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2018 new issue review

2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues

Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches.

The return of private equity and private equity like strategies – Augmentum Fintech (AUGM) and Merian Chrysalis (MERI) are tapping into the better growth potential of private companies versus public ones – and activist investors like Trian Investors (TI1) was balanced with commercial property and infrastructure-based strategies.

Hipgnosis Songs (SONG) brought music rights and royalties to the investment company world; Gore Street Energy Storage (GSF) and Gresham House Energy Storage (GRID) opened up Britain’s energy revolution by allowing investors to support a network of industrial batteries in which renewable energy can be stored; while Yellow Cake (YCA) gives investors an ETF-like opportunity to directly access a single commodity, namely uranium.

James Carthew said: ‘Many of this year’s new issues are a bit on the small side, but it has been notable how much money has been raised to expand existing trusts and, if that trend continues in 2019, a few of these could grow. Indeed, a couple already have, most notably Baillie Gifford USA’

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