Flash Notes

There has been no shortage of events to keep investors on their toes in recent months and years, from wars in Ukraine, Gaza and Iran to political uncertainty at home and abroad, as well as question marks over the path of global economic growth and the trajectory of inflation and interest rates. While a surging gold price in 2025 propelled commodity funds to the top of the performance charts, techn...

While the sector may be highly cyclical and has at times had its ‘wilderness years’, a diversified allocation to commodities has consistently proved its strong performance potential, making it a solid choice to tuck away for long-term, inflation-beating returns. With a track record of more than 30 years, BRWM is the granddaddy of the AIC’s Commodities & Natural Resources sector, producing NAV...

INPP was born in response to a policy-driven investment opportunity, but rather than tailing off as its initial public-private partnership (PPP) projects approached maturity, it has grown into a diversified and increasingly future-proofed portfolio of government-backed, regulated and operating assets offering sustainable, growing and inflation-linked income for the next 25 years even if no new inv...

Following a strong 1HFY26 performance, Craneware has released a trading statement for the year to 30 June identifying an unexpected slowdown in 340B transactions revenue. While customer demand and cash generation have remained strong throughout the year, revenue is now expected to be US$205-US$208m with Adjusted EBITDA of US$65-US$67m, broadly in line with FY25 but materially below market expectat...

BlackRock Energy and Resources Income Trust (BERI) is reaping the benefits of its threefold focus on conventional energy, mining and energy transition, with share price and NAV total returns of c 70% and c 60% respectively over the past 12 months (to 19 June 2026). Portfolio managers Tom Holl, Mark Hume and new addition Charlie Brew took advantage of lower relative valuations early in the year to...

Sulnox has signed a very large new supply contract with Eastern Pacific Shipping (EPS) for quintuple the volumes and more than double the tenure of the first deal announced in January 2025. The new contract will extend the use of Sulnox Eco fuel conditioner to more than 50 vessels in the EPS fleet and follows the initial 30 vessel, 18-month contract together with additional technical validation in...

We recently attended a scheduled update for analysts hosted by Seplat CFO, Eleanor Adaralegbe which addressed the recently announced Board succession plans as well as providing a more general update of operations and strategy implementation. Current 2026 targets and the 2030 strategy targets were reiterated. While the company remains highly disciplined in its management of operations and cash, the...

Index concentration has accelerated and the US now makes up 63% of the MSCI ACWI, while China, Taiwan and South Korea together account for the same share of the MSCI Emerging Markets Index. These markets are themselves dominated by a few very large companies, so investors seeking genuine diversification must look more widely. BlackRock Frontiers Investment Trust (BRFI) offers exactly that, with c...

AltynGold delivered a strong revenue performance in 1Q26 despite operational issues impacting QoQ production and gold grade. Near record quarterly revenue of US$56m was up 122% YoY and off 3% QoQ with the YoY performance benefitting from gold sales up 29% to 11,532oz and the realised price increasing by 70% to US$4,809/oz. Production and processing fell QoQ, impacted by the planned mining of upper...

Galliford Try recently hosted an investor and analyst visit to some of the projects it is undertaking in Hampshire for Southern Water. A wide range of the company’s senior leadership team were also present, including the CEO and CFO. The headline takeaway at the group level was that all divisions are performing very well with little risk seen to funding despite the broader macro pressure on govern...

Sulnox delivered a year of accelerated commercial traction, reporting FY26 revenue to the end of March up 134% YoY to £2,623k, and ahead of our estimate. Revenue jumped 89% QoQ in part reflecting delivery of the committed pipeline at the start of the quarter.  While Marine remains the primary driver of growth, Sulnox also broadened its reach across land-based sectors. Momentum has continued into 1...

Seplat reported a robust quarter financially despite operational issues as it benefitted from exceptionally strong realisations, achieving an 11% premium to Brent. Production has already recovered and is set to grow further. Management demonstrated their confidence in the outlook declaring a USc9 dividend for the quarter, a 96% increase YoY, including a special dividend of USc4.0, and reiterating...

For AltynGold, 2025 was a transformational year.  The company reported record results for the year to December 2025 benefitting from the increase in the gold price and completion of the processing capacity expansion at its Sekisovskoye gold mine. The company is well set to deliver further expansion at Sekisovskoye and move into the preliminary development stage at Teren-Sai as well as being positi...