Global equity exposure with a little extra juice HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a well-established active ETF that highlights the benefits of this asset class. Using a proven factor investing approach, explained later in this report, it has consistently delivered modest outperformance against its global equity benchmark. Despite a brief setback […]
Global equity exposure with a little extra juice HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a long-standing active ETF that neatly demonstrates the appeal of the asset class. Through a tried-and-trusted investment process based on factor investing – which we explain in this note – it has consistently achieved a modest outperformance of […]
Global equity exposure with a little extra juice? HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a long-standing active ETF that is managed using an investing process based on factor investing, which is described in this note. As discussed on pages 9 and 10, HWWA has been able to achieve modest outperformance compared to […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) offers investors a distinct route into emerging market equities. Its managers run a genuinely unconstrained mandate, investing across the market cap spectrum and maintaining broad diversification by geography and sector. A key differentiator is the fund’s use of short positions held alongside its […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) gives investors access to a wide range of emerging market shares. The managers have a flexible approach, investing in companies of all sizes and spreading investments across different countries and sectors. A key feature is the use of both long and short positions, […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) provides investors with access to emerging market equities. Its managers operate an unconstrained mandate, investing across the market cap spectrum and maintaining broad diversification by geography and sector. According to the manager, a differentiating feature is the fund’s use of short positions held […]
Cash pile grows as valuations climb Strong performance from Global Opportunities Trust’s equity portfolio drove solid NAV growth in 2025. Shareholders also benefited as the trust’s discount to NAV narrowed, though it remains wide. Noting higher valuations in the portfolio and broader market, the manager took profits and increased cash, leaving the trust ready to […]
Cash pile grows as valuations climb Global Opportunities Trust (GOT)’s NAV growth over 2025 was primarily driven by the contribution from its equity portfolio. Shareholders also benefitted from a narrowing of its discount. The manager observed rising valuation multiples on many of the stocks in the portfolio and in the wider market, and decided to […]
Cash pile grows as valuations climb A strong contribution from Global Opportunities Trust (GOT)’s equity portfolio led to decent NAV growth over 2025. Shareholders benefitted further from a narrowing of its – still too-wide, in our view – discount. The manager observed the rising valuation multiples on many of the stocks in the portfolio and […]
Premium investing Temple Bar Investment Trust (TMPL), managed by Ian Lance and Nick Purves, returned 33.9% in NAV terms and 45.3% in share price terms over 2025, which was above the returns of the UK and global markets. The shares moved to a premium to asset value at the end of the year, which has […]
Premium investing Temple Bar Investment Trust (TMPL), managed by Ian Lance and Nick Purves, outperformed again in 2025, delivering a 33.9% NAV return and a 45.3% share price return, well ahead of both UK and global markets. The shares ended the year at a premium to asset value, which has been unusual in the investment company sector recently, and allowed the fund to sell some previously repurchased shares back […]
Premium investing Temple Bar Investment Trust (TMPL), run by Ian Lance and Nick Purves, has once again outperformed; over 2025, it returned 33.9% in NAV terms and 45.3% in share price terms, well in excess of the UK – and indeed world – markets. It was accompanied by the shares moving to a premium to […]
Cheap and cheerful After a couple of years where the global financials sector has been outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain just as upbeat about the outlook for the sector as they were last May, when we last wrote on the trust. The managers observe that this is […]
Cheap and cheerful After several years of the global financials sector outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain positive about the sector’s prospects, as they were last May. They note that many investors overlook or underweight financials. Despite recent strong performance, financials still have the lowest valuations compared to other sectors and are […]
Cheap and cheerful After a couple of years in which the global financials sector has outperformed global equities, the managers of Polar Capital Global Financials Trust (PCFT) state that they remain as positive about the outlook for the sector as they were in May of last year, when we last wrote on the trust. The […]
Defensively positioned, cautious on inflation As we detail in this note, the managers of Capital Gearing Trust (CGT) see reason to be cautious on the outlook for markets and for inflation, and have positioned the portfolio accordingly. The portfolio’s exposure to risk assets has been trimmed – to just 25% of the portfolio at the […]
