BeBeez roundup with eToro support about the performances of private capital firms listed on global exchanges.
Only eight out of 45 private capital stocks that BeBeez and eToro monitor on Trading Floor posted losses.
However, uncertainty on multiple fronts has dampened the uptick. A New York Tribunal ruled illegal the trade tariffs of the Donald Trump Administration but the Supreme Court could overturn the sentence. The consequences of such policy will fall on inflation and also on the U.S. Treasury debt since many analysts now see them as an additional tax on consumption, especially if they were to stabilize around 12 to 14&, which is expected to bring about 300 billion US Dollars into the federal budget.
Market expectations are converging on a compression of U.S. GDP growth to 1.5% and inflation to 3 – 3.5%. Meanwhile, an increasing number of market participants think that there is limited room to implement a fiscal expansion in the UK. Keir Starmer Government is carrying on an austerity policy as it inherited a difficult situation from previous Conservative cabinets. Such a context is eroding the support of the current Prime Minister.
London-listed Bridgepoint (+8%) said that is holding exclusive negotiations for acquiring a majority stake in Finzzle Groupe, a French wealth management consultancy with aum of 2.8 billion euros, an annual flow of 1.5 billion and a network of 3300 independent advisors (press release). Private capital firm are increasingly interested in wealth managers for gaining a better access to HNWIs and family offices.
Milan-listed Italmobiliare (+5.2%) attracted the interest of investors as the volatility of interest rates in Europe is lower than in USA and many stocks are still cheap despite solid fundamentals.
The Pesenti Family is the main shareholder of Italmobiliare that announced a 14.6% year on year growth of the portoflio companies revenues for 1Q25 (press release). The NAV grew by 6.6 million euros from 4Q24. The firm has a P/E ratio of 11.7x, well below 15.5x average of the stocks on Milan market. Kepler also said that Italmobiliare currently trades at a discount to NAV in the region of 45%.
NYSE-listed BDC (Business Development Corporation) Oaktree Specialty Lending (+3.8%) also attracted the money of stock pickers. Such shares trades at a discount to NAV in the region of 16% even though it has a satisfactory track record in portfolio quality. Furthermore, in 1Q25, the company cut its dividend by 27% but introduced a new scheme that combines a normal quarterly coupon of 0.40 US Dollars per share with an additional variable dividend based on portfolio performance.
The market capitalization drop of NYSE-listed Hamilton Lane (-9.9%), one of the best performers in recent weeks (see here a previous post by BeBeez), made a sell on the news case.
The Pennsylvania firm that has aum of 138 billion US Dollars and reported quite positive figures for the fourth fiscal quarter and full fiscal year ended 31 March, Monday (press release). Hamilton Lane reported a 14% increase in management fees and a 10% increase in dividends, but investors already anticipated such results in previous weeks.
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