Search Follow us

secure trust

1 - 12 of 85
Sort by: popularity | newest
Page  2 3 4 5 6 7 8  of 8 | Next
Securities Trust of Scotland

Focused on global growth and quality stocks

Review | Investment Companies | 26 Sep 2018

Securities Trust of Scotland (STS) aims to provide long-term growth in income and capital through investing in global equities. The current manager, Mark Whitehead, was appointed in May 2016 and adopted an unconstrained, bottom-up approach to identify high-quality companies that can be long-term structural winners. The portfolio holds a relatively concentrated number of high-conviction stocks, which the manager believes gives the portfolio both defensive characteristics, as well as delivering sustainable dividend growth. The board has a progressive dividend policy. In August 2018, it announced a refresh of the trust’s marketing strategy, materially increasing its budget, and the appointment of a new non-executive director with extensive marketing expertise.

Secure Trust Bank

Tangible evidence of repositioning

Outlook | Financials | 15 Aug 2018

H118 results show Secure Trust Bank (STB) is making good progress in shifting its loan mix into lower risk segments and where pricing is more attractive. Despite being in a transition phase, STB delivered strong momentum in loans (22% YoY) and PBT (+38%). Concerns regarding these asset mix changes and the transition drag on earnings have probably contributed to recent share price weakness and the current valuation suggests there is room for rerating as STB continues to deliver successfully on its strategy.

BioPharma Credit

Leading lender in life sciences

Initiation | Investment Companies | 17 May 2018

BioPharma Credit (BPCR) offers investors access to a diverse portfolio of secured debt instruments for life science companies based on BPCR's pool of investment opportunities. The ongoing specialisation and fragmentation of the drug discovery process is translating into an increased number of market players seeking additional funding backed by sales from approved products and/or royalty streams from out-licensed products. During its IPO in March 2017 and follow-on placings, the trust has so far raised gross proceeds of US$1,080m (of which US$339m is in seed assets) and already deployed US$690m in four large deals. It also has outstanding potential commitments of up to US$350m.

Secure Trust Bank

Asset growth set to flow through to earnings

Update | Financials | 12 Apr 2018

FY17 was a further year of change for Secure Trust Bank (STB) as management completed the shift away from unsecured consumer loans and reduced the risk profile in motor finance. This restricted near-term profits but the pace of loan book growth has remained strong and looks set to feed into substantial earnings growth as the cost of risk subsides, more than offsetting the lower returns earned on lower risk lending. The shares have begun to respond to this prospect following the results, but the valuation suggests further upside.

Securities Trust of Scotland

Investing globally for sustainable dividend growth

Review | Investment Companies | 28 Feb 2018

Securities Trust of Scotland (STS) aims to generate rising income and long-term capital growth through investment in quality companies across the globe, with sustainable dividends supported by robust earnings growth. STS appointed a new lead manager in May 2016 and adopted an unconstrained investment approach, allowing the portfolio to reflect the manager’s highest-conviction stock picks in a relatively concentrated portfolio of 35-55 holdings. STS’s performance has since been positive relative to its new peer-based benchmark, while it has a comparable dividend yield of 3.5%, following an increased payout from FY16. It is one of two trusts in the peer group to trade on a discount to cum-income NAV, providing scope for the discount to continue to narrow.

Secure Trust Bank

Controlled growth

Update | Financials | 23 Jan 2018

Secure Trust Bank (STB) remains on track with both its shift towards a lower risk loan book and near-term trading. The move to lower risk assets has trimmed returns, but loan book growth continues apace and the benefits in terms of revenue and impairments should become clear in FY18 and FY19, years in which we expect earnings growth of over 30%.

Securities Trust of Scotland

Executive interview - Securities Trust of Scotland

Edison TV: | Investment Companies | 18 Sep 2017

Securities Trust of Scotland (LSE:STS) was launched in 2005. It aims to provide rising income and long-term capital growth through a portfolio of global equities. Following the adoption of an unconstrained mandate, from 1 June 2016 the trust measures its performance versus the rolling three-year median return of open- and closed-ended peers, as well as an absolute target to produce real growth in revenue and cum-income NAV on a rolling five-year basis.

Securities Trust of Scotland

New manager driving improved performance

Review | Investment Companies | 29 Aug 2017

Securities Trust of Scotland (STS) aims to generate rising income and long-term capital growth from a relatively concentrated portfolio of 35 to 55 global equities. Since May 2016, the trust has been managed by Mark Whitehead, who heads up Martin Currie’s income team. A new unconstrained, high-conviction investment approach was adopted on 1 June 2016, with performance measured against a peer group comprising both closed- and open-ended funds. STS has outperformed the peer group since the change in investment strategy. The trust actively uses gearing and has a progressive dividend strategy; its current dividend yield is 3.5%.

Secure Trust Bank

Progressing with a prudent approach

Update | Financials | 25 Aug 2017

Secure Trust Bank’s (STB) first half results were a reminder that the reshaping of the loan book towards one with a lower risk profile does involve some pain. While lower asset yields from new business and maintained impairments from the back book pinch near-term returns, the potential growth of over 30% in FY18 and FY19 earnings is an indicator of gains to come on the back of a higher-quality, more diverse and resilient loan book.

Henderson International Income Trust

Growing income from all-overseas portfolio

Review | Investment Companies | 10 May 2017

Henderson International Income Trust (HINT) seeks to provide investors with more diversified sources of income, by investing exclusively outside the UK. Managed by Ben Lofthouse, the trust received a significant boost to its assets in 2016 when it was selected as a rollover vehicle for Henderson Global Trust (HGL). Demand has remained strong, and HINT has recently raised a further £21.5m through a ‘C' share issue, with the new shares listed on 8 May. The manager focuses on well-managed companies with strong competitive positions and sustainable dividends in order to secure income and long-term capital growth. Absolute performance has been favourable, with annualised NAV and share price total returns of 10%+ since launch in 2011.

Secure Trust Bank

Ready for the next stage

Outlook | Financials | 31 Mar 2017

Secure Trust Bank (STB) reported results that were close to expectations for 2016, a year that saw major changes as the group generated substantial profit from the Everyday Loans Group sale, gained independence and moved to the Main Market. At the same time there was substantial growth in the loan book contributing to underlying EPS growth of 20%. Looking ahead, there is scope for further organic growth but STB will also consider acquisitions on a disciplined basis. Both have the potential to contribute to a strengthening in the return on equity from the 2016 level of 11.9%, towards the return on required equity of nearly 20%.

Securities Trust of Scotland

Unconstrained approach driving outperformance

Review | Investment Companies | 24 Feb 2017

Securities Trust of Scotland (STS) aims to achieve rising income and long-term capital growth from a concentrated portfolio of large- and mid-cap global equities. Following the move to a higher-yielding and progressive dividend policy in May 2015, from 1 June 2016 STS adopted a new unconstrained, high-conviction investment approach under new manager Mark Whitehead. Performance is now measured versus a peer group of both open and closed-ended funds and in September 2016 gearing was increased from GBP 17m to GBP 25m. The changes appear to be bearing fruit – STS has outperformed its peer group benchmark since the change in investment approach in June 2016.