investment Cape Town 2017

Latest Content

Standard Life Private Equity Trust

Ticking along

Trading at a 9% discount and paying investors to wait (3.2% dividend yield) SLPE feels sensibly positioned. Our only caution is that absent a market correction, the fund’s c17% cash weighting will eventually take its toll on the fund’s performance.

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29 Jun 17
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NB Private Equity Partners

Waiting for the data

The detail in NBPE’s Q1 investor call was uncontroversial (see below). What was missing was a sense as to whether the portfolio’s EBITDA growth rate (7%, LTM 31 Dec) was slowing given the weak earnings growth data reported by S&P.

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29 Jun 17
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Seneca Global Income & Growth Trust

Executive interview - Seneca Global Income & Growth Trust

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27 Jun 17

Seneca Global Income & Growth Trust

More relevant benchmark proposed

Seneca Global Income & Growth Trust (SIGT) has proposed changing its benchmark to a more relevant CPI +6% versus the current Libor +3%; it aims to generate income and long-term capital growth across multiple asset classes with low volatility. SIGT also aims to grow annual dividends at least in line with UK inflation. It currently has a long-term strategic allocation to equities (60%, split 35% and 25% between UK and overseas), fixed income (15%) and specialist assets (25%, generally yielding 5-8%). SIGT has outperformed its current benchmark and the FTSE All-Share index over three and five years and since its change of mandate in 2012, with lower volatility than the UK equity market. Annual dividends have increased above the level of UK inflation for the last four years and SIGT has regularly added to reserves. The board has been actively utilising the discount control mechanism that was initiated in 2016, with the aim that SIGT’s shares trade close to its NAV.

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27 Jun 17
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Diverse Income Trust Finsbury Growth & Income Trust

come together, right now

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26 Jun 17
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John Laing Environmental Assets Group Lt

Steady as she goes

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26 Jun 17
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Martin Currie Global Portfolio Trust

Global equity exposure with low volatility

Martin Currie Global Portfolio Trust (MNP) aims to generate long-term capital growth from a portfolio of high-quality, primarily large-cap global equities. There has been continuity of leadership and process; Tom Walker, assisted by Martin Currie’s large team of experienced investment professionals, has managed MNP since January 2000. The trust has performed broadly in line with its blended benchmark over the last 10 years. However, its volatility of investment returns is lower than the average of its peer group, the AIC Global sector, which currently comprises 24 closed-end funds with a variety of mandates. Following the adoption of a zero discount policy in 2013, MNP’s shares trade close to NAV. The trust has a progressive dividend policy; its current yield of 1.8% compares favourably with the average of its peers.

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26 Jun 17
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Polr Cptl Glbl Hlthcre Grth

Termination of coverage

Edison Investment Research is terminating coverage on Polar Capital Global Healthcare Trust (PCGH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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22 Jun 17
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Carador Income Fund

N+1 Singer - Carador Income Fund - Level of refinancing and reset activity remains high

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22 Jun 17
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IMG CIFU ACC CNS LID YU/

N+1 Singer - Morning Song 22-06-2017

Carador Income Fund (CIFU LN) Level of refinancing and reset activity remains high | Imagination Technologies Group (IMG LN) No progress with Apple; Whole group for sale | Uncovered Gems - Speed Dating Lunch Another five sparkling gems

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