Momentum Multi-Asset Value Trust

After a strong 12 months, the managers of the recently renamed MAVT are optimistic on prospects for value...

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Momentum Multi-Asset Value Trust. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Momentum Multi-Asset Value Trust

Summary

Momentum Multi-Asset Value Trust (MAVT), recently rebranded from Seneca Global Income & Growth Trust (SIGT), aims to achieve total returns of at least CPI + 6% p.a. net of costs over a typical investment cycle through investment across a range of asset classes and geographies. With a team-based approach, the managers of MAVT invest both in direct securities and via third-party fund managers, employing a unique value influenced decision making process across a wide range of assets.

The investment process is avowedly-value based, with the managers seeking out both companies and third-party managers unloved by the wider market. With very strong returns in recent months, the team’s view over 2020 that the market was underestimating the resilience and intrinsic value of significant parts of the market appears vindicated. As we discuss under portfolio and performance, the team had observed that valuation disparities were so significant within markets that even minor adjustments to market level views could have outsized impacts.

As well as noting that MAVT can operate as a standalone portfolio, the managers note that their inherently contrarian stance often sees the trust function as a portfolio diversifier. Presently their tactical outlook sees them leaning positively towards the UK, Japan and Asian markets, whilst noting they continue to find significant diversifying opportunities in specialist/alternative investment vehicles. These alternatives proved a steady source of income over 2020, as discussed under dividend, and MAVT’s board has confirmed it intends to match the previous financial year’s dividend, giving a prospective yield of c. 3.8% (as at 01/04/2021).

MAVT employs a discount control mechanism (DCM) which, as discussed under discount, the board has been highly active in operating. Accordingly, MAVT has consistently traded close to NAV.

Kepler View

MAVT’s managers have consistently delivered ‘real’ returns to shareholders, with dampened volatility when compared to equity markets, through their multi-asset, diversified approach. The past few years have not been kind to value investors, but the team have managed to stay true to their process and philosophy whilst generating income and absolute capital gains. We had previously noted that a rise in inflation expectations and the prospect of economic reopening might prove a catalyst to value realisation in much of the portfolio, and thus it has proven in recent months. Yet, whilst the opportunity may not be as acute as it was towards the end of 2020, there still appears to us an ample hunting ground for MAVT and their preferred third-party managers to identify stock specific opportunities for the longer term.

With an attractive dividend yield of 3.8%, the ongoing commitment of the board to maintain dividends should be reassuring to income investors, backed by very substantial distributable reserves. That said, having highly diversified underlying income streams give us confidence that MAVT’s revenues should remain relatively resilient in any event.

Even if some of the macroeconomic tailwinds currently in place fall or reverse, so crowded does much of the global market remain (exacerbated by the rise of passive investment), that we believe explicitly value-led strategies such as MAVT remain valuable portfolio diversifiers, offering potentially asymmetric relative upside when the stars align. This has, we would contend, been seen in recent months with the significant outperformance of value but, more especially, less liquid value.

BULL BEAR
Access to niche, boutique, highly active fund management strategies and a focussed portfolio of UK value stocks
It remains to be seen whether this proves a ‘false dawn’ for value
Attractive, well-diversified yield, well supported by income and reserves
Gearing can exacerbate downside as well as amplify upside
Should act as a diversifier to mainstream equities with potentially high NAV beta to any macro acceleration
Scale of buybacks has been very substantial, and reduction in share count could potentially be a concern

Portfolio

Momentum Multi-Asset Value Trust (MAVT), recently rebranded from Seneca Global Growth & Income Trust (SIGT), aims to achieve total returns of at least CPI + 6% p.a. net of costs, over a typical investment cycle through investment across a range of asset classes and geographies. Following the acquisition of Seneca Investment Managers by Momentum Global Investment Managers, the trust has been rebranded. However, the same team and process remains in place and we understand that management of the trust remains very much ‘business as usual’. MAVT is managed on a team basis, with a ‘value’ investment approach to both asset class selection and stock selection. Asset allocation across the portfolio is very much a collegiate affair, with the various team members taking primary responsibility for stock/fund selection within the different asset classes which comprise the portfolio (further details on the delineation of responsibilities can be found under management).

