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    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-10</dc:date>



    <item>
      <title>Scottish Oriental Smaller Companies Trust &#45; Strength from longevity</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/scottish-oriental-smaller-companies-trust</link>
      <headline>Strength from longevity</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Scottish Oriental Smaller Companies Trust: Scottish Oriental Smaller Companies Trust (SST) has outperformed both its peers and benchmark, more than doubling in the last five years. Its strength is the consistent style, execution and management over the time of the mandate to invest in smaller companies in Asia excluding Japan and Australia. The relative weakness between August and October (resulting in SST ranking sixth in its peer group over 12 months) should be taken in the context of an investment horizon of three to five years. The manager is in her 12th year managing the trust and the consistent historic performance should provide comfort to investors. <br />ISIN: GB0007836132]]></description>
      <dc:date>2012-02-01T15:44:01+00:00</dc:date>
    </item>


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      <title>New City Energy Limited &#45; Energy that works</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/new-city-energy-limited</link>
      <headline>Energy that works</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - New City Energy Limited: New City Energy (NCE) is a fund that invests globally in energy-related equities and fixed interest securities. It focuses on small- and mid-cap companies where the manager sees the strongest longer-term growth potential. NCE is invested c 75% in oil & gas but does not invest in renewable sources; in the manager&#8217;s view it invests in &#8220;energy that works&#8221;. NCE pays quarterly dividends and increased its total dividend for 2011 by 3.125% to 1.65p. It has further capacity to increase the dividend. The manager considers that energy will be crucial to the next decade and, against a backdrop of a diminishing supply of oil and growing energy demand, remains very bullish on the long-term outlook for oil and the energy sector in general. <br />ISIN: JE00B2B0SY27]]></description>
      <dc:date>2012-01-25T11:53:14+00:00</dc:date>
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    <item>
      <title>Carador Income Fund &#45; December fund report</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/carador-income-fund</link>
      <headline>December fund report</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Carador Income Fund: Carador Income Fund (CIFU) has published its monthly report for December. The NAV total return for the month was 0.71% on the US dollar shares and 0.49% on the smaller euro share class. For the full year NAV total return was 19.21% on the US dollar shares and 19.18% for the euro share class. Positive returns were earned in nine months in 2011 and the largest monthly decline, in August, was just 2.81%. Dividends paid for the first nine months were US$0.0805 and with cash flow coverage of net income increasing we expect a Q4 dividend at least on the level of the US$0.03 paid for Q3, an annualised yield of around 14%. <br />ISIN: IE00B10RXS64]]></description>
      <dc:date>2012-01-23T12:20:28+00:00</dc:date>
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    <item>
      <title>Greenwich Loan Income Fund &#45; More cash, more dividend</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/greenwich-loan-income-fund</link>
      <headline>More cash, more dividend</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Greenwich Loan Income Fund: Greenwich Loan Income Fund (GLIF) is a closed-ended investment vehicle in the US mid-corporate senior secured debt market. In the past year it has been transformed by a value-adding acquisition, successful negotiation of the management fee (down by c 70%, $4m), new executive management and reviewing its collateralised loan obligation (CLO) structure and holdings. In this report, we detail why its core market is attractive and look at the recent rise in its NAV and dividend (to 1.15p for Q411) and the outlook for 2012. Our view is that the discount to franchise value (c 30% above current price) remains unjustified especially given the dividend support. <br />ISIN: GB00B0CL3P62]]></description>
      <dc:date>2012-01-20T09:52:53+00:00</dc:date>
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    <item>
      <title>The Diverse Income Trust &#45; Multi&#45;cap income</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/the-diverse-income-trust</link>
      <headline>Multi&#45;cap income</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - The Diverse Income Trust : The Diverse Income Trust (DIVI) was launched in April 2011. It targets stocks with a good and growing income since its manager, Gervais Williams (formerly of Gartmore) believes these can deliver some of the most sustainable capital gains too. The trust has a flexible mandate to seek the most attractive yield opportunities across the broad range of market capitalisation equities, without being benchmarked against any specific index. Currently, the portfolio is more highly weighted towards medium and smaller UK companies than most sector peers and seeks to manage the volatility risk by running a well diversified portfolio of around 100 stocks. Williams sees value in unloved, under-researched, under-owned smaller companies, and believes that these companies are often better placed to find some growth in a low growth environment, and that many have the balance sheet strength and cash-flow profiles to be able to grow dividends in such an environment. DIVI is consequently less exposed to the small number of heavyweight dividend paying UK stocks that are prevalent in the majority of sector portfolios. <br />ISIN: GB00B65TLW28]]></description>
      <dc:date>2012-01-17T16:12:20+00:00</dc:date>
    </item>


