Edward Marten

Edward Marten

Edward Marten is MD of investor research company QuotedData. They provide free information for investors who find it hard to access high-quality, reliable, equity research on UK and European-listed companies. This is a QuotedData release.

Economic & Political Roundup – Dec 2019

Economic & Political Roundup – Dec 2019

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 of...

Investment companies roundup – December 2019

Investment companies roundup – December 2019

In this issue Following a lacklustre October, risk-appetite rose over November, reflected by both the level of the NAV and price returns as well as the prevalence of growth-focused funds in the tables. Sectorally, biotech strategies had a strong month, led by Biotech Growth and International Biotechnology. It was also a good month for UK...

Henderson Diversified Income Trust – Soft landing likely…

Henderson Diversified Income Trust – Soft landing likely…

Henderson Diversified Income Trust – 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...

Henderson High Income – The trust that delivers

Henderson High Income – 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.... Read more Investors might have been forgiven for thinking...

Geiger Counter – Supply deficit unsustainable

Geiger Counter – Supply deficit unsustainable

2018 saw a strong recovery in the uranium price. This has stalled this year, but with the uranium market now seeing more demand than supply, Geiger Counter’s (GCL’s) managers see the potential for a resurgence in the uranium price, as more nuclear reactors come online (particularly in China and India),...

Aberdeen Frontier Markets – Significant latent value?

Aberdeen Frontier Markets – Significant latent value?

Aberdeen Frontier Markets (AFMC)’s manager has been re-positioning the portfolio by reducing exposure to Sub-Saharan Africa, adding companies in new markets and looking capture more of the momentum in markets. There is a now a greater tilt to the Asia Pacific region, where Vietnam accounts for over a quarter of...

Real Estate Monthly roundup – Nov 2019

Real Estate Monthly roundup – Nov 2019

October was another strong month for certain retail focused property companies. For the second month running, Capital & Regional topped the list for share price growth: up 30.5% in the month – admittedly off a low base. The shopping centre landlord’s shares continued to rise after it agreed a deal...

Economic & Political Roundup – Nov 2019

Economic & Political Roundup – Nov 2019

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 of...

Investment companies roundup – November 2019

Investment companies roundup – November 2019

In this issue Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched a sector overview report. Performance data – Equity markets were broadly...

Pacific Horizon – 2018 re-calibration paying off

Pacific Horizon – 2018 re-calibration paying off

Moves by Pacific Horizon’s (PHI) manager Ewan Markson-Brown to re-position the portfolio by lowering its allocation to technology stocks, and excellent returns to-date from stock picks made in 2018, are paying off. PHI is the best-performing Asia Pacific fund in net asset value (NAV) terms over the year-to-date. Following a...

Seneca Global Income & Growth – Pausing on equity reductions

Seneca Global Income & Growth – Pausing on equity reductions

Over the last couple of years, Seneca Investment Managers (Seneca IM), the manager of Seneca Global Income & Growth Trust (SIGT), has been reducing the trust’s equity weighting, in advance of a global recession that it now expects in 2021. Consistent with this view, the manager has increased SIGT’s weighting...

Polar Capital Global Financials Trust – Banks too cheap to ignore?

Polar Capital Global Financials Trust – Banks too cheap to ignore?

US interest rate cuts and a slowing global economy have overshadowed the financials sector and banks in particular so far this year. With banks trading close to multi-year lows, Polar Capital Global Financial (PCFT)’s managers have been adding to positions in their favoured stocks... Read more The managers believe that...

Premier Global Infrastructure Trust – Strong income growth

Premier Global Infrastructure Trust – Strong income growth

Premier Global Infrastructure Trust’s (PGIT’s) ordinary shares have provided an NAV total return of 34.4% during the last 12 months, boosted by the trust’s split capital structure (see page 13). The returns have been achieved despite PGIT having a significant allocation to Asia, and particularly China, which has faced a...

Retail property market – Retail ready for a renaissance?

Retail property market – Retail ready for a renaissance?

There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared...

Quarterly Investment Companies Review – Q3

Quarterly Investment Companies Review – Q3

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has...

Economic & Political Roundup – Oct 2019

Economic & Political Roundup – Oct 2019

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 of...

Investment companies roundup – Oct 2019

Investment companies roundup – Oct 2019

Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In this issue Performance data – Appetite for risk increased to a degree over September. Gold...

Real Estate Monthly roundup

Real Estate Monthly roundup

The month of September was a bumper month for many property companies’ share price, dominated by retail focused companies, who in general have taken a hammering over the past 18 months or so. Top of the list was Capital & Regional. Shares in the shopping centre landlord bounced after it...

India Capital Growth – Discounted value

India Capital Growth – Discounted value

India Capital Growth – Discounted value India Capital Growth (IGC)’s portfolio was trading at just 12x estimated earnings for the year ended 31 March 2021 at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the...

