QuotedData’s Investment Companies Roundup – April 2020

Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments  Table of contents  New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list  New research Here is a list of research we published over March: An update note […]

QuotedData’s Economic Roundup – April 2020

Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]

QuotedData’s Real Estate Roundup – April 2020

Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data March’s biggest movers in price terms are shown in the chart below. Property stocks took a hammering in March as the covid19 pandemic took hold. The UK was put on lockdown to stop the spread of the coronavirus resulting in the enforced closure of […]

International Biotechnology Trust – Trust in biotech

The biotechnology sector is proving to be relatively resilient in this COVID-19 related market sell-off. International Biotechnology Trust (IBT) adopts a conservative approach to investing in what can be a quite volatile, if rewarding, sector. It has fared better than competing funds in this environment. Some delay to drug development, testing programmes and product launches […]

Herald Investment Trust – Change is a coming

Following an excellent year of performance during 2019 (a net asset value (NAV) total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19. As authorities scramble to contain the virus, our lives are changing in significant ways. Inevitably, technology […]

CG Asset Management – More than a port in a storm

 More than a port in a storm It is often said that markets climb a wall of worry, but there are times when investors panic and run for the exits. In such an environment, the attractions of funds which are defensively positioned and managed by an experienced team, with an investment ethos based on an […]

Premier Global Infrastructure Trust – Don’t stop me now

 Don’t stop me now A much-improved 2019, helped by lower interest rate expectations, translated into 38.3% gains for Premier Global Infrastructure Trust (PGIT) ordinary shareholders. Before the covid-19 panic caused markets to stumble, PGIT was having a strong start to 2020 as well, with the shares hitting 147p on 21 February. In unsettled markets, the […]

QuotedData’s Real Estate Roundup – March 2020
QuotedData's Real Estate Roundup - March 2020

Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data February’s biggest movers in price terms are shown in the chart below. Property stocks tumbled in February as fears over the spread of Covid-19 spooked financial markets around the world and resulted in the largest sell-off since the 2008 financial crisis. There were just […]

QuotedData’s Investment Companies Roundup – March 2020

Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments  Table of contents  New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide  New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]

QuotedData’s Economic Roundup – March 2020

Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]

Montanaro UK Smaller Companies – Reputation restored

 Reputation restored Following the return of Charles Montanaro as manager in 2016, Montanaro UK Smaller Companies Trust (MTU) has rebuilt its long-term record of outperformance of its benchmark over the last three and a half years. A strong uplift in net asset value (NAV) during the second half of 2019 (helped by some clarity on […]

Aberdeen Emerging Markets – Focused on returns
Aberdeen Emerging Markets - Focused on returns

 Focused on returns The managers of Aberdeen Emerging Markets (AEMC) are optimistic about the prospects for the company. Strong performance last year has not yet translated into a reduction in the discount that the share price trades at relative to the asset value, but if outperformance can be maintained, this should follow in time. Investors […]

Polar Capital Global Financials Trust – New lease of life
Polar Capital Global Financials Trust - New lease of life

 New lease of life As we approach the seventh anniversary of Polar Capital Global Financials Trust (PCFT)’s launch, its directors are proposing that the company continues beyond its planned wind-up date. A decade after the financial crisis, the sector, and banks in particular, remain out of favour. The problem is compounded for UK-based investors by […]

Standard Life Investments Property Income Trust – Adding value in cautious times
Standard Life Investments Property Income Trust - Adding value in cautious times

 Adding value in cautious times Standard Life Investments Property Income Trust (SLI) has a long-term track record of market-beating returns achieved by investing in a diverse portfolio of commercial property in the UK. Minimal retail holdings and a bias to industrial property have proved beneficial to the fund. However, its active approach to asset management, […]

QuotedData’s Real Estate Roundup – February 2020

Real Estate Roundup  Performance data January’s biggest movers in price terms are shown in the chart below. The sluggish start to the year for listed property companies is hardly surprising given they were coming off a high base after the “Boris-bounce” following the general election in December. Topping the list was Triple Point Social Housing […]

QuotedData’s Economic Roundup – February 2020

Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]

QuotedData’s Investment Companies Roundup – February 2020

Investment Companies Roundup Kindly sponsored by Baillie Gifford  Table of contents  New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide  New research  Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]

Aberdeen New Dawn – Illuminating value

 Illuminating value Aberdeen New Dawn (ABD) has provided peer-group-beating performance during 2019 (an NAV total return of 18.4% versus a peer group average of 15.2%). Despite this, and also despite offering one of the lowest ongoing charges ratios amongst its peers, its discount to NAV remains broadly unchanged and is still, peculiarly, one of the […]

Shires Income – Building on a great 2019

 Building on a great 2019 The second half of 2019 was a profitable time for investors in Shires Income (SHRS), as the trust extended its outperformance of both the UK market and the average competing fund. Investors also benefitted from the elimination of the discount as the share price rose to match the NAV. The […]

QuotedData’s Real Estate Annual Review – 2019

 Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]

GCP Infrastructure – Stable income, uncertain times

 Stable income, uncertain times For almost 10 years, GCP Infrastructure (GCP) has met its objective of delivering high and stable income for its shareholders with low volatility of returns, while preserving their capital. The mix of assets that it lends against has evolved as the investment adviser has sought out alternative sources of cash flows […]

QuotedData’s Investment Companies Annual Review – 2019

 In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]

QuotedData’s Real Estate Roundup – January 2020
QuotedData's Real Estate Roundup - January 2020

Real Estate Roundup  Performance data December’s biggest movers in price terms are shown in the chart below. December was a good month for listed property companies, with the sector experiencing a bounce following the convincing majority the Conservative party won at the general election. For the second month in a row, estate agency group Countrywide […]

QuotedData’s investment companies roundup – January 2020

Investment Companies Roundup Kindly sponsored by Baillie Gifford  Table of contents  New research In this issue Performance data Discounts and premiums Money in and out Income Events  New research  Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]

QuotedData’s economic roundup – January 2020

Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]

Industrial property market – The gift that keeps on giving

 Industrial property market – the gift that keeps on giving The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many […]

BlackRock Throgmorton Trust – Look past the short-term noise

 Look past the short-term noise Helped by a positive contribution from its short positions, BlackRock Throgmorton (THRG) continues to turn out benchmark-beating returns and leads its peer group, the AIC’s UK Smaller companies sector, over the medium term. A share price return of 46.5% over the year to the end of November is the best […]

Vietnam Holding Limited – Silent revolution

 Silent revolution Vietnam Holding (VNH) has quietly undergone a major overhaul during the last two years, making it more shareholder-friendly and putting it on a stronger footing (see pages 4 and 5 in the PDF version). However, in a world that is increasingly conscious of corporate responsibilities, it is VNH’s strongly-held environmental, social and corporate […]

Sareum Holdings – Tyking over… nicely
Sareum Holdings - TYKing the boxes

 Table of contents Tyking over…nicely Data summary Investment summary Company profile: Virtual development TYK2 – autoimmune disease SRA737 development affected by Sierra’s strategic change Investment thesis – valuation Stock catalysts Investment sensitivities Management & shareholders Financials Appendix – JAK licensing deals Previous publications The legal bit  Tyking over… nicely Sareum’s investment case centres on the […]

QuotedData’s Real Estate Roundup – December 2019

Real Estate Roundup  Performance data November’s biggest movers in price terms are shown in the chart below. November saw a host of companies report interim and full year results with varying outcomes. CLS Holdings, which owns a diverse portfolio split between the UK, Germany and France, gave a positive trading update that outlined its capital […]