Our insights

Prospects

Autumn Issue Twelve

In this issue
Stock in focus
Whitbread

On 6th December 2017, Whitbread became one of those companies when US-based hedge fund, Sachem Head, took a 3.4% stake (albeit through derivatives) and demanded a break-up of the FTSE 100 giant.

Technical analysis
FTSE 100 and S&P 100

FTSE 100 A CONFUSING PICTURE Last quarter I fancied that the FTSE100 would move towards 7200. The reverse has happened. From an all time high of 7123 on 1st May, we saw the market pull back to the…

Meet the manager
Alex Gulliford

Alex Gulliford discusses life as a wealth manager.

Independent view
Taxation of dividends from 2016 The Winners & The Losers

In the Summer Budget, the Chancellor announced the biggest shake up of the taxation of dividends since 1999 to take effect from 6 April 2016. This article explores these expected changes and their…

JM Finn news
Client survey 2015

Since our founding in 1945, it has been our mission to provide unparalleled service and investment management expertise to our clients and we firmly believe that we continue to meet our goals today.…

Stock in focus
Hunting PLC

With over 60% of its revenues derived from the US, Hunting has significant operating leverage to any recovery in either shale or conventional oil and gas activity.

Etiquette in focus
21st Century etiquette

I feel very privileged to be the CEO of Debrett’s, especially given its heritage and status in recognising achievement for over two centuries. The business was formed in 1769 and will celebrate its…

Collectives commentary
It's darkest before the dawn

Historic context is useful in understanding the energy sector. Growth in demand for energy has been a key feature of economic progress for 250 years. For reasons of space, size of investable universe,…

Economic focus
Crouching tigers, hidden dragon

Whatever the reason, it certainly encouraged a more detailed look at what is going on in the emerging world, of which China is an undoubted leader. The recent performance of these markets has hardly…

Bond focus
George's cunning plan

As consumer demand picks up after a recession, so companies should employ more people from a pool of high unemployment. Then unemployment falls and companies have to invest in more capacity and…

Guest editorial
China storm or squall?

Will the now self-evident slowdown in the Chinese economy result in a hard landing? Will it prompt another outbreak of deflationary "currency wars” among the world’s biggest economies? Does it presage…

Understanding Finance
Understanding Finance
What's the yield?

So what’s the yield? Well, the “7%” coupon income comes as two semi-annual payments of £3.50 in April and October for a total of £7. So you might say that the yield is £7 ÷ £105.90 or 6.61%. That is…

Editorial
Up the middle

Consider crime down by a third, more police on the streets, peace in Northern Ireland, civil partnerships and the minimum wage. Blair’s ultimate nemesis was the war in Iraq, a side-step that saw him…

Welcome
Welcome Autumn 2015

What a difference a quarter makes

Company meetings
A spotlight on three of the key companies we've met during the past quarter

Equity prospects

01.
AGGREKO

Aggreko is a global supplier of temporary and/or emergency power supply equipment to a wide array of industries. It has significant earnings exposure both to Emerging Markets and commodity driven…

02.
Cobham

Cobham is a well managed aerospace specialist which has grown steadily for a number of years, both by acquisition and organic growth. It has assembled an array of high-grade defence and aerospace…

03.
Associated British Foods

Associated British Foods (ABF) remains an interesting growth story. It’s low cost, international clothing chain, Primark enters its inaugural US roll-out on September 10th with a carefully planned…