Download the Presentation Slides here.
Managed by Neuberger Berman, a leading private markets investor, NBPE leverages the strength of Neuberger Berman’s platform, relationships, deal flow and expertise to access the most attractive investment opportunities, providing shareholders with access to a portfolio of direct investments diversified by manager, sector, geography and size.
Download the Presentation Slides here.
Oakley Capital Investments (“OCI”) offers shareholders consistent long-term returns in excess of the FTSE All-Share Index by providing exposure to private equity returns, where value is typically created through market growth, consolidation and performance improvements.
OCI invests in Funds managed by Oakley Capital, which partners with high-growth founder-led European businesses across four complementary sectors. Oakley Capital is a leading private equity firm specialising in fast-growing, mid-market companies in the technology, consumer, education and business services sectors.
Download the Presentation Slides here.
HarbourVest Global Private Equity (HVPE) is a listed investment company that provides investors with access to private company investments. Listed on the Main Market of the London Stock Exchange, HVPE sits in the FTSE 250 and has net assets of $4.0 billion and a market capitalisation of approximately £1.9 billion as at 30 September 2024.
HVPE exists to create value for shareholders by providing easy access to a diversified global portfolio of high-quality private equity investments, managed by HarbourVest Partners. HVPE invests exclusively in HarbourVest managed funds.
HarbourVest Partners is an independent, global private markets asset manager with over 42 years of experience and a long track record of accessing private company investment opportunities.
Premium mixer brand Fever-Tree has announced a strategic partnership with beverage giant Molson Coors, marking a significant development in its US expansion strategy.
The partnership grants Molson Coors exclusive rights for sales, distribution, and production of Fever-Tree products across the United States.
Fever-Tree has established itself as America’s leading tonic and ginger beer brand since entering the market in 2008. Under the new agreement, Fever-Tree will leverage Molson Coors’ extensive national distribution network and commercial infrastructure to accelerate its growth in both the on-trade and off-trade sectors.
As part of the agreement, Molson Coors will acquire an 8.5 per cent stake in Fever-Tree for £71.0 million, representing a price of 654.2 pence per share.
Fever-Tree plans to return these proceeds to shareholders through a share buyback programme, scheduled to commence in February 2025. Fever-Tree investors were in desperate need of some good news after years of spluttering sales growth and declines for the shares. Today’s announcement offers a glimmer of hope.
The partnership includes substantial marketing investment and plans to establish local US production facilities, utilising Molson Coors’ supply chain expertise. This move is expected to generate significant operational efficiencies for Fever-Tree’s American operations.
“Today’s announcement marks a transformational step for the Fever-Tree brand in the US. Thanks to the superb work of our US team, we have seen Fever-Tree become the number one brand in both the tonic and ginger beer categories, a remarkable achievement which has redefined the US mixer category amongst consumers and customers alike,” said Tim Warrillow, co-founder and CEO of Fever-Tree.
“But what is so exciting is that as the Fever-Tree brand has grown in the US, so has the opportunity ahead of us, reflecting the increasing number of categories and occasions that our products are relevant to.”
Trading is changing. In 2025, new technology, changing regulations and market upheaval means that we’re entering a period of uncertainty, and traders and investors are having to ajdust to this change. So how do you find the best strategies and platforms to navigate the complexities of the financial markets in 2025?
Selecting the Right CFD Broker
One of the key players here is the CFD broker. The CFD broker enables traders to speculate on the price movements of a variety of financial instruments like equities, commodities, indexes, and cryptocurrencies, without actually needing to hold the underlying asset.
That gives traders plenty of flexibility to take both long and short positions, putting themselves in a position to profit if the market falls or rises. CFD brokers are carving out a bigger share of the financial market going into 2025, thanks to this flexibility and what it can offer to an expanding client base, in terms of cutting-edge trading platforms and new tradable instruments.
Of course, traders hoping to make the most of any market opportunities in 2025 have to choose a dependable CFD broker. Key things to remember when picking a broker are their regulatory status, the features of their trading platform, fee structure, and range of options.
Technological Advancements and AI Integration
Bringing artificial intelligence (AI) into trading platforms has dramatically changed the way that traders can analyse markets and carry out their trades. AI algorithms are designed to work through huge piles of data to spot trends and patterns. They’re especially good at spotting trends that a trader might overlook, improving the decision-making and helping to trade more efficently.
That said, traders are still cautious. With industry leaders like Steven Desmyter –head of Man Group, the largest publicly traded hedge fun– saying that AI will have to show measurable economic value in 2025 and prove it’s worth in the marketplace.
Rise of Electronic Market-Makers
Traditional banks are up against stiff competition from electronic market-makers. Firms using cutting-edge analytics are executing trades more efficiently, they can even exploit orders with small price gaps. This is leading to a major shift by helping close the gap created by major banks, firms are now able to move into areas like bonds and commodity trading.
It also means market-makers are able to hold positions for longer and service bigger clients. Directly challenging traditional banking operators market share, forcing them to adapt or give up ground.
