The Art of Investing in Smaller Companies – P 30
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Description Iresscode Exchange Current Margin New Margin 3I
Description IRESSCode Exchange Current Margin New Margin 3I INFRASTRUCTURE PLC 3IN LSE 20 20 888 HOLDINGS PLC 888 LSE 20 20 ASSOCIATED BRITISH ABF LSE 10 10 ADMIRAL GROUP PLC ADM LSE 10 10 AGGREKO PLC AGK LSE 20 20 ASHTEAD GROUP PLC AHT LSE 10 10 ANTOFAGASTA PLC ANTO LSE 15 10 ASOS PLC ASC LSE 20 20 ASHMORE GROUP PLC ASHM LSE 20 20 ABERFORTH SMALLER COM ASL LSE 20 20 AVEVA GROUP PLC AVV LSE 20 20 AVIVA PLC AV LSE 10 10 ASTRAZENECA PLC AZN LSE 10 10 BABCOCK INTERNATIONAL BAB LSE 20 20 BARR PLC BAG LSE 25 20 BARCLAYS PLC BARC LSE 10 10 BRITISH AMERICAN TOBA BATS LSE 10 10 BAE SYSTEMS PLC BA LSE 10 10 BALFOUR BEATTY PLC BBY LSE 20 20 BARRATT DEVELOPMENTS BDEV LSE 10 10 BARING EMERGING EUROP BEE LSE 50 100 BEAZLEY PLC BEZ LSE 20 20 BH GLOBAL LIMITED BHGG LSE 30 100 BOWLEVEN PLC BLVN LSE 60 50 BANKERS INVESTMENT BNKR LSE 20 20 BUNZL PLC BNZL LSE 10 10 BODYCOTE PLC BOY LSE 20 20 BP PLC BP LSE 10 10 BURBERRY GROUP PLC BRBY LSE 10 10 BLACKROCK WORLD MININ BRWM LSE 20 65 BT GROUP PLC BT-A LSE 10 10 BRITVIC PLC BVIC LSE 20 20 BOVIS HOMES GROUP PLC BVS LSE 20 20 BROWN GROUP PLC BWNG LSE 25 20 BELLWAY PLC BWY LSE 20 20 BIG YELLOW GROUP PLC BYG LSE 20 20 CENTRAL ASIA METALS PLC CAML LSE 40 30 CLOSE BROTHERS GROUP CBG LSE 20 20 CARNIVAL PLC CCL LSE 10 10 CENTAMIN PLC CEY LSE 20 20 CHARIOT OIL & GAS LTD CHAR LSE 100 100 CHEMRING GROUP PLC CHG LSE 25 20 CONYGAR INVESTMENT CIC LSE 50 40 CALEDONIA INVESTMENTS CLDN LSE 25 20 CARILLION PLC CLLN LSE 100 100 COMMUNISIS PLC CMS LSE 50 100 CENTRICA PLC CNA LSE 10 10 CAIRN ENERGY PLC CNE LSE 30 30 COBHAM PLC -
Lender Action Required What Do I Need to Do? Express Payments?
