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

02 Oct 17

The Monthly October 2017

In the October edition of the Hardman Monthly newsletter, Chief Executive, Keith Hiscock analyses the much misunderstood – but highly important – issue of stock liquidity. In particular, he focuses on the lower echelons of the Main Market and of AIM.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GTLY MCL MUR NSF OBT ODX OXB NIPT PHP PURP RE/ RGD SCLP SPH SCE TRX VAL

28 Sep 17

Access to a wealth of talent

Aberdeen Emerging Markets (AEMC) is designed for investors who want exposure to the compelling investment opportunity that emerging markets provide. Its managers believe that they have built a portfolio of best-of-breed and, often, hard to access managers, and its portfolio is much more diverse than those of competing funds.

Companies: Aberdeen Emerging Markets Invstmt Co

19 Oct 17

N+1 Singer - Carador Income Fund - Further CLO refinancing activity expected

CLO new issuance within the US totalled US$8.51bn during September across 14 transactions, down from the August high of US$12.4bn. Within Europe CLO issuance was €1.2bn last month across three transactions, up from the low of €0.8bn in August. YTD CLO new issuance totals now stand at US$81.8bn across 146 CLOs within the US and €12.5bn across 31 transactions within Europe. NAV as at 30th September stood at 75.2c up 0.45% on a TR basis on the month. The Board have announced the Q3 dividend of 2.25c due to be declared XD on 26th October and payable on 1st November.

Companies: Carador Income Fund

18 Oct 17

N+1 Singer - Be Heard - agenda21 appointed lead digital agency by Addison Lee

Be Heard Group, the digital marketing services group, has announced this morning that it has been selected by Addison Lee to help drive the business' expansion in the UK. Be Heard's digital media and analytics agency agenda21 has been appointed lead digital marketing agency, effective immediately. Addison Lee is one of the world's largest managed car operations, providing a premium service through its' fleet of 5,000 vehicles. The company counts 80 percent of the FTSE 100 Index as customers, provides up to 30,000 rides a day in London alone, and is investing in new business, technology and fleet as it looks to grow both in the UK and internationally.

Companies: Be Heard Group

13 Oct 14

A $6.25bn governance-lite CEF IPO. Top of the market?

The last time the sector witnessed governance-lite mega IPOs (for closed end funds) from high profile US managers (e.g. KKR), it signaled a cyclical high. The trading history of these vehicles (beyond the initial glow) largely proved unsatisfactory for IPO investors, but did generate some great value opportunities over time. Trading started today (13 October 2014) and has opened down 7% at $23.3 per share

Companies: Pershing Square

03 May 17

North American activism and asymmetry

Capturing PSH’s European investor meeting (2.5 hrs including 50mins of Q&A) in a brief comment is beyond our skill. Instead, we focus this comment on the fund’s key characteristics and conclude that PSH isn’t a hedge fund and is better categorised as a North American Focus Fund with an activist private equity spin.

Companies: Pershing Square

13 Oct 17

Valuable growth

Although European small caps’ revenues tend to grow faster than nominal GDP (2.5x according to Janus Henderson/ JP Morgan), their forward valuations are currently lower than those of the large caps. We think that in the world where growth is scarce and valuations are high, relative advantage of small caps should be exploited.

Companies: TR European Growth Trust

28 Sep 17

HarbourVest - Company Overview

18 Sep 17

Executive interview - Securities Trust of Scotland

10 Feb 17

Lithium Australia - 121 Mining Investment Cape Town 2017

20 Jul 17

Capital Network's Riccardo Lowi on BB Healthcare Trust PLC

01 Jun 17

Tern plc (TERN) Questions & Answers

12 Jun 17

Vietnam Opportunity Fund (VOF)