Market Outlook and Economic Indicators
The economic situation in 2025 is likely to give traders a mix of opportunities and challenges. On the one hand, the US economy is likely to continue growing as the delayed effects of tight Federal Reserve monetary policy kick in, while anticipated new policies, including tax reforms and deregulation, may give a boost to growth.
On the other hand, potential tariffs and immigration restrictions could bring stagflationary pressures into the economy, which will make things more complicated for traders.
Risk Management and Regulatory Environment
Risk management is a key component of any successful trading strategy. Traders are always advised to keep their portfolios diverse and to use tools like stop-loss orders to limit their exposure and their potential losses.
One consistent factor in the regulatory environment is that financial authorities are focusing on policies that protect investors and maintain the integrity of markets, so choosing a broker who fully complies with all relevant regulation can add another layer of protection for your money.
Conclusion
The 2025 trading environment will be defined by fast-changing technologies, growing competition from new electronic market-makers, and complex economic conditions, influenced by policy shifts and upheavals. In this context, CFD brokers offer useful platforms for traders to negotiate uncertain markets with more confidence.
By keeping updated with market trends, using the latest trading tools, and following sound risk management practices, traders can set themselves up for success in 2025.
Automotive components supplier Dowlais Group (LON: DWL) is the best performer in the FTSE 250 index following its agreed merger with American Axle & Manufacturing. The cash and shares bid values Dowlais at £1.16bn. The share price is 10.3% higher at 75.375p.
Dowlais is effectively the former GKN automotive businesses and was spun out of aerospace company Melrose Industries (LON: MRO), the former AIM company now in the FTSE 100 index, in April 2023. The share price is trading at just over 50% of its peak in May 2023.
For each Dowlais share investors will receive 42p/share in cash and 0.0863 of an American Axle & Manufacturing. They will also receive a 2024 final dividend of up to 2.8p/share. That values each Dowlais share at 85.2p each at an American Axle & Manufacturing share price of $5.82.
The combination will create a leading drivetrain and metal forming business. It will have a wider range of customers. There could be annual cost savings of $300m by the end of the third year after the combination. The exceptional charges to achieve this could be equivalent to one year of the full savings.
Purchasing should yield 50% of the savings due to economies of scale and the internal supply of products. Cutting out listing costs and eliminating duplications should save 30% of the savings and the rest will come from improved efficiency.
Naked Wines (LON: WINE) has decelerated the rate of decline in revenues in the 13 weeks to the end of 2024. Even so, they declined by 10%, although revenues per member increased 2%. Cash improved to £30m as inventories are reduced. The share price rebounded 15.1% to 51.9p.
Angle (LON: AGL) revealed new data for the dual ctDNA and CTC DNA analysis on the Illumina platform. What this shows is in 27 patients, eight of them had not been treated and showed clinical variants in circulating tumour cells not identified by ctDNA. These variants were also identified in some of the other patients. Illumina could sell Angle’s Parsortix liquid biopsy services to its existing users. The share price improved 15.1% to 15.25p.
A trading statement from vehicle interiors supplier CT Automotive (LON: CTA) led to slightly downgrades. Pre-tax profit will still be at least $8.6m, up from $8.3m in 2023. Revenues fell from $143m to $117m. Margins will improve as capacity utilisation increases. Although 2025 forecasts have been trimmed, pre-tax profit is still expected to improve to $10.5m. The share price recovered 13.6% to 33.5p.
Nostra Terra Oil & Gas (LON: NTOG) has renewed its $10m lending facility with WAFD Bank until January 2028. The share price increased 10.1% to 0.038p.
Aerospace components supplier Velocity Composites (LON: VEL) significantly increased US revenues and group revenues jumped from £16.4m to £23m in the year to October 2024. The underlying loss fell from £2.8m to £1.2m. There have been delays due to problem at Boeing, but there should be continued growth from new work. The UK operations will benefit from increasing Airbus production. Velocity Composites should breakeven this year. The share price rose 10.5% to 31.5p.
FALLERS
Cleaning services provider React (LON: REAT) grew full year revenues by 6% to £20.7m despite the ending of a rail contract because margins were going to be reduced. Pre-tax profit improved from £1.8m to £2.1m. Singer has trimmed expectations for the year to September 2025, but pre-tax profit is expected to rise to £2.8m, helped by an initial contribution from plumbing services provider Aquaflow. The share price declined 11.1% to 76.5p.
Shore Capital has increased its stake in United Oil & Gas (LON: UOG) from 11.8% to 12.2%. This follows the issue of 59.5 million shares to Rockhopper Exploration (LON: RKH) to settle an outstanding liability. The United Oil & Gas share price slipped 11.6% to 0.1025p.
A fair value write-down of legal cases by Litigation Capital Management (LON: LIT) offset gains from recent wins. The biggest write-down was for the Queensland Electricity trial that was lost. There was a swing to loss in the six months to December 2024. On the positive side, realisations were A$52m from A$14m invested. There have been fewer new cases signed up because of lack of business that meets the investment criteria. The share price fell 9.35% to 83.4p.