express lender action required what do i need to do? payments? how will i be paid? You can request to be paid within Phone Accord Mortgaegs’ Business Support Team 24 hours of the lender confirming Accord Mortgages Telephone Registration on 03451200866 and ask them to add ‘TMA’as a Yes completion by requesting a payment payment route. through ‘TMA My Portal’. Affirmative Finance will release Registration is required for Affirmative Finance, the payment to TMA on the day of Affirmative No Registration however please state ‘TMA’ when putting a case No completion. TMA will then release Finance through. the payment to the you once it is received. Aldermore products are only available via carefully selected distribution partners. To register to do business with Aldermore go to https;//adlermore- brokerportal.co.uk/MoISiteVisa/Logon/Logon.aspx. You can request to be paid within If you are already registered with Aldermore the on 24 hours of the lender confirming Aldermore Online Registration Yes each case submission you will be asked if you are completion by requesting a submitting business though a Mortgage Club, tick payment through ‘TMA My Portal’. yes and then select ‘TMA’. If TMA is not already in your drop down box then got to ‘Edit Profile’ on the ‘Portal’ and add in ‘TMA’ Please visit us at https://www. Payment will be made every postoffice4intermediaries.co.uk/ and Monday to TMA via BACs. Bank of Ireland Online registration https://www.bankofireland4intermediaries. No Payment is calculated on the first co.uk/ and click register, you will need a Monday 2 weeks after completion profile for each brand. -
Global Voting Activity Report to March 2019
Voting Disclosure 1 April 2018 - 31 March 2019 UNITED KINGDOM Meeting Total Against Proposal Against ISS Proposal Company Region Vote Date Type Date Proposals Management Label Recommendation Label CARNIVAL PLC United Kingdom 11-Apr-18 04-Apr-18 AGM 19 0 0 HANSTEEN HOLDINGS PLC United Kingdom 11-Apr-18 04-Apr-18 OGM 1 0 0 RIO TINTO PLC United Kingdom 11-Apr-18 04-Apr-18 AGM 22 0 0 SMITH & NEPHEW PLC United Kingdom 12-Apr-18 04-Apr-18 AGM 21 0 0 PORVAIR PLC United Kingdom 17-Apr-18 10-Apr-18 AGM 15 0 0 BUNZL PLC United Kingdom 18-Apr-18 12-Apr-18 AGM 19 0 0 HUNTING PLC United Kingdom 18-Apr-18 12-Apr-18 AGM 16 2 3, 8 0 HSBC HOLDINGS PLC United Kingdom 20-Apr-18 13-Apr-18 AGM 29 0 0 LONDON STOCK EXCHANGE United Kingdom 24-Apr-18 18-Apr-18 AGM 26 0 0 GROUP PLC SHIRE PLC United Kingdom 24-Apr-18 18-Apr-18 AGM 20 0 0 CRODA INTERNATIONAL PLC United Kingdom 25-Apr-18 19-Apr-18 AGM 18 0 0 BLACKROCK WORLD MINING United Kingdom 25-Apr-18 19-Apr-18 AGM 15 0 0 TRUST PLC ALLIANZ TECHNOLOGY TRUST PLC United Kingdom 25-Apr-18 19-Apr-18 AGM 10 0 0 TULLOW OIL PLC United Kingdom 25-Apr-18 19-Apr-18 AGM 16 0 0 BRITISH AMERICAN TOBACCO PLC United Kingdom 25-Apr-18 19-Apr-18 AGM 20 1 8 0 TAYLOR WIMPEY PLC United Kingdom 26-Apr-18 20-Apr-18 AGM 21 0 0 ALLIANCE TRUST PLC United Kingdom 26-Apr-18 20-Apr-18 AGM 13 0 0 SCHRODERS PLC United Kingdom 26-Apr-18 20-Apr-18 AGM 19 0 0 WEIR GROUP PLC (THE) United Kingdom 26-Apr-18 20-Apr-18 AGM 23 0 0 AGGREKO PLC United Kingdom 26-Apr-18 20-Apr-18 AGM 20 0 0 MEGGITT PLC United Kingdom 26-Apr-18 20-Apr-18 AGM 22 1 4 0 1/47 -
FTSE Factsheet
FTSE COMPANY REPORT Share price analysis relative to sector and index performance Axiom European Financial Debt Fund AXI Closed End Investments — GBP 0.975 at close 20 April 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Apr-2015 1D WTD MTD YTD Absolute - - - - Rel.Sector - - - - Rel.Market - - - - VALUATION Data unavailable Trailing PE 52.7 EV/EBITDA 25.0 PB 1.0 PCF 24.7 Div Yield 6.6 Price/Sales +ve Net Debt/Equity 0.0 Div Payout +ve ROE 1.8 DESCRIPTION Data unavailable The Company is a closed-ended investment company registered and incorporated in Guernsey and managed by Axiom Alternative Investments SARL. Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Axiom European Financial Debt Fund 20 April 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Mar-2021 31-Mar-2021 31-Mar-2021 60 25 1.15 1.1 50 +1SD 20 1.05 40 1 15 0.95 Avg 30 0.9 10 +1SD 20 +1SD 0.85 -1SD 5 Avg 0.8 10 Avg 0.75 0 ‖ ‖ 0 ‖ ‖ -1SD 0.7 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Murray International Trust (Ord) 120.0 Murray International Trust (Ord) 100.0 CVC Credit Partners European Opportunities (GBP) 2.3 European Opportunities Trust 120.0 European Opportunities Trust 100.0 Hipgnosis Songs Fund 2.2 Law Debenture Corp 120.0 Law Debenture Corp 100.0 Pacific Horizon Investment Trust 2.0 HICL Infrastructure -
