Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week In the latest episode of the podcast, I talk to Ben Conway, head of fund management at Hawksmoor Fund Management, about the health of the investment trust industry. We discuss whether the sector has done enough to see off the challenges of the last four years, the recent amendments to ...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week Mighty oaks and little acorns? I noted in the last edition of the Investment Trusts Handbook that we cannot finally say that the supply and demand crisis in the investment trust sector has been fully resolved until we start to see a new wave of trusts coming to market to replenish and ...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week The latest episode of the podcast features my pre-recorded conversation with Evy Hambro, the long-serving manager of BlackRock World Mining (BRWM). It is highly topical as supplies of commodities and precious metals have been central to the tariff wars, higher than hoped for inflation ...
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Baker Steel Resources (BSRT) was listed in 2010 and holds a concentrated global portfolio of both listed and unlisted smaller mining companies. The trust had a difficult start, due to the slump in commodities during the 2010s, and shareholders were underwater from 2012 until just a few months ago, but its recent performance has been much more impressive. Its share price has nearly quadrupled from a low of 34p in late 2023, thanks to the surge in gold and silver prices plus gains from holdings like Tungsten West and Blue Moon, taking its market cap to £135m. BSRT has typically traded at a wide ...
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As its name suggests, Geiger Counter (GCL) specialises in uranium-focused mining companies. It was floated in 2006 at 50p, and its shares have endured a rollercoaster ride over the last twenty years. At the end of 2019, it traded at just 15.5p, but its shares have performed very strongly since, and they are already up 25% this year at 75p. GCL has a market cap of around £80m, typically has double-digit gearing, and holds a very concentrated portfolio with its top five positions accounting for around 70% of its gross assets. Its rating can be volatile, and has ranged between plus and minus 20% ...
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CQS Natural Resources Growth & Income (ticker: CYN) was set up in 1994 as Aberdeen Latin American. In 2003, with the shares still down around 50% from their issue price, it was relaunched as a specialist equity trust focused on the mining and resources sector. Since 2003, CYN has produced an annualised NAV return of around 10% compared to around 9% for its composite resources/fixed-income benchmark however it is still quite a small trust with a market cap of around £125m. It has been a very volatile ride for investors, though, with the shares taking until 2022 to recover on a total return ...
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BlackRock World Mining (ticker: BRWM) was launched in 1993 making it the oldest sector-specialised equity trust. It has been managed by Evy Hambro since 2000 with Olivia Markham joining him as co-manager in 2015. From its IPO up to the end of 2022, BRWM had produced an annualised return of 9.8%, around half of that coming from reinvested income, versus 8.5% for its reference index. However, it has been a very volatile ride with the trust losing half its value in its first few years and around three-quarters more recently from 2010 to 2015. BRWM has a concentrated portfolio with around half of ...
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Riverstone Energy (ticker: RSE) was launched in 2013 when it raised a chunky £760m at £10 per share. Its original aim was to invest exclusively in the global energy industry with a focus on the exploration, production, and midstream sub-sectors. Within a couple of years, RSE had built up a concentrated portfolio of around a dozen private investments and its NAV per share had risen to around £16. But as the 2010s drew to a close, weaker demand for oil eventually resulted in a series of NAV declines and then there was a further collapse in the oil price caused by the pandemic. The NAV dropped to...
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BlackRock Energy and Resources Income (ticker: BERI) was launched in 2005. It invests in a fairly concentrated portfolio of around 60 stocks across the mining, traditional energy, and energy transition sectors and is unconstrained by geography or company size. Tom Holl has served as a named manager since 2014 and focuses on mining stocks while Mark Hume, an energy specialist, looks after the rest of the portfolio and became co-manager alongside Holl in 2020. BERI has been a regular issuer of new shares for most of its existence, spending a fair amount of time at a premium to NAV, although it i...
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Commodities for the long run? The latest Global Investment Returns Yearbook from the London Business School academics Dimson, Marsh and Staunton, out this week, has some important insights into the behaviour of commodities as an asset class, which, they point out, have some potentially invaluable diversification and inflation-hedging properties. Here are some of their conclusions on this topic, based on their extensive historical data set which stretches back to the nineteenth century:
Individual physical/spot commodities have provided low long-run returns since 1900 with an average annuali...
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