CT Global Managed Portfolio

Attractive valuations across growth markets offer a good opportunity for CMPG/CMPI investors…

CT Global Managed Portfolio

The flexibility of a dual-share class strategy can provide a core solution for long-term investors…

Every which way but loose

The AIC Flexible Investment sector is, like a discounted haggis, a simple casing which can house myriad ingredients. In fact, the constituent meats are so exotic that we typically caution it is not a good comparator when discussing relative performance. The individual trusts that make up the sector often aim to accomplish very different things. Meanwhile the flexible mandates of some of them mean the composition of individual portfolios can vary drastically over time. Below, we have looked at th

Shoot to Thrill: ISA targets for long term growth

In times of crisis, the Romans would consult the Sibylline Prophecies. Contained therein was a prophecy that the 12 vultures seen by Romulus as he founded Rome (despite founding a start-up he still had time left for birdwatching, living before the modern-day culture of investors demanding updates) represented a signal that the primacy of Rome would last 12 saecula, a saeculum being a period taken as something between 85-100 years. With Rome and the Western Roman Empire falling to the Visigoths i

BMO Managed Portfolio - Overview

BMO Managed Portfolio Trust has two distinct share classes: Growth (BMPG) and Income shares (BMPI) each with discrete investment portfolios. Manager Peter Hewitt uses his many years of experience in the market to pick a portfolio of investment companies to suit each objective. Income earned from the growth portfolio can be used to boost the dividend paid to the Income shareholders, which yield 4.6% on an historic basis. This transfer mechanism is discussed under Dividend. BMPG and BMPI are both

Eye of the Pfizer

It is often considered axiomatic in investment markets that smaller companies offer greater pricing inefficiencies, and thus greater opportunities to active managers to generate outperformance. In the UK Small Cap space, we have certainly seen suggestions over the long term that this is true, with the Morningstar UK Small Cap sector producing an average NAV return of c. 173.4% over the ten years to 05/02/2021, compared to a return of c. 115.2% from the Numis Small Cap including AIM excluding Inv

BMO Managed Portfolio - Overview

BMO Managed Portfolio Trust has two distinct share classes: Income shares (BMPI) and Growth shares (BMPG), each with discrete investment portfolios. As their names denote, these portfolios are managed separately with differing investment objectives. Both strategies are managed by Peter Hewitt, who seeks to balance exposure to a variety of investment companies where he believes there are strong long-term management processes and identifiable and distinct strategies. A total-return mindset is adop

BMO Managed Portfolio - Overview

BMO Managed Portfolio Trust is a UK investment trust which has two share classes with discrete investment portfolios - each invested in other closed-end investment companies. These are selected by Peter Hewitt, a highly experienced manager who has spent many years researching the closed-ended investment company sector. The Growth shares are focused on achieving capital growth, while the Income shares are focused on providing an income yield above that of the FTSE All-Share Index, along with some

One-stop shop: how multi-asset trusts offer superior diversification

The spice of life is variety. [It’s also a curry house in Glasgow, now sadly defunct.] Achieving variety by diversifying your assets has been an innate part of human risk management from time immemorial. Why else did the English Plantagenet kings maintain their claim to the French throne for so long? All investors, however, not just medieval royal families, have to consider how best to diversify the risks to which their wealth is exposed – whether they’re managing their own money or doing it pro

BMO Managed Portfolio Trust Growth Portfolio - Higher exposure to more defensive funds

BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two discrete portfolios investing in closed-end funds: BMPI, which aims to generate an attractive and growing level of income, with some capital growth, and BMPG, which aims to generate capital growth. Any income generated by BMPG is transferred to BMPI in exchange for an equivalent amount of capital. Manager Peter Hewitt notes that BMPI’s Q119 dividen

BMO Managed Portfolio Trust Income Portfolio - Higher exposure to more defensive funds

BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two discrete portfolios investing in closed-end funds: BMPI, which aims to generate an attractive and growing level of income, with some capital growth, and BMPG, which aims to generate capital growth. Any income generated by BMPG is transferred to BMPI in exchange for an equivalent amount of capital. Manager Peter Hewitt notes that BMPI’s Q119 dividen