Distressing Debt Seek out Shares in the Lowest Quality Companies; Verdad Compared Equity Performance with Credit the Worst-Of-The-Worst, If You Like
TIPS IDEAS FARM want to play the ‘dash for trash’ should simply the issue price. A similar story was found when Distressing debt seek out shares in the lowest quality companies; Verdad compared equity performance with credit the worst-of-the-worst, if you like. However, quality based on the scores of rating agencies. ALGY HALL ignoring ‘quality’ when it comes to buying Here the research found share performance t’s been a tough time for short sellers lately. beaten-up stocks (the kind of shares found on started to deteriorate when ratings fell below a IThe ‘dash for trash’ that I wrote about in this these pages in our tables of shorts, downgrades high single B rating. The annualised equity return column last week, has been indiscriminate. and 52-week lows) is rarely wise. from stocks in the least creditworthy category Even real no-hoper shares have benefited. The Intrigued by the price movement of bankrupt- (CC and below) was a negative 34 per cent. most headline-grabbing example of investors’ company stocks, Verdad – a US investment firm This research holds an important lesson for willingness to overlook all fundamentals in their that specialises in investing in the shares of investors targeting the grubbier end of this recov- hunt for ‘trash’ has been the strong performance cheap, indebted, smaller companies – trawled its ery. Rather than buying the worst-of-the-worst, of shares in US companies that have already database. It looked for the long-term relationship it’s the best-of-the-worst that should provide the declared bankruptcy or are about to (Hertz, JC between share price performance and the level optimal trade-off between risk and reward. -
UK Investment Trusts Index This Listing Aims to Help Readers to Locate an Investment Trust in the AIC Sectors
UK Investment Trusts Index This listing aims to help readers to locate an investment trust in the AIC sectors. Funds are presented in alphabetical order by provider. Fund name Sector Fund name Sector Fund name Sector 3i Group Plc Private Equity Blackstone/GSO Loan Financing Limited Debt - Structured Finance Energiser Investments PLC Unclassified 3I Infrastructure Plc Infrastructure Blue Planet Investment Trust PLC ORD 1P Global High Income EP Global Opportunities Trust PLC Global Aberdeen Asian Income LTd Asia Pacific Income Blue Star Capital PLC Unclassified EPE Special Opportunities Unclassified Ab Div Inc & Grw Trt Flexible Investment Bluefield Solar Income Limited Renewable Energy Infrastructure European Assets Trust PLC European Smaller Companies AbrEmrMrInvCmpLtd Global Emerging Markets BMO Cap & Inc IT PLC UK Equity Income F&C Investment Trust Plc Global Abr Frn Mr Inv CmpLtd Global Emerging Markets BMO Commercial Property Trust Limited Property - UK Commercial F&C UK Real Estate Investments Limited Property - UK Commercial Aberdeen Japan IT PLC Japan BMO Global Smaller Companies Plc Global Smaller Companies Fair Oaks Income Limited 2017 SHS Debt - Structured Finance Aberdeen Latin American Income Ltd Latin America BMO Managed Portfolio Trust Plc Growth Flexible Investment FastForward Innovations Limited Ord 1P Private Equity Abrdn New Dawn IT PLC Asia Pacific BMO Managed Portfolio Trust Plc Inc Flexible Investment Fidelity Asian Values PLC Asia Pacific Aberdeen New Ind IT PLC Ord Country Specialist: Asia Pacific ex Jap BMO Private -
Annual Report and Accounts 2014 Strategic Report Governance Financial Statements
