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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
‘My estate faces a £214,000 tax bill unless I get married’ - the perils of the inheritance tax pension reformsThe chancellor's plans to charge inheritance tax on unused pension wealth could be bad news for cohabiting couples
-
Investec enters cash ISA market with top rate for saversThe bank and wealth management group's new fixed-rate deal is one of the best on the market.
-
Albert Einstein's first violin sells for £860,000 at auctionAlbert Einstein left his first violin behind as he escaped Nazi Germany. Last week, it became the most expensive instrument not owned by a concert violinist
-
Who is Rob Granieri, the mysterious billionaire leader of Jane Street?Profits at Jane Street have exploded, throwing billionaire Rob Granieri into the limelight. But it’s not just the firm’s success that is prompting scrutiny
-
Emerging markets boast top-quality growth stocks at bargain pricesOpinion Lim Wen Loong, investment director at Ashoka WhiteOak Capital, selects three growth stocks where he’d put his money
-
Beware the bubble in bitcoin treasury companiesBitcoin treasury companies are no longer coining it. Short this one, says Matthew Partridge
-
Klarna leads a financial revolution – should investors buy?Klarna has ambitions to rewire the global payments system and has huge growth potential
-
New faces don’t solve old problems – why strategy also matters when it comes to investment trustsOpinion Changing managers often fails to boost a trust’s performance, says Max King
-
How to profit from silver’s record riseSilver often lets investors down, but there may now be room for further gains, says Dominic Frisby
-
Are venture-capital trusts worth investing in?Venture-capital trusts are a tax-efficient way to invest in early-stage companies. But are they worth the risk?