F&C Managed Portfolio Trust - Celebrating 10 years since launch

F&C Managed Portfolio Trust (FMPT) has a differentiated structure comprising two listed portfolios: income (FMPI) and growth (FMPG). The trust is celebrating its 10th anniversary, and both portfolios have outperformed the benchmark FTSE All-Share index over three and 10 years, while FMPG has also outperformed over one and five years. Any income generated by FMPG is transferred to FMPI in exchange for an equal amount of capital, boosting their respective capital growth and income prospects. FMPI

BMO Managed Portfolio Trust Income Portfolio - Celebrating 10 years since launch

F&C Managed Portfolio Trust (FMPT) has a differentiated structure comprising two listed portfolios: income (FMPI) and growth (FMPG). The trust is celebrating its 10th anniversary, and both portfolios have outperformed the benchmark FTSE All-Share index over three and 10 years, while FMPG has also outperformed over one and five years. Any income generated by FMPG is transferred to FMPI in exchange for an equal amount of capital, boosting their respective capital growth and income prospects. FMPI

BMO Managed Portfolio Trust Income Portfolio - FMPT - Unique fund structure offering income and growth.

F&C Managed Portfolio Trust (FMPT) is an investment trust with a differentiated structure. It consists of two listed investment portfolios: an income portfolio (FMPI) and a growth portfolio (FMPG). A unique feature of FMPT is that income generated by FMPG is transferred to FMPI in exchange for capital, boosting the income prospects of FMPI and the potential capital growth prospects for FMPG. Although both listed portfolios are benchmarked against the FTSE All-Share index, the manager follows an

BMO Managed Portfolio Trust Growth Portfolio - Unique fund structure offering income and growth

F&C Managed Portfolio Trust (FMPT) is an investment trust with a differentiated structure. It consists of two listed investment portfolios: an income portfolio (FMPI) and a growth portfolio (FMPG). A unique feature of FMPT is that income generated by FMPG is transferred to FMPI in exchange for capital, boosting the income prospects of FMPI and the potential capital growth prospects for FMPG. Although both listed portfolios are benchmarked against the FTSE All-Share index, the manager follows an

Strong H1'23 results; forecasts upgraded

Strategic progress drives robust growth

H1 interims are in line. Argentex has delivered strong growth (+28% yoy revenue) by driving growth initiatives. New technology-enabled products have been launched, including Alternative Transaction Banking, which are already delivering compelling growth ahead of expectations. Pressing into Europe via the Netherlands is also delivering strong growth. At the core, client KPIs remain strong. We leave our forecasts unchanged, with revenue momentum continuing into Q3. We believe the current 12.4x Dec

Inflection point - fleet growth coming

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

Equals Group (EQLS LN) - Interims justify rise in forecasts

What’s new: Equals Group has delivered outstanding interims, which have exceeded even the positive commentary at the Capital Markets Day in May and the trading update on 5 July. With trading “ahead of expectations”, we raise our 2023E revenue forecast by 7% to £95m and adj EBITDA forecast by 11% to £20m, as well as nudging up our forecasts for 2024E and 2025E.

LIBERUM: Alpha Group International: Underlying strength

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

LIBERUM: Real Estate Investors: Further profitable sales reduce leverage

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Morning Note – 26 September 2023

Debt reduction plan in face of higher interest rates

FY23 results were well flagged but the focus is likely to be on the outlook, where high interest rates continue to impact buyer confidence and therefore private sales rates, as well as increasing Springfield’s own cost of debt. This leads us to reduce our adj. EBIT forecast for FY24 by 24%, with a greater 48% reduction in our adj. EPS forecast. We expect net debt exc. leases of £55.1m in FY24. Management’s focus is on cash generation, with the dividend paused and a plan to sell c.£50m of land ov

SP Angel Morning View: Hawkish Fed statement weighs on market risk sentiment as dollar hits metal prices

Hybridan Small Cap Feast - 29 Sep 23

29th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob

LIBERUM: Forward Partners: Resilient H1, focus on cash

Morning Note – 18 September 2023