    <item>
      <title>Greenwich Loan Income Fund &#45; December pre close</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/greenwich-loan-income-fund</link>
      <headline>December pre close</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Greenwich Loan Income Fund: Greenwich Loan Income Fund&#8217;s (GLIF) pre-close trading statement contains several positive messages. The AMIC deal debt (&#163;9.2m) has been fully repaid, leaving a residual investment of &#163;3.2m, which is expected to generate one-off profits of &#163;1.7m and recurring annual revenue of &#163;0.8m. The company has also diversified with further CLO equity investments and decided to retain its existing CLO exposure. The dividend (already yielding c 10%) will be reviewed (upwards) as cash flows improve when the previously announced management fee reduction takes effect in Q212. <br />ISIN: GB00B0CL3P62]]></description>
      <dc:date>2011-12-22T12:09:05+00:00</dc:date>
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    <item>
      <title>European Assets Trust &#45; European smaller company growth and income</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/european-assets-trust</link>
      <headline>European smaller company growth and income</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - European Assets Trust: European Assets Trust NV (EAT) is an investment company incorporated in the Netherlands and listed on the London Stock Exchange and Euronext. It seeks both to generate capital growth, through investment in quoted medium-sized companies in Europe (ex-UK), and to distribute a high and regular proportion of any gains by way of distribution. The current policy seeks to distribute 6% of the previous year NAV in cash (with a scrip alternative), barring unforeseen circumstances. It runs a fairly concentrated portfolio, selected by fundamental bottom-up analysis, on a medium-term investment view that in recent months has proved highly resilient amid eurozone chaos. <br />ISIN: NL0000226090]]></description>
      <dc:date>2011-12-15T16:15:07+00:00</dc:date>
    </item>


    <item>
      <title>Henderson International Income Trust &#45; Quarterly income, 4.4% yield with global exposure</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/henderson-international-income-trust</link>
      <headline>Quarterly income, 4.4% yield with global exposure</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - Henderson International Income Trust: Henderson International Income Trust (HINT), launched in April 2011, is the only investment trust in the Global Growth and Income sector to invest exclusively in securities that are listed outside the UK. While it is too early to conduct a detailed analysis of HINT&#8217;s performance, our analysis concludes that it has, on a total return basis, effectively kept pace with Global Ex-UK benchmarks and generated a revenue return of 2.5p per share. To date it has paid dividends totalling 1.4p. We believe it is on target to pay at least a further 4.0p by the end of November 2012, putting it on a prospective yield of 4.4%. In a historical context equities look cheap, relative to bonds, and interest rates seem destined to remain low. Furthermore, the manager believes that there are good prospects for international (ex-UK) dividend growth. <br />ISIN: GB00B3PHC586]]></description>
      <dc:date>2011-12-09T10:34:08+00:00</dc:date>
    </item>


    <item>
      <title>Aberdeen New Thai Investment Trust &#45; Strong long&#45;term performance</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Aberdeen-New-Thai-Investment-Trust</link>
      <headline>Strong long&#45;term performance</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - Aberdeen New Thai Investment Trust: Reflecting broader difficulties in global equity markets the Thai SET (sterling adjusted) has fallen 1.4% during the past 12 months. Against this backdrop, Aberdeen New Thai (ANW) has added value, in absolute terms, returning 0.8% and 1.7% in terms of NAV and price total return respectively. However, during the past 12 months, ANW has provided substantial outperformance against broader Asian stock markets, as measured by the MSCI AC Asia Ex-Japan Index, and has also outperformed the FTSE World Index. This pattern is consistent over the longer term with ANW providing some very compelling outperformance. ANW currently offers the highest yield in the &#8216;Country specialist: Asia Pacific&#8217; sub sector. <br />ISIN: GB0000059971]]></description>
      <dc:date>2011-11-28T16:05:19+00:00</dc:date>
    </item>


    <item>
      <title>Carador Income Fund &#45; October fund report</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/carador-income-fund</link>
      <headline>October fund report</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Carador Income Fund: Carador Income Fund has published its monthly report for October. The NAV total return for the month was 1.98% on the US dollar shares and 1.84% on the smaller euro share class. Year-to-date NAV total return is now 14.5% on the US dollar shares and 14.4% for the euro share class. A quarterly dividend of US$0.03 (&#8364;0.022) was previously announced, making US$0.0805 year to date. We anticipate at least a further US$0.03 dividend to be declared for Q4, an annualised yield of around 14%. <br />ISIN: IE00B10RXS64]]></description>
      <dc:date>2011-11-24T14:52:53+00:00</dc:date>
    </item>


