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Murray Income Trust

EdisonTV | Investment trusts | 08/02/2019

Bitesize briefing - Murray Income Trust

Murray Income Trust is a UK equity income investment trust whose manager, Aberdeen Standard Investments’ Charles Luke, seeks to achieve a high and growing income, along with capital growth. While mainly invested in UK equities, the trust may hold up to 20% of its portfolio overseas, in order to diversify sources of income and gain exposure to areas that are under-represented in the UK stock market. In this video, investment trusts analyst Sarah Godfrey presents an overview of Murray Income Trust, covering its investment process, which has been enhanced by the merger of Aberdeen Asset Management and Standard Life Investments in 2017, and the manager’s investment themes. She also looks at the trust’s performance record and discusses other factors such as its higher-than-average dividend yield and low ongoing charges. Read the full report.

Oakley Capital Investments – executive interview

Oakley Capital Investments – executive interview

Oakley Capital Investments (OCI) provides access to direct private equity investments through funds managed by Oakley Capital. It invests primarily in European, lower- to mid-market, digitally enabled companies from the tech, education, consumer and business services sectors, which are often founder-led. In this interview, Steven Tredget, partner at Oakley Capital, discusses OCI’s ‘sweet spot’ in terms of investment targets. He also delves into OCI’s FY23 results, its recent new investments and the IU Group transaction completed last year. He also explains the focus of the recently launched Oakley Touring Fund and how it fits into the investment mandate of other Oakley funds.
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28/03/2024 |

Vantage: Turnaround titan – learning about Mutares’s success and ambitions with CEO Robi

Vantage: Turnaround titan – learning about Mutares’s success and ambitions with CEO Robi

Vantage explores the innovative business model of Mutares, a company that specialises in acquiring struggling businesses, turning them around and exiting profitably. In this insightful interview, founder Robin Laik reveals how Mutares identifies and acquires underperforming companies from major corporations, injects operational expertise and transforms them into profitable ventures. Gain valuable insights into Mutares's global expansion, successful exits like the UK's Special Melted Products, funding strategies through equity and debt, and the impact of being listed on Germany's SDAX index. Explore the world of turnaround investing and Mutares's ambitious plans to grow from €5bn to €10bn in sales by 2028.
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27/03/2024 |

ShareSoc webinar – Henderson Opportunities Trust – 7th February 2024

ShareSoc webinar – Henderson Opportunities Trust – 7th February 2024

During the webinar, James Henderson, portfolio manager at Janus Henderson Investors, discussed HOT’s profile and its latest developments.
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19/03/2024 | Henderson Opportunities Trust

Webinar: Debunking myths and unveiling opportunities in listed private equity

Webinar: Debunking myths and unveiling opportunities in listed private equity

In this webinar, our three speakers discussed the case for listed private equity amid the prevailing wide discounts to NAV. While rising interest rates, muted global M&A activity and volatile public markets have caused investors concerns recently, the sector is benefitting from a secular trend of companies staying private for longer, as well as the increasing sector expertise and value-add provided to portfolio companies by top private equity managers. Hear from Alan Gauld, senior investment director of the abrdn Private Equity team, Hamish Mair, managing director and head of private equity at Columbia Threadneedle Investments and Steven Tredget, partner at Oakley Capital, in a conversation moderated by Milosz Papst, head of content – investment trusts at Edison. Want to learn more? Download our latest report by Milosz Papst, Listed private equity – Performing a balancing act.
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15/03/2024 |

Foresight Solar Fund - executive interview

Foresight Solar Fund - executive interview

In this interview, we welcome back Ross Driver, fund manager at Foresight Solar Fund. The company recently released its FY23 results, recording record-high production of over 1TWh of renewable energy, cash distributions of £120m and a target FY24 dividend of 8p per share, which is a 6% year-on-year increase. Foresight Solar Fund invests in a geographically diverse portfolio of large-scale solar assets and battery energy storage systems. Its investment objective is to provide investors with a sustainable and progressive quarterly dividend while enhancing capital and investor value.
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14/03/2024 | Foresight Solar Fund

Vantage: Exploring catalysts for unlocking valuations with Premier Miton’s Gervais Williams

Vantage: Exploring catalysts for unlocking valuations with Premier Miton’s Gervais Williams

