The SME Loan Fund – Steady progress in turbulent times Marten & Co published an update research note on the SME Loan Fund (SMEF), formerly GLI Alternative Finance (GLAF) It has been one of the best-performing funds in its peer group in NAV terms since it was launched. It is focused on lending to small […]
The SME Loan Fund (SMEF), formerly GLI Alternative Finance (GLAF), has been one of the best-performing funds in its peer group in NAV terms since it was launched. It is focused on lending to small and medium-sized enterprises (SMEs), an area which in the experience of the UK investment companies market to date, has proved to […]
Premier Energy & Water Trust – A BREXIT beneficiary is Marten & Co’s update note on the fund since the EU referendum Premier Energy & Water Trust – A BREXIT beneficiary, assisted by a marked depreciation of sterling and no currency hedging, Premier Energy and Water Trust’s (PEW’s) NAV has risen by 26.1% since the UK’s EU referendum. […]
Premier Energy & Water Trust – A BREXIT beneficiary, assisted by a marked depreciation of sterling and no currency hedging, Premier Energy and Water Trust’s (PEW’s) NAV has risen by 26.1% since the UK’s EU referendum. PEW has little exposure to UK companies, a geared structure and many holdings that the manager believes are materially […]
Caledonia Mining (Caledonia) produced 23,300oz (23koz) of gold in H1 2016, a 14% increase on H1 2015, indicating that its investment in infrastructure to expand production is already bearing fruit. The company is on schedule to produce around 50koz of gold in 2016 (2015: 43koz). Moreover, EPS for H1 2016 was US7.7c, an improvement of […]
Herald Investment Trust – Investing in the future Marten and Co publishes its first initiation of coverage note on Herald Investment Trust (HRI) Herald Investment Trust (Herald) is a major investor in the small-cap technology sector, especially in the UK. It is the only listed investment trust with a focus on this space. In recent times, […]
Herald Investment Trust (Herald) is a major investor in the small-cap technology sector, especially in the UK. It is the only listed investment trust with a focus on this space. In recent times, small-cap technology stocks have become cheaper relative to both the broader market and large-cap technology stocks. Relative valuations are now close to […]
Edinburgh Dragon – Returning to form is Marten & Co’s latest update note on the fund, published in August 2016 Edinburgh Dragon Trust (EFM) is the largest and one of the most liquid investment companies focused on the Asia ex Japan region. Its strong focus on quality has served it well over the long term. […]
Edinburgh Dragon Trust (EFM) is the largest and one of the most liquid investment companies focused on the Asia ex Japan region. Its strong focus on quality has served it well over the long term. EFM’s manager says that an environment of very low interest rates has distorted markets, with the result that EFM’s focus […]
Caledonia Mining (Caledonia) is a gold mining company that produced 43,000 ounces (43koz) of gold from its mine in Zimbabwe in 2015 and is investing a total of over US$50m from cash flow, with the aim of almost doubling production by 2021. The company is a profitable gold producer that has been paying a quarterly […]
Drum Income Plus REIT – They say good things come in small packages Marten and Co publishes its first initiation of coverage note on Drum Income Plus REIT (DRIP) DRIP is focused on acquiring properties that do not suit the portfolios of the large institutional and overseas buyers, who are targeting larger lot sizes. Its managers say […]
Drum Income Plus REIT (DRIP) is focused on acquiring properties that do not suit the portfolios of the large institutional and overseas buyers, who are targeting larger lot sizes. Its managers say that, by focusing on a less crowded market, DRIP is able to achieve a yield advantage over other property investment companies. DRIP is itself […]
IGC’s NAV is up 28.8% since our last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. There is no good reason why the discount should be widening, in our view. India shines as a bright spot in a world beset by economic problems: […]
India Capital Growth – Indian powerhouse India Capital Growth’s net asset value is up 28.8% since Marten & Co’s last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. The managers cannot see any obvious reason why the discount should be widening. India shines […]
India Capital Growth’s net asset value is up 28.8% since QuotedData’s last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. The managers cannot see any obvious reason why the discount should be widening. India shines as a bright spot in a world beset […]
Fidelity Closed-End Funds Review Welcome to the second edition of Marten & Co’s Fidelity Closed-End Funds Review – a regular publication that looks at Fidelity and recent developments in three of its investment trusts – Fidelity Asian Values, Fidelity Japanese Values and Fidelity Special Values. In this issue: Fidelity Asian Values rises to the top of the […]