    <item>
      <title>City Natural Resources High Yield Trust &#45; Well diversified natural resources exposure</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/city-natural-resources</link>
      <headline>Well diversified natural resources exposure</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - City Natural Resources High Yield Trust: City Natural Resources High Yield Trust (CYN) is one of only three UK-registered investment trusts to focus exclusively on the natural resources sector. It has a strong long-term performance record in a well performing sector. Returns in the sector are more focused on capital growth than yield, but CYN pays quarterly dividends and for the year ending 30 June 2011 paid a total dividend of 4.22p, which has more than doubled in the last four years. The manager remains very bullish on the long-term outlook for the natural resources sector amid slowing but continued global economic growth and, in September 2011, CYN issued &#163;40m of convertible unsecured loan stock to provide fixed gearing, at 3.5%, to 2018. <br />ISIN: GB0000353929]]></description>
      <dc:date>2011-11-15T12:02:42+00:00</dc:date>
    </item>


    <item>
      <title>The Biotech Growth Trust &#45; Outperformance over the long term</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/the-biotech-growth-trust</link>
      <headline>Outperformance over the long term</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - The Biotech Growth Trust: During the past 12 months The Biotech Growth Trust&#8217;s (BIOG) share price and NAV have risen by 5.9% and 10.8% respectively. It has outperformed its benchmark, the NASDAQ Biotechnology Index (sterling adjusted), by 1.1% in terms of NAV total return and underperformed by 3.8% in terms of share price total return during the past year. BIOG has a long-term record of outperformance against both broader biotech benchmarks and the FTSE All-Share. Over the next six months, there are a number of significant regulatory decisions and pivotal trial results that the manager believes will create value and drive momentum. Healthcare and large-cap pharma companies still seek to replenish their product pipelines and, with valuations at 15-year lows, the outlook for M&A is positive. <br />ISIN: GB0000385517]]></description>
      <dc:date>2011-11-10T15:32:01+00:00</dc:date>
    </item>


    <item>
      <title>Carador Income Fund &#45; Loans in wolves&#39; clothing</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/carador-income-fund</link>
      <headline>Loans in wolves&#39; clothing</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Carador Income Fund: Carador Income Fund (CIFU), managed by GSO Capital Partners (of the Blackstone Group) is exposed to mainly US corporate senior secured loans via investments in CLO structures that are generating very high cash income returns. Loans have gained investor interest for their attractive risk-adjusted returns, performance through the economic crisis and protection against rising interest rates. CIFU&#8217;s CLO investments are not the &#8220;toxic villains&#8221; of the credit crisis, but are akin to well managed &#8220;funds of loans&#8221;. These CLOs provide cheaper exposure to loans and CIFU&#8217;s default experience has been even better than the broader loan market. CIFU&#8217;s US CLO income notes (c 50% of the portfolio) are producing cash income returns of around 40% pa, providing considerable protection against any increase in future loan defaults from a US corporate sector that has spent three years improving profit margins and balance sheet strength. <br />ISIN: IE00B10RXS64]]></description>
      <dc:date>2011-11-08T16:12:40+00:00</dc:date>
    </item>


