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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Amigo Holdings PLC    AMGO   GB00BFFK8T45

AMIGO HOLDINGS PLC

(AMGO)
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Edinburgh Investment Trust fires Invesco's Mark Barnett as manager

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12/11/2019 | 06:02am EST

Edinburgh Investment Trust, which said it has suffered from a prolonged period of underperformance, has replaced Invesco's Mark Barnett as its investment manager.

The London-listed trust, which has a market capitalisation of 1.1 billion pounds ($1.4 billion), said on Wednesday the move followed disappointing returns due to "a number of stock-specific issues". It said it has appointed Majedie Asset Management as its new manager, with James de Uphaugh as the portfolio manager.

Holdings in Eddie Stobart, Amigo and Burford Capital had been particularly poor performers, the trust's chairman Glen Suarez told Reuters.

Barnett, head of UK equities at Invesco, worked with veteran fund manager Neil Woodford at Invesco before Woodford left to set up his own now-closed firm, and has come under pressure this year.

Adrian Lowcock, head of personal investing at investment platform Willis Owen, said the trust had "finally run out of patience with Barnett’s contrarian style".

The trust posted a 3.1% fall in net asset value in the six months to Sept. 30. Its shares were unchanged at 603 pence at 1030 GMT, compared with a 0.7% fall in the FTSE 250 index. In the year to date, shares in the trust are up 1.2%, lagging an 18% gain in the FTSE 250.

Invesco said in a statement that it was "disappointed", but had no plans to change the way it invested.

"We remain of the conviction that our investment strategy is sound," it said. "We believe there will be a revision of current market consensus and that we are on the cusp of this potential being realised."

The replacement of Invesco as manager comes a day before a British election expected to result in a majority for the ruling Conservatives, a prospect which has boosted the pound.

"We are not changing the focus on UK equities - to the extent there is a bounce in the UK, this portfolio has the same opportunities to profit from it," Suarez said.

Invesco last month appointed long-serving Invesco fund manager Martin Walker to act as co-head of UK equities alongside Barnett. The move followed a year of heavy outflows from funds managed by Barnett as well as by the broader group.

Barnett's UK Strategic Income, High Income and Income funds saw combined outflows of just over 2 billion pounds in the 12 months to Sept. 30, data from industry tracker Morningstar showed.

By Carolyn Cohn and Simon Jessop

Stocks mentioned in the article
ChangeLast1st jan.
AMIGO HOLDINGS PLC -1.15% 49.74345 Delayed Quote.-21.69%
BURFORD CAPITAL LIMITED -1.86% 560.5 Delayed Quote.-17.13%
EDDIE STOBART LOGISTICS PLC -86.08% 6.45 Delayed Quote.-30.39%
INVESCO LTD. -5.48% 15.86 Delayed Quote.-11.79%
MORNINGSTAR, INC. -2.46% 155.18 Delayed Quote.5.14%
STOBART GROUP LIMITED 1.61% 84.15 Delayed Quote.-19.20%
THE EDINBURGH INVESTMENT TRUST PLC -0.24% 556 Delayed Quote.-9.11%
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Financials (GBP)
Sales 2020 291 M
EBIT 2020 124 M
Net income 2020 76,1 M
Debt 2020 476 M
Yield 2020 18,2%
P/E ratio 2020 3,12x
P/E ratio 2021 2,58x
EV / Sales2020 2,49x
EV / Sales2021 2,39x
Capitalization 247 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 167,80  GBp
Last Close Price 52,00  GBp
Spread / Highest target 362%
Spread / Average Target 223%
Spread / Lowest Target 92,3%
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Managers
NameTitle
Hamish Stewart Paton Director, Chief Executive & Commercial Officer
Stephan Wilcke Chairman
Deborah Green Chief Operations Officer
Nayan Vithaldas Kisnadwala Chief Financial Officer & Executive Director
Roger Lovering Senior Independent Non-Executive Director
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