Ecofin Global Utilities and Infrastructure Trust – compelling three-year track record
Ecofin Global Utilities and Infrastructure Trust - Compelling three-year track record

 Compelling three-year track record Ecofin Global Utilities and Infrastructure Trust (EGL) has just had its third birthday, and it has much to celebrate. Since launch, the trust has built a compelling track record (NAV and share price total returns of 44.9% and 50.8% respectively) while outperforming a range of comparable indices, including MSCI World Utilities, […]

Investment companies quarterly roundup – Third quarter 2019

Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford  New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]

Retail property market – ready for a renaissance?

 Ready for a renaissance? There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared to […]

Aberdeen Standard European Logistics Income – On the crest of a wave

 On the crest of a wave Aberdeen Standard European Logistics Income (ASLI) has assembled a property portfolio that is primed to cash in on the fundamental shift in consumer spending to online retail. The European logistics market is set to follow in the footsteps of the UK market, which has witnessed a surge in demand […]

Herald Investment Trust – “Profits are only profits when they are realised”

 “Profits are only profits when they are realised” Herald Investment Trust (HRI) generated strong positive returns in the first half of 2019, with marked outperformance by both its UK and US portfolios of their local market indices. Both a general market recovery and a recovery in global technology stocks have helped, but HRI’s UK and […]

QuotedData’s investment companies roundup – October 2019

Investment Companies Roundup Kindly sponsored by Baillie Gifford  New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September.  In […]

QuotedData’s economic roundup – October 2019

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 Real Estate Roundup – October 2019

Real Estate Roundup  Performance data September’s biggest movers in price terms are shown in the chart below. The month of September was a bumper month for many property companies’ share price, dominated by retail focused companies, who in general have taken a hammering over the past 18 months or so. Top of the list was […]

India Capital Growth – Discounted value
India Capital Growth - Discounted value

 Discounted value India Capital Growth (IGC)’s portfolio was trading at just 12x estimated earnings for the year ended 31 March 2021 at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Indian stocks have begun […]

Jupiter Emerging & Frontier Income – Unjustified discount?

 Unjustified discount? In recent months, Jupiter Emerging and Frontier Income (JEFI)’s discount has widened. This seems somewhat at odds with JEFI’s good relative performance over this period and since launch (a 14.7% return on NAV for the period to 19 September 2019 versus 11.4% for the MSCI Emerging Markets Index, 10.4% for the MSCI Frontier […]

International Biotechnology Trust – Healthy yield attracts investors

 Healthy yield attracts investors The managers of International Biotechnology Trust (IBT) have focused its portfolio in oncology (cancer), diseases of the central nervous system and rare diseases – areas where pricing pressure on drugs and other therapies is less of an issue. This should cushion IBT as we approach election year in the US and […]

QuotedData’s Real Estate Roundup – September 2019

Real Estate Roundup  Performance data August’s biggest movers in price terms are shown in the chart below. The month of August has traditionally been a quiet period for news and announcements in the property sector, and this year is no different. Central London landlord Shaftesbury, which owns Carnaby Street as well as huge swathes of […]

JPMorgan Russian Securities – Outperforming and attractively valued

 Outperforming and attractively valued Since QuotedData’s last note on JPMorgan Russian Securities (JRS), Russia has been among the best-performing equity markets globally, despite being out of favour with international investors. The RTS Index has climbed above its 2014 pre-Crimea levels, before sanctions were imposed. Although economic growth has disappointed in 2019, earnings and dividend pay-out […]

Civitas Social Housing – Targeting full dividend cover
Civitas Social Housing - Regulatory action is positive

 Targeting full dividend cover Civitas Social Housing (CSH) has secured a new £60m debt facility that it will use to buy new properties. This will increase its rental income and move CSH very close to full dividend cover. CSH has the option to extend the new loan by another £40m and is also in advanced […]

Montanaro European Smaller Companies Trust – Focus on the small picture

 Focus on the small picture In an environment of slowing growth in Europe, a looming ‘no deal’ Brexit, a US/China trade war spiralling into a currency war and negative bond yields/inverted yield curves (where the cost of borrowing for the short-term is more expensive than the cost of borrowing for the long-term – usually a […]