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      <title>International Biotechnology Trust &#45; Improved fee structure</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/international-biotechnology-trust</link>
      <headline>Improved fee structure</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - International Biotechnology Trust: With the recent results announcement, International Biotechnology Trust (IBT) confirmed a reduction in the annual management fee by 20bps to 1.15% of NAV with the aim of reducing the overall TER to below 2.0%. The quoted portfolio performance fee is also being adjusted, to 10% of any outperformance above the NASDAQ (sterling adjusted) Biotechnology Index plus 0.5%. The maximum total performance fee payable in a year falls from 5% of NAV to 3%. For now, the unquoted portfolio continues to act as a break on overall performance. However, IBT has recently successful exited Cadent with a sale to Align Technologies, at 3.1x book value. While recent market conditions have arguably delayed further exits the manager, SV Life Sciences, believes many of the unquoted names are reaching maturity and will provide strong exits, which will give a significant uplift to the unquoted performance. <br />ISIN: GB0004559349]]></description>
      <dc:date>2011-10-25T11:56:00+00:00</dc:date>
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      <title>Golden Prospect Precious Metals &#45; New fund&#45;raising and bonus sub share issue</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/golden-prospect-precious-metals</link>
      <headline>New fund&#45;raising and bonus sub share issue</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Golden Prospect Precious Metals: During the past 12 months, Golden Prospect Precious Metals (GPM) has generated a return of 20.1% in terms of NAV total return and 31.6% in terms of share price total return against a fall in the Philadelphia Gold and Silver Index (sterling adjusted) of 3.6%. The performance has seen a very strong improvement since New City Investment Managers (NCIM) took over the management of GPM; however, its small size has been a limiting factor. If successful, the proposed fund-raising and bonus issue of subscription shares should not only provide the manager with greater flexibility in managing the portfolio but help to improve GPM&#8217;s TER. <br />ISIN: GG00B1G9T992]]></description>
      <dc:date>2011-10-18T13:20:31+00:00</dc:date>
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      <title>Henderson Global Trust &#45; Management team intact</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/gartmore-global-trust</link>
      <headline>Management team intact</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - Henderson Global Trust: The move to Henderson Global Investors is now complete and Brian O&#8217;Neill remains the manager of Henderson Global Trust (HGL) and the global investment team, from Gartmore, is intact. Formerly Gartmore Global Trust, the name was recently changed to reflect the move to Henderson. During the past 12 months, HGL has underperformed its composite benchmark index by 1.2% in terms of NAV total return. However, the share price has underperformed the composite benchmark index by 9.3%. During the transition process HGL was not actively marketed and the discount has widened, with the shares now trading at a 9% discount vs a mild premium 12 months ago. However, the cloud of uncertainty has now lifted and HGL should benefit from the additional marketing and investment resources that Henderson brings. <br />ISIN: GB0003184024]]></description>
      <dc:date>2011-10-14T15:05:11+00:00</dc:date>
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      <title>Is Private Equity &#45; Realising value</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/is-private-equity</link>
      <headline>Realising value</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Is Private Equity: Is Private Equity (Is PE) is a leading private equity firm in Turkey with 12 investments and six exits as of September 2011. In addition, the company is expected to make its 13th investment and seventh exit by the end of the year. The company reports that the six completed exits since inception in 2000 have achieved an average IRR of 28.7% (on a US-dollar basis) and an average cash exit multiple of 1.95x. With a strong balance sheet (we estimate minimal debt and around 60% invested in liquid assets after it completes the above transactions), the company is very well placed to take advantage of fresh investment opportunities. Well-timed exits have provided Is PE with ample cash to capitalise on investment opportunities during this period of ongoing volatility in markets. <br />ISIN: TREIGSY00019]]></description>
      <dc:date>2011-10-07T14:56:13+00:00</dc:date>
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      <title>The Merchants Trust &#45; Quarterly income and a 6.2% yield</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Merchants-Trust</link>
      <headline>Quarterly income and a 6.2% yield</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - The Merchants Trust: During the last 12 months, the Merchants Trust (MRCH) has outperformed its benchmark index, the FTSE 100, by 8.7% in terms of share price total return and 2.3% in terms of NAV total return. The trust pays quarterly dividends and, with its recent interims, has indicated that it is in line to provide investors with 30 years of uninterrupted dividend growth. MRCH is managed using a value-driven investment style and remains defensively positioned. <br />ISIN: GB0005800072]]></description>
      <dc:date>2011-10-03T15:55:36+00:00</dc:date>
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      <title>Henderson Fledgling Trust &#45; New management house, same management team</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/henderson-fledgling-trust</link>
      <headline>New management house, same management team</headline>
      <description>Edison Investment Research - <![CDATA[Investment Trusts - Henderson Fledgling Trust: The move to Henderson Global Investors is now complete and Harmesh Suniara remains lead manager of Henderson Fledgling Trust (HFT). Formerly Gartmore Fledgling Trust, the name was changed in June 2011 to reflect the move. However, the team responsible for managing HFT remains intact, and a distinct unit within Henderson&#8217;s operations. We believe the uncertainty surrounding Gartmore and the trust&#8217;s management will have done nothing to help share price performance and Henderson now intends to step up the marketing of the trust. Valuations are attractive in a historical context based on consensus expectations and the manager also sees attractive M&A potential. <br />ISIN: GB0003719225]]></description>
      <dc:date>2011-09-28T11:13:15+00:00</dc:date>
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    <item>
      <title>Geiger Counter Limited &#45; Bottom&#45;up, global uranium exposure</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/geiger-counter-limited</link>
      <headline>Bottom&#45;up, global uranium exposure</headline>
      <description>Edison Investment Research - <![CDATA[Investment Companies - Geiger Counter Limited: Launched in 2006, Geiger Counter Limited (GCL) has, during the last 12 months, outperformed the uranium spot price (sterling adjusted) by 2.3%, in terms of NAV total return, and underperformed by 5.8% in terms of price total return. The manager considers that energy is of key strategic importance and, while Fukushima has disrupted uranium&#8217;s progression, nuclear power will still be crucial to maintaining a secure energy supply in an increasingly carbon conscious world. The manager expects uranium demand to exceed supply once the US-Russian HEU Agreement comes to an end in 2013. <br />ISIN: GB00B15FW330]]></description>
      <dc:date>2011-09-26T13:06:51+00:00</dc:date>
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