DOCSLIB.ORG

Can Value Take Momentum's Mantle?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Can Value Take Momentum's Mantle? TIPS IDEAS FARM theme of growth into unloved value. Can value take momentum’s mantle? The observations made by Mr Klement have two potentially interesting implications ALGY HALL for finance academics. A central finding from for this ferocious swing in sentiment towards ur style chart aims to provide an idea of how comparing the markets was that B-shares dem- value. Firstly, if momentum has become a Oeffective different investment approaches onstrated much more momentum than A-shares. stronger long-term force in markets, it’s pos- have been over the past three months. Broker For Liberum investment strategist Joachim sible that the most unloved sectors and stocks Liberum, which also tracks investment styles, has Klement, a major potential insight is: “ ...the lack have become very excessively over sold. They recently put forward some interesting reasons of noise traders in the B-share market creates could therefore have a lot of ground to make why one style, momentum, may have enjoyed a bigger impact from the herding behaviour of up (‘mean reversion’ in City jargon). such success over recent years. And the logic of professional investors... enhancing momentum. Second, if that’s true and value’s recent its argument has potential ramifications for the This, in turn indicates that with the continuing fillip manages to develop into a lengthier longevity of this week’s sharp rotation by markets decline of retail trading and the shift towards period of outperformance, then value should away from growth stocks and into value. active and passive investments managed by become the beneficiary of the turbo-charged The broker highlights findings from research professional managers, the momentum effect forces of momentum; meaning value inves- into the Chinese A and B-share markets from could remain the dominant factor.” tors could benefit more, and for longer, than Hong Kong Polytechnic University, and the There is a flipside to this observation, would otherwise be the case. Indeed, the Universities of California and Texas. These which is that the market’s unloved stocks beauty of momentum is its loose attachment markets are fertile grounds for researchers into may be becoming more unloved… at least to fundamental analysis. While it gets caught investor behaviour because A-share trading is until something dramatic happens to cause out by sharp changes in trend, it soon adapts dominated by domestic retail investors and so- a mass reassessment. And this week we’ve and takes up the mantle of the latest style that called “noise” traders, in contrast with B shares, certainly had a dramatic event. The combina- appears to be working. which attract significant money from overseas tion of the US election result and a potential The caveat to all this (and it’s a biggie) is that professional investors. In research terms, this vaccine