Allianz Technology Trust (ATT) offers investors a specialist, bottom-up investment approach to the global technology sector, with the sole objective of total return maximisation. ATT is led by an experienced four-strong team, with the lead managers Walter Price and Huachen Chen having been working together for over 30 years. The team often follow a thematic approach to their stock selection, believing their holdings to be the ‘winners’ of the emerging trends within technology by (for example) o
Companies: Allianz Technology Trust
Large-cap technology stocks have dominated global markets in recent years, especially in the US where the FAANGs (Facebook, Amazon, Apple, Netflix and Alphabet) have reigned supreme. Combined, the FAANGs and Microsoft currently make up 12% of global equity markets while also having been amongst the best-performing companies globally. Yet we think the future doesn’t look as bright for these giants, with a series of antitrust suits on the horizon and declining tailwinds from COVID-19 lockdowns. Th
Companies: BASC USA JAM ATT JMI GVP BRSA
Your author had a dentist appointment booked for the day after dentists were ordered to stop work in March. Luckily he was able to finally have the work done two weeks ago, with a £38 surcharge for PPE. Meanwhile anyone celebrating the lifting of lockdown with a haircut has probably noticed a similar price increase, as companies pass on the extra costs they have incurred in complying with the new regulations. We suspect that many people are underestimating the inflation that is coming down the t
Companies: RICA TIGT ATT
2020 has so far proven to be the latest episode in a long period of technology outperformance, as we observed in this article. Over the past decade, technology-related companies have tended to perform like consumer staples or defensives on the downside, and like high-growth discretionary stocks on the upside: an ideal combination from the investor’s point of view. As a result the indices (and fund managers’ portfolios) are increasingly correlated to ‘big tech’. How do investors who want a divers
Companies: ATT PCT SMT BBH UKW IBT MHN IEM BERI MWY
In the financial markets, the biggest winners from the crisis so far have – without a doubt – been the technology sectors. Software, hardware, ecommerce and related sectors have outperformed in the immediate aftermath (as we discussed in a recent strategy note). They also seem likely to benefit from some of the likely long-lasting changes to society that the crisis will forge. This is the latest episode in a long period of outperformance. Looking back over the past decade, technology-related com
Companies: PCT ATT JFJ MWY SMT MNL BBOX
The COVID-19 related shutdown has seen the largest US companies extend their share price performance leadership even further, and they are generally assumed to be the winners from any changes to the economy. In part, this outperformance reflects increased certainty that these companies are the beneficiaries from a change in working practices and structural shifts in the economy, but this outperformance has been a longer-running trend. Investors with US equity exposure might be tempted to tilt in
Companies: JAM PCT ATT GVP
Allianz Technology Trust (ATT) is a highly differentiated and actively managed trust, aiming to profit from technological innovation and disruption. Importantly, the trust uses its structural advantages to invest, from time to time, in mid-cap high growth companies as well as large and mega-caps. As we discuss in the Performance section, this has helped the trust to outperform peers and the benchmark over the longer term. The recent equity market fall has prompted some rapid adjustment by the te
The COVID-19 pandemic is far from over, but with March coming to a close we have perhaps seen the end of the first act. Most of the developed world is in various degrees of ‘lockdown’; anxiously watching poorly reported – and often poorly understood – numbers for indications that their government’s strategy is working. Meanwhile equity markets saw one of their worst ever quarters in Q1 2020, as whole swathes of the economy were shut down by government diktat. The speed with which the situation d
Companies: BHGU BHMG RICA PSH BGUK MWY USA BGEU SMT MNL ATT FGT TIGT
Technology has been one of the most prominent investment themes globally in recent years, and the sector is growing to encompass an ever more diverse array of companies. One option for investors looking to exploit this theme with a highly experienced specialist investment team and strong long-term track record is Allianz Technology Trust (ATT). The ATT team, led by Walter Price and Huachen Chen, are focused on areas of ‘innovative disruption’, looking to construct a portfolio of around typicall
2018 saw the first negative calendar year for the S&P 500 and the Dow Jones since 2008 and, despite a subsequent rally, sentiment remains divided between those who believe the US market has more room to run, and those who think the longest bull market in history will soon come screeching to a halt. Instinctively, it feels like a correction must be due and, indeed, a recent survey of Kepler Trust Intelligence readers showed the majority feel that there are choppy waters ahead. Among those who fel
Companies: USA ATT GVP JUSC BRSA IBT JAM TPOU
For investors wanting exposure to this growth, Allianz Technology Trust (ATT) represents a very actively managed specialist investment trust, managed by one of the most experienced technology investment teams in the world, which has delivered excellent returns over the years. The team seek to identify areas of 'innovative disruption' and invest in the businesses best placed to exploit it. At any one time, the portfolio comprises between 50 and 70 stocks, currently at the high end of that range
Around a year after it developed a specific “Brexit” page, the FT newspaper app now has a dedicated Technology section. Either this marks the very top of the market (we think not), or it is a rather late acknowledgement from the FT that the technology sector impinges ever more in every aspect of our lives and at the same time has delivered exceptionally strong returns for investors in these companies. Allianz Technology Trust (ATT) is a very actively managed specialist investment trust, managed
Two years after the shock election of Donald Trump and with the US mid-term elections approaching on 6 November, we thought it a good time to strip out all the noise and bluster and assess what the Trump administration has really meant for US markets and the trusts that invest in them. We can identify two key policy moves Trump has achieved as President: tax reforms and trade tariffs. Each has significant ramifications for certain sectors and trusts, some good and some bad. The long-term effects
Companies: IBT USA BRSA ATT JAM BASC GVP
ATT offers a relatively pure exposure to companies involved in ‘innovative disruption’ in sectors as wide ranging as automobiles, advertising, security, retail and web services. Despite some clouds hanging over the technology sector’s current leading names, the management team is highly enthusiastic about opportunities, with lead manager Walter Price commenting that “this is the best environment for technology investing for 15 years”. He reports having more ideas than capital available. Reflecti
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
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Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
Companies: ANP DMTR FCRM HUR I3E IGE KWG MTR MEAL POW
Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc
AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
Companies: ATM ALS BOD CMRS GRL RIO
Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC