Archive for May 2020

This video can be seen at: https://www.piworld.co.uk/2020/05/29/piworld-webinar-paul-scotts-covid-investing/

 

Paul has made good investing returns, so far, in 2020. Hear how he’s achieved that, his picks and strategy going forward for the rest of the year.

Paul’s background - 00:52
How were you positioned going into CV19? - 01:45
Are you surprised how the markets have recovered since March? - 04:19
How are you positioned now? – 05:10
Did you sell anything as their outlook changed? - 05:40
Revolution Bars (RBG) - 06:22
Other opportunities? - 14:45
Scapa (SCPA) - 16:14
Ten Entertainment (TEG) & Hollywood Bowl (BOWL) - 17:00
BooHoo (BOO) - 18:58
Foxtons (FOXT) - 21:46
Works Co UK (WRKS) - 23:36
Bigdish (DISH) - 26:18
Best of the Best (BOTB) - 31:00
What are you shorting? - 33:47
How have you found liquidity? - 35:57
Sosandar (SOS) & Somero Enterprises (SOM) - 36:30
How do you see the market and the economy panning out for the rest of the year? - 37:23

Q&A

Loungers (LGRS) - 41:55
Research notes - 44:00
Best of the Best (BOTB) threats - 44:55
Spreadbetting - 46:30
Intercede (IGP) - 47:53
Somero Enterprises (SOM) - 49:40
Pci-Pal (PCIP) & Spectra Systems (SPSY) - 50:45
Take over targets? - 52:10
Paul’s returns - 53:12
Dart (DTG) - 54:55
Carnival (CCL) - 55:57
Gear4Music (G4M) - 57:45

About Paul Scott Paul has been a professional small caps investor for nearly 20 years. Previously he was CFO of a ladieswear retailer with 150 shops in the UK & Europe. He has written the well-known "Small Cap Value Report" on Stockopedia since 2013. Paul's focus on balance sheet strength has proven particularly relevant now. He shares his successes and sometimes failings with his readers very openly.  

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This video can be seen at: https://www.piworld.co.uk/2020/05/28/charles-stanley-cay-full-year-results-may-2020/

 

Charles Stanley CEO Paul Abberley and CFO Ben Money-Coutts present an overview of the Group's full year results to 31st March 2020.

Paul Abberley, CEO
Overview - 00:24

Ben Money-Coutts
Financial highlights - 01:06

Paul Abberley, CEO
Business transformation - 03:52
Outlook - 05:31

Charles Stanley Group PLC is an investment company. The Company provides investment management services, financial planning and pension administration. The Company's segments are Investment Management Services, Asset Management, Financial Planning, Charles Stanley Direct and Support functions. The Investment Management Services division provides personal investment services to individuals, companies, trusts and charities and includes platform dealing, custody and self-invested personal pension (SIPP) and individual savings account (ISA) administration services. The Asset Management division provides specialist asset management services, through its range of pooled funds, active and passive model portfolios, inheritance tax (IHT) services and investment research to the Investment Management Services division and clients. The Financial Planning division provides financial planning and advice. Charles Stanley Direct provides direct-to-client online dealing and fund broking services.

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This video can be seen at: https://www.piworld.co.uk/2020/05/22/piworld-webinar-investment-trusts-an-investing-panacea-for-pandemics-by-reg-hoare/

 

A really valuable overview of Investment Trusts. Reg largely invests his own SIPP in Investment Trusts. He outlines why he thinks ITs are superior, then goes on to guide how to choose ITs, and how to value them. He generously shares his own IT holdings and ends giving his views on the current markets.

Reg’s background – 00:54
Why are investment trust superior? – 02:00
How did ITs perform during the CV19 sell off? - 13:19
Revenue reserves & dividends - 16:48
How to choose investment trusts - 20:48
How do you value an IT? - 24:28
How to choose sectors - 27:49
Choosing sector themes - 30:04
Reg’s SIPP holdings - 33:10
Interesting ITs - 34:50
IP Group (IPO) - 36:35
Majedie Investments - 38:51
Quarterly dividend payers - 40:24
Reg’s views on the markets - 40:43
Summary and Conclusion – 43:40
Q&A – 45:06

Other IT’s mentioned: TR Property IT, Allied Minds, BP Marsh, Draper Esprit; EPE Special Opps, Dunedin Enterprise (DNE), Electra; ICG Enterprise; IP Group; Mercia AM; Oakley Capital (OCI), Proven Growth & Income, Tretragon; Crystal Amber, Downing Strategic Micro (DSM), Gresham House Strategic (GHS), Miton UK Microcap, JPM Smaller Companies, Odyssean (OIT) Strategic Equity Capital, North Atlantic Smaller Cos (NAS), Herald IT (HRI), Augmentum, Arix Bioscience, Blackrock World Mining, Polo Resources, Premier Global Infrastructure, Hansa, Henderson Far East Income, JPM Global Emerging Markets Income, Law Debenture, Macau Property Opportunities, Alpha Real Trust (ARTL), Axiom European Financial Debt (AXI), Blackrock World Mining (BRWM), Ground Rents Income Fund (GRIO), Henderson Far East Income (HFEL), JPM Global Emerging Markets Income (JEMI), Law Debenture (LWDB), Premier Global Infrastructure (PGIT), Majedie Investments.

About Reg Hoare:
Reg is a Managing Director of Engine MHP Communications, the leading Financial & Corporate PR firm where he specialises in advising mid-market companies, from FTSE 250 to AIM 100. He has over 35 years’ City experience including a decade in investment banking and securities. In his spare time he is an active private investor, managing his own SIPP and other investments. Reg can be followed on twitter @reghoare

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This video can be seen at: https://www.piworld.co.uk/2020/05/22/air-partner-group-plc-air-full-year-results-may-2020/

 

piworld's Tamzin Freeman talks to CEO Mark Briffa about the Group's results for the year ended 31st January 2020.

 

Results overview - 00:22

Highlights of the year - 01:58

Impact of COVID-19 - 05:00

Resilience - 09:15

Cash preservation - 11:32

Outlook - 14:09

Closing remarks - 16:14

Air Partner PLC is a United Kingdom-based aviation services company. The Company provides worldwide solutions to industry, commerce, governments and private individuals. The Company has two divisions: Charter division comprising air charter broking and remarketing and the Air Partner Safety & Security division comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. In addition, for reporting purpose, the Company is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Air Partner Safety & Security (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division).

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This video can be seen at: https://www.piworld.co.uk/2020/05/15/everything-youve-wanted-to-know-about-market-making-but-never-been-able-to-ask/

 

piworld Thursday webinar 14.5.20, with Spencer Crooks, ex Director of Market Making at Winterflood Securities.

Tamzin opens with some questions, but this was the opportunity for listeners to ask their questions.

Spencer’s background - 00:50
What do Market Makers do? - 01:43
What’s the business model? - 02:44
Why would a Market Maker buy when everyone’s selling? - 03:57
What happens when a Market Maker gets it wrong? - 05:06
Does the risk level ever get too high for the Market Maker? – 06:30
How is the spread determined? - 07:44
How is the market size set? - 09:46
What’s a tree shake? - 12:26
What’s the motive for a Market Maker to elicit a tree shake? - 13:30
With a profit warning, what’s happening for a Market Maker - 14:46
What is happening for the Market Maker when Covid-19 hit? - 18:55
But volatility is good for Market Makers? - 21:30
From your days as a Market Maker how do you get the best deal today? - 23:38
How do different market makers agree on the price for the same stock? - 25:50
What’s the best time of day to trade? - 27:33
Tiny trades, who places these? - 29:13
Do Market Makers own any stock or do they just move it on? - 31:10
Any advice for buying larger positions in smaller stocks - 34:05
Would there be a better market without Market Makers? - 37:30
Do Market Makers hunt stop losses? - 41:30
Is it better to pay more for a full service broker? - 43:10
What is Spencer doing now? 47:50
What’s the future of the Market Maker? - 49:05
Is Level 2 worth it for retail investors? - 53:00
Do you miss the cut and trust of Market Making? - 53:55

 

About Spencer Crooks:

Spencer joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.    

 

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This video can be seen at: https://www.piworld.co.uk/2020/05/13/focusrite-tune-interim-results-may-2020/

 

Tim Carroll CEO and Jeremy Wilson CFO present the Group’s interim results for the period ending 29th February 2020.

Tim Carroll, CEO
Introduction - 00:18
About Focusrite - 01:02
Financial overview - 06:15
Customers - 07:04
Martin Audio – 08:11
Product sector, Focusrite - 09:16
Product sector, Focusrite Pro - 12:09
Product sector, Novation - 12:57
Product sector, Adam Audio - 14:20
Product sector, Martin Audio - 15:03

Jeremy Wilson, CFO
Financial highlights - 15:52
Regional performance - 17:33
Income statement - 18:24
Revenue to diluted EPS bridge - 21:08
Balance sheet - 24:18
Cash flow - 25:12

Tim Carroll, CEO
Outlook - 26:47
Growth strategy - 29:32
Conclusions - 30:53

Q&A - 31:10

Focusrite PLC is a music and audio products company supplying hardware and software products used by professional and amateur musicians. The company's operating segment includes Focusrite; Focusrite Pro; Novation; ADAM Audio and Distribution. It generates maximum revenue from the Focusrite segment. Focusrite segment includes sales of Focusrite. The Novation segment includes sales of Novation or Ampify branded products. Geographically, it derives a majority of revenue from Europe, the Middle East, and Africa.Focusrite PLC is a music and audio products company supplying hardware and software products used by professional and amateur musicians. It has two brands, namely Focusrite and Novation.

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This video can be seen at: https://www.piworld.co.uk/2020/05/12/open-orphan-orph-sharesoc-presentation-11th-may-2020/

 

Open Orphan Executive Chairman Cathal Friel presents an update at the ShareSoc Growth Company webinar 11th May 2020.

Introduction from Mike Dennis, ShareSoc – 00:23

Cathal Friel, Executive Chairman, Open Orphan.
Introduction – 00:55
About Open Orphan – 01:33
Management team – 08:39
Complementary Services Business – 10:26
World’s first Coronavirus challenge model – 11:28
About hVIVO – 14:19
Vaccine and Pharmaceutical product portfolio – 15:39
Genomic data capturing – 17:06
Contracts – 17:53
Open Orphan strategy – 18:07
hVIVO strategy – 18:17
Combined pipeline – 18:20
Revenue synergies – 19:42
Revenue growth and profitability – 21:30
Q&A – 23:25

Open Orphan PLC is a European-focussed, rare and orphan drug consulting services platform. The company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.Venn Life Sciences Holdings PLC is engaged into a Clinical Research Organisation (CRO) providing a suite of consulting and clinical trial services to pharmaceutical, biotechnology, and medical device organizations.

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This video can be seen at: https://www.piworld.co.uk/2020/05/08/piworld-thursday-webinar-keith-ashworth-lord-cio-sanford-deland-buffettology-fund/

 

Keith’s COVID-19 survival strategy

Keith’s background – 00:45
The fund’s performance – 04:15
When did you think CV19 was going to affect the markets? – 05:12
Is this bear market different? – 06:25
Did it cause you to sell any companies? – 07:09
Changes in the top 10 holdings – 09:04
Provident Financial (PFG) – 10:25
Which holdings have benefitted from CV19? – 11:40
Are there any new companies in the portfolio? – 12:35
Buying into a company, when does the share price become attractive? – 13:12
Position size of holdings? – 15:52
How has liquidity been over the period? – 17:20
Has the watch list changed? – 18:27
Keith’s investing caveats – 18:58
Games Workshop (GAW) – 24:12
Porters five forces – 26:30
What do expect with the markets from here? – 27:15
Q&A – 28:16  

