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.

Thematic (Sector/Industry)

<ul>
<li>Stormy times at present – a sunnier outlook?</li>
<li>Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).</li>
<li>Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.</li>
</ul>


Stormy times at present – a sunnier outlook?
Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs).
Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US.


<ul>
<li>This month’s feature article is the Hardman &amp; Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman &amp; Co.</li>
<li>The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li>
<li>Many of the 49 constituents of the index are high-risk, with micro-capitalisations and a long way from commercial success and profitability.</li>
</ul>


This month’s feature article is the Hardman &amp; Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman &amp; Co.
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.
Many of the 49 constituents of the index are high-risk, with micro-capitalisations and a long way from commercial success and profitability.


<ul>
<li>Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.</li>
<li>Today, the transformation of the global food system represents one such structural force.</li>
<li>As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.</li>
</ul>


Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for economic, social and political activity; investments made on this basis will receive powerful trend support.
Today, the transformation of the global food system represents one such structural force.
As demographic expansion, rising income and growing climate pressure converge, food sustainability as a strategic, long-term investment theme is no longer a forward-looking concept but a current market reality.


<ul>
<li>The risk of power cuts in the UK, for a variety of reasons, remains real.</li>
<li>Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough.</li>
<li>However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting.</li>
</ul>


The risk of power cuts in the UK, for a variety of reasons, remains real.
Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough.
However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting.


<ul>
<li><span style="font-size: var(--content-font-size);">Budgets are always important for investors.</span></li>
<li>The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.</li>
<li>That implies a lot of the pain will be felt by investors.</li>
</ul>


Budgets are always important for investors.
The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base.
That implies a lot of the pain will be felt by investors.


United Kingdom

Arbuthnot Banking Group PLC is a United Kingdom-based holding company primarily involved in banking and financial services. It offers private and commercial banking, wealth management, and various asset finance solutions, including specialist asset finance for high-value cars and vehicle finance. The company is headquartered in London, United Kingdom, and was founded in 1833.

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Arbuthnot Banking Group (ARBB LN)

The Monthly: February 2026

Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory...

Hardman & Co

Hardman & Co Monthly: January 2026

This month’s feature article is the Hardman & Co Healthcare Index written by Dr Martin Hall, Head of Life Sciences at Hardman & Co.

Hardman & Co

Hardman & Co Monthly: November 2025

Feature article: Feeding the future The case for food system investment Megatrends, at a very basic level, dictate the “direction of travel” for...

Hardman & Co

The Hardman & Co Monthly: July 2025

The risk of power cuts in the UK, for a variety of reasons, remains real. Low plant margins (i.e. limited spare capacity at peak) in the UK are...

Hardman & Co

Hardman & Co Monthly: October 2024

This paper considers the impact of increases in rates for those taxes that affect investors, and the withdrawal of tax concessions and reliefs.

Hardman & Co

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