MAVT is constructed with a desire to balance an income which grows at least in line with the rate of inflation, with real (inflation-adjusted) growth in capital over the course of the market cycle. An avowedly contrarian approach permeates the process, with the managers seeking undervalued and unloved markets, sectors, asset classes, and stocks. In this manner, as well as offering a standalone multi-asset investment solution, the managers believe that MAVT offers valuable diversification benefits to many investors, particularly with the increasing incorporation of passive investment vehicles into portfolio construction for many investors. Whilst they may take on exposure to ‘in vogue’ sectors such as technology, the managers will only do so if they believe they have identified a highly attractive valuation on the security in question.

MAVT offers shareholders exposure to a variety of assets. The team typically invest directly into UK equities, whilst utilising third-party open and closed-ended investment vehicles to access asset classes such as overseas equities, fixed income, specialist/alternatives, and defensive assets. Up to 20% of MAVT’s portfolio can be invested in ‘defensive assets’ designed to offer downside protection to a wider market pullback, and this can include short positions in equity markets or precious metals.

Asset allocation decisions are made by the team as a whole, taking into account a mixture of strategic and tactical considerations. Strategic decisions are generated from a long-term historical framework looking at typical returns for different assets/markets over the business cycle, as well as the typical volatility of returns and inter-asset class correlations.

Tactical asset allocations operate within the context of the strategic framework. These incorporate both qualitative and quantitative assessments of asset classes and markets, helping form a view amongst the managers. In line with the value-based approach, this leans on historical data and carries an underlying tilt towards mean reversionary considerations. A score out of ten on the attractiveness of an asset class/market is generated and subject to ongoing review which, along with bottom-up observations on the available opportunity sets in each market, helps drive asset class weightings. A risk management framework provides operable ranges for the team to allocate within. We have discussed the various inputs and drivers in greater detail in our previous note.

Presently the managers note that their tactical asset allocation considerations are pointing towards opportunities in the Japanese and Asian markets. They also note that they are identifying a surfeit of attractive opportunities in the UK market, and they have been increasing exposure to this asset class. MAVT’s has a structural overweight exposure to the UK market within its equity exposure, relative to global markets, but is presently overweight this strategic allocation on a tactical basis too. This is being driven by both bottom-up and top-down observations, with the team identifying the UK market as a whole as undervalued and reporting finding numerous attractive stock-specific ideas. UK leadership relative to global peers on vaccine deployment should enable the economy to recover quicker, and a pathway to economic reopening gives the team increased confidence in consumer-facing holdings which had been subject to sharp drawdowns in 2020 on market concerns over their solvency if lockdowns were to persist.

Whilst the team identified the UK market as potentially attractive over 2020 on a valuation basis, they had concerns about likely dividend cuts and the potential impact on the portfolio level revenue generation, with UK equities being a large structural component of the trust. However, with income from alternative/specialist vehicles having remained resilient and with greater clarity on the economic outlook, the team believe the dividend situation can recover in the UK market from here whilst offering highly attractive total return characteristics.

MAVT: Strategic and current asset allocations

Source: Momentum Global Investment Managers

As we have discussed previously, the stock selection process focusses on overlooked and unloved companies. However, MAVT’s managers had been aware, when we last spoke, of the potential risks of insolvencies arising from cessation or impairment of operations as a result of lockdowns. In this regard, they had been looking to identify companies where there remained financial resilience, and companies, such as current holding Marston’s, where management teams retained a degree of financial flexibility. Nonetheless, they noted at the time that so extreme had the divergences in market valuations of ‘value’ and ‘growth’ companies been, that even a mild reversion in market sentiment could have outsized effects on stock returns.

This has subsequently been validated in recent months, which have seen a drastic shift in the fortunes of value strategies as the announcement of developments of COVID-19 vaccines in November 2020 shifted the market perception on the likely future solvency of many companies. Despite a rally in these areas of the market, MAVT’s management team continue to identify a depth of opportunities which they believe stand to benefit from economic reopening.