breakthrough has prompted a sharp ‘value’ has had many false dawns during its is like having a “control” group; a rare luxury move away from the dominant momentum recent decade of dire underperformance. Fund manager best ideas: UK All Companies (top 50) New 52-week highs (top 30) Based on top 3 most overweight Name TIDM Price % from high No of funds Sage 2 (-2) Highbridge Tactical Credit Fund HTCF 214p 0.00% Future 6 YouGov 2 Aberdeen New Dawn Investment Trust ABD 300p 0.00% Spirax-Sarco Engineering 4 Admiral 1 VinaCapital Vietnam VOF 354p 0.00% B&M European Value Retail SA 3 (+1) Anglo American 1 Martin Currie Global Portfolio MNP 367p 0.00% Daily Mail and General Trust Class A 3 (+1) Ashtead 1 International Public INPP 173p 0.10% Dechra Pharmaceuticals 3 (+2) Asos 1 Schroder AsiaPacific Fund SDP 583p 0.30% Dunelm 3 (+2) Aveva 1 Games Workshop 3 (+2) Berkeley Group PLC1 1 (NEW) Impax Environmental Mkts IEM 421p 0.50% Liontrust Asset Management 3 (-1) Bodycote 1 (NEW) Triple Point Social Housing REIT SOHO 113p 0.50% Spirent Communications 3 Breedon 1 Xaar XAR 160p 0.60% Ascential 2 Centamin 1 KAZ Minerals KAZ 631p 0.70% Avon Rubber 2 Chemring 1 (NEW) BBGI Global BBGI 175p 0.80% Boohoo 2 (-1) ConvaTec G 1 Asia Dragon Trust DGN 486p 0.80% Electrocomponents 2 (-1) Derwent London 1 (NEW) JPMorgan Global Growth JGGI 377p 0.90% Euromoney Institutional Investor 2 (NEW) Diploma 1 Aberdeen Standard Euro Logistics Inc ASLI 112p 0.90% Frontier Developments 2 Domino’s Pizza 1 (NEW) Henderson European Focus HEFT 1,355p 1.10% Gamesys 2 (NEW) Experian 1 Gresham House GHE 785p 1.30% Gamma Communications 2 Fevertree Drinks 1 (NEW) Genus 2 (NEW) GB 1 Mid Wynd Intl Investment Trust MWY 700p 1.30% Halma 2 GlobalData 1 (-1) Capital Gearing Trust CGT 4,530p 1.30% Ocado 2 Grainger 1 (NEW) Fidelity Japan Trust FJV 222p 1.30% Pets at Home 2 (+1) Helios Towers 1 Jubilee Metals JLP 7p 1.40% Playtech 2 (NEW) IMI 1 (NEW) Hipgnosis Songs SONC 105p 1.40% Prudential 2 (NEW) IntegraFin 1 (-1) Baillie Gifford UK Growth BGUK 207p 1.40% QinetiQ 2 (+1) IWG 1 Volex VLX 275p 1.40% Source: Morningstar, as at 11 November 2020 Renishaw 2 (NEW) YouGov YOU 1,040p 1.50% Syncona SYNC 266p 1.50% New 52-week lows Genesis Emerging Markets GSS 840p 1.50% RiverFort Global Opportunities RGO 1p 1.60% Name TIDM Price % from low Kenmare Resources KMR 299p 1.60% Shearwater SWG 131p 0.80% HgCapital Trust HGT 304p 1.70% DP Eurasia DPEU 31p 2.30% Pacif Asset Tru PAC 294p 1.70% Personal Group PGH 213p 2.60% Source: FactSet, as at 11 November 2020 Source: FactSet, as at 11 November 2020 64 INVESTORS CHRONICLE 13 NOV - 19 NOV 2020 TIPS IDEAS FARM Style: 3 months to 11 November 2020 (%) 1-month EPS upgrades (top 25) 12 FWD EPS CHG Name TIDM 1mth 3mth 1yr 10 Gem Diamonds GEMD 3689.40% 881.80% -47% 8 James Cropper CRPR 3586.40% - - 6 Hotel Chocolat HOTC 1580.10% 195.30% -60% Pendragon PDG 363.60% -66.70% - Performance (%) 4 Hollywood Bowl BOWL 247.00% -64.50% -91% 2 MJ Hudson MJH 194.70% 194.70% - 0 Wey