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 – Expansion boosts bottom line Caledonia Mining (CMCL) 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 […]
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 […]
Q2 2016 Quarterly roundup Q2 was, in the end, dominated by the UK’s vote to leave the EU. Nervousness ahead of the vote enhanced volatility but markets came to believe voters would back remain and were shocked when the result went the other way. Sharp falls in Sterling post the vote have been accompanied by […]
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 […]
Central Asia Metals – Dividend-paying, low-cost copper producer Central Asia Metals (CAML) recorded a profit in its first year of operation (2012) and has remained profitable ever since. It has paid a dividend each year from cash earnings, something of a novelty for a junior mining company and has returned to shareholders all the funds […]
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 […]