Annual Report 2014 and Accounts OneSavings Bank Annual Report and Accounts 2014 Strategic report Governance Financial statements Strategic report Highlights ..............................................................01 OneSavings Bank At a glance ............................................................02 Chief Executive Officer’s statement ..............04 Market review ......................................................06 is a specialist lender Our strategic framework ..................................08 Our business model ...........................................09 Our strategy in action .......................................10 primarily focused Strategic report Governance Financial statements OneSavings Bank Annual Report and Accounts 2014 10-11 Our strategy in action Gross new organic lending 2014: £1.5bn 2013: £794m specialist Best Buy-to-Let Mortgage lender Provider 2014 What Mortgage on carefully selected Sub-Sector market Bespoke Intermediary Inorganic specialisation underwriting relationships growth We focus on specialist mortgage lending Our highly skilled underwriting team has We originate almost all of our organic Since the formation of OneSavings Bank to consumers, entrepreneurs and SMEs in an average of 12 years’ experience. We lending through a selected panel of the Group has diversified into new lending sub-sectors of the UK market where we adopt a manual approach to underwriting specialist intermediaries, who have markets through business acquisitions, have identified opportunities for both risk- specifically -
FTSE Russell Publications
2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore -
Then, Now, Always: Our Mission Never Changes
THEN, NOW, ALWAYS: OUR MISSION NEVER CHANGES IMPACT REPORT 2017/18 NAVEEN, AGE SEVEN Naveen comes to GOSH regularly. He is recovering after recent spinal surgery on Sky Ward. OUR MISSION Our mission at Great Ormond Street Hospital Children’s Charity (GOSH Charity) is to enhance Great Ormond Street Hospital’s (GOSH) ability to transform the health and wellbeing of children and young people, giving them the best chance to fulfil their potential. On behalf of the hospital's young patients, their families and the staff at the hospital and charity, thank you. We will always be grateful for your support. Impact Report 2017/18 3 THEN, NOW, ALWAYS 2017/2018 GOSH wouldn't be the place it is without 800+ the millions of people who have supported £99.4m it. From the day we opened to today, your tireless event volunteers raised by you – generously gave their time incredible fundraising efforts have improved our best fundraising year ever! and energy to whoop, cheer and help events the lives of seriously ill children. They will run smoothly, raising vital always need us. And we will always need you. 13,000+ funds for GOSH. Bernard Bears sold at Premier 1855 31,759 Inns across the country in 2017, raising an impressive £80,000. Go Bernard! 152 raffle players took we received our first legacy a chance to win, raising gift. Legacies continue to be a £588,799 in the process. volunteer community vital part of our income today. ambassadors delivered 10 45 outreach talks in local communities this year, helping us reach 3,500 people. -
The Hard Sell Recent Years Has Been Downwards
TIPS IDEAS FARM the general trajectory of the share price over subsequent build-up in shorts underpinned The hard sell recent years has been downwards. This our confidence in the sell case and encour- emphasises the importance of taking the kind aged us to restate the call. Shorts peaked ALGY HALL of external prompts we monitor in the Ideas at 12.5 per cent in May last year, by which ome stock ideas just keep on giving. While Farm as a reason to undertake further research time the shares were already down to 774p. Sthis is a principle often associated with rather than a call to blindly follow suit. Negative bets fell to 5 per cent a year ago, but buy-and-hold investments, the same can But on this occasion, we think the have been riding high again for much of the apply to popular shorts (bets that a share prospects for Sainsbury may be more akin to past 12 months. The shares hit a 66p low in price will fall). Indeed, over recent weeks, two of the other serial short favourites