Education WEY 105.60% 85.00% 1133% ValueQuality GrowthMom FTSE All Share Source: FactSet ZOO Digital ZOO 87.00% 89.50% -7% Proactis PHD 72.20% 55.00% - Barclays BARC 60.90% 62.60% -64% Shorts (top 10) LiDCO LID 54.30% - - Urban&Civic UANC 51.30% -39.10% -39% Short No of 1-week change Alfa Financial Software ALFA 50.80% 464.70% 45% Company interest shorters in short interest Victoria VCP 50.00% 50.00% -59% Cineworld 9.60% 10 0.20% Norcros NXR 48.90% 48.90% -38% Premier Oil 9.10% 3 0.00% Bango BGO 46.70% -35.30% 83% Tullow Oil 8.90% 6 0.40% IG Design IGR 44.50% 44.50% -32% Petrofac 7.70% 4 0.00% Associated British Foods ABF 44.30% 49.50% -24% Hammerson 7.60% 6 -0.10% Bellway BWY 38.90% -1.60% -36% Metro Bank 7.60% 4 -0.70% Trans-Siberian Gold TSG 36.50% 6.30% - Pearson 7.40% 7 0.00% Lloyds Banking LLOY 35.10% 4.10% -83% Sainsbury (J) 6.80% 5 0.10% Royal Dutch Shell RDSB 34.80% 23.70% -71% Rolls-Royce 5.70% 6 0.90% REACT REAT 33.30% 33.30% - Petropavlovsk 5.50% 2 0.00% Royal Dutch Shell RDSA 33.20% 22.60% -71% Babcock International 5.30% 3 0.00% Bloomsbury Publishing BMY 32.90% 0.50% -27% Weir 4.90% 5 -0.10% Source: FactSet, as at 11 November 2020 Network International 4.80% 4 0.00% Vodafone 4.40% 4 0.00% IQE 4.40% 3 -0.10% Wm Morrison Supermarkets 4.30% 4 0.70% 1-month EPS downgrades (top 25) Wood Group (John) 4.10% 6 0.00% FWD EPS CHG Future 4.10% 4 0.10% Name TIDM 1mth 3mth 1yr Tui Ag 4.00% 5 -0.80% Syncona SYNC -100.00% -100.00% - Micro Focus International 3.80% 3 0.00% Iofina IOF -93.60% -94.40% -91% Source: FCA, as at 11 November 2020 Gattaca GATC -89.50% -89.50% -96% TheWorks WRKS -88.60% -88.30% -93% Intu Properties INTU -87.80% -82.90% -96% Biggest short increases Lancashire LRE -81.90% -90.30% -93% Totally TLY -56.70% -56.70% -7% Short No of 1-week change InterContinental Hotels IHG -50.70% -68.20% -93% Company interest shorters to 4 November Tekmar Group TGP -48.20% -47.80% -75% Next 1.70% 2 0.90% Atalaya Mining ATYM -40.50% -34.30% -41% Rolls-Royce 5.70% 6 0.90% Midwich MIDW -35.00% -77.40% -82% Wm Morrison Supermarkets 4.30% 4 0.70% Mercia Asset Management MERC -28.60% -69.00% - Asos 0.60% 1 0.60% Ascential ASCL -24.80% -25.40% -91% Schroders 0.50% 1 0.50% James Fisher & Sons FSJ -24.60% -28.80% -49% Source: FCA, as at 11 November 2020 Topps Tiles TPT -24.40% - -97% Royal Mail RMG -23.90% - -87% Petropavlovsk POG -22.50% -14.70% 373% Biggest short drops Forterra FORT -21.50% 0.70% -82% Short No of 1-week change STM STM -20.00% -24.30% -52% Company interest shorters to 4 November RDI REIT RDI -19.50% -19.90% -49% Telit Communications 0.60% 1 -0.90% Venture Life VLG -17.30% -20.60% 70% N. Brown 2.90% 2 -0.90% Kenmare Resources KMR -16.60% 6.70% -78% Tui Ag 4.00% 5 -0.80% Saga SAGA -16.40% -82.80% -94% Capita 3.10% 4 -0.70% Hammerson HMSO -16.10% -55.80% -82% Metro Bank 7.60% 4 -0.70% Equiniti EQN -14.60% -21.90% -50% Source: FCA, as at 11 November 2020 Source: FactSet, as at 11 November 2020 13 NOV - 19 NOV 2020 INVESTORS CHRONICLE 65 .