Whilst we would observe that a value-based strategy naturally lends itself to recovery plays (as well as an income mandate), the managers seek to ensure the portfolio is diversified across multiple asset classes which offer different risk and return profiles. This includes structural allocations to specialist/alternatives through third party managers. These assets provide diversification of income streams (as discussed under dividend), which helped ensure that portfolio level revenues were more resilient over much of 2020 than might otherwise have been expected. The team note that they continue to identify opportunities in this area, but that their stock selection remains active and subject to ongoing review. Within this asset class the team are looking for uncorrelated returns with little to no sensitivity to broader fluctuations in the economy, and where return streams are unrelated to equity market performance.

Vehicles in the specialist/alternatives area are highly specialised, operating in niche areas. Increasingly, however, the team note that they are finding the best opportunities are in the most specialised, new, or niche areas as investors become comfortable with alternatives which are now more in the mainstream. Having been long-time backers of renewables infrastructure, for example, the team report they are finding superior value in more specialised vehicles, such as recent addition Gore Street Battery Storage, or new listing Cordiant Digital Infrastructure. These assets, in their view, provide attractive yields from cash flows generated with little reference to the broader economy.

Similarly, the team note that 2020 demonstrated to them the uncorrelated nature of cash flows generated from songwriting royalties, and they have introduced Round Hill Music to sit alongside their existing holding in Hipgnosis Songs Fund (SONG). Whilst these have gained more traction amongst investors, the team believe many remain deterred by their perceived complexity, rendering valuations attractive.

Overseas equities and fixed income also continue to be accessed via third-party fund managers. As we have previously noted in greater detail, this process focusses on identifying differentiated managers with high tracking errors and high active share. Generally, these will be boutique asset management companies with an incentive structure that aligns the fund manager with investors. Holdings are typically introduced where they believe they have identified these characteristics in products run by good fund managers who are enduring a challenging relative return period. Conversely, they tend to trim into outperformance, as has been seen by recent reductions in their holding in Conventum Lyrical Fund after strong outperformance following a period of challenging returns for the manager (who faced strong stylistic headwinds).

As well as existing holdings in alternative/specialist vehicles, the team continue to look for uncorrelated yields or sources of portfolio diversification in other asset classes such as fixed income and gold. Within fixed income, short duration assets with less sensitivity to rises in headline rates continue to look attractive to them, whilst we understand the team are also exploring opportunities in ‘short equity’ specialist funds.

MAVT: Top 12 holdings

Holding
%
Asset class
CIM Dividend Income

3.6

Overseas Equities
HMG Global Emerging Markets Equity Fund

3.0

Overseas Equities
Samarang Asian Prosperity

2.9

Overseas Equities
Absalon EM Corporate Debt

2.5

Fixed Income
OSB

2.4

UK Equities
Diversified Gas & Oil

2.4

UK Equities
Morant Wright Fuji Yield Fund

2.4

Overseas Equities
Schroder UK Public Private

2.3

Specialist
Prusik Asian Equity Income

2.2

Overseas Equities
TwentyFour Select Monthly Income

2.2

Specialist
Marston's

2.2

UK Equities
UK Mortgages

2.2

Specialist
Total:

30.3


Source: Seneca Investment Managers, as at 28/02/2021

Gearing

MAVT currently has net gearing of c. 12% (as of 06/04/2021). Gearing is limited to 25% of MAVT’s net assets by board policy, and is undertaken through a £10m revolving loan facility. As £10m currently equates to c. 15% of net assets, this serves as the effective ceiling on gearing (for now).

Gearing is typically employed flexibly at a relatively low level and with reference to broader market conditions. We understand that in recent months gearing levels have been largely maintained, albeit at fairly elevated levels relative to what has historically been seen in MAVT. This is in reflection of the depth and breadth of opportunities the managers are currently observing.

Net exposure

Source: Morningstar

Returns

In the five years to 01/04/2021, MAVT has generated NAV and share price total returns of c. 51.4% and c. 56% respectively. Prior to 06/07/2017, MAVT was benchmarked against three-month GBP LIBOR +3% p.a. Since this time, it has been benchmarked against UK CPI +6% p.a. Using the previous benchmark until 06/07/2017 and the new benchmark thereafter, we estimate that the benchmark returns have been c. 37.4% (the CPI +6% p.a. alone has produced returns of c. 46.2 % over this period). Over this same five-year period, the MSCI ACWI index returned c. 98.9%, whilst the FTSE All Share gained c. 35.7%.

