Our insights

Prospects

Winter Issue Twenty One

In this issue
Understanding Finance
Understanding Finance
Rights Issues

When a company requires external financing there are three main options; Borrow from a bank (usually from pre-existing bank facilities) 

Borrow from investors (issue corporate bonds)
A rights issue
…

Asset allocation in focus
Asset Allocation Focus

JM Finn news
Half an hour with Tammy Beaumont

Here, Tammy discusses her route to the top of her game.How did you get into cricket and at what age?My older brother and Dad were both keen cricketers when I was younger and as a 6 year old I…

Wealth planning in focus
What is cash-flow modelling, and how can it help me?

Cash flow modelling allows you to plan ahead, and make appropriate steps now in the hope that your life-time consumption is as smooth as possible.Cash flow modelling works by predicting what your…

General interest
Royal Academy

This has been a project which has preoccupied the Royal Academy ever since it first became aware that the big building in Burlington Gardens, immediately north of the existing Academy, was going to…

Independent view
Trusts must register their beneficial owners

From 26 June 2017, the Money Laundering Regulations 2017 (MLR 2017) require UK resident trusts, and non-UK resident trusts which are liable to UK tax, to maintain a register of beneficial owners and…

Collectives commentary
Investing in Biotechnology's Growth Story

The biotechnology sector continues to deliver market-beating returns for risk-tolerant investors with long-term investment horizons. Since its inception in late 1993, the NASDAQ Biotechnology Index…

Stock in focus
Reckitt Benckiser

First, came a resurgence in the press relating to the sale of humidifier sterilizers that reportedly were linked to deadly lung injuries in South Korea. This occurred in 2011, but Reckitts has come…

Economic focus
Into the upswing

His insight into what was going on around the world and how it might impact on markets was useful to me, now that I no longer could ask the in-house research team what was likely to happen. Better…

Company meetings
Companies we've met this quarter

Charities in focus
They think it's all over. It's not.

The Bank of England (BofE) has raised interest rates with the official bank rate increasing from 0.25% to 0.5%, the first increase since July 2007. For savers this will be a welcome rise, but what…

Bond focus
A new face at the Fed

The Fed is responsible for setting monetary policy in the US in line with its mandate of maximizing employment, stabilising prices, and moderating long-term interest rates.Prior to announcing his…

Guest editorial
Turbulent times ahead

Investors and electors alike should be concerned. There are several players in this field following Cameron’s insistence on a referendum and the less than helpful approach from the European…

Editorial
Heroes or Villains

15 years on from that speech, 20 years on from the introduction of central bank independence in the UK and shortly after the  first rate hike in ten years, I thought it important to revisit this…

Welcome
Welcome Winter 2017

My current thoughts are that this environment will continue, however, one must be wary of markets running away; but with stock market valuations about 10% above long term averages, I do not believe…

Equity prospects

01.
NMC Health Plc

We first mentioned NMC when the shares were reaching up to the £18 level. Each share now costs you close to £32 and the company is a proud new member of the FTSE100.To recap, NMC runs hospitals and…

02.
Smurfit Kappa

A deep knowledge and understanding of Smurfit Kappa means a quite surprising increase in one’s vocabulary; OCC, kraftliner, testliner, recycled containerboard, virgin containerboard and corrugated…

03.
Vodafone

Vodafone has been through a lot of change over the last few years. Most of this is thanks to a huge investment programme in Europe called Project Spring. The result of which is that Vodafone is now…

04.
Johnson & Johnson

Warren Buffet once said “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” As one of very few pharmaceutical companies with AAA rated corporate…