Load more

Recommended publications
  • Xtrackers Etfs
    Xtrackers*/** Société d’investissement à capital variable R.C.S. Luxembourg N° B-119.899 Unaudited Semi-Annual Report For the period from 1 January 2018 to 30 June 2018 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus of Xtrackers accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. * Effective 16 February 2018, db x-trackers changed name to Xtrackers. **This includes synthetic ETFs. Xtrackers** Table of contents Page Organisation 4 Information for Hong Kong Residents 6 Statistics 7 Statement of Net Assets as at 30 June 2018 28 Statement of Investments as at 30 June 2018 50 Xtrackers MSCI WORLD SWAP UCITS ETF* 50 Xtrackers MSCI EUROPE UCITS ETF 56 Xtrackers MSCI JAPAN UCITS ETF 68 Xtrackers MSCI USA SWAP UCITS ETF* 75 Xtrackers EURO STOXX 50 UCITS ETF 80 Xtrackers DAX UCITS ETF 82 Xtrackers FTSE MIB UCITS ETF 83 Xtrackers SWITZERLAND UCITS ETF 85 Xtrackers FTSE 100 INCOME UCITS ETF 86 Xtrackers FTSE 250 UCITS ETF 89 Xtrackers FTSE ALL-SHARE UCITS ETF 96 Xtrackers MSCI EMERGING MARKETS SWAP UCITS ETF* 111 Xtrackers MSCI EM ASIA SWAP UCITS ETF* 115 Xtrackers MSCI EM LATIN AMERICA SWAP UCITS ETF* 117 Xtrackers MSCI EM EUROPE, MIDDLE EAST & AFRICA SWAP UCITS ETF* 118 Xtrackers MSCI TAIWAN UCITS ETF 120 Xtrackers MSCI BRAZIL UCITS ETF 123 Xtrackers NIFTY 50 SWAP UCITS ETF* 125 Xtrackers MSCI KOREA UCITS ETF 127 Xtrackers FTSE CHINA 50 UCITS ETF 130 Xtrackers EURO STOXX QUALITY
    [Show full text]
  • Annual Report of Proxy Voting Record Date Of
    ANNUAL REPORT OF PROXY VOTING RECORD DATE OF REPORTING PERIOD: JULY 1, 2018 - JUNE 30, 2019 FUND: VANGUARD FTSE 250 UCITS ETF --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ISSUER: 3i Infrastructure plc TICKER: 3IN CUSIP: ADPV41555 MEETING DATE: 7/5/2018 FOR/AGAINST PROPOSAL: PROPOSED BY VOTED? VOTE CAST MGMT PROPOSAL #1: ACCEPT FINANCIAL STATEMENTS AND ISSUER YES FOR FOR STATUTORY REPORTS PROPOSAL #2: APPROVE REMUNERATION REPORT ISSUER YES FOR FOR PROPOSAL #3: APPROVE FINAL DIVIDEND ISSUER YES FOR FOR PROPOSAL #4: RE-ELECT RICHARD LAING AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #5: RE-ELECT IAN LOBLEY AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #6: RE-ELECT PAUL MASTERTON AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #7: RE-ELECT DOUG BANNISTER AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #8: RE-ELECT WENDY DORMAN AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #9: ELECT ROBERT JENNINGS AS DIRECTOR ISSUER YES FOR FOR PROPOSAL #10: RATIFY DELOITTE LLP AS AUDITORS ISSUER YES FOR FOR PROPOSAL #11: AUTHORISE BOARD TO FIX REMUNERATION OF ISSUER YES FOR FOR AUDITORS PROPOSAL #12: APPROVE SCRIP DIVIDEND SCHEME ISSUER YES FOR FOR PROPOSAL #13: AUTHORISE CAPITALISATION OF THE ISSUER YES FOR FOR APPROPRIATE AMOUNTS OF NEW ORDINARY SHARES TO BE ALLOTTED UNDER THE SCRIP DIVIDEND SCHEME PROPOSAL #14: AUTHORISE ISSUE OF EQUITY WITHOUT PRE- ISSUER YES FOR FOR EMPTIVE RIGHTS PROPOSAL #15: AUTHORISE MARKET PURCHASE OF ORDINARY ISSUER YES FOR FOR
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Interim Report Charitrak Common Investment Fund
    Interim report ChariTrak Common Investment Fund For the six months ended 12 October 2017 Contents General Information Manager, Registrar and Alternative Investment Fund Manager General Information 2 BlackRock Fund Managers Limited About the Fund 3 12 Throgmorton Avenue, London EC2N 2DL Switchboard: 020 7743 3000 Trustee 3 Charities Helpline (Freephone): 0800 44 55 22 Corporate Governance 4 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority Common Investment Funds 4 pursuant to the requirements of The Alternative Investment Fund Managers Regulations 2013. Charity Trustees’ Investment Responsibilities 4 Directors of the Manager Fund Manager 4 G D Bamping* C L Carter (appointed 7 September 2017) R A Damm N C D Hall* (resigned 31 May 2017) R A R Hayes A M Lawrence E E Tracey M T Zemek* Significant Events 5 * Non-executive Director. Investment Objective & Policy 6 Trustee Performance Table 7 BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street, London EC4V 4LA Investment Report 8 Authorised and regulated by the Financial Conduct Authority. Performance Record 9 Portfolio Statement 11 Investment Manager BlackRock Advisors (UK) Limited Statement of Total Return 28 12 Throgmorton Avenue, London EC2N 2DL Statement of Change in Net Assets Attributable to Unitholders 28 Authorised and regulated by the Financial Conduct Authority. Balance Sheet 29 Auditor Notes to Financial Statements 30 Ernst & Young LLP 1 More London Place, London SE1 2AF Custodian The Bank of New York Mellon (International) Limited 1 Canada Square, London E14 5AL Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
