James Carthew: Why are Vietnam trusts floundering whilst the economy booms? The three specialist Vietnam trusts have delivered lacklustre returns despite the country’s soaring economy. The Vietnamese economy has been offering some exciting growth opportunities, but the five-year returns on the three specialist investment companies – Vietnam Enterprise (VEIL), VietNam Holding (VNH), and VinaCapital Vietnam […]
James Carthew comments on the acquisition of PINT’s portfolio company Intersect in Val Cipriani’s article, saying it is significant: “not just because of the profits realised, but because it provides evidence that Pantheon can actively recycle capital rather than simply wait for long-dated value to emerge”. Read the article here
James Carthew said in Val Cipriani’s article he suspected that before June, Baillie Gifford was holding Bending Spoons at $11bn: Read the article here
James Carthew: TR Property is primed for a real estate rebound Marcus Phayre-Mudge has been busy preparing the £976m property trust for an eventual recovery in the unloved sector. When Prologis’s bid for SEGRO (SGRO) was announced on the same day Schroder European Real Estate (SERE) proposed to wind down last week, my first thought […]
James Carthew comments on renewables in Val Cipriani’s article, noting that government subsidies for the sector have a fixed life, and will start expiring in about five years. This was always going to be the case – and is taken into account in the valuations – but to ensure their long-term viability, trusts need to use […]
James Carthew comments on Alex Wright and FSV in Helen Kirrane’s article: “Wright is just good at stockpicking. That’s really what is driving returns. He’s not afraid to take big bets against the index, and in time they come good.” Read the article here
James Carthew comments on consolidation in the industry in Cherry Reynard’s article: “The main impetus for trust consolidation is coming from the wealth managers – who are themselves consolidating,” Read the article here
Richard Williams comments on the offer for SEGRO in Robin Amos’ article: “SEGRO’s potential has arguably improved with a latent large data centre development pipeline. The argument now is whether it has the balance sheet capacity to build out this pipeline quickly enough to extract superior returns.” Read the article here
James Carthew: Erratic PE valuations sent tremors through trusts The rapidly changing estimates on private assets has been volatile, for better or worse. Valuing private assets is as much art as science, but we have had some savage moves – up and down – in the values of some assets recently. At Aquila European Renewables […]
James Carthew comments on the questions being raised by the Aquila board in Helen Kirrane’s article: “The board is saying we’ve been paying you management fees based on a NAV of one value and you come back saying these things are worth less than that. One thing or the other is true,” Read the article […]
