Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

NB Private Equity Partners / Equity Bottom-Up

NB Private Equity Partners is a closed end investment fund incorporated in Guernsey. The fund invests in a diversified portfolio of direct yielding investments, co-investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

<ul><li>As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth 9%) ‒ in our view, the key driver to long-term value creation, ii) saw NBPE NAV growth lag EBITDA growth, some rating compression in specific sectors (software ca.10% portfolio) and modest listed-holding share price falls.</li><li>Going forward, NBPE’s portfolio is mature, and multiple market dynamics are structurally favourable to realisations.</li><li>Potential quarterly noise around global uncertainties aside, medium-term realisations look good.</li></ul>

As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth 9%) ‒ in our view, the key driver to long-term value creation, ii) saw NBPE NAV growth lag EBITDA growth, some rating compression in specific sectors (software ca.10% portfolio) and modest listed-holding share price falls.Going forward, NBPE’s portfolio is mature, and multiple market dynamics are structurally favourable to realisations.Potential quarterly noise around global uncertainties aside, medium-term realisations look good.

NB Private Equity Partners (NBPE): 2025 results - looking to future realisations

Chesnara PLC services its life insurance business.  The Company services a book of primarily non-linked term insurance or unit-linked endowment policies and does not issue new policies.  One or more of Chesnara's subsidiaries issues new insurance policies.

<ul><li>Feature article: Unemployment – the spectre returns?</li><li>By Keith Hiscock, Chief Executive of Hardman & Co The rate of unemployment in the UK seemed to disappear from the headlines for many years.</li><li>However, it looks to have crept up the news agenda again in recent months.</li></ul>

Feature article: Unemployment – the spectre returns?By Keith Hiscock, Chief Executive of Hardman & Co The rate of unemployment in the UK seemed to disappear from the headlines for many years.However, it looks to have crept up the news agenda again in recent months.

Chesnara PLC - Hardman & Co Monthly: May 2026

<ul><li>Chesnara has announced its 2025 results.</li><li>The headline figures were presented on a new basis, with operating capital generation (OCG), cash remittances and adjusted operating profit replacing the previous measures.</li><li>The new KPIs showed a strong year, with good operating performance, higher cash generation and a much stronger balance sheet.</li></ul>

Chesnara has announced its 2025 results.The headline figures were presented on a new basis, with operating capital generation (OCG), cash remittances and adjusted operating profit replacing the previous measures.The new KPIs showed a strong year, with good operating performance, higher cash generation and a much stronger balance sheet.

Chesnara plc (CSN): Showing good operational progress

Arbuthnot Banking Group PLC, together with its subsidiaries, provides various banking and financial products and services in the United Kingdom. It operates through three segments: Retail Banking, UK Private banking, and Group Centre. The company provides private banking services, such as current accounts, deposit accounts, loans, overdrafts, and foreign exchange services; wealth planning services comprising estate and tax planning, pensions, and wealth preservation and generation; and discretionary investment management services, including asset management and developing tailored investment strategies. It also offers retail banking products and services, such as savings and current accounts; consumer finance products in motor finance, retail finance, and unsecured personal lending areas; and SME?s funding for asset finance, invoice finance, and real estate finance. In addition, the company offers commercial banking services comprising financing and cash transaction requirements of SMEs, as well as household cash management and insurance services. Further, the company offers leasing, debt collection, and property rental and management services. Arbuthnot Banking Group PLC was founded in 1833 and is headquartered in London, the United Kingdom.

Arbuthnot Banking Group (ARBB): 2025 lower margins, 2026 profit stability

Volta Finance Ltd. is a closed-ended investment company managed by AXA Investment Managers Paris.  The Company seeks to preserve capital and to provide a stable stream of income to its shareholders through annual dividends. Volta Finance invests in corporate credits, collateralized debt obligations, other asset backed securities, leveraged loans, and infrastructure assets.

<ul><li>The prices of loans that could be affected by recent events in the Middle East (e.g. surge in energy prices) have fallen.</li><li>Additionally, concerns related to AI disruption following Anthropic’s legal AI tool launch have penalised loans granted to software companies.</li><li>In this note, we reiterate why Volta’s exposure is limited, noting i) the protections embedded within CLO vehicles, ii) the manager’s track record of better-than-CLO market risk management, driven by CLO manager selection and portfolio construction.</li></ul>

The prices of loans that could be affected by recent events in the Middle East (e.g. surge in energy prices) have fallen.Additionally, concerns related to AI disruption following Anthropic’s legal AI tool launch have penalised loans granted to software companies.In this note, we reiterate why Volta’s exposure is limited, noting i) the protections embedded within CLO vehicles, ii) the manager’s track record of better-than-CLO market risk management, driven by CLO manager selection and portfolio construction.

Volta Finance Limited (VTAS): Credit Resilience from CLO Structure and Manager