Investment Companies Daily III model update, RSE Q1 NAV, USF asset sale negotiations, AIRE possible offer, SEQI NAV, PSH buyback, BRSC finals, GCL portfolio manager, ASLI sale, RNEW redemption

Research evidence excerpt

Investment Companies Daily III model update, RSE Q1 NAV, USF asset sale negotiations, AIRE possible offer, SEQI NAV, PSH buyback, BRSC finals, GCL portfolio manager, ASLI sale, RNEW redemption

Eurozone since the Iran conflict started. For the US portfolio, the case Aurora -6.2

for small caps and for Value is less clear cut; their rally reversed since the Fair Oaks Income 5.2

Home REIT 6.3

conflict started. Instead, we have called for a positive stance on Mag-7 in our Ground Rents Income Fund 7.4

March Chartbook. Now, while our bullish earnings view gels with beta Aberforth Geared Value & Income 7.7

outperformance, we note that the gaps are starting to open up with certain JPMorgan EMEA Emg Mkts 8.0

macro indicators. European Cyclicals vs Defensives are at highs, in contrast to -20 -15 -10 -5 0 5 10 15

PMIs, which have softened. This divergence could be a near-term headwind, Source: LSEG Datastream

there is a tactical potential for beta leadership near term to pause. Utilities in Largest movers over the last month (%)

Defensives could look good, along with Staples and Pharma. We present a list Home REIT -73.5

of de-rated Defensives and on the other side, Cyclicals that have performed Aquila European Renewables… -24.6

3i -21.5

very strongly. Further out though, if our constructive macro call plays out, and LMS Capital -14.3

Iran risks subside in 2H, Cyclicals are likely to return to lead, and could then abrdn European Logistics Income -12.8

incorporate even the one lagging Cyclical to date, Consumer plays. You can Allianz TechnologyPacific HorizonTrust 16.717.5

find the full strategy note here. Polar Capital Technology 17.6

• 3i (III, Overweight) - Updated estimates - 3i’s 31/3/26 NAV yesterday was EcofinManchesterUS Renewables…& London 21.3 55.7