Other companies mentioned:
Driver Group (DRV), Restaurant Group (RTN), Revolution bars (RBG) – 31:10; Liontrust Asset Management (LIO), Bioventix (BVXP), Rollins (ROL), Experian (EXPN) – 33:00; Paypoint (PAY); RM (RM.) 33:55. Softcat (SCT) – 36:00. Craneware (CRW) – 37:40
39:05 Scapa (SCPA) 45:15. Trifast (TRI) – 47:20; Liontrust Asset Management (LIO) – 49:15

About Keith Ashworth-Lord, CIO, Sanford Deland The Buffettology Fund

Keith is a Chartered Fellow of the Chartered Institute for Securities & Investment, having formerly been an individual member of the Stock Exchange, and he holds the Investment Management Certificate of the United Kingdom Society of Investment Professionals.

Prior to setting up the business and the UK Buffettology Fund, he was a self-employed Consultant working with a variety of stockbroking, fund management and private investor clients. His work has been rewarded with the accolade of winning three top-three sectoral, and one top-ten general, Thomson-Reuters StarMine stock-picking awards in 2008, 2009 and 2010.

Keith experienced investment epiphany in the 1990s when he discovered the achievements of ‘The Superinvestors of Graham-and-Doddsville’. This group of successful investors drew their inspiration from the father of securities analysis, Benjamin Graham. They consistently outperformed the Standard & Poors 500 stock index year-in, year-out, despite having very different individual investment styles.

The common factor was their investment compass where Ben remained true north. Names such as Walter Schloss, Tom Knapp, Bill Ruane and Rick Guerin hardly register in most UK investors’ minds but they are certainly ‘superinvestors’.

Two better known superinvestors are Warren Buffett and his investment partner, Charlie Munger. Keith has had the privilege of meeting these doyens of our industry on two separate occasions in Omaha, Nebraska. In addition to Graham, the influence of Philip Fisher can be found at work with Buffett and Munger. Learning from these masters transformed Keith’s understanding of investment philosophy and with it, his investment performance.

Keith was responsible for founding Sanford DeLand Asset Management Limited with the encouragement of a small group of businessmen who are now shareholders in the company.

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This video can be seen at: https://www.piworld.co.uk/2020/05/01/piworld-thursday-webinar-with-david-buik-macro-market-commentary/

piworld Thursday webinar with David Buik: Macro Market Commentary

David’s background - 00:35
How does this bear market compare with others? - 02:55
Why do you think the market has been so forgiving? -
09:29 Is the market just looking longer term? - 12:12
Will all the stimulus lead to inflation or stagflation? - 14:23
What are your views on the ECB stimulus, the EUs stability and their banks? - 16:57
Is the Bank of England & HMG doing enough? - 21:33
What taxes will go up? – 26:53
When do you see dividends returning? – 30:47
If you had £100k to invest, would you invest any today? - 33:29
What would you look for to invest 100% of your capital? - 35:28
Q&A – 36:23

About David Buik

David Buik worked in the City throughout his career, mainly for companies involved in spreadbetting including City Index and BGC Partners. David was awarded an MBE in 2016 for his services to Financial Services. He often appears as a pundit on Bloomberg, BBC and other international news channels. Earlier this year he became a consultant to Aquis Exchange* (AQX).

*About Aquis Exchange (AQX)

Aquis Exchange PLC, formerly Aquis Exchange Limited, is a United kingdom-based company that operates as a pan-European cash equities trading exchange. The Company’s lit order book allows institutional traders to trade the stocks from 14 European countries. Its Market at Close order type allows members to enter orders on Aquis Exchange at the closing price of the market-of-listing end-of-day auction. It offers trading in a range of European financial instruments, including the constituents of the European indices from various markets. Its software and technology division, Aquis Technologies, develops trade surveillance and matching engine software for banks, investment firms and exchanges. Aquis Market Surveillance is a market surveillance platform for exchanges, multilateral trading facility, brokers and other trading firms. The features of its AMS include case management, market abuse indicators, management information system, order book replay and intraday alert parameter control.  

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