    [Show full text]
  • Value in Trouble Trodden Value Stocks Massively Outperform
    TIPS IDEAS FARM dominated by a ‘dash for trash’ in which down- that supports this argument means that the Value in trouble trodden value stocks massively outperform. This lower rates are, the more value is put on column highlighted this phenomenon when earnings expected further out. So ever lower ALGY HALL it briefly emerged a couple of months ago. But rates create an ever more speculative market in ugust is often a testy month for markets. growth, quality and momentum strategies have growth stocks given “it is a big, big bet that is AThe popular reasoning for this goes: as the swiftly reasserted their dominance. 90-per-cent-plus dependent upon assumptions holiday season gets under way, experienced Value investors reckon things will change about what the 2030s and 2040s will look like”. investors and traders jet off to luxury resorts soon. Gary Channon, the founder of deep value There’s no point in pretending value manag- and seafront mansions, which reduces market investment firm Phoenix Asset Management and ers are not desperate to make an argument liquidity (increasing share price sensitivity) manager of Aurora investment trust, has said for their floundering investment style. But the just as jumpy juniors take the steering wheel. the story of value investing will prove to be like a desperation does not mean their arguments are With the Covid-19 pandemic very much still horror movie with a happy ending. without substance. The cruel irony with value with us, and a looming US election also testing Meanwhile US value-focused hedge fund investing is that it is often when arguments nerves, there’s certainly the potential for an Longleaf Partners has recently written to appear most desperate that they are most right.
    [Show full text]
  • 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
    [Show full text]
  • SAVANNAH Q3 2020 BOARD REVIEW an Analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board Appointments in Q3 2020 INTRODUCTION
    www.savannah-group.com SAVANNAH Q3 2020 BOARD REVIEW An analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board appointments in Q3 2020 INTRODUCTION I am pleased to present our analysis of the executive director appointments already in the first 9 appointments to the FTSE 100 and FTSE 250 boards months. in the third quarter of 2020. As usual, we report the appointments of executive and non-executive Clearly, there has been a catch up and a quick directors to the boards of these companies, identify extrapolation of these numbers shows that we will the trends and we name individuals concerned. see around 100 executive director appointments to the FTSE 350 companies this year. This is still Just as this report was being finalised, we hosted well short of the 2018 numbers, and we have not a webinar to discuss “Boardroom Gender Diversity yet seen the impact of the Covid-19 lockdown. – Unfinished Business”. Moderated by the author, Given the lead time for very senior appointments, our panellists were Denise Wilson OBE, CEO of and being aware first hand that many search the Hampton Alexander Committee, Sir Andrew assignments were immediately put “on hold” when Mackenzie, recently retired CEO of BHP Plc and now the first lockdown was introduced, we expect to see Non-Executive Director at Royal Dutch Shell, and the impact materialise in Q4 and Q1 2021, perhaps Ruth Cairnie, Chair of Babcock International and later. On a positive note, we are seeing a trend of SID at Associated British Foods. We were joined by increasing numbers of women appointed to the 100 FTSE chairs, CEOs and senior directors from the executive director roles.