Welcome to the second edition of QuotedData’s Fidelity Closed-End Funds Review – a regular publication that looks at Fidelity and recent developments in three of its investment trusts – Fidelity Asian Values, Fidelity Japanese Values and Fidelity Special Values. In this issue: Fidelity Asian Values rises to the top of the performance tables in the AIC’s Asia […]
Seneca Global Income & Growth – On track for zero discount policy Seneca Global Income & Growth Trust (SIGT) is once again trading close to net asset value. This arguably positions it well, if its board adopts a zero discount policy following this July’s AGM (as currently indicated). The Trust’s small premium may reflect the […]
Seneca Global Income & Growth Trust (SIGT) is once again trading close to net asset value. This arguably positions it well, if its board adopts a zero discount policy following this July’s AGM (as currently indicated). The Trust’s small premium may reflect the attraction of its multi-asset approach (especially in current volatile markets), its performance […]
Standard Life European Private Equity – Sitting in a sweet spot Marten and Co publishes its initiation of coverage note on Standard Life European Private Equity Trust In recent years Standard Life European Private Equity Trust has been one of the best performing private equity funds of funds listed in London. SL Capital, managers of the […]
Strategic Equity Capital (SEC)’s managers believe that we are now in a late-mid-stage bull market. Reflecting this, they are maintaining a preference for companies exposed to structural growth, are aiming to operate with higher levels of cash in the portfolio (10-15% up from 5-10%) and the focus is on “reasonably priced growth” and “self-help” opportunities. […]
In recent years Standard Life European Private Equity Trust has been one of the best performing private equity funds of funds listed in London. SL Capital, managers of the fund, believe it its discount of 26.9% is too wide for the quality of its NAV and that, as a European (mid-market) specialist, it sits in […]
Henderson International Income – Yield, performance and liquidity Marten and Co publishes its initiation of coverage note on Henderson International Income (HINT) Henderson International Income (HINT) has delivered the highest net asset value growth in its peer group since launch, is on track to achieve 15% cumulative dividend growth over the past four years and offers […]
Henderson International Income (HINT) has delivered the highest net asset value growth in its peer group since launch, is on track to achieve 15% cumulative dividend growth over the past four years and offers investors a unique way of diversifying their dividend income outside the UK. Until recently, the fund was relatively small. A £95m […]
Central Asia Metals – Defending the dividend – Central Asia Metals (CAML’s) recent annual results show that the company recorded another profitable year in 2015. With a final dividend of 8.0p, the company is maintaining the total dividend at 12.5p, resulting in a dividend yield of 7.1% at the current share price. CAML’s main asset is […]
Edinburgh Dragon – An artificial reality? Edinburgh Dragon Trust (EFM) is the largest and one of the most easily tradeable investment companies in the AIC’s Asia ex Japan sector. The fund manager aims to buy high-quality companies at attractive valuations – an approach that has been applied consistently for many years. The manager believes that […]
Please click the link above to access our latest research on Edinburgh Dragon Edinburgh Dragon Trust (EFM) is the largest and one of the most easily tradeable investment companies in the AIC’s Asia ex Japan sector. The fund manager aims to buy high-quality companies at attractive valuations – an approach that has been applied consistently […]
India Capital Growth – Compounding machine Marten and Co publishes our initiation of coverage note on India Capital Growth Fund India has one of the fastest growing economies in the world and India Capital Growth (IGC), the only London listed fund with a portfolio of predominantly small and mid-cap Indian companies, is positioned to benefit […]
Please click on the link above to access our initiation note on India Capital Growth Fund India has one of the fastest growing economies in the world and India Capital Growth (IGC), the only London listed fund with a portfolio of predominantly small and mid-cap Indian companies, is positioned to benefit from that growth. […]
Pacific Horizon – investor in Asian growth Marten and Co publishes its first initiation of coverage note on Pacific Horizon (PHI) The company is unashamedly a growth fund and its Asia-focused portfolio has significant overweight exposures to technology and biotechnology. However, it would appear that, investors are shying away from Asia because of weak Chinese growth and […]
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