Radnor Capital Partners – Moves into Life Sciences, Liz Klein joins the team
Radnor Capital Partners is pleased to announce that Elizabeth Klein has joined the team as a Senior Consultant. Throughout her twenty year career as a top ranked Life Sciences analyst, Liz has developed a deep understanding of the companies and investors in the Life Science sector. Liz also has considerable experience in advising clients on all aspects of their capital markets strategy; from equity fundraising to investor messaging.
Liz holds a First Class Degree in Applied Biology with Genetics, an MA in Medicine, Science & Society, and an MBA. Liz started her City career in 1995 at D E Shaw, subsequently moving to Dresdner Kleinwort, RW Baird, Bridgewell. In 2015, Liz left N+1 Singer to set up her own consultancy, Klein-Edmonds Associates. For much of her City career, Liz was Top 10 ranked in the Extel Survey and was the Starmine Healthcare Stockpicker of the year in 2006 and 2013.
“Liz is a highly regarded figure in the Life Science sector. We are delighted someone of her calibre has joined the team. We understand the challenges faced by Life Science companies engaging a non-specialist investor audience. Liz’s insight and experience will be instrumental in helping us deliver the outcomes our clients are seeking.”
Iain Daly, Radnor Capital Partners
“I am excited to be helping the Radnor Capital team grow their presence in the Life Science sector. Their focus on bridging the gap between companies and investors is ideally suited to the sector. Everyone knows the specialist investors; the generalists are harder to reach.”
+44 (0)20 3897 1832
MiFID II – IR burden falling squarely on corporate shoulders
MiFID II is just around the corner, with many corporates unprepared for the impact on their ability to engage new investors. This paper is our take on the real-world implications; not a technical treatment of the proposed rule changes. We believe two key areas will be highly disrupted; equity research and investor access.
Investment Companies Insights – Active management fight back
In the section ‘Active management fights back’ we have covered a few recent events or news stories that highlight the benefits of active management that fit investment companies structure well, together with a short review of sector activity as we approach the end of May.
Radnor Capital Partners working with Vietnam Enterprise Investments Limited
Radnor Capital Partners is pleased to announce that it will be working with Vietnam Enterprise Investments Limited to develop a highly targeted investor access programme.
Founded in 1995, Vietnam Enterprises Investment Limited (VEIL) is the longest running closed end fund focused on Vietnam, with a current NAV of £864m and a market cap of £781m. The fund, managed by Dragon Capital, invests primarily in companies listed on the three Vietnam stock exchanges (Ho Chi Minh, UpCom and Hanoi). Since the London listing in July 2016 VEIL has outperformed the local market index as well as the MSCI Asia Pacific index, returning 25.6% and a compound total return since inception of over 10%. Dragon Capital is the largest investment firm in Vietnam, with expertise across equities, fixed income, clean tech and real estate and a blue chip list of (100% offshore) investors ranging from pension funds to family offices and sovereign wealth funds. The three strong VEIL portfolio management team is supported by an extensive local research team.
“We believe VEIL represents a highly attractive way for UK investors to access the growing, young and dynamic Vietnamese economy outside of the more traditional multi-country funds. The team at Dragon Capital bring a track record of performance, experience and substantial on the ground expertise.”
Tom Durie, Radnor Capital Partners
+44 (0)20 3897 1831
Radnor Capital Partners working with TOC Property Backed Lending Trust Plc
Radnor Capital Partners is pleased to announce that it has been retained as introducing agent for the TOC Property Backed Lending Trust plc following its IPO in January 2017.
TOC Property Backed Lending Trust PLC intends to deliver shareholders a stable income stream, payable quarterly, whilst offering the potential for total return upside over the medium to long term. Once the initial capital has been fully deployed, the trust is targeting a dividend yield of c.7%. The trust’s direct lending portfolio will be made up of fixed rate loans fully secured on a range of residential, commercial and land based property assets. In many cases the trust will also seek minority equity stakes in the associated development vehicle to provide shareholders with total return upside as well as securing future investment opportunities. Tier One Capital is the trust’s investment adviser.
“TOC Property Backed Lending Trust is an innovative, new entrant into the alternative lending investment company universe. The principals at Tier One Capital have identified an attractive niche, stepping into the gap left by more traditional lenders for supporting asset backed development opportunities. We believe the combination of attractive near term income and medium term total return will be attractive for investors in the current climate.”
Tom Durie, Radnor Capital Partners
“We are delighted to be working with the team at Radnor Capital, who come highly recommended. We look forward to bringing our newly listed investment trust to new investors over the coming months.”
Ian McElroy, Tier One Capital
+44 (0)20 3897 1831
Property week article – Rise of passive investment causes headaches for REITs
This Property Week article was based, in part, on analysis undertaken by Radnor Capital Partners. The article highlights the growth of index and passively managed funds at the expense of actively managed sector specialist funds within the UK property sector and the implications for corporate management teams.
Radnor Capital Partners working with Capital & Regional Plc
Radnor Capital Partners is pleased to announce that it will be working with Capital & Regional plc to develop a highly targeted investor access programme.
Capital & Regional plc (CAL.L) is a £420m specialist REIT focused on delivering value enhancing retail and leisure asset management opportunities across a £1 billion portfolio of in-town dominant shopping centres.
"We look forward to helping the ambitious team at Capital & Regional get their message across to the right investor audience. The combination of active asset management, dominant town centre locations and strong income credentials is attractive in the current market."
Joshua Cryer, Radnor Capital Partners
+44 (0)20 3897 1833
Next Fifteen Communications Group Plc – Final Results
NFC’s full year results did not contain any surprises following the January trading update. The key point was the continuation of the H2 high single digit organic revenue growth. Whilst this by no means guarantees the full year outcome; it is a good start and underpins current year expectations.
Investment Companies – Sector activity & Insights into the Brewin Dolphin approach to the sector
As well as covering a review of sector activity as we approach the end of the first quarter, we have some insights into Brewin Dolphin’s investments and approach to the sector from John Newland.
Active v Passive Investment – The role for Investment Companies
Amongst the reviews of 2016, the analysis of the total funds raised globally highlighted continued growth of index investing. This trend appears to have moved across the Atlantic to Europe. Morningstar indicated that in Europe active managed funds remained much larger than index funds and in index funds grew nine times faster than active funds.