Research

abrdn Private Equity Opportunities  Investment companies | Update | 9 April 2024 On the way to greener pastures? Despite navigating through what its managers considered to be challenging conditions in 2023, abrdn Private Equity Opportunities (APEO) was able to report both positive NAV growth and double-digit share price returns in its recently published annual results. […]

Oakley Capital Investments Investment companies | Update | 2 April 2024 Getting down to business In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an […]

Temple Bar Investment companies | Update | 27 March 2024 Foundations for success We are now more than three years into the tenure of Ian Lance and Nick Purves as managers of the Temple Bar Investment Trust. In that time, the Redwheel team has aimed to establish a well-diversified portfolio of value-orientated holdings, which it […]

BlackRock Throgmorton – AGM update Investment companies | Flash note | 20 March 2024 Has Throgmorton’s fuse been lit? In yesterday’s BlackRock Throgmorton (THRG) annual general meeting, manager Dan Whitestone outlined what he sees as the significant potential for a surge in UK small and mid-cap valuations to outstrip those in the large cap sector […]

Economic and Political Roundup Investment companies | Monthly | March 2024 Despite further geopolitical uncertainty, US growth appeared undeterred, and the inflation rate continued on its downward trend, strengthening the likelihood of a soft landing. However, the inflation rate was higher than had been expected and the US central bank (the Federal Reserve or Fed) […]

Real Estate Roundup Kindly sponsored by abrdn Performance data February’s biggest movers in price terms are shown in the charts below. It was another month of disappointing share price performance for the real estate sector, as the timing of the fabled interest rate cuts that could kick start a recovery in the sector remains unclear […]

Aquila European Renewables Investment companies | Update | 8 March 2024 Powering through A number of factors appear to have combined to have a small negative effect on Aquila European Renewables’s (AERI’s) NAV and discount in recent weeks, including nerves about when interest rates will be cut, lower power prices, and the imposition of new […]

NextEnergy Solar Fund Investment companies | Update | 7 March 2024 High- and growing-income opportunity? NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about […]

Polar Capital Global Healthcare Investment companies | Initiation | 5 March 2024 Healthy returns and a rosy outlook Polar Capital Global Healthcare (PCGH) is, as we show on page 16, the leading performer within its peer group over the long term. Its managers’ feel that their high-conviction approach and stock-picking skills have helped the trust […]

AVI Japan Opportunity Investment companies | Annual overview | 20 February 2024 The sun has risen 2023 been a noteworthy year for Japan, defined by strong share price returns (at least in yen terms) and progress in its path to improving corporate governance. The Tokyo Stock Exchange has implemented a series of new efforts to […]

Tritax EuroBox Real estate | Update | 20 February 2024 Calmer waters After a period of interest rate volatility, real estate seems to have entered calmer waters, with some evidence of asset values stabilising, while occupier markets could support rental growth. Tritax EuroBox’s (EBOX’s) manager says that it is sailing in these waters too, as […]

Edinburgh Worldwide Investment companies | Annual Overview | 13 February 2024 “The opportunity is as exciting as ever” As the rate of inflation continues its descent (barring a small bounce in the UK in December 2023) interest rates look likely to fall. Growth stocks have been recovering and Edinburgh Worldwide (EWI), the most growth-focused of […]

Real Estate Roundup Kindly sponsored by abrdn Performance data January’s biggest movers in price terms are shown in the charts below. Investors seem to be taking a ‘wait-and-see’ approach to the real estate sector at the start of 2024, as inflation in the UK lags behind other developed economies and anticipated interest rate cuts may […]

Economic and Political Roundup Investment companies | Monthly | February 2024 Amid the heightened geopolitical friction that has continued from December, global returns in January were relatively solid. In the US, GDP grew at an annualised 3.3% in the fourth quarter of 2023, while a blockbuster jobs report at the beginning of February reignited inflation […]

Chrysalis Investments Investment companies | Update | 7 February 2024 Turned a corner On some measures, Chrysalis Investments (CHRY) seems to have turned a corner. The manager points towards the 6.5% jump in the NAV over the final quarter of 2023, encouraging news from many portfolio companies, a NAV enhancing (but unnamed) disposal in the […]