15 Jun 17

121 Group - 2017 Highlights New York

31 Mar 17

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

10 Feb 17

Predictive Discovery - 121 Mining Investment Cape Town 2017

14 Mar 17

121 Mining Investment Conference Cape Town 2017

10 Feb 17

Walkabout Resources - 121 Mining Investment Cape Town 2017

10 Feb 17

Strandline Resources Limited - 121 Mining Investment Cape Town 2017

21 Nov 16

The ESP Group - Update at 121 Tech Investment

10 Feb 17

Bezant Resources - 121 Mining Investment Cape Town 2017

26 Jul 16

SEC S.p.A - Market Open

Latest Content

Aberdeen Asian Smaller Companies

Small is a big opportunity in Asia

AAS has had a strong run over the last 12 months against the small cap index. We currently view Asian small caps, presently undervalued relative to global small cap stocks and their own history, as an investment opportunity. AAS is well positioned to exploit it.

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23 Oct 17
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Aberdeen Asian Smaller Companies

Small is a big opportunity in Asia

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23 Oct 17
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Carador Income Fund

N+1 Singer - Carador Income Fund - Further CLO refinancing activity expected

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19 Oct 17
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Be Heard Group

N+1 Singer - Be Heard - agenda21 appointed lead digital agency by Addison Lee

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18 Oct 17
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ECK BHRD RAT

N+1 Singer - Morning Song 18-10-2017

Be Heard (BHRD LN) agenda21 appointed lead digital agency by Addison Lee | Eckoh (ECK LN) US secure payments continue strong momentum | Rathbone Brothers (RAT LN) FuM +2.5% in Q3, Investment Management net inflows remain modest

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18 Oct 17
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ONC UBI NCCL BHRD PRM ARL SPRP PURP PVR TRX

Small Cap Breaskfast

Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov. Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017. Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late October .

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18 Oct 17
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Diverse Income Trust

Managed for sustained dividend growth

The Diverse Income Trust (DIVI) invests in UK listed companies across the market capitalisation spectrum. It aims to deliver good and growing dividends as well as capital returns. Over two-thirds of its investments are outside the FTSE 350 index of large and mid-cap stocks, and the managers believe the small-cap universe is still rich in opportunities. The fund also seeks to minimise the scale of downside risk, and therefore the portfolio currently includes FTSE 100 put options. DIVI’s share price has risen by around 110% since launch in April 2011 to end-September 2017, outperforming the FTSE All-Share index by over 50%.

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16 Oct 17
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TR European Growth Trust

Valuable growth

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13 Oct 17
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Jupiter UK Growth Investment Trust

Concentrated UK growth portfolio

Jupiter UK Growth Investment Trust (JUKG) aims to deliver long-term capital growth from investing predominantly in UK equities. Its approach is bottom-up, long-term and contrarian, with relatively few constraints against the benchmark. The result is a concentrated portfolio of c 35 high-conviction stocks that is significantly different from the index. JUKG is notably overweight UK domestically-focused companies and holds no stocks in the oil & gas and utilities sectors. JUKG’s manager believes there are many mispriced opportunities in the current uncertain macro environment, which is well-suited to his contrarian style.

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13 Oct 17
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DKE WDC FLO XLM NKTN APQ GEO POLR AEG BSE

Small Cap Brunch

Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. . £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. | Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. | Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA. | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late october | SolGold—Publication of prospectus regarding transfer from AIM. Due 6 Oct | ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2 million of combined revenue and $440.4 million of Adjusted EBITDA. Raising c.$400m. Expected November. | TI Fluid Systems—Maybe second time lucky? Pulled last October. global manufacturer of automotive fluid storage, carrying and delivery systems seeking to raise €425m to reduce financial leverage (to approximately 2.0x net debt to Adjusted EBITDA by the end of FY 2017). Possible partial sale by Bain. Revenue for FY 2016 was €3.3 billion and Adjusted EBIT was €362.1 million | M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov. | Bakkavor Group - Provider of fresh prepared food intends to float in November. FY 16 Revenue: £1,763.6 million FY 16 Adjusted EBITDA: £146.4 million (13.7% CAGR FY 14-FY 16). Part vendor sale and primary raise of c. £100m. Price TBA. | Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn | TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m | People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.

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