Whilst MAVT’s returns have trailed global equities, we would note that MAVT is not a global equity portfolio but is, instead, a multi-asset solution. Reflecting this, over this five-year period we estimate that MAVT has displayed a median 12-month beta to the MSCI ACWI of c. 0.6.

Nonetheless, the indiscriminate initial nature of the market sell-off in Q1 2020 meant that the share prices of many alternative/specialist holdings moved sharply lower in line with broader equity markets, despite NAV resilience from many of these underlying holdings. Accordingly, diversification benefits were not really enjoyed in the initial sell-off, but many of the discounts that opened up in these vehicles quickly reversed and the stability of revenues they generated has mitigated the headwinds to dividends generated in the UK market.

Five-year NAV returns vs peers, benchmark, global and UK equities

Source: Morningstar

Past performance is not a reliable guide to future returns

We can also see the discrete calendar year returns below. As we can see, MAVT’s returns on a discrete basis have tended to operate within a more constrained range to both the upside and downside than generalised equity markets, a function of the multi-asset and diversified approach in our opinion.

Discrete calendar year returns

Source: Morningstar

Past performance is not a reliable guide to future returns

Looking at the longer-term, over the ten-year period from 01/04/2011 to 01/04/2021, MAVT has produced NAV and share price total returns of c. 120.2% and c. 139.8% respectively. We calculate this as representing an annualised return of c. 8.2% and c. 9.1% respectively on a NAV and share price total return basis. With UK CPI having risen by c. 1.7% p.a. over this same period, this therefore represents ‘real’ NAV total returns of c. 6.5% p.a.

This represents outperformance of the Morningstar Flexible Investment peer group which MAVT sits within, which has produced average NAV and share price returns of c. 95.5% and c. 92.4% respectively over ten years. However, we believe that a comparison to the ‘peer group’ is not an appropriate assessment of MAVT’s relative performance; the Morningstar Flexible Investment sector is a composite of a highly disparate variety of strategies with different investment focuses.

The MSCI ACWI index returned c. 194% over this same period, whilst the FTSE All-Share generated c. 79%. Using the previous benchmark until 06/07/2017 and the current benchmark thereafter, we estimate that the composite benchmark would have returned c. 65.1% over the ten years to 01/04/2021. We also estimate that, over this same period, the new CPI +6% benchmark would have delivered returns of c. 112.5%.

Total returns have exceeded those of the FTSE All-Share over both five and ten years, whilst MAVT’s NAV has demonstrated substantially less volatility than broader stock markets, as we can see below. Style factor considerations will have been a headwind over this ten-year period in our opinion, with momentum factor strategies (antithetical to the management team’s approach) strongly outperforming growth, quality and value style factor indices over this period.

10-year NAV total returns vs volatility, vs peers, benchmark, global equities and UK equities

Source: Morningstar, Kepler calculations

Past performance is not a reliable guide to future returns

As we have noted under portfolio, MAVT’s style is avowedly value in the investment analysis approach employed. However, the impact of this is neutralised somewhat, we would suggest, by a focus (within the UK equity book in particular) on small- and mid-caps, which in a broad sense tend to have greater association with growth styles. It is also balanced by the concerns of the managers that they should not get stuck in ‘value traps’, and the diversification effects of the fixed income and specialist buckets. Stylistically, the output of the process has not demonstrated particularly strong alignment with any one global equity style index, as we can see in the table below.

Median 12-month R2 to different style indices (01/04/2011-01/04/2021)

FACTOR INDEX

MAVT R2 OF MONTHLY RETURNS OVER 01/04/2011-01/04/2021

Growth

0.62

Momentum

0.30

Quality

0.50

Value

0.62

Source: Morningstar, Kepler calculations

Past performance is not a reliable guide to future returns

Over the 12 months to 01/04/2021, MAVT generated NAV and share price total returns of c. 54.2% and 52.1% respectively. This represented very significant outperformance of the benchmark CPI +6% index return which we estimate at c. 6.8% (though a starting period soon after global equity markets troughed in March 2020 clearly has a sizeable impact upon this).

