Edison Investment Research

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VolitionRx

Shifts in US CRC screening; major catalysts in H2

Update | Pharmaceutical & healthcare | 18/07/2018

VolitionRx has broad R&D programme and expects to announce major milestones in the coming months, culminating with CE marking and launch of both colorectal cancer (CRC) triage and frontline screening tests in Europe, potentially in 2019. Other recent positive developments include a recommendation to reduce age to start CRC screening in the US and a new legislative initiative that could help increase reimbursement coverage in the US. Our valuation is $243m or $7.02 per share (vs $6.93 per share).

BlackRock Latin American Inv. Trust

New dividend and discount management policies

Review | Investment Companies | 17/07/2018

BlackRock Latin American Investment Trust (BRLA) is managed by Will Landers, who says that investor attitudes towards Latin American equities have changed. 2017 was a period of confidence in the region’s prospects, but now there is more scepticism about the growth outlook. However, the manager remains optimistic about potential returns from Latin American equities. In the key Brazilian economy, he cites higher domestic demand and a favourable interest rate environment, with the benchmark interest…

JPMorgan European Smaller Companies Trust

Building on long-term positive track record

Review | Investment Companies | 16/07/2018

JPMorgan European Smaller Companies Trust (JESC) aims to generate long-term capital growth from a portfolio of high-quality, reasonably valued, small-cap European equities. While the European stock market, in keeping with global markets, has been more volatile year to date compared with the abnormally low levels of volatility in 2017, the managers believe that there is potential for further upside. They cite an improving European and global economy, low inflation and a benign interest rate environment,…

Standard Life Private Equity Trust

Measured addition of domestic US fund exposure

Review | Investment Companies | 13/07/2018

Standard Life Private Equity Trust (SLPET) continues to follow a long-term, conviction approach to selecting primarily European private equity buyout funds, managing its exposure through the primary and secondary fund markets. Having broadened its investment policy in 2017, SLPET added exposure to a domestic US manager by acquiring a secondary position in Onex Partners IV in H118, and recently made a new primary commitment to MSouth Equity Partners IV, with the manager undertaking due diligence on…

European Assets Trust

Capital growth objective with high yield

Review | Investment Companies | 11/07/2018

European Assets Trust (EAT) aims to achieve capital growth through investing in listed small- and medium-sized companies in Europe, excluding the UK. It is also focused on capital preservation, seeking quality companies with strong business models and balance sheets that can sustain long-term earnings growth through economic cycles. The trust has delivered annualised NAV total returns of 11.2% over the past 10 years, while a high payout policy supports a generous yield, currently 6.2%. Leading indicators…

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