Gervais Williams, head of equities at Premier Miton, returns to Vantage. A long-term advocate of the opportunity in UK small and mid-cap stocks, Gervais discusses the low valuations in the UK market and what might unlock these. He talks about the recent UK budget, the spate of UK takeovers and what he means by having optionality in the portfolio. We explore his approach, discussing CyanConnode Holdings (CYAN.L, market cap £32m), Ondo InsurTech (ONDO.L, market cap £19m), XPS Pensions Group (XPS.L, market cap £473m), TP ICAP Group (TCAP.L, market cap £1.69bn) and Concurrent Technologies (CNC.L, market cap £80m). Finally, we give Gervais the soapbox and ask him what three things he would like to see changed to revitalise the UK market.
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14/03/2024 |

Webinar introducing private investors to SDCL Energy Efficiency Income Trust

Webinar introducing private investors to SDCL Energy Efficiency Income Trust

In January 2024, SDCL Energy Efficiency Income Trust (SEEIT) hosted a retail webinar to provide an overview of the trust, its investment strategy and portfolio, as well as its financial results.
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27/02/2024 | SDCL Energy Efficiency Income Trust

The Merchants Trust – Equity proposition

The Merchants Trust – Equity proposition

The Merchants Trust (MRCH) is managed by Simon Gergel at Allianz Global Investors. He employs a disciplined bottom-up stock selection strategy to construct a portfolio of 40–60 primarily UK equities, although up to 10% of the fund can be invested in overseas companies. Below, we highlight the important elements of MRCH’s investment story. Below are the four key points of its investment story. •MRCH offers the prospects of an above-average level of income and income growth as well as long-term capital appreciation. •MRCH’s manager, Simon Gergel at Allianz Global Investors, employs an unconstrained approach, seeking high-quality companies that are trading at a discount to their estimated intrinsic value. •MRCH has a commendable performance record and there is high demand for its shares. •The UK market looks very attractively valued.
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22/02/2024 | The Merchants Trust

Invesco Asia Trust – Equity proposition

Invesco Asia Trust – Equity proposition

Invesco Asia Trust’s (IAT’s) objective is to provide long-term capital growth by investing in a diversified portfolio of Asian companies. Its approach is team based, bottom up and valuation focused, with IAT’s portfolio of c 50–70 stocks representing the manager’s highest-conviction investment ideas over a three- to five-year horizon. Below are the four key points of its investment story. #1 IAT’s flexible strategy delivered strong long-term returns from Asian equities IAT’s unconstrained approach gives its investment manager the flexibility to pick the best ideas across Asia and respond to changing market conditions. It is an ‘all-weather’ trust with a balanced approach to growth and income, which means it is not restricted to stocks that are pure dividend plays. Its strategy allowed the trust to outperform both its benchmark and the AIC Asia Pacific Equity Income peer group average over the last 10 years. This superior track record is underpinned by the close to 30-year experience of Ian Hargreaves (the trust’s manager), who is supported by the co-manager Fiona Yang and an experienced team of Asia investment specialists. #2 The trust pursues a successful, contrarian approach to identifying undervalued Asian franchises IAT follows a bottom-up approach, looking for ‘unloved’ investments with strong fundamentals trading at undemanding valuations. Its active, valuation-aware strategy makes it well-positioned to capitalise on valuation discrepancies across Asian markets, seizing on opportunities to buy businesses for less than they are worth. We believe that good stock picking has been an important contributor to IAT’s long-term performance. Furthermore, IAT’s portfolio is designed in a way which translates into lower balance sheet risk than the benchmark, with many of its portfolio holdings having net cash. IAT’s investment philosophy helped it to limit capital losses during times of market weakness and in outperforming the benchmark on the upside. #3 Asian economies have the potential to outgrow the rest of world A portfolio of equities in emerging and developing Asia may benefit from secular tailwinds supporting economic growth above the global average across several countries in the region. This is illustrated by the International Monetary Fund’s forecast mid-single-digit percentage average GDP growth across the region in the next few years. Some important themes to explore include: 1) growing consumer spending driven by the rising income of large populations, an expansion of the middle class and urbanisation; 2) the role of countries such as South Korea and Taiwan in the global tech value chain; 3) reconfiguration of supply chains; and 4) green transition, including renewable energy and electric vehicles. #4 IAT introduced an enhanced dividend distribution policy and performance-related conditional tender offer in 2020 Based on IAT’s revised dividend distribution policy, the board now aims to pay six-monthly dividends in November and April each year, each equivalent to 2% of NAV at the end of September and February, respectively. Moreover, we note that IAT introduced a performance-related conditional tender offer for up to 25% of its issued share capital at a discount of 2% to the prevailing NAV per share (after deduction of tender costs) in the event that the trust fails to outperform its benchmark by 0.5pp per year over the five-year period to 30 April 2025. During the three years that have already passed, IAT outperformed the benchmark by 3.3pp per year.
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21/02/2024 | Invesco Asia Trust