    [Show full text]
  • 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.
    [Show full text]
  • Annual Report 2017
    Annual Report 2017 Registre de Commerce et des Sociétés Luxembourg: B163879 FOR THE YEAR ENDED 31 DECEMBER 2017 www.bb-gi.com BBGI SICAV S.A. CAUTIONARY STATEMENT Certain sections of this report, including the Chairman’s Statement By their nature, forward-looking statements involve risks and and the Report of the Management Board (the “Review Section”) uncertainties because they relate to events and depend on have been prepared solely to provide additional information to circumstances that may or may not occur in the future. Forward- shareholders to assess the Group’s strategies and the potential for looking statements are not guarantees of future performance. those strategies to succeed. This additional information should not be The Company’s actual investment performance, results of relied on by any other party or for any other purpose. operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the The Review Section may include statements that are, or may be impression created by the forward-looking statements contained in deemed to be, “forward-looking statements”. These forward- this document. looking statements can be identified by the use of forward- looking terminology, including the terms “believes”, “estimates”, Subject to their legal and regulatory obligations, the Management “anticipates”, “forecasts”, “projects”, “expects”, “intends”, “may”, and Supervisory Boards expressly disclaim any obligations to update “will” or “should” or, in each case, their negative or other variations or or revise any forward-looking statement contained herein to reflect any comparable terminology. change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
    [Show full text]
  • Investment List at 31 July 2020
    Liontrust Portfolio University of St Andrews Month Ending 31/07/2020 Description No Of Shares Value Equities ABCAM PLC 39,729 £510,120 ADOBE INC 4,100 £1,388,221 ADYEN NV 76 £96,888 ALEXION PHARMACEUTICALS INC 11,000 £858,293 ALPHABET INC-CL A 1,100 £1,246,968 AMERICAN TOWER CORP 6,100 £1,214,795 ANSYS INC 3,900 £922,480 ASML HOLDING NV 3,417 £922,489 AUTODESK INC 6,400 £1,152,293 AVANZA BANK HOLDING AB 47,277 £697,017 BANCA GENERALI SPA 27,565 £626,829 CADENCE DESIGN SYSTEMS INC 12,400 £1,031,680 CELLNEX TELECOM SA 21,507 £68,013 CELLNEX TELECOM SA 21,507 £1,030,845 CHARLES SCHWAB CORP/THE 21,692 £547,713 COMPASS GROUP PLC 67,204 £705,642 CSL LTD 5,700 £841,159 DAIKIN INDUSTRIES LTD 5,800 £770,293 DOCUSIGN INC 5,600 £924,629 ECOLAB INC 8,506 £1,212,291 ELI LILLY AND CO 2,000 £228,861 EQUINIX INC 1,836 £1,098,229 FIRST REPUBLIC BANK/CA 9,138 £782,909 HELLA GMBH & CO KGAA 18,879 £625,254 INFINEON TECHNOLOGIES AG 36,197 £690,065 INTUIT INC 3,300 £770,503 INTUITIVE SURGICAL INC 1,800 £940,032 IQVIA HOLDINGS INC 10,400 £1,255,052 KERRY GROUP PLC 8,013 £808,565 KEYENCE CORP 2,700 £859,980 KINGSPAN GROUP PLC 20,108 £1,100,568 NASDAQ INC 6,761 £676,048 PALO ALTO NETWORKS INC 3,100 £604,317 PAYPAL HOLDINGS INC 11,500 £1,718,560 PERKINELMER INC 12,734 £1,153,385 PRUDENTIAL PLC 53,462 £590,755 PUMA SE 11,910 £707,988 RINGKJOEBING LANDBOBANK A/S 15,195 £861,120 ROCHE HOLDING AG 3,278 £867,833 ROCKWELL AUTOMATION INC 3,800 £631,567 SALESFORCE.COM INC 7,093 £1,053,007 SPLUNK INC 4,600 £734,703 TECHNOPRO HOLDINGS INC 15,500 £599,803 TERRAFORM POWER
    [Show full text]
  • BBGI SICAV S.A. Registre De Commerce Et Des Sociétés Luxembourg: B163879