GCP Infrastructure Investment companies | Annual overview  |  30 January 2024 Don’t look back in anger 2023 was a challenging year for GCP Infrastructure Investments Limited (GCP) as rising interest rates and several other factors appeared to weigh on returns. Despite this, the company was still able to generate positive NAV returns which the advisers […]

Gulf Investment Fund Investment companies | Annual overview  |  23 January 2024 In good hands In terms of both its alpha generation and NAV returns, Gulf Investment Fund (GIF) has been one of the best-performing strategies focusing on the Gulf region. The management team has recently increased exposure to the healthcare sector, which it believes […]

Ecofin Global Utilities and Infrastructure Trust Investment companies | Annual overview | 23 January 2024 Strong outlook as macro gloom lifts Over the past 12 months, Ecofin Global Utilities and Infrastructure (EGL), along with the broader utilities and infrastructure sector, appears to have been at the mercy of broader macro-economic conditions. However, the managers note […]

Real Estate Roundup Kindly sponsored by abrdn Performance data December’s biggest movers in price terms are shown in the charts below. A challenging 2023 for the real estate sector was rounded off on a positive footing, with a median average share price increase of 7.1% across the listed sector in December (down 6.3% in the […]

Economic and Political Roundup Investment companies | Monthly | January 2024 Political turbulence persisted in December, ushering in a new wave of global uncertainty in the build up to the 2024 election cycle. In spite of this, confidence in the US remained high as falling yields precipitated a global rally in risk assets. Market pricing […]

JPMorgan Japanese Investment Trust Investment companies | Update | 17 January 2024 Are we there yet? Optimism driven by rapidly developing corporate governance reforms, a divergent economy cycle, and still-negative interest rates likely contributed to a dramatic rally in benchmark Japanese indices over 2023, with the TOPIX index climbing to its highest level in more […]

Urban Logistics REIT REITs | Annual Overview | 10 January 2024 A re-rating candidate If an inflexion point in the rates cycle has been reached, as seems to be the case, Urban Logistics REIT (SHED) appears to be an attractive proposition. Valuations look to have stabilised – as evidenced by a 0.2% uplift in the […]

Polar Capital Technology Investment companies | Annual Overview | 9 January 2024 The AI’s have it Polar Capital Technology’s (PCT’s) manager Ben Rogoff’s conviction levels on the potential of artificial intelligence (AI) have risen, reflecting the all-encompassing possibilities of the technology. His bullishness is displayed in the make-up of PCT’s portfolio, which is weighted almost […]

Rights and Issues Investment Trust Investment companies | Update | 19 December 2023   Old dog, new tricks  We are now more than 12 months into Jupiter Asset Management’s tenure managing the Rights and Issues Investment Trust (RIII), following the retirement of Simon Knott, who was at the helm for 39 years. New managers Dan […]

Vietnam Holding Limited Investment companies | Annual overview | 15 December 2023 Bringing you redemption Vietnam Holding (VNH) has provided both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, with the support of Vietnam’s […]

Oakley Capital Investments Investment companies | Update | 15 December 2023 Walking the walk  Despite broader economic challenges, Oakley Capital Investments (OCI) continues to deliver market beating shareholder returns. A focus on cash-generative companies with recurring revenues and asset-light business models means the portfolio appears to be well insulated as financial conditions have tightened, which […]

Henderson High Income Investment companies | Update | 14 December 2023 Improving outlook on a double discount Henderson High Income (HHI) has recently announced that Henderson Diversified Income will be merged into it, subject to shareholder approval, which would add advantages of scale to HHI in the coming months. HHI’s manager David Smith believes that […]

Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Property stocks bounced back in November after a difficult few months, with the median share price across the sector up 8.2%. Investor sentiment towards the sector improved as hopes that interest rates have hit […]

December 2023 Monthly | Investment companies  Kindly sponsored by abrdn  Winners and losers in November 2023 November marked one of the best months of performance in recent memory, with gains felt across multiple asset classes. The catalyst for this was the market’s expectation that we have hit peak interest rates and that we may be […]