Moving to a new phase Pantheon Infrastructure (PINT) delivered strong results in 2025, with an NAV total return above its 8-10% target. This was driven by solid operational performance, higher EBITDA and better cash generation. The full-year dividend was increased and fully covered. PINT is now moving from its initial buildout phase to a more […]

Moving to a new phase Pantheon Infrastructure (PINT) delivered another year of strong progress in 2025. NAV total return was ahead of its 8-10% target, helped by continued operational delivery across the portfolio, rising EBITDA and improving cash generation. The full-year dividend was increased and fully covered. PINT is now moving beyond its initial build-out […]

“Market mispricing AI risk” During global market uncertainty, Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), have generally performed well as investors look for stable cash flows. Some holdings, especially in consumer staples, have been defensive during recent periods of market volatility linked to the Iran war. However, concerns about the […]

“Market mispricing AI risk” During periods of global market uncertainty, the companies held by Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), have tended to see increased attention as investors look more towards businesses with durable and resilient cash flows. Some holdings, particularly consumer staples businesses, have appeared defensive amid volatility […]

“Market mispricing AI risk” During periods of global market uncertainty, the companies held by Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), have tended to perform well as investors seek durable and resilient cash flows. Whilst some holdings – particularly those in the consumer staple sector – have proven defensive amid […]

The elastic band stretches further? Montanaro UK Smaller Companies (MTU) invests in three areas that are currently out of favour with investors: the UK, small caps, and high-quality companies. Its portfolio companies continue to report revenue and earnings growth, but this progress does not appear to be reflected in their valuations, which may be affecting […]

The elastic band stretches further Montanaro UK Smaller Companies (MTU) invests in three areas currently out of favour with investors: the UK, small caps, and high-quality companies. Its portfolio companies continue to deliver decent revenue and earnings growth, but this progress is not being reflected in their valuations, which is weighing on MTU’s performance. The […]

The elastic band stretches further Montanaro UK Smaller Companies (MTU) invests in three areas currently out of favour: the UK, small caps, and high-quality companies. While its portfolio companies are still growing revenues and earnings, this is not reflected in their share prices, which has hurt MTU’s performance. The manager believes patient investors will be […]

Strong NAV growth underway, with further upside expected Seraphim Space Investment Trust’s (SSIT’s) recent results show strong NAV progression, driven by valuation uplifts across its core holdings and improving operational momentum. However, the manager’s excitement about the portfolio’s prospects is undimmed. It believes that there is significantly more NAV growth to come as contracts convert […]

Strong NAV growth underway, with further upside expected Seraphim Space Investment Trust (SSIT) has reported strong NAV growth, mainly from higher valuations in its main holdings and better operational performance. The manager remains very excited about SSIT’s future prospects, expecting further NAV gains as more contracts turn into revenue and momentum increases. SpaceTech is now […]

Strong NAV growth underway, with further upside expected Seraphim Space Investment Trust’s (SSIT’s) recent results show 20.1% NAV growth over the half year to 31 December, which the manager attributes to valuation uplifts across its core holdings and improving operational momentum. The manager remains optimistic about the portfolio’s prospects, believing there may be further NAV […]

Doing good, globally Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is a relatively new active ETF that invests in global developed market shares, using environmental, social and governance (ESG) criteria in its selection process. The fund aims to improve quality, resilience and long-term returns. Since launch, AWDS has slightly […]

Doing good, globally Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is a relatively new active ETF that offers exposure to a portfolio of global developed market equities, while incorporating environmental, social and governance (ESG) criteria into its portfolio construction. The aim is to provide incremental improvements in quality, resilience […]

Doing good, globally? Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is an active ETF that offers exposure to a portfolio of global developed market equities, while incorporating environmental, social and governance (ESG) criteria into its portfolio construction. The stated aim is to provide incremental improvements in quality, resilience and […]

