Protect your investment – get out and vote On 18 December 2024, CQS Natural Resources Growth and Income (CYN) received a requisition notice from a nominee of Saba Capital Management LP (Saba) requiring it to convene a general meeting for shareholders to consider resolutions proposed by Saba to remove the existing completely-independent board of non-executive […]

Discount at odds with growth plans A negative reaction to the UK budget sent gilt rates higher and saw investor caution return to real estate stocks. The recent share price weakness that followed this has seen Urban Logistics REIT’s (SHED’s) discount to net asset value (NAV) widen to more than 30%, which is at odds […]

In this week’s show, James Carthew and Andrew McHattie from Investment Trust Newsletter reviewed the investment companies sector in 2024. If there is a guest speaker you’d particularly like to hear from, please email Eiman. Additionally, if you would prefer to watch and ask questions live, please join us on YouTube every Friday at 11am.

Virtues of diversification Ecofin Global Utilities and Infrastructure Trust (EGL) has continued to generate impressive returns despite broader macro-economic challenges which include stubborn inflation, rising geopolitical concerns, and issues around renewable energy policy in the US. Over the 12 months to 30 November, the portfolio delivered a NAV total return of 20.5% and a share […]

In this week’s show, James Carthew spoke to Craig Baker from Alliance Witan. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer to watch and […]

Taking advantage of a favourable landscape Markets have experienced a seismic shift in recent months. As we explore in this note, inflation forecasts have changed and with them interest rate expectations. As we discuss on page 6, a Republican clean sweep in the US elections offers the prospect of a favourable landscape for financials, particularly […]

For the US, the defining event of November was Donald Trump’s win in the presidential election, indicated by record highs for major US indices such as the Dow Jones and S&P500. The largely positive market response is thought to be driven by expectations of corporate tax cuts and waves of deregulation. US government bond yields […]

December Monthly | Investment companies  Kindly sponsored by abrdn  Winners and losers in November 2024 The main driver of returns in November came early in the month with Donald Trump’s win in the US presidential elections. US equity markets jumped on the news – several major indices tracking North American stocks, including smaller companies, posted […]

Cordiant Capital to purchase investment adviser HydrogenOne Capital Growth (HGEN) announced that its investment adviser HydrogenOne Capital has entered into a conditional agreement to sell its business and assets to Cordiant Capital (Cordiant) the specialist global infrastructure and real assets manager. The transaction is expected to be completed in early 2025. Cordiant, a partner-owned and […]

Addressing the discount On 26 November, Caledonia Investments (CLDN) released interim results covering the six-month period ended 30 September 2024. We provide some analysis of these in this note. There was a welcome narrowing of the share price discount to net asset value (NAV) over the period. However, the market turmoil that accompanied the UK […]

In this week’s show, James Carthew spoke to David Smith from Henderson High Income. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer to watch […]

Building on solid foundations AVI Global (AGT) continues to demonstrate the value of a clear strategy and a high-conviction approach, generating annualised Net Asset Value (NAV) returns of almost 15% over the last two years, despite market factors heavily favouring momentum trading (strategies where investors buy rising securities and then sell them when they appear […]

Delayed but not derailed The interest rate cuts that we had been hoping for have materialised, to the benefit of growth-focused strategies such as that of Impax Environmental Markets (IEM). However, the route to a more sustainable world has been made harder by the election of a new US President who seems set on rolling […]

Looking to bounce back Foresight Environmental Infrastructure’s (FGEN’s – formerly JLEN Environmental Assets) recent results were a two-part affair, with its operational assets pumping out record cash receipts, but the NAV taking a hit as green hydrogen developer HH2E entered administration (a form of bankruptcy where a third party manages the company to pay creditors). […]

On Friday’s show, James Carthew covered the week’s top stories and hosted a panel discussion between Thomas Moore from abrdn Equity Income, David Moss from CT UK High Income Trust and Ben Green from Supermarket Income REIT. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s […]

In this week’s show, James Carthew spoke to Interview with Alex Crooke from Bankers Investment Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer […]

In this week’s show, James Carthew spoke to Interview with Sebastian Lyon from Personal Assets Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer […]

Vital signs are good Polar Capital Global Healthcare (PCGH) continues to make progress, delivering impressive outperformance of its benchmark the MSCI All Countries World Healthcare Index, as the table on page 3 shows, and benefitting from a narrowing of its discount as more investors embrace the story. PCGH’s managers believe that the healthcare sector’s fundamentals […]

October 2024 Monthly | Investment companies  Kindly sponsored by abrdn  Winners and losers in October 2024 Best performing sectors in October 2024 by total price return Median share price total return(%) Median NAVtotal return(%) Median discount 31/10/24(%) Median sector market cap 31/10/24 (£m) Number of companies in the sector North America 5.5 3.4 (11.2) 518.1 […]

November 2024 Winners and losers in October 2024 Best performing funds in price terms (%) Life Science REIT 7.2 Residential Secure Income 4.0 PRS REIT 3.1 Phoenix Spree Deutschland 2.6 Globalworth Real Estate 2.1 Henry Boot 0.9 Target Healthcare REIT 0.8 Balanced Commercial Property Trust 0.3 Schroder European REIT 0.1 Triple Point Social Housing REIT […]

Powering up Over the past year, as its portfolio continues to mature, Pantheon Infrastructure (PINT) has risen towards the top-end of peer group performance tables as Figure 11 on page 12 shows. Over the first six months of 2024, PINT reported a NAV return of 8.5%, running well ahead of its target of 8%–10% per […]

In this week’s show, Matthew Read spoke to Ian ‘Franco’ Francis from CQS New City High Yield. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would […]

Entering orbit Seraphim Space Investment Trust (SSIT) continues to see its portfolio of cutting-edge space-focused companies (‘SpaceTech’) achieve key milestones. Over SSIT’s financial year, its companies raised $900m in new investments, with SSIT contributing £11m across 10 investments. Notable examples are the oversubscribed initial public offering (IPO) of Astroscale, the successful capital raise of D-Orbit, […]

In this week’s show, James Carthew spoke to Job Curtis from City of London Investment Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer […]

Compelling opportunity Despite its resilient business model, record of high dividends, and deep development pipeline (with an extensive list of upcoming projects), investors have continued to overlook the Bluefield Solar Income Fund (BSIF). This appears to be related to the negative sentiment surrounding the renewable energy sector. Positively, despite the troubles of the broader sector, […]

In this week’s show, James Carthew spoke to Helen Steers from Pantheon International. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer to watch and […]

Undervalued by offer We believe that the revised bid of €8.30 per share for Lar España Real Estate, from a consortium that includes its manager Grupo Lar and US private equity firm Hines, still undervalues the company and its future prospects. The enterprise value implied by the bid price of €1,130m is a considerable discount […]

Momentum building Share prices among real estate investment trusts (REITs) and listed property companies staged a recovery over the third quarter of 2024, collectively rising 5.1% on average (as shown in the chart to the right). This is still just below where they started at the start of the year, but downward interest rate expectations […]

Residential rebound In the year’s third quarter, US inflation continued to fall, forming a positive economic picture for the country, with strong wage growth and low unemployment. In the lead up to the Federal Reserve’s rate cut on 18 September, the first in four years, the technology sector underwent a sell-off that saw Nvidia’s share […]

Historic opportunity Over the past three years, the Temple Bar Investment Trust (TMPL) has delivered a share price total return of 40%, comfortably outperforming both its benchmark index and the wider UK equity income peer group. Impressively, the company is also well ahead of high-flying US indices over this period, highlighting the attractions of investing […]