Challenges facing investment trust boards

Challenges facing investment trust boards

Challenges are everywhere. What can investment trust boards do? In a recent webinar in partnership with Trust Associates, a panel of experts discussed the biggest challenges boards may come to face in 2024 and how best to adapt to mitigate their impact. Don’t miss out on valuable insight – watch the playback. Featuring: Susan Murray, Partner, Trust Associates Katie Cornish-Bowden, Chair, International Biotechnology Trust Joe Winkley, Head of Investment Trusts, Winterflood Securities Gemma Woodward, Head of Responsible Investment, Quilter Cheviot
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31/01/2024 |

Take on Trusts - January 2024

Take on Trusts - January 2024

This month, Edison’s investment companies team covered a range of trusts across several sectors. Heliad started a new chapter with the completed merger of FinLab with Heliad Equity Partner creating a German-listed venture capital and growth investor with a portfolio of 28 holdings worth over €150m. Baker Steel Resources Trust reported a 16.3% NAV increase in its end-December 2023 update. The key driver was a 47% revaluation of Futura Resources, the owner of two coking coal mines in Australia. Henderson International Income Trust’s manager is using what he believes to be unjustifiably low valuations to add quality companies with dividend growth potential to the portfolio. As Murray International Trust’s income has improved post-COVID-19, it is likely that FY23 will mark 19 years of consecutive annual dividend increases, bringing the trust within touching distance of the 20-year record required to become an AIC dividend hero. Until next month, the Edison investment companies team.
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30/01/2024 |

Vantage: Unlocking growth in emerging markets with Utilico Emerging Markets Trust’s Charles Ji

Vantage: Unlocking growth in emerging markets with Utilico Emerging Markets Trust’s Charles Ji

Welcome back to Vantage! As we embark on 2024, we are diving into the dynamic landscape of emerging markets, exploring growth opportunities in regions like Brazil and Vietnam in an exclusive interview with Charles Jillings, fund manager at Utilico Emerging Markets Trust. Charles explores the trust’s strategy in utilities and infrastructure within emerging markets, focusing on long-term operational assets. Covering growth areas in Brazil, China and India, he dives into key megatrends including energy transition, digital infrastructure, social infrastructure and global trade. Charles highlights specific portfolio companies, sharing the due diligence process and risk management measures.
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29/01/2024 | Utilico Emerging Markets Trust

Deutsche Beteiligungs AG in 60 seconds

Deutsche Beteiligungs AG in 60 seconds

Get the lowdown from Edison's Milosz Papst on this Germany-based and listed private equity investment and fund management company. It invests in mid-sized companies in Germany and neighbouring German-speaking countries via MBO transactions and growth capital financings.
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26/01/2024 | Deutsche Beteiligungs

Invesco Asia Trust in 60 seconds

Invesco Asia Trust in 60 seconds

Get the lowdown from Edison’s Milosz Papst on this trust aiming to provide long-term capital growth by investing in a diversified portfolio of Asian companies.
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26/01/2024 | Invesco Asia Trust

RTW Biotech Opportunities - executive interview

RTW Biotech Opportunities - executive interview

Edison’s head of investment companies, Rob Murphy, met Roderick Wong, managing director of RTW Investments, to discuss RTW Biotech Opportunities (RTW Bio; ticker RTW/RTWG). Wong outlines RTW Bio’s outperformance versus its two biotech index benchmarks in 2023 and since the fund’s launch in October 2019. He also discusses his outlook for the biotech industry in 2024. Furthermore, Wong highlights RTW Bio’s acquisition of Arix Bioscience’s assets and the anticipated timeline for the deal to be completed. Finally, Wong reiterates his vision for RTW Bio and how it fits in with RTW Investments' other funds.
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22/01/2024 | RTW Biotech Opportunities

Take on Trusts - December 2023

Take on Trusts - December 2023

This month, Edison’s investment companies team covered 12 trusts across several sectors. We explored why spacetech’s lift-off moment may be now and why we think Seraphim Space Investment Trust is a compelling pure play on the theme. Deutsche Beteiligungs posted a strong 18.1% NAV total return in FY23 and expanded into the private debt sector, while Henderson EuroTrust’s manager outperformed the European market this year thanks to successful stock selection, despite style headwinds. We highlighted how Invesco Asia Trust is exploiting the below-average valuations to tap into Asia’s secular growth opportunities and, despite the challenges for the Chinese economy and growth companies, how Baillie Gifford China Growth Trust’s managers believe it is only a matter of time until confidence returns and share prices reflect these robust fundamentals. In our Vantage series, we delved into AI with Polar Capital’s Alastair Unwin and explored Vietnamese equities with Vietnam Holding’s manager Craig Martin. Until next time, the Edison investment companies team.
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03/01/2024 |

