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Articles by Nicholas Hyett
Artemis UK Smaller Companies: October 2026 fund update
We have a positive view of managers, Mark Niznik and Will Tamworth, who are both experienced UK Smaller Companies investors The managers are part of a broader UK equities team at Artemis that we rate highly The fund’s focus on higher quality names trading at an appealing valuation could make it less exposed to a market sell-off than some other funds. The fund features on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential.
Will the Budget delay tough decisions as inflation risks rise?
Edited byMatthew Davies Edited by Matthew Davies Published Oct 23, 2026 Sign up to our weekly Editor's Choice email to make sure you don't miss out on the key changes from the Autumn Budget. Written by Nicholas Hyett Lead Alternatives Analyst Nicholas leads on HL's UK smaller companies and alternatives investment research and is a member of the Senior Research Team.
Renewable infrastructure – income opportunity or value trap?
Edited byMatthew Davies Edited by Matthew Davies Published Oct 13, 2026 The government wants the UK to be a “clean energy superpower” and is already the second largest offshore wind market in the world. So, it’s no surprise there are several large renewable infrastructure trusts listed on the London Stock Exchange. Falls in share prices mean many investment trusts are trading at discounts to the value of their assets (or net asset value/ NAV) and offering sizeable yields of 9% or higher.
Should you invest when markets are at record highs?
Edited byMatthew Davies Edited by Matthew Davies Published Sep 16, 2026 MSCI World hit four new all-time highs in August in sterling terms. The index, which tracks the performance of global developed stock markets, rose 12.2% between the start of the year and end of August. It’s often said the essence of investing is to buy low and sell high, which could mean those new market tops put you off investing new money in stock markets – you might even be considering taking some out.
4 investment trusts for AI and innovation
Edited byMatthew Davies Edited by Matthew Davies Published Aug 28, 2026 Technology is everywhere. The race to build artificial intelligence (AI) has been one of the defining drivers of markets in the last twelve months, and there’s barely an industry left untouched. The so-called SaaS-mageddon torched the valuations of software businesses when investors started to worry that AI’s ability to code would leave legacy software businesses facing insurgent competition from all angles.
Polar Capital Global Technology Fund
The fund is backed by a well-resourced team with plenty of experience in the technology sector. The managers invest in companies they believe can benefit from some of the biggest technology trends globally and over the last few years the trust has pivoted to focus heavily on the Artificial Intelligence (AI) theme. Their focus on high-quality companies has delivered impressive long-term returns, although past performance is not a guide to the future.
4 Technology Investment Trusts to Know as AI Reshapes Markets
Written by: Nicholas Hyett | Hargreaves Lansdown Explore four leading technology investment trusts, from AI-focused strategies to private tech investing, and discover what makes each unique. Technology is everywhere. The race to build artificial intelligence (AI) has been one of the defining drivers of markets in the last twelve months, and there’s barely an industry left untouched.
Polar Capital Technology Trust: July 2026 update
The trust is backed by a well-resourced team with plenty of experience in the technology sector. The managers invest in companies they believe can benefit from some of the biggest technology trends globally and over the last few years the trust has pivoted to focus heavily on the Artificial Intelligence (AI) theme. Their focus on high-quality companies has delivered impressive long-term returns, although past performance is not a guide to the future.
FTF ClearBridge UK Mid Cap: July 2026 fund update
The fund invests in medium-sized companies, often considered the ‘sweet spot’ between company growth potential and maturity Richard Bullas is an experienced UK small and medium-sized company investor and benefits from the support of a well-resourced team The fund underperformed the FTSE 250 ex Investment Trusts index over the past year The fund features on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential The FTF ClearBridge UK Mid Cap fund,...
Are UK smaller companies ready for a comeback?
Edited byMatthew Davies Edited by Matthew Davies Published Jul 15, 2026 The first fund manager I ever met was Andy Brough – then, as now, a mid-cap manager at Schroders. Some fourteen years later, one thing that sticks with me from that meeting – that UK smaller companies were ‘cheap’. That their shares traded below their long-term average, at a low price compared with their growth potential and below larger firms.
HICL Infrastructure: July 2026 update
InfraRed Capital Partners, the trust’s manager, has over 25 years of experience in the industry.
2022/23 UK Income Statistics: incomes rise, but lose the rose-tinted spectacles
There’s a tendency to look back on the past with rose tinted spectacles, and to be fair incomes rose more or less across the board in 2022/23. Take those spectacles off and things look far less pretty. An inflation rate of 7.8% (CPIH) in the year to April 2023 means every percentile faced a real terms pay cut. The middle income bracket was least affected by the inflationary rise, with the median income up 4.1%.
