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Tellworth Investments to launch new ‘best of British’ investment trust


The Tellworth British Recovery & Growth Trust plc (the “Company” or “TBRGT”), which announced its intention to float on 2 September 2020, commenced its initial public offering on 16 September 2020. The closing date for the initial intermediaries offer is 5.00pm on 5 October 2020 and the closing date for the initial placing is 2.00pm on 7 October 2020.  

The newly established investment trust is seeking to raise up to GBP100 million via an initial issue of ordinary shares, with flexibility to raise up to GBP500 million. A twelve-month placing programme will also be launched, and subsequent intermediaries offers may also be carried out over the 12-month life of the prospectus.  

The Company’s lead portfolio managers will be Paul Marriage, John Warren and Johnnie Smith and its investment objective is to generate long-term total returns over a rolling five-year period by investing principally in UK listed companies with a significant presence in the UK. The Company will aim to support UK businesses with equity, support UK employers and promote UK technology and innovation.  

TBRGT’s portfolio will be relatively concentrated, consisting of approximately 35 to 45 investments, and will represent the team’s highest conviction ideas across the market capitalisation spectrum within the UK equities sphere.   

The investment thesis is centred upon supporting the ‘best of British’ companies and extends across three core pillars. The first pillar consists of British Global Leaders – companies with differentiated products, which have strong global market positions and generate consistently high returns. The second pillar, British Recovery, is made up of companies that are materially undervalued and which the team believes have the potential to show significant recovery. Finally, British Technology is the third pillar, targeting companies with high levels of intellectual property and a large addressable market. 

In the aftermath of Brexit and Covid-19, the team believes UK equities are currently undervalued. Low interest rates, structural changes to industry profit outlooks and a volatile political and economic backdrop have also driven significant valuation dispersion in the UK Equity market and the team believes this presents an opportunity for stock-pickers. 

Paul Marriage, lead portfolio manager for TBRGT, says: “Brexit and the Covid-19 pandemic are causing fundamental shifts in the UK economy and markets across the globe. We strongly believe in the long-term future of the UK and that its flexible economy and focus on innovation will pave the way for an array of exciting investment opportunities at attractive valuations.” 

John Warren, lead portfolio manager for TBRGT, says: “We believe the UK government and businesses are united in focusing more and more on UK supply chains and self-dependence. Against this backdrop, we believe there is a desire from investors to back the UK recovery and put capital to work to support UK business and the economy as a whole. The investment trust structure not only allows us to use leverage effectively to enhance returns, but also to run a focused book with high conviction positions.” 

Andrew Martin Smith, chairman of TBRGT, says: “The disruption caused by this pandemic will provide excellent opportunities for experienced and enterprising managers of UK equities and the Tellworth Investment team led by Paul Marriage and John Warren has demonstrated a flair for identifying strongly performing stocks based on extensive research and their own forensic analysis.” 

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