Sarah Godfrey
23 November 2017 · 2 min read

Edison clients win at the Investment Week Investment Company of the Year Awards

Special recognition for Foreign & Colonial IT on 150th anniversary

Investment company research clients of Edison picked up several of the honours at the Investment Week Investment Company of the Year Awards last night in London.

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Sarah Godfrey
31 October 2017 · 2 min read

HBM Healthcare Investments top holding AAA receives takeover bid from Novartis

Tender offer for 100% of radiotherapeutic oncology specialist Advanced Accelerator Applications at 25% premium to 30 September valuation

Switzerland-based global healthcare giant Novartis has announced a takeover bid for Advanced Accelerator Applications (AAA), the largest holding of specialist investment fund HBM Healthcare Investments (HBMN). The deal values AAA, whose Lutathera treatment for neuroendocrine tumours was granted EU approval in September 2017, at US$3.9bn.

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Mel Jenner
27 October 2017 · 2 min read

Witan Investment Trust announces the appointment of two European equity managers

Appointment of CRUX Asset Management and S. W. Mitchell Capital

Witan Investment Trust (WTAN) has announced the appointment of two European equity managers: CRUX Asset Management and S. W. Mitchell Capital. CRUX is a specialist asset management company with an emphasis on European equities and S. W. Mitchell is an investment boutique focused exclusively on European equities. Each manager has been allocated c 5% of WTAN’s assets (c £100m), funded by the liquidation of the pan-European portfolio that had been managed by Marathon Asset Management, plus an additional £24m from WTAN’s cash resources. Both portfolios will be benchmarked against the FTSE Europe ex-UK index. Following the transition, WTAN will have 10 external managers, each running regional, high-conviction mandates. WTAN’s executive team will continue to manage up to 10% of the trust’s assets in collective funds.

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Mel Jenner
16 October 2017 · 2 min read

Qatar Investment Fund proposes broader investment remit and change of name

Proposed greater flexibility to invest across the Gulf Cooperation Council (GCC) countries rather than largely in Qatar

Qatar Investment Fund (QIF) has announced a proposed change in its investment policy to remove the current 15% limit on investment in GCC countries outside of Qatar. It has also put forward other proposals including: a tender offer for up to 10% of issued share capital; cancellation of the 2018 continuation vote, to be replaced by a 2021 vote and every three years thereafter; a tender offer in 2020 for up to 100% of issued share capital, subject to shareholder approval; and changing the company name to Gulf Investment Fund. All these proposals, with the exception of the 2020 tender offer, will be put forward at an upcoming extraordinary general meeting (EGM).

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Mel Jenner
13 September 2017 · 2 min read

Finsbury Growth & Income Trust announces new holding in Manchester United

First new purchase since 2015

Finsbury Growth & Income Trust (FGT) has announced that manager Nick Train has initiated a holding in Manchester United. He is well renowned for his low-turnover investment approach and this is the first new position in FGT’s portfolio since the purchase of Rémy Cointreau in 2015. Manchester United listed on the New York Stock Exchange in August 2012 at a price of $14 per share. Its share price subsequently rose above $19 and is currently trading at c $17. The football club has a market cap of $2.7bn and currently offers a dividend yield of 1.07%. Train believes that the value of Manchester United’s global franchise is not reflected in its current share price. He cites the recent announcement of the sale of NBA basketball team Houston Rockets for $2.2bn, suggesting that Manchester United could be worth in excess of $5bn.

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Mel Jenner
29 August 2017 · 3 min read

Witan Pacific Investment Trust announces changes to its multi-manager line-up and allocations

Number of managers increased from three to four

Witan Pacific Investment Trust (WPC) has announced it intends to change the line-up of its external multi-managers. It will retain Aberdeen Standard Investments and Matthews International Capital Management, but Gavekal will be replaced by Dalton Investments and Robeco Institutional Asset Management. The new allocations are as follows:
Aberdeen Standard Investments 25% (previously 42%)
Dalton Investments 10%
Matthews International 40% (previously 47%)
Robecco Institutional 25%

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