    A Global Infrastructure Company BBGI SICAV S.A. Registre de Commerce et des Sociétés Luxembourg: B163879 ANNUAL REPORT for the year ended 31 December 2014 www.bb-gi.com CAUTIONARY STATEMENT Certain sections of this report, including the Company Overview, the By their nature, forward-looking statements involve risks Chairman’s Statement and the Report of the Management Board (the and uncertainties because they relate to events and depend “Review Section”) have been prepared solely to provide additional on circumstances that may or may not occur in the future. information to shareholders to assess the Group’s strategies and the Forward-looking statements are not guarantees of future potential for those strategies to succeed. These should not be relied performance. The Company’s actual investment performance, on by any other party or for any other purpose. results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may The Review Section may include statements that are, or may be differ materially from the impression created by the forward- deemed to be, “forward-looking statements”. These forward- looking statements contained in this document. looking statements can be identified by the use of forward- looking terminology, including the terms “believes”, “estimates”, Subject to their legal and regulatory obligations, the Management “anticipates”, “forecasts”, “projects”, “expects”, “intends”, and Supervisory Boards expressly disclaim any obligations to “may”, “will” or “should” or, in each case, their negative or other update or revise any forward-looking statement contained herein variations or comparable terminology. to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any These forward-looking statements include matters that are not statement is based.
    [Show full text]
  • Coalition Calls on SASB to Tighten Human Rights Requirements As
    Coalition calls on SASB to tighten human rights requirements as investors celebrate modern slavery successes at UK firms.pdf Saved to Dropbox • Feb 17, 2021 at 11:51 AM Account My RI search + Paul Rissman MENU , Categories: Hot Topics > Data & Disclosure | Institutions > Companies | Social > Human & labour rights SEARCH IN ARTICLES Coalition calls on SASB to tighten human rights requirements as investors celebrate modern search + slavery successes at UK firms Most recent articles in categories Move comes as SASB looks to update its human capital management framework Feb 17th, 2021 S&P and Moody’s sign on to Refinitiv-led ESG data initiative Feb 17th, 2021 Adani Ports and its CDP score: the problem with self-disclosure Feb 17th, 2021 Tesla’s stratospheric share price suggests public transport could suffer from Covid Most viewed articles in categories Feb 15th, 2021 FREE ESG scores: an outdated concept Feb 16th, 2021 Science-Based Targets Initiative accused of conflicts of interest and sidelining climate science Feb 4th, 2021 ESG data providers turn attention to private companies ! print " save in my articles SHARE : # $%&'() by: Vibeka Mair and Gina Gambetta Feb 17th, 2021 * news rss This website uses cookies to ensure you get the best experience on our website. Learn more Got it! The Sustainability Accounting Standards Board (SASB) has been urged to strengthen disclosure on workers’ collective bargaining rights and the risk of forced labour by a coalition including Oxfam, As You Sow and Domini Impact Investments. SASB - the influential sustainability disclosure standard for companies - has just closed a consultation on how it addresses human capital management.
    [Show full text]