Edison Investment Research

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MagneGas Corporation

Securing future through sales of cutting gas

Initiation | General Industrials | 19/06/2018

MagneGas has recently been transformed through three acquisitions. This has created a platform for selling its alternative metal cutting fuel in California and Texas, which are the two largest consumers of metal cutting fuel in the US. Cash generated from gas sales will be used to commercialise its proprietary technology for plasma sterilisation and gasification of waste.

Templeton Emerging Markets Investment Trust

Continuation of strategy under new lead manager

Review | Investment Companies | 19/06/2018

Templeton Emerging Markets Investment Trust (TEMIT) has been managed by Chetan Sehgal since the beginning of February 2018, when he took over from prior lead manager Carlos Hardenberg. The two managers had worked closely together for a number of years and there will be no change to the investment process. Sehgal will continue to follow Franklin Templeton’s value-based, bottom-up stock selection approach, aiming to generate long-term capital growth. The manager is optimistic on the outlook for…

Lazard World Trust Fund

Global opportunities with new 6% dividend policy

Review | Investment Companies | 15/06/2018

Lazard World Trust Fund (WTR) is differentiated from the majority of peers by its focus on discounted assets. Its portfolio is a blend of closed-end funds, investment trusts and holding companies that trade at a discount to the value of their assets, and in particular those where the underlying assets are also undervalued. Manager Kun Deng and his Discounted Assets team at Lazard Asset Management are focused on opportunities wherever they arise, with a longstanding bias to Asian and emerging markets.…

Atossa Genetics

Atossa raises $13.4m in rights offering

Update | Pharmaceutical & healthcare | 15/06/2018

Atossa’s previously announced rights offering closed on 30 May 2018, generating $13.3m in gross proceeds ($12.1m net) through the issue of 13,324 shares of Series B convertible preferred stock (SBCPS) and 3,784,016 warrants exercisable at $4.05 per share. We believe the funds raised could sustain operations into early 2020. Each SBCPS is immediately convertible into 284 common shares. Assuming the full conversion of all SBCPS into common shares, the number of Atossa’s fully diluted (FD)…

Fidelity China Special Situations

Focused on China’s domestic opportunity

Review | Investment Companies | 15/06/2018

Fidelity China Special Situations (FCSS) provides exposure to a diversified, actively managed portfolio of Chinese equities. The manager takes a bottom-up approach to stock selection, focusing on the faster-growing consumer-orientated sectors of China’s economy. FCSS’s NAV returns have been strong over the last two years, although modestly lagging its MSCI China index benchmark. This is attributed to FCSS’s tilt to small- and mid-cap stocks, which underperformed large-caps, partly…

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