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 […]
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 […]
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 […]
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, the discount remains broadly unchanged and is still, peculiarly, one of the widest in […]
Building on a great 2019 The second half of 2019 proved profitable for investors in Shires Income (SHRS) as the trust extended its outperformance of both the UK market and the average of its peer group. Investors also benefitted from the elimination of the discount. The trust continues to expand, and this should both help […]
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 […]
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, […]
Stable income, uncertain times For almost 10 years, GCP Infrastructure (GCP) has met its objective of delivering high and stable income with low volatility of returns, while preserving investors’ capital. The mix of assets that it lends against has evolved as the investment adviser has sought out alternative sources of public sector-backed cash flow. A […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 sector over the medium term. A share price return of 46.5% over the year to the end of November is the best among all AIC investment trusts. This is […]
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 […]
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). However, in a world that is increasingly conscious of corporate responsibilities, it is VNH’s strongly-held ESG principles that might be the key attraction […]
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 […]
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 […]
Tyking over… nicely Sareum’s core investment proposition is focused on the development and potential out-licensing of its two internal, preclinical-stage TYK2/JAK1 inhibitors, which are proceeding towards IND filings in 2020. Development of the Sareum-originated Chk1 inhibitor, SRA737, is, however, likely to enter a state of abeyance, while partner Sierra Oncology attempts to secure a sub-licensing […]
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 […]
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 […]
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 November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
Macro driven market is creating opportunities Fran Radano, the manager of North American Income Trust (NAIT), comments that the US market has been very macro-driven this year, frequently outweighing company fundamentals. Whilst it can be challenging to trade through such environments, increased market volatility creates opportunities for investors who are able to look through the […]
Macro driven market is creating opportunities Fran Radano, the manager of North American Income Trust (NAIT), comments that the US market has been very highly driven by macroeconomic sentiment this year, with the effects of this frequently outweighing company fundamentals. He notes that, whilst it can be challenging to trade through such environments, increased market […]
Soft landing likely… …but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising interest rates and inflation. This stance, and their focus on high-quality credits, has been rewarded in 2019, as central banks around the world have cut interest rates to […]
Soft landing likely… …but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising rates and inflation. This stance, and their focus on high-quality credits, has been rewarded in 2019, as central banks around the world have cut rates to tackle a […]
The trust that delivers Henderson High Income Trust (HHI) launched in November 1989, with an objective of generating a high income from a portfolio consisting primarily of UK equities complemented by a modest weighting in fixed interest investments to enhance income. Investors might have been forgiven for thinking that the second half of the objective, […]
The trust that delivers Henderson High Income Trust (HHI) launched in November 1989, with an objective of generating a high income from a portfolio consisting primarily of UK equities complemented by a modest weighting in fixed interest investments that have been used to enhance income. Investors might have been forgiven for thinking that the second […]
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