Momentum Multi-Asset Value Trust is a multi-asset trust offering global exposure to a diversified range of asset classes and sources of return, across traditional assets such as UK and overseas equity, as well as specialist areas, including infrastructure, property, private equity and alternative income.
The trust aims to return consumer-price inflation plus 6% per year over a typical investment cycle with a mix of income and capital growth. It applies a refined value, contrarian approach to stock selection, whereby each portfolio investment presents greater upside than the market anticipates.
Syncona: spotting winners in life sciences
Syncona (LSE: SYNC) is a private-equity trust focused on life-sciences firms, which funds initial ideas with venture capital, funding growth through the clinical-trials phase until their products are released. The team has a good record of success, with three firms maturing and sold in recent years. Blue Earth Diagnostics, Nightstar Therapeutics and Gyroscope were sold for a return of three times (with the potential of up to 5.1 times), 4.5 times and ten times the initial investment, respectively.
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The portfolio consists of eleven companies diversified across a range of therapeutic areas, all at different stages of development. As Syncona-funded products move through clinical trials there will be some winners and some losers, but we feel the management team has demonstrated its ability to develop successful businesses with asymmetric return profiles. Syncona has numerous products with important milestones in clinical trials this year and the shares have sold off from a high of 302p in 2018.
Ediston Property Investment: retail parks are resilient
Ediston Property Investment (LSE: EPIC) owns a number of retail parks and is still recovering from the Covid-19 crisis. Vacancy rates increased with retailers becoming bankrupt and short-term adjustments to rental contracts for firms affected by the pandemic. All of this was against the backdrop of online retail gaining market share. Net asset value (NAV) has dropped significantly from reduced property valuations and lower income. Based on a share price of 75.4p, it is trading on a discount to NAV of 16.4%.
However, out-of-town retail parks are displaying resilience. Hybrid working is resulting in a shift from city-centre stores to retail parks. The growth in online transactions is being supported by the ability to return stock to shops or take up click-and-collect purchases. All these factors point to the shares offering significant value.
Vistry: a fast-growing builder at a good price
UK property prices have reached a new peak and demand remains strong. There is a shortage of housing and the building of new houses is still below government targets. Vistry (LSE: VTY) is a UK housebuilder trading on a very attractive valuation that recently announced record sales. Dividends resumed last year and are at an all-time high, offering a well-covered 6.2% yield.
As a result of the Grenfell disaster, there is still some uncertainty over what the cost to the industry will be as the government seeks to remove all unsafe cladding, but Vistry is confident that it is well provisioned. The share price implies a 15%-20% discount to book value and we believe the company is capable of generating a mid-teens return on equity.
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