Defensively positioned, cautious on inflation The managers of Capital Gearing Trust (CGT) remain cautious about market and inflation risks, and have adjusted the trust’s portfolio to reflect this. Exposure to risk assets was reduced to 25% by the end of November 2025, while holdings in UK inflation-linked bonds were increased. Last November, the managers opposed a proposed merger for HICL Infrastructure (one of the holdings […]
Defensively positioned, cautious on inflation According to the managers of Capital Gearing Trust (CGT), there may be reasons for caution regarding the outlook for markets and inflation, and they have positioned the portfolio in response. The portfolio’s exposure to risk assets was reduced to 25% at the end of November 2025, and holdings of UK […]
Pushing on despite regulatory upheaval The renewable energy infrastructure sector was dealt a blow last month as the government outlined plans to change the inflation link in existing clean energy incentives from the traditionally-higher RPI to CPI from next year – four years ahead of the planned changeover. The impact on Foresight Environmental Infrastructure (FGEN) […]
Pushing on despite regulatory upheaval The renewable energy infrastructure sector was hit last month when the government announced plans to switch the inflation link in clean energy incentives from the higher RPI to CPI from next year, four years earlier than planned. For Foresight Environmental Infrastructure (FGEN), this would only mean a small 0.5% drop […]
Pushing on despite regulatory upheaval The renewable energy infrastructure sector was affected last month as the government outlined plans to change the inflation link in existing clean energy incentives from RPI to CPI from next year, four years ahead of the previously planned changeover. The impact on Foresight Environmental Infrastructure (FGEN) would likely be marginal […]
On the grid, on the money Ageing infrastructure across the developed world in need of upgrading, coupled with rapidly increasing demand for power to fuel the Artificial Intelligence (AI) revolution, mean there are huge changes currently taking place within energy markets. Ecofin Global Utilities and Infrastructure Trust (EGL) stands to benefit. In addition, Jean-Hugues de […]
On the grid, on the money Ageing infrastructure in developed countries and rising power demand from the Artificial Intelligence (AI) boom are driving major changes in energy markets. Ecofin Global Utilities and Infrastructure Trust (EGL) is well positioned to benefit. Jean-Hugues de Lamaze, who has managed the fund for the almost 10 years since its […]
On the grid, on the money Ageing infrastructure across the developed world that may require upgrading, together with increasing demand for power to support the Artificial Intelligence (AI) sector, suggest that significant changes are occurring within energy markets. Ecofin Global Utilities and Infrastructure Trust (EGL) may benefit from these developments. Jean-Hugues de Lamaze, who is […]
The road ahead Chrysalis Investments (CHRY) is seven years old, and its portfolio is increasingly mature. Since we last published, good progress with Starling and signs of a recovery at wefox have translated into NAV gains. A run of realisations has freed up sufficient liquidity to fulfil CHRY’s commitments under its capital allocation policy, and […]
The road ahead Chrysalis Investments (CHRY) is now seven years old, with a more mature portfolio. Since our last update, strong performance from Starling and signs of recovery at wefox have boosted NAV. Recent asset sales have provided enough liquidity for CHRY to meet its capital allocation commitments, and Klarna’s IPO increases the chance of […]
The road ahead Chrysalis Investments (CHRY) is seven years old, and its portfolio appears to be increasingly mature. Since the last publication, progress with Starling and indications of a recovery at wefox have contributed to NAV gains. A series of realisations has provided sufficient liquidity to fulfil CHRY’s commitments under its capital allocation policy, and […]
Dual-use SpaceTech: a strategic shift, not a short-term trend A surge in global defence spending – with NATO countries not only meeting but, in some cases, exceeding previous commitments – has pushed SpaceTech up the priority list for governments and prime contractors alike. This policy shift is feeding directly into the commercial market. Capital markets […]
Dual-use SpaceTech: a strategic shift, not a short-term trend Rising global defence spending, with many NATO countries now meeting or exceeding previous commitments, has made SpaceTech a higher priority for governments and major contractors. This shift in priorities is feeding directly into the commercial market. Investment in SpaceTech is also rebounding, with $10.4bn raised in […]
Dual-use SpaceTech: a strategic shift, not a short-term trend An increase in global defence spending – with NATO countries meeting and, in some cases, exceeding previous commitments – appears to have raised the priority of SpaceTech for both governments and prime contractors. SSIT’s managers say this policy shift is feeding through to the commercial market […]