Yet it also represents outperformance of the broader global stock market, with the MSCI ACWI index returning c. 39.6% over this same period. With MAVT offering a multi-asset solution designed to incorporate portfolio diversification and lower volatility, we think this represents an impressive achievement.

As discussed under portfolio, the managers had previously noted that they anticipated that even a mild normalisation (or expectation of normalisation) could have a disproportionate impact on the relative fortunes of more value-based strategies, such was the divergence in valuations across different parts of the market. This, we would suggest, has largely come to pass in recent months following the development of vaccines to COVID-19, which saw a rapid recovery in many stocks as markets anticipated economies reopening. UK leadership in vaccine roll-out has further seen the UK market start to recover ground relative to global equities. Holdings such as Arrow Global, which the team was able to acquire at very depressed valuations, had already attracted interest from corporate buyers looking for M&A opportunities, before the equity market started to recognise the value inherent in some of these businesses (with Arrow Global now trading at multiples of the price at which it was introduced to MAVT).

12-month NAV returns relative to benchmark and MSCI ACWI, and UK vs Global equities

Source: Morningstar

Past performance is not a reliable guide to future returns

MAVT has a structural overweight to UK equities within its equity allocation, and we would suggest that this has been a tailwind in recent months. However, we also note that the UK allocation does not appear to have been the sole factor in NAV returns relative to global markets for MAVT, but we can see above some similarities in the direction of travel.

Dividend

MAVT shares currently yield c. 3.8% (as of 06/04/2021) on an historic basis. MAVT has a total return mandate, to which dividends will contribute, and the board looks to grow aggregate dividends over the longer term. Dividends are paid quarterly and, with the first three interim dividends announced for financial year (FY) 2021, are on track to match those from FY 2020. The board has announced it intends to pay a final dividend in FY 2021 of at least 1.68p per share, which would ensure that the overall dividend is at least maintained year over year.

Assuming the dividend is held flat at the FY 2020 level, then in the five years to end of FY 2021 dividends will have increased at an annualised rate of c. 1.8% p.a. whilst remaining covered by income for at least the first three of those years (with the current financial year to be confirmed). The board used those years to build up revenue reserves.

Revenue reserves at the most recent interim accounts (31/10/2020) amounted to c. £1.5m. As at the reporting period, we estimate this amounted to c. 0.6x the FY 2020. Subsequently two interim dividends of 1.68p per share each have been paid. When we account for this and for the current difference in ex- and cum-income NAVs, we estimate that MAVT has revenue reserves at present amounting to c. 0.32x the total FY 2021 proposed minimum dividend.

Dividends and revenue returns per share

Source: Momentum Global Investment Managers

Past performance is not a reliable guide to future returns

As well as being able to pay dividends from the revenue reserve, the board has the ability to use MAVT’s special reserve and realised capital reserves to further support dividends should it so choose. At the last interim results, these amounted to c. 78.7p per share (special reserve) and c. 51.5p per share (realised capital reserve), and we would thus suggest it is clearly in the board’s gift to maintain a dividend level of 6.72p per share if they deem it appropriate.

At the most recent interim results, the board reiterated its previous guidance that it would look to at least maintain the quarterly dividend rate of 1.68p per share until they have greater clarity on the operating environment and the impact upon dividend generation. Income generation within MAVT is diversified by both asset classes and geography. Historically a substantial proportion of income has indeed been generated from equity allocations, but the alternatives and ‘specialist’ assets within MAVT continued to offer resilient incomes over 2020 and contributed significantly to income generation. As we can see below, they represent an increasingly important component of total income generation.

Source of income generation

Source: Momentum Global Investment Managers, as at 28/02/2021

Management

MAVT is managed as a team effort by a team within Momentum Global Investment Managers. No changes have been made subsequent to the takeover of Seneca by Momentum, and we understand that management remains very much ‘business as usual’. Responsibilities for research into different areas are split between Gary Moglione, Mark Wright, Richard Parfect and Tom Delic.

Gary and Tom are jointly responsible for third-party fund selection in overseas equity and bond funds, with Gary also responsible for overall portfolio oversight. Mark is charged with UK equity research and selection, whilst Richard focusses on specialist assets (as well as assisting Gary with overall portfolio oversight).

Whilst team members take primary responsibility for different roles within the investment process, the focus is very much on ensuring a team-based approach remains in place with a communal basis for key investment decisions.