Clinical trials manager hVIVO (LON: HVO) is acquiring two clinical research units from Germany-based CRS for €10m. This will broaden the range of phase I and phase II trials that can be provided. Last year’s revenues were €19.9m and the acquisition should be earnings enhancing in 2026. The group order book is £67m and 2025 revenues guidance for hVIVO is £73m, up from £62.7m. Year-end cash was £44.2m. The market has reacted negatively, and the share price dipped 8.09% to 18.75p.
The Chancellor of the Exchequer, Rachel Reeves, recognised the crucial role of Cornish Metal’s South Crofty tin mine in accelerating the nation’s transition to net zero and driving economic development in a speech delivered on Wednesday.
The speech followed news that the UK National Wealth Fund (NWF) has invested £28m in Cornish Metals as part of a wider £56m fundraise to bring the South Crofty tin mine back into production.
Rachel Reeves said in a speech on Wednesday that the mine will provide “the raw materials to be used in solar panels, wind turbines and electric vehicles, supporting growth and jobs in the South West of England.”
South Crofty was a producing mine until 1998 when the falling price of tin made operations uneconomical, and the mine closed. However, increased demand for tin from a broad range of technological and clean energy applications has lifted tin prices to a level that warrants the recommencement of production.
Anyone who drives past the Cornish towns of Camborne and Redruth will see the remnants of South Crofty’s operations ready to be brought back online with the funding round announced this week.
The proceeds from the fundraising, combined with existing cash reserves of £5.3m, will be allocated across several key areas to advance the South Crofty Project.
The largest allocations include £17.2m for early works and long-lead items, £13.3m for mining and dewatering operations, and £12.6m for site costs and corporate expenses.
Additional funds will be directed towards project engineering studies and the repayment of the Vision Blue credit facility.
Investors should note this funding provides an operational runway through the end of Q1 2026, during which time it plans to arrange project debt financing. The South Crofty project is now significantly derisked.
Last year, Cornish Metals released an independent Preliminary Economic Assessment (PEA) for the South Crofty tin project with highlights of an after-tax Net Present Value of $201m and an Internal Rate of Return of 29.8% at a tin price of $31,000 per tonne. Tin is currently trading very close to this level.
The project is expected to generate substantial cash flows, with a total after-tax cash flow of US$626m over the production period and an average annual EBITDA of US$83m during peak production years. The numbers are particularly compelling given Cornish Metals currently has a market cap of just £44m.
From an operational perspective, South Crofty is positioned to account for 1.6% of annual global tin production over a 14-year life of mine, capable of delivering 49,310 tonnes of tin metal in concentrate over its operational life.
The FTSE 100 held firm above the 8,500 level on Wednesday as investors prepared for a swathe of US tech earnings in the wake of the emergence of AI model DeepSeek and the Federal Reserve’s interest rate decision later today.
London’s leading index has so far been largely immune to the volatility in major US tech shares after the Chinese AI chatbot flew to the top of App Store downloads.
However, earnings from Tesla, Microsoft, Meta and Apple over the next couple of days could provide more of a catalyst for global equities as the world’s largest technology companies provide insight into underlying demand from their customers.
It must be noted that the likes of Apple, Meta, and Amazon were largely unscathed by DeepSeek, with the impact felt most by chipmakers such as Nvidia.
“Calm has descended on financial markets after the AI upheaval, which triggered a wave of selling, with investors seeing sharp falls as a buying opportunity,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
“Focus is switching to today’s key Fed meeting and the direction of interest rates in the US. Rates being kept on hold is seen as a slam dunk prospect but there will be keen interest in chairman Jerome Powell’s words about the future path ahead, particularly given recent jitters about the prospects of a rate hike this year, which still right now looks unlikely.”
With a raft of companies worth over a trillion dollars set to update the market in the very near term and the Fed’s interest rate decision this evening, traders seem unlikely to take big bets on stocks, and the FTSE 100 ticked gently higher Wednesday.
Recent reports that investment banks are now pencilling in five rate cuts by the Bank of England in 2025 make UK-centric stocks an interesting place to deploy capital. This was again evident in gains for Marks & Spencer, NatWest and British Land on Wednesday.
There has been a relatively sharp reversal in UK interest rate expectations in early 2025 that has all of a sudden made the sell-off in some retailers, banks, and housebuilders look overdone.
IAG rose and BP fell as traders reacted to a falling oil price on the back of Trump tariff concerns. After a relatively benign first few days in office, Trump is making up for lost ground in disrupting financial markets with his latest suggestions threatening to flood the market with supply.
The Scottish Mortgage Investment Trust rose for a second day as US tech shares recovered. The FTSE 100 investment trust counts SpaceEx, Amazon, and Meta in its top holdings and is the UK’s premier vehicle for gaining exposure to US tech shares with a market cap of nearly £13bn.