Jupiter Emerging & Frontier Income – Unjustified discount?

Jupiter Emerging & Frontier Income – Unjustified discount?

In recent months, Jupiter Emerging and Frontier Income (JEFI)’s discount has widened. This seems somewhat at odds with JEFI’s good relative performance over this period and since launch (a 14.7% return on NAV for the period to 19 September 2019 versus 11.4% for the MSCI Emerging Markets Index, 10.4% for...

JPMorgan Russian Securities – Outperforming and attractively valued

JPMorgan Russian Securities – Outperforming and attractively valued

Since QuotedData’s last note on JPMorgan Russian Securities (JRS), Russia has been among the best-performing equity markets globally, despite being out of favour with international investors. The RTS Index has climbed above its 2014 pre-Crimea levels, before sanctions were imposed. Although economic growth has disappointed in 2019, earnings and dividend...

Economic & Political Roundup – Sept 2019

Economic & Political Roundup – Sept 2019

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 of...

Investment companies roundup – Sept 2019

Investment companies roundup – Sept 2019

Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally present through July, with US stocks and the dollar performing well; Tech companies largely...

JLEN Environmental Assets – Battery storage potential

JLEN Environmental Assets – Battery storage potential

JLEN Environmental Assets – Battery storage potential JLEN Environmental Assets (JLEN) recently added two new revenue streams, hydropower and battery storage, to its already-diverse portfolio. It’s clear from the 16.5% premium to NAV, that investors are drawn to JLEN and its asset mix. In an environment where interest rates are falling, JLEN’s dividend yield (which is...

Aberdeen Emerging Markets – The stars may be aligning

Aberdeen Emerging Markets – The stars may be aligning

Aberdeen Emerging Markets – The stars may be aligning Year to date, Aberdeen Emerging Markets (AEMC) has been performing well, outstripping both its benchmark and the average of competing funds by some margin (see page 9). The members of the investment management team, who predicted a resurgence in AEMC’s performance in 2019, believe there...

Investment companies roundup – August 2019

Investment companies roundup – August 2019

Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Incomeand Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was...

Economic roundup – Aug 2019

Economic roundup – Aug 2019

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 of...

CQS New City High Yield – Same as it ever was…

CQS New City High Yield – Same as it ever was…

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that, since QuotedData last published nothing much has changed, which is what we think investors should expect from this “conservative and boring” fund (see QuotedData’s March 2018 initiation note for explanation)... Read more However, we note that...

BlackRock Throgmorton Trust – Impressive run continues

BlackRock Throgmorton Trust – Impressive run continues

Since QuotedData last published on BlackRock Throgmorton Trust (THRG), it has continued to beat both its benchmark and the average of its peer group by some margin. In a period where the market has been rising, the short book managed to break even, whilst the long book outperformed (see pages...

Strategic Equity Capital – Discounted opportunity

Strategic Equity Capital – Discounted opportunity

Jeff Harris and Adam Khanbhai have been managing Strategic Equity Capital’s (SEC’s) portfolio jointly since February 2017. Since this time, NAV growth has been solid (a total return of 14.3%, which is broadly in line with the MSCI UK Small Cap Index’s return of 14.1%) but SEC has strongly outperformed during the last year, returning 2.3%, while...

Seneca Global Income & Growth Trust – Going for gold!

Seneca Global Income & Growth Trust – Going for gold!

Seneca Global Income & Growth Trust’s (SIGT’s) manager, Seneca Investment Managers (Seneca IM), has continued to reduce SIGT’s equity weighting, in advance of a global recession it now expects in late 2020/ early 2021. Consistent with its view, SIGT has made its first allocation into gold (through a gold exchange...

Quarterly investment companies roundup – Second quarter 2019

Quarterly investment companies roundup – Second quarter 2019

Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time being, though several headwinds, including...

CG Asset Management – The rewards of long-term thinking

CG Asset Management – The rewards of long-term thinking

The CG Asset Management (CGAM) team’s focus on medium-to-long-term absolute returns and excellent track record have attracted a loyal following of investors. Both Capital Gearing Trust and CG Absolute ReturnFund have seen significant inflows since we published our initiation note in September 2018, and CG Absolute Return now has a three-year track record,...

Banks in Britain revive preparations for no-deal Brexit

Aberdeen New Dawn – Moving up the league table

Whilst the ongoing trade dispute between the US and China creates a strong headwind for the region, this more challenging time is playing to Aberdeen New Dawn (ABD)’s strengths. Its focus on high-quality companies is being rewarded and it is climbing the performance league table once again... Read more It...

Economic roundup – July 2019

Economic roundup – July 2019

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 of...

Investment companies roundup – July 2019

Investment companies roundup – July 2019

Performance data – there was a greater appetite for risk in June as the prospect of an interest cut in the US becomes more likely. The US dollar lost value following softer economic data and revised expectations over monetary policy, which benefitted emerging markets;Money in and out – net inflows...

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