when March and currently trade at 95p. four of the top five stocks in our most-shorted- they’ve previously experienced short surges: Shorts aside, our view of both Cineworld shares table are names that have flirted with Cineworld and Metro Bank. and Metro Bank when we moved to sell boiled top spots on the list in the past. In the case of cinema chain Cineworld, down to the fact they looked vulnerable to the Of the top five,Cineword (CINE), Metro it was a combination of sharply rising short dreaded combination of an ongoing decline Bank (MTRO), J Sainsbury (SBRY) and interest and broker downgrades that attracted in profit coupled with an overstretched bal- Premier Oil (PMO) all have historical form as our attention to the shares in September ance sheet. -
Panel of Mortgage Lenders There Are 67 Lenders on the Panel for Residential, Shared Equity and Shared Ownership Mortgages
Panel of mortgage lenders There are 67 lenders on the panel for Residential, Shared Equity and Shared Ownership mortgages. Lenders - Residential, Shared Equity and Shared Ownership mortgages Accord Mortgages Family Building Society Melton Building Society Scottish Building Society AIB Foundation Home Loans Metro Bank Scottish Widows Bank Aldermore Mortgages Furness Building Society Monmouthshire Building Society Skipton Building Society Stafford Railway Building Barclays Halifax Intermediaries Nationwide for Intermediaries Society Bank of China Hanley Economic Building Society NatWest Intermediary Solutions Swansea Building Society Bank of Ireland for Harpenden Building Society Newbury Building Society Teachers Building Society Intermediaries Bath Building Society Hinckley & Rugby Building Society Newcastle Building Society Tipton and Coseley BS Beverley Building Society HSBC Nottingham Building Society The Mortgage Lender Bluestone Mortgages Investec Penrith Building Society The West Brom Buckinghamshire Building Ipswich Building Society Pepper Money TSB Society Cambridge Building Society Kensington Mortgages Platform Homeloans Vernon Building Society Chorley Building Society Kent Reliance for Intermediaries Post Office for Intermediaries Vida Homeloans Clydesdale Bank Leeds Building Society Precise Mortgages Virgin Money Coventry for Intermediaries Leek United Building Society Principality Building Society Danske Bank Mansfield Building Society Progressive Building Society Darlington Building Society Marsden Building Society Reliance -
3I Bioscience, 212 3I European Technology Trust, 205, 212 3I Group, 13, 14, 32, 45, 46, 70, 120, 121, 128, 162, 202, 204, 219, 2
INVESTMENT TRUSTS – A COMPLETE GUIDE Index Aberforth Split Level Income, 42, 97 3 Aberforth Split Level Trust, 202, 209 Absolute Return Trust, 217 3i Bioscience, 212 Abtrust Scotland, 199, 205 3i European Technology Trust, 205, 212 AcenciA Debt Strategies, 213 3i Group, 13, 14, 32, 45, 46, 70, 120, 121, 128, Ackman, Bill, 35 162, 202, 204, 219, 231 Acorn Income Fund, 204, 210, 214, 232 3i Infrastructure, 117, 149, 150, 171, 194, 215, Active Capital Trust, 211 219, 224, 235, 243 Adams, Andy, 41, 196, 207 3i Smaller Quoted Companies Trust, 212 Adamson, Donald, 164 3PC Investment Trust, 207, 210 Advance Developing Markets, 201, 205, 219, 220, 226, 232 A Advance UK, 200, 201, 202, 221 Aberdeen All Asia Investment Trust, 227 AEW Long Lease REIT, 97 Aberdeen Asian Income Fund, 87, 213 AEW UK REIT, 138, 194 Aberdeen Asian Smaller Companies, 225, 230 AIC, 13, 14, 16, 17, 23, 24, 52, 53, 70, 72, 73, Aberdeen Convertible Income, 212 76, 81, 84, 86, 87, 89, 114, 115, 116, 117, Aberdeen Emerging Economies, 208 118, 119, 121, 131, 132, 133, 136, 145, 153, Aberdeen Emerging Markets Company, 91, 155, 156, 191, 192, 194, 214, 215, 216, 217, 240 218, 220, 223, 224, 225, 227, 230, 233, 238, Aberdeen Emerging Markets Smaller 241 Companies Trust, 223 AIM Trust, 204, 207, 209, 210 Aberdeen European, 201, 202 AJ Bell, 76, 144 Aberdeen High Income, 209 Albany Investment Trust, 107, 225 Aberdeen Japan Investment Trust, 57, 177, Alliance Trust, 16, 17, 35, 45, 46, 58, 86, 129, 178, 227, 229, 231 133, 146, 155, 176, 202, 212, 214, 215, 218, Aberdeen Latin American,