Prices and Markets
Herald Investment Trust – Change is a coming
Following an excellent year of performance during 2019 (a net asset value (NAV) total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19.... Read more As authorities scramble to contain the virus, our lives are changing in significant ways. Inevitably, technology is enabling these changes and this will accelerate the demand for associated products (Internet (VoIP) phones, teleconferencing services, remote desktop access, VPNs, etc)...
CG Asset Management – More than a port in a storm
It is often said that markets climb a wall of worry, but there are times when investors panic and run for the exits. In such an environment, the attractions of funds which are defensively positioned and managed by an experienced team, with an investment ethos based on an assessment of long-term fundamental value, come to the fore... Read more CG Asset Management (CGAM)’s defensive stance is based on its belief that almost all asset classes offer the prospect of low...
Premier Global Infrastructure Trust – Don’t stop me now
A much-improved 2019, helped by lower interest rate expectations, translated into 38.3% gains for Premier Global Infrastructure Trust (PGIT) ordinary shareholders. Before the covid-19 panic caused markets to stumble, PGIT was having a strong start to 2020 as well, with the shares hitting 147p on 21 February... Read more In unsettled markets, the predictable and reliable cash flows generated by utilities and infrastructure make them an attractive safe haven for investors. The predictable response from the US Federal Reserve to...
Investment Companies Roundup – March 2020
As part of our commitment to providing Investment Research, we have published our regular monthly update on the Global Economy & Listed Investment Companies. New research Initiation note on Montanaro UK Smaller Companies TrustAnnual overview note on Aberdeen Emerging MarketsUpdate note on Polar Capital Global FinancialsAnnual overview on Aberdeen New Dawn In this issue Performance – If the market’s initial reaction to the outbreak of Coronavirus (Covid-19) was somewhat indifferent, the virus’s passage beyond China (and its rapid spread in Italy...
Real Estate Roundup – March 2020
In this issue Performance - Property stocks tumbled in February as fears over the spread of Covid-19 spooked financial markets around the world and resulted in the largest sell-off since the 2008 financial crisis. There were just four UK-listed property companies that saw their share prices rise in February, however Daejan Holdings’ 53.5% jump was purely due to the fact it agreed a deal with its majority shareholder to take the company private. Small-cap regional office owner Circle Property led...
Economic & Political Roundup – Mar 2020
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 the companies mentioned... Read more Global (thoughts fromBrunner, Herald, JPMorgan Global Growth and Income, Scottish Americanand Smithson) Flexible investment (thoughts from Ruffer) UK(thoughts fromBlackrock Throgmorton, City Of London,Diverse Income,Henderson Opportunities,...
Montanaro UK Smaller Companies – Reputation restored
Following the return of Charles Montanaro as manager in 2016, Montanaro UK Smaller Companies Trust (MTU) has rebuilt its long-term record of outperformance of its benchmark over the last three and a half years. A strong uplift in net asset value (NAV) during the second half of 2019 (helped by some clarity on Brexit) has improved the trust’s standing against its competitors. Versus its peers, MTU ranked second ou tof 11 funds in our peer group during the second half...
Gismart becomes the fastest-growing Game company in Europe
Gismart has been named the fastest-growing company in the gaming industry and came 6th in the overall list of FT 1000: Europe’s fastest-growing businesses
Aberdeen Emerging Markets – Focused on returns
The managers of Aberdeen Emerging Markets (AEMC) are optimistic about the prospects for the company. Strong performance last year has not yet translated into a reduction in the discount that the share price trades at relative to the asset value, but if outperformance can be maintained, this should follow in time. Investors might also be comforted by AEMC’s much lower volatility of returns compared to its peers and its benchmark.... Read more The managers feel that AEMC offers investors a...