Research

QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]

QuotedData’s economic roundup – December 2018 is 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 […]

Aberdeen Frontier Markets – Incentivised to perform is QuotedData’s latest update note on this frontier markets fund Mark Gordon-James, manager of Aberdeen Frontier Markets (AFMC), has made a material personal investment in the trust, and therefore has shared in the pain experienced by AFMC’s shareholders as the fund has underperformed a falling benchmark index. He […]

Aberdeen Frontier Markets – Incentivised to perform Mark Gordon-James, manager of Aberdeen Frontier Markets (AFMC), has made a material personal investment in the trust, and therefore has shared in the pain experienced by AFMC’s shareholders as the fund has underperformed a falling benchmark. He is, however, convinced of the fundamental attractions of the stocks in […]

The Indian market slid in September, extending its run of losses in 2018, and has seesawed since. The main culprit was the oil price, which feeds through into inflation concerns, rising interest rates, a falling rupee and what appears to have been, a liquidity squeeze. A sharp fall in the oil price since mid-October may […]

India Capital growth – Shakeout uncovers value is QuotedData’s latest update note on this Indian small and mid-cap focused investment company. The Indian stock market slid in September, extending its run of losses in 2018, and has seesawed since. Higher oil prices fed through into inflation concerns; rising interest rates; a fall in the exchange […]

CQS New City High yield – Escalators do not go to the sky! Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier than they are. He sums this up with a quote from his former boss, who cautioned him by saying “Escalators […]

CQS New City High Yield – Escalators do not go to the sky! Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier. He sums up his feelings with a quote from his former boss who cautioned him by saying “Escalators do not go […]

QuotedData’s economic roundup – November 2018 is 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 […]

QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]

Pacific Horizon – Pause for breath? After two years of strong performance, Pacific Horizon (PHI) has suffered a reversal of fortune over the last three months. Sentiment swung against both China and the technology sector (both significant portfolio weights for PHI), with savage share price falls in some areas. However, it is possible that this reversal of […]

After two years of strong performance, Pacific Horizon (PHI) has suffered a reversal of fortune over the last three months. Sentiment swung against both China and the technology sector, with savage share price falls in some areas. However, this reversal of fortune may prove to be short-lived if China and the US can agree a […]

Sareum Holdings – TYKing the boxes Sareum’s investment case centres on the development of the Chk1 inhibitor, SRA737, in solid tumours, by its licensee and on the internal development and potential licensing of internally-generated TYK2 candidates for autoimmune disease and cancer. Marten & Co values Sareum’s 27.5% economic interest in the licensing deal covering SRA737 […]

Sareum Holdings – TYKing the boxes Sareum Holdings’ (Sareum’s) investment case centres on the development of a therapy for the treatment of solid tumours (SRA737, a Chk1 inhibitor – see page 6 for an explanation) and the potential licensing of internally-generated candidates for the treatment of autoimmune disease and cancer (TYK2/JAK1 inhibitors –see page 8). […]

IPO: The Global Sustainability Trust – “Creating a better world” – The Global Sustainability Trust Plc (GSTR) is a new investment trust that aims to access investments that are creating a better world. GSTR’s primary focus will be on unlisted/unquoted private market investments (see page 5). GSTR’s manager can draw on the resources of Aberdeen Standard […]

The Global Sustainability Trust – “Creating a better world” The Global Sustainability Trust Plc (GSTR) is a new investment trust that aims to access investments that are creating a better world. GSTR’s primary focus will be on unlisted/unquoted private market investments (see page 5). GSTR’s manager can draw on the resources of Aberdeen Standard Investments, […]

The North American Income Trust – Reasons to be cheerful Investors in the US may be preoccupied by a possible trade war with China and rising interest rates but the manager of North American Income Trust (NAIT) is relatively upbeat. He points out that the US economy is doing better than most other developed economies; […]

The North American Income Trust – Reasons to be cheerful Investors in the US may be preoccupied by a possible trade war with China and rising interest rates but the manager of North American Income Trust (NAIT) is relatively upbeat. He points out that the US economy is outpacing peers; markets have corrected and are […]

Shires Income – Sustainable high yield Within the universe of UK equity income investment trusts, Shires Income (SHRS) stands out from the herd. It sets out to offer investors a meaningfully higher dividend yield than UK equity markets and aims to make this sustainable by diversifying the fund’s sources of income. SHRS also makes use of the […]

Shires Income – Sustainable high yield Within the universe of UK equity income investment trusts, Shires Income (SHRS) stands out from the herd. It sets out to offer investors a meaningfully higher dividend yield than UK equity markets and aims to make this sustainable by diversifying the fund’s sources of income. SHRS also makes use of the […]

Ecofin Global Utilities and Infrastructure – Staying nimble Ecofin Global Utilities and Infrastructure Trust (EGL) is two years old. The period since its launch has been one in which utilities and infrastructure have faced significant headwinds from rising interest rates and investors’ focus on growth stocks. Despite this, it has thrived. EGL’s manager has been nimble, […]

Ecofin Global Utilities and Infrastructure Trust (EGL) is two years old. The period since its launch has been one in which utilities and infrastructure have faced significant headwinds from rising interest rates and investors’ focus on growth stocks. Despite this, it has thrived. EGL’s manager (Jean-Hugues de Lamaze) has been nimble, moving to take advantage […]

Aberdeen New Dawn – Market setback creates opportunities Aberdeen New Dawn (ABD) has been using recent falls in Asian markets to reduce its underweight exposure to China (Chinese stocks dominate ABD’s benchmark). The manager has become more comfortable with the Chinese market (see page 13) and has demonstrated its ability to pick stocks, delivering strong outperformance from […]

Aberdeen New Dawn – Market setback creates opportunities – Aberdeen New Dawn (ABD) has been using recent weakness in Asian markets to narrow its underweight exposure to Chinese stocks (which dominate ABD’s benchmark). The manager has become more comfortable with this market and has demonstrated its stock-picking ability, delivering strong outperformance from its open-ended fund focused […]

The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this economic cycle is drawing to a close but also that inflation, which has been on […]

Henderson Diversified Income Trust – ‘Winter is coming’ The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote the famous “Winter is coming” line from ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this […]

Seneca Global Income & Growth – Mind the (inflation) gap! Seneca Global Income & Growth Trust’s (SIGT’s) manager, is gradually reducing the trust’s equity weighting over the next couple of years, in advance of a global recession it expects in 2020. Consistent with its view, the recent trend in developed economies has been one of falling […]