Between them, the team have over 60 years of experience in the investment industry in fund management, institutional money management and research. Seneca Investment Managers was a Liverpool-based company launched in 2002 specialising in multi-asset investing, emphasising a value-based approach, and with the same management team still in place this continues to hold true under the new ownership structure. The management team are further supported by Matthew Connor, working as an investment analyst focussed on UK equities, and Gabby Byron, who supports the whole team as an investment services executive. The MAVT team also run two open-ended multi-asset products, as well as other investment mandates.

Discount

MAVT currently trades on a discount of c. 2.2%, as at 06/04/2021. A discount control mechanism (DCM) was implemented on 01/08/2016 and, as can be seen in the chart below, the share price has consistently traded close to NAV. The DCM was implemented in August 2016 with the aim of reducing discount volatility and improving liquidity in MAVT’s shares.

In operating the DCM, the board will both issue new shares when the trust trades at a premium, and repurchase them (typically for treasury) when MAVT trades at a discount. In the current financial year to date (01/05/2020 to 06/04/2021) a total of c. 12 million shares have been repurchased at a weighted average discount of c. 1.75%. This represents a very significant proportion of shares in issuance, amounting to c. 25% of shares in issuance at the start of the current financial year. The authority to buy back shares was renewed at the last AGM, and runs until October 2021 when, in the ordinary course of events, if could expect to be renewed again. Given the scale of repurchases thus far since this authority was renewed, we would suggest that the board may need to apply for an extension of the permissible buyback levels in the coming months. With the current market capitalisation of c. £63.9m, considerations on ensuring the free floated value of the trust remains viable, but may at some point have to be weighed against a desire to continue buybacks.

However, whilst the current financial year has seen very significant repurchases, previous financial years have more typically seen net issuance of shares at a premium. However, the scale of repurchases in the current financial year mean that we now estimate that MAVT has been a net buyer of its own shares to a total of c. 3.6m since the DCM was instituted in August 2016. With the board undertaking repurchases at a discount to NAV whilst issuing new shares at a premium to NAV, it notes that shareholders have enjoyed enhanced NAV returns as a result of the deployment of the DCM.

Discount/Premium

Source: Morningstar

Charges

MAVT presently has ongoing charges of c. 1.51%, compared to a peer-group unweighted average of c. 1.1% (Source: JPMorgan Cazenove). However, as we have noted elsewhere, we do not regard the Morningstar Flexible Investment sector as an accurate comparative tool given the eclectic and diverse array of strategies contained therein. The management fee is charged at 0.90% on the market capitalisation up to £50m, and at 0.65% on the market capitalisation above this level. On the current market capitalisation of c. £63.9m, this equates to a weighted management fee of c. 0.85%, but this will reduce further if the market capitalisation grows.

The management fee is, following recent policy changes, charged 70% to capital and 30% to revenue. MAVT has a KID RIY of c. 2.52%, compared to a peer-group unweighted average of c. 2.63%. The disparity between the ongoing charges and KID RIY is largely attributable to charges on the underlying investments.

ESG

MAVT does not run an explicit ESG mandate, but the managers and board are nonetheless cognisant of the potential impact of ESG factors. The investment process for selecting third parties places an emphasis on ensuring an alignment of manager and investor interests, and in ensuring that stakeholder interests are well represented. Similarly, the individual stock selection process displays a strong preference for companies with strong corporate governance.

Within the specialist assets allocation, MAVT holds substantial exposure to renewable energy investment opportunities. Furthermore, the managers are cognisant of the likely impact going forward of ESG factors on more normalised valuation levels, and incorporate this into their investment decisions.

MAVT does not currently have a Morningstar Sustainalytics rating, likely a reflection of the fact the underlying holdings do not themselves have ratings. Quantitative ratings systems rely on the underlying investments themselves being rated and, with many of the preferred third-party managers within MAVT investing in below-the-radar and niche areas, it is likely that many of these are simply not scored quantitatively by these systems. We would suggest that MAVT would meet the requirements of most investors bar those with particularly stringent ESG criteria.

Fund History

Disclaimer

This report has been issued by Kepler Partners LLP.  The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

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Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.