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.
-
Investors continue to pull money from equity funds but at a slower rate – where is the money going?Concerns about tax rises in the Autumn Budget continue to drive investor behaviour. Here is how fund sectors were affected in September
-
Halifax: UK house price growth hits new high for 2025 despite Autumn Budget tax fearsAverage UK house prices continue to rise but challenges remain, particularly in prime markets
-
'Why I launched MoneyWeek'Inspired by The Week and uninspired by the financial press, Jolyon Connell decided it was time for a new venture. That's where MoneyWeek came in
-
'My predictions for the next 25 years'Opinion What will the world look like when MoneyWeek celebrates its 50th birthday? Matthew Lynn shares his predictions
-
How have central banks evolved in the last century – and are they still fit for purpose?The rise to power and dominance of the central banks has been a key theme in MoneyWeek in its 25 years. Has their rule been benign?
-
What MoneyWeek has learnt in the last 25 yearsFinancial markets have suffered two huge bear markets and a pandemic since MoneyWeek launched. Alex Rankine reviews key trends and lessons from a turbulent time
-
The Stella Show is still on the road – can Stella Li keep it that way?Stella Li is the globe-trotting ambassador for Chinese electric-car company BYD, which has grown into a world leader. Can she keep the motor running?
-
Global investors have overlooked these solid stocks going for growthOpinion Nisha Thakrar, investment specialist at Nedgroup Investments, selects three undervalued stocks with long-term growth potential
-
LVMH is set to prosper as the wealthy start shopping againAfter two years of uncertainty, the outlook for LVMH is starting to improve. Is now a good time to add the luxury-goods purveyor to your portfolio?
-
Japan is still rising to new highs – here's how to investOpinion Political ructions in Japan are no obstacle to gains, and the return of inflation may even benefit stocks, says Max King. What is Japan doing right?