QuotedData’s investment companies roundup – September 2019

Investment Companies Roundup Kindly sponsored by Baillie Gifford  New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com.  In this issue Performance data – appetite for risk was generally down in August, as […]

QuotedData’s economic roundup – September 2019

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 […]

JLEN Environmental Assets – Battery storage potential
JLEN Environmental Assets - Battery storage potential

 Battery storage potential JLEN Environmental Assets (JLEN) recently added two new revenue streams, hydropower and battery storage, to its already-diverse portfolio. It’s clear from the 16.5% premium to NAV, that investors are drawn to JLEN and its asset mix. In an environment where interest rates are falling, JLEN’s dividend yield (which is well-covered by cash […]

Aberdeen Emerging Markets – The stars may be aligning
Aberdeen Emerging Markets - The stars may be aligning

Year to date, Aberdeen Emerging Markets (AEMC) has been performing well, outstripping both its benchmark and the average of competing funds by some margin (see page 9). The members of the investment management team, who predicted a resurgence in AEMC’s performance in 2019, believe there is more to come over the remainder of the year. […]

QuotedData’s investment companies roundup – August 2019

Investment Companies Roundup  New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com.  In this issue Performance data – appetite […]

QuotedData’s economic roundup – August 2019

Economic & Political Roundup 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 any of the […]

CQS New City High Yield – Same as it ever was…

 Same as it ever was… Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that, since QuotedData last published nothing much has changed, which is what we think investors should expect from this “conservative and boring” fund (see QuotedData’s March 2018 initiation note for explanation). However, we note that NCYF offers […]

BlackRock Throgmorton Trust – Impressive run continues

 Impressive run continues Since QuotedData last published on BlackRock Throgmorton Trust (THRG), it has continued to beat both its benchmark and the average of its peer group by some margin. In a period where the market has been rising, the trust’s short positions managed to break even on average, whilst the long positions outperformed (see […]

Strategic Equity Capital – Discounted opportunity

 Discounted opportunity Jeff Harris and Adam Khanbhai have been managing Strategic Equity Capital’s (SEC’s) portfolio jointly since February 2017. Since this time, NAV growth has been solid (a total return of 14.3%, which is broadly in line with the MSCI UK Small Cap Index’s return of 14.1%) but SEC has strongly outperformed during the last […]

Seneca Global Income & Growth Trust – Going for gold!

 Going for gold! Seneca Global Income & Growth Trust’s (SIGT’s) manager, Seneca Investment Managers (Seneca IM), has continued to reduce SIGT’s equity weighting, in advance of a global recession it now expects in late 2020/ early 2021. Consistent with its view, SIGT has made its first allocation into gold (through a gold exchange traded fund […]

Quarterly investment companies roundup – Second quarter 2019

Quarterly investment companies roundup – Second quarter 2019  QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]

CG Asset Management – The rewards of long-term thinking

 The rewards of long-term thinking The CG Asset Management (CGAM) team’s focus on medium-to-long-term absolute returns and excellent track record have attracted a loyal following of investors. Both Capital Gearing Trust and CG Absolute Return Fund have seen significant inflows since we published our initiation note in September 2018, and CG Absolute Return now has […]

Standard Life Investments Property Income Trust – KYT (know your tenant)
Standard Life Investments Property Income Trust - KYT (know your tenant)

 KYT (know your tenant) Standard Life Investments Property Income Trust (SLI) has built a diverse portfolio of commercial property in the UK. A bias to industrial property is proving beneficial to the fund, but the manager, Jason Baggaley, is keen that all parts of the portfolio pull their weight. In an environment that is becoming more […]

Aberdeen New Dawn – Moving up the league table
Aberdeen New Dawn - Moving up the league table

 Moving up the league table Whilst the ongoing trade dispute between the US and China creates a strong headwind for the region, this more challenging time is playing to Aberdeen New Dawn (ABD)’s strengths. Its focus on high-quality companies is being rewarded and it is climbing the performance league table once again. It is striking […]

QuotedData’s economic roundup – July 2019

Economic & Political Roundup 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 any of the […]