Northern VCTs launch £36 million fundraise
The Northern VCTs have built a well-diversified portfolio with a particular emphasis on opportunities outside of London and the South East. 11 regional offices, sprinkled across the UK, as well as one of the larger teams in the market mean manager Mercia is well equipped to identify opportunities early and before they appear on the radar of more London centric managers. The VCTs have enjoyed a flurry of exits in recent times, with proceeds of over £250 million since the start of the pandemic.
Northern VCTs launch £36 million fundraise
Regular Industry Development Updates, Opinions and Talking Points relating to Manufacturing, the Supply Chain and Logistics. Northern VCTs launch £36 million fundraise By Nicholas Hyett (pictured) Investment Manager, Wealth Club The Northern VCTs have built a well-diversified portfolio with a particular emphasis on opportunities outside of London and the South East.
Concerns raised how CGT will negatively impact businesses and working people through either lower wages or inflation
The Chancellor previously ruled out taxing workers, and it’s a welcome move that this decision has been upheld in the Autumn Budget. This reflects the government’s commitment to keeping people’s wellbeing at the heart of its health policy. Capital Gains Tax and National Insurance changes We’re aware that adjustments to Capital Gains Tax (CGT) and increased employer national insurance contributions raise significant concerns for many businesses, particularly those operating with tighter budgets.
Labour 'fudges' their first Budget - London Business News
The Chancellor Rachel Reeves has unveiled her financial plans for Britain’s economy in the first Labour budget in 14 years. Government borrowing is set to reach £127 billion, and tax revenue hikes of £40 billion. Mike Salem, the UK Country Associate for the Consumer Choice Center (CCC), has reacted to Reeves’ Budget. Salem said, “Reducing the price of a pint by 1p does not show you’re remotely in touch with consumers.
What the Budget means for the UK’s venture capital schemes
At a headline level Venture Capital Trusts have been left unaffected by this Budget. Investors will still receive upfront income tax relief of up to 30%, plus tax free dividends and capital gains tax (CGT) free growth. However, in relative terms the scheme has become significantly more attractive. With income tax thresholds frozen for years to come and CGT rising, the potential for tax free returns have become even more appealing.
AIM-pocalypse would hurt more than just those seeking IHT relief
Regular Industry Development Updates, Opinions and Talking Points relating to Manufacturing, the Supply Chain and Logistics. AIM-pocalypse would hurt more than just those seeking IHT relief By Nicholas Hyett (pictured) Investment Manager, Wealth Club There is a perception that pulling inheritance tax relief from AIM might be painful, but would only hit a handful of mega-wealthy investors looking to minimize their IHT bill.
Insolvencies in England & Wales: Some signs companies are struggling
December is a seasonal low point in terms of insolvencies – with the smaller number of working days affecting the number of insolvencies that are registered. However, a 2% increase year-on-year suggests that companies are struggling with the higher interest rate environment. January’s numbers are worth watching closely, since a disappointing festive period can be the nail in the coffin for businesses that are already under pressure. Individuals though seem to be faring better.
UK business creation and closure: No apocalypse now
UK businesses face an exceptionally tough economic environment, with rising costs, higher interest payments and cash strapped customers. Against that background Q3’s business creation and closure numbers are remarkably robust. To be clear this isn’t a start-up boom, business creations are about in line with the long run average. But nor is there an apocalypse sweeping though UK businesses. In fact things are significantly better than they were this time last year.
Inheritance Tax Receipts reach £3.9 billion in half year (April to September) up £400 million
The latest figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts increased to £3.9 billion in the six months from April 2023 to September 2023. This is a £400 million increase from the same period in the previous year, and continues the upwards trend over the last decade. Inheritance tax has found itself the unexpected centre of the UK’s political battlefield.
UK CPI: a messy, mixed picture with inflation stuck too high
September’s inflation numbers present a messy picture. At the headline level CPI is flat month-on-month, but under the surface there’s a lot of moving parts. Food prices have fallen while more domestically exposed sectors like restaurants and hotels have seen prices rise. Higher prices for motor fuel are also having an effect. That makes it a difficult set of numbers to interpret – especially for interest are setters at the Bank of England.
Maven VCTs launch £40 million fundraise
Maven offers something distinctive from many other VCTs, with a focus on defensiveness that is difficult to achieve when investing in smaller companies. The VCTs’ largest holding, Horizon Cremation, is a nice example of the kind of non-cyclical business Maven targets.