Vantage: Investing in Vietnam with Vietnam Holding’s manager Craig Martin

Vantage: Investing in Vietnam with Vietnam Holding’s manager Craig Martin

We continue our Vantage series by exploring the dynamic Vietnamese market with Dynam Capital’s executive chairman, Craig Martin. Dynam is the manager of Vietnam Holdings (VNH.L, market capitalisation £88m). Industrialisation, urbanisation and domestic consumption are three key trends driving Craig’s approach to investing in Vietnam and we explore these in detail, together with examples of holdings and Craig’s investment approach, which focuses on responsible investing. Vietnam Holding is organising an online presentation on 13 December 2023 at 10am GMT and you can register to attend this at Issuer Services | London Stock Exchange.
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11/12/2023 | VietNam Holding

Take on Trusts - November 2023

Take on Trusts - November 2023

In November Edison’s investment companies’ team wrote on 10 trusts across a variety of sectors. Murray Income Trust celebrated its 100-year anniversary and the milestone of 50 years of annual dividend increases. Foresight Solar Fund saw record cash generation in the nine months to end-September and the first sale of its divestment programme at a 21% premium to its Q3 holding value. We also outlined how VinaCapital Vietnam Opportunity Fund and Vietnam Holding can benefit from the stabilising short-term outlook for Vietnam and its strong secular long-term drivers. We interviewed Alan Gauld of abrdn Private Equity Opportunities Trust about the significant discrepancy between the discounts to NAV of listed private equity trusts and the average discount that buyout portfolios were traded in the private secondary markets in H123. We also caught up with Trevor Steel of Baker Steel Resources Trust regarding the major milestone achieved by one of its largest holdings and the income potential of the trust’s portfolio. Until next month, from the Edison investment companies team.
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04/12/2023 |

SEEIT webinar: Impacts of the US Inflation Reduction Act

SEEIT webinar: Impacts of the US Inflation Reduction Act

Impacts of the US Inflation Reduction Act on SEEIT presented by Lolita Jackson (Executive Director of Sustainable Cities, SDCL) SDCL Energy Efficiency Income Trust’s objective is to generate an attractive total return for investors, comprising a stable dividend income and capital preservation, with the opportunity for capital growth. The purpose of the webinar is to provide investors an explanation of the workings and major provisions of the largest climate investment in US history – including its overall structure, the renewable technologies it covers, and funding parameters – and how companies in SEEIT’s portfolio can take advantage of the policy. The webinar will also include a short Q&A session.
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23/11/2023 | SDCL Energy Efficiency Income Trust

Executive interview: Discussing BSRT’s NAV and income potential

Executive interview: Discussing BSRT’s NAV and income potential

Baker Steel Resources Trust (BSRT) invests in private natural resources companies, seeking to realise the valuation upside from project development, as well as exploit market inefficiencies and pricing anomalies. In this interview, Trevor Steel (managing partner and CIO of Baker Steel Capital Managers, BSRT’s investment manager) explains the unique features of the trust. He discusses the earnings potential of Futura Resources, the owner of two coking coal mines in Australia and one of BSRT’s largest holdings, which has recently completed an important milestone by securing financing for the production launch at its sites. He also elaborates on the performance of BSRT’s largest asset, the Moroccan cement producer Cemos. Finally, he shares his views on the current market environment for junior mining projects and discusses the income potential of BSRT’s portfolio. To learn more, please read our latest research note published on 20 September 2023.
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14/11/2023 | Baker Steel Resources Trust

Executive interview: Is APEO a bargain now?

Executive interview: Is APEO a bargain now?

abrdn Private Equity Opportunities Trust (APEO) offers quality exposure to the private equity mid-market through a portfolio of fund investments and co-investments managed by carefully selected, top-tier European general partners with solid sector expertise. In this interview, Alan Gauld delves deeper into the main drivers of APEO’s recent resilient performance. He also explains why he believes there are no fundamental reasons for the significant discrepancy between APEO’s discount to NAV of c 40% and the 10% average discount at which buyout portfolios were traded in the private secondary markets in H123. He then discusses APEO’s balance sheet strength, approach to new investments and the recently announced sale of its investment manager to Patria Investments. To learn more, please read our latest research note published on 26 October 2023.
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07/11/2023 | abrdn Private Equity Opportunities Trust