Research

 Focused on fundamentals Just a couple of months ago, Strategic Equity Capital (SEC)’s NAV and share price were at an all-time high. However, since then the covid-19-related sell-off in markets has led to a flight to safety, to the detriment of smaller companies funds’ NAVs, and a widening of discounts. SEC has proved relatively resilient, […]

 Focused on fundamentals Just a couple of months ago, Strategic Equity Capital (SEC)’s net asset value (NAV) and share price were at all-time highs. However, since then, the covid-19-related sell-off in markets has led to a flight to safety. NAVs of smaller companies funds have fallen and discounts have widened. Against this backdrop, SEC has […]

Some commentators appear to have overstated the impact of regulatory concerns on Civitas Social Housing’s (CSH’s) performance. Regulatory notices served on some of its tenants knocked the share price over 2018/2019. However, during the whole period, it collected its rents, paid its dividends and increased its net asset value (NAV). Recognition of this fact, and […]

Some market commentators appear to have overstated the impact of regulatory concerns on Civitas Social Housing’s (CSH’s) performance. Regulatory notices served on some of its tenants knocked CSH’s share price over 2018/2019. However, during the whole of this period, it collected its rents, paid its dividends and increased its net asset value (NAV). Recognition of […]

James Carthew’s new weekly news roundup show last Friday, 3rd April, covers a wide range of topics including the CLO rules that are cutting off income in the debt – structured finance sector and the dividend suspensions that are hitting some property stocks, in particular. Listen back here This was our first weekly roundup. As […]

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 […]

 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 and has fared better than its peers in this environment. Some delay to drug development and testing […]

 Change is a coming Following an excellent year of performance during 2019 (an 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, […]

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 […]

 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 […]

 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 […]

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

 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 […]

 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 […]

 Reputation restored Over the last three and a half years, under Charles Montanaro’s direction, Montanaro UK Smaller Companies Trust (MTU) has rebuilt its long-term record of outperformance of its benchmark. A strong NAV uplift over the second half of 2019 (helped by some clarity on Brexit), where the trust ranked second of 11 funds in […]

 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 narrowing of the discount, but if outperformance can be maintained, this should follow in time. Investors might also be comforted by AEMC’s much lower volatility of 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 […]

 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 […]

 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 the […]

 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, […]

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