Abolition of IHT creates potential for significant market disruption but AIM not just a tax dodge
Abolishing IHT would be bad news for AIM. There is billions of pounds invested in specialist AIM products precisely because of its potential to mitigate IHT bills. Withdrawing that relief would inevitably hit company valuations and has the potential to create serious market disruption. That said AIM is far more than being just a tax dodge. It includes some great companies and billions are invested into the market by fund managers who do not benefit from the inheritance tax relief.
UK Retail Sales: consumers spending more but getting less
High street sales in August bounced back after a wet July saw shoppers stay at home. Meanwhile the stronger high street performance put a dampener on online sales, as more of us ventured back into the shops. While sales weren’t quite as strong as economists had expected, the broad narrative of a relatively strong UK consumer remains intact. However, it’s worth noting that while sales values have ticked up, volumes have continued their recent downward trend.
British Smaller Companies VCTs launch £90 million fundraise
Despite the name, the British Smaller Companies VCTs are all about making sizeable bets on sizeable businesses – in VCT terms at least. The team usually invests £2 million to £6 million at a time, and companies should have at least £1 million of revenue. These businesses are typically not start-ups that are just a twinkle in the founder’s eye, they’re established operations looking for the next phase of growth.
UK Labour Market: some signs of weakness but interest rate screw has further to turn
These numbers show some signs the UK labour market could be softening a touch, with a modest increase in unemployment. Add that to recent weakness in UK PMIs, and impending job losses from Wilko’s high profile closure and you can see why suggestions are starting to emerge that the Bank of England can pause future interest rate rises. However, we suspect that in reality this is too little and too early to change the underlying narrative.
The AIM stocks ISA investment strategy 10 years on
By Nicholas Hyett, Investment Manager, The Wealth Club The 5th August marks ten years since it became possible to hold AIM shares in an ISA. The UK was emerging from recession, and George Osborne, the then Chancellor, believed encouraging investment into smaller and newer businesses would help jumpstart the economy.
CPI Numbers Do Little to Calm Confusion in the Financial Aviary
Nicholas Hyett, Investment Analyst, Wealth Club “Is inflation still problematically high or is it now coming under control? You could argue for either, or even both, a sign of the confused picture for inflation at present. It won’t make life easier for the policymakers, and raises questions around the future course of interest rates in particular.
Entain - DraftKings acquisition details
Archived article Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing, however, it may no longer reflect our views on this topic. Nicholas Hyett, Equity Analyst | 22 September 2021 | A A A No recommendation No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
Entain - Possible acquisition by DraftKings
Archived article Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing, however, it may no longer reflect our views on this topic. Nicholas Hyett, Equity Analyst | 21 September 2021 | A A A No recommendation No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
Which airline stocks are ready to take off?
The pandemic has caused lasting damage to airlines. Ballooning debt and drastic cost cutting has left the sector in a precarious long-term position. However, with travel restrictions easing it’s worth taking stock of the industry to see who looks ready to pounce on a potential summer season. This article isn't personal advice. If you're not sure if an investment is right for you, ask for advice. All investments can fall as well as rise in value, so you could get back less than you invest.
Demystifying ESG scores - the difference between ESG and ethics
Investors are becoming more and more focussed on how their money is being invested. Investors are wanting to know where their money’s being invested and want it to be invested ‘ethically’. At the same time we’ve seen data providers launch Environmental, Social and Governance (ESG) ratings as a tool to help pick responsible investments. For many, picking stocks based on ESG scores has become synonymous with ethical investing, but that’s not the best way of looking at two quite different things.
People moves: IBM, Red Hat, Occidental and more
VEON names Serkan Okandan Group CFO Amsterdam-based global provider of connectivity and digital services VEON announced the appointment of Serkan Okandan as group chief financial officer (CFO) Okandan brings over 25 years of experience to the company. He served as group CFO at the Etisalat Group and Turkcell. He will report to VEON’s co-CEOs Sergi Herrero and Kaan Terzioglu. He will also join the company’s group executive committee.
The FTSE 350 w/c 29 July- by Hargreaves Lansdown
Next week is one of the busiest on the stock market with everything from banks to retailers in the spot light. Reckitt Benckiser needs to show Chinese growth is stronger in the Infant Nutrition business Next hopes to prove online sales are still growing strongly as physical stores continue to struggle Lloyds looks to weather the economic turmoil while delivering growth for the long term Here’s our list of FTSE 350 and selected other stocks reporting next week.
The most popular shares in May
Nicholas Hyett 5 June 2019 No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest. May