Mining bottleneck fuels uranium upside Uranium and nuclear energy’s strong long-term fundamentals, driven by persistent supply deficits and rising structural demand from both traditional reactors and emerging demand for power such as AI data centres, have been well established. Whilst recent investment has focused on fuel processing stages such as conversion and enrichment, uranium mining […]

Mining bottleneck fuels uranium upside Uranium and nuclear energy have strong long-term prospects, supported by ongoing supply shortages and increasing demand from both traditional reactors and new sources such as power for AI data centres. Whilst recent investment has focused on fuel processing, uranium mining remains the main bottleneck, giving Geiger Counter’s (GCL’s) mining-focused portfolio […]

Mining bottleneck fuels uranium upside Geiger Counter’s (GCL’s) manager believes that uranium and nuclear energy’s long-term fundamentals are strong, driven by persistent supply deficits and rising structural demand from both traditional reactors and emerging demand for power such as AI data centres. Whilst recent investment has focused on fuel processing stages such as conversion and […]

Plenty to do AVI Global Trust (AGT) recently secured a higher bid for its largest holding, Toyota Industries, releasing cash for new investments as markets fell due to the war with Iran. The manager, Asset Value Investors (AVI), remains positive about AGT’s outlook. AVI notes Japanese companies are now more open to engagement, has identified […]

Plenty to do AVI Global Trust (AGT) recently secured an improved bid for what was its largest holding, Toyota Industries. This has freed up cash for redeployment into new investments as markets have declined in response to the war with Iran. The manager, Asset Value Investors (AVI), says that it remains positive about AGT’s prospects. […]

Plenty to do AVI Global Trust (AGT) is celebrating a recent success after securing an improved bid for what was its largest holding, Toyota Industries. This has freed up cash for redeployment into new opportunities just as markets have tumbled in response to the war with Iran. The manager, Asset Value Investors (AVI), remains upbeat […]

A unique approach to UK equities JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF focused entirely on UK shares. Now nearly four years old, it has proven its ability to outperform its benchmark, especially in the past year. This success comes from a benchmark-aware, bottom-up approach based on detailed […]

A unique approach to UK equities? JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF invested solely in UK equities. Now approaching its fourth anniversary, it has outperformed its benchmark since launch, including over the past year. According to the manager, this has been achieved through a benchmark-aware, bottom-up investment […]

A unique approach to UK equities JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF invested solely in UK equities. Now approaching its fourth anniversary, it has demonstrated an ability to outperform its benchmark, particularly over the past year. This has been achieved through a benchmark-aware, bottom up investment process […]

A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) hosted a funds spotlight event on 27 January, during which its managers presented in detail on its funds pool. This pool is one of three elements of CLDN’s portfolio; it sits alongside separate pools of investments in public and private companies, and represents around a […]

A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) hosted a funds spotlight event on 27 January, during which its managers presented in detail on its funds pool. This pool is one of three elements of CLDN’s portfolio; it sits alongside separate pools of investments in public and private companies, and represents around a […]

A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) held a funds spotlight event on 27 January, where its managers gave a detailed overview of its funds pool. This pool is one of three parts of CLDN’s portfolio, sitting alongside investments in public and private companies. It makes up about a third of total […]

Returns based more in reality than hope Alliance Witan (ALW) has just announced its annual results for 2025, over which its returns lagged those of its benchmark, the MSCI All Countries World Index (MSCI ACWI). In this note, we examine the reasons behind that underperformance. Chief amongst them, according to ALW’s manager Willis Towers Watson […]

Returns based more in reality than hope Alliance Witan (ALW) has released its 2025 annual results, showing returns below its benchmark, the MSCI All Countries World Index (MSCI ACWI). This note looks at the reasons for this underperformance. ALW’s manager, Willis Towers Watson (WTW), says markets are now too focused on short-term trends and momentum, […]

New focus on total returns Following its strategic review, NextEnergy Solar Fund’s (NESF’s) board plans to refocus on delivering both income and capital growth, aiming for long-term total returns of 9%-11%. This year’s dividend target of 8.43p will be met, but future dividends will be set at 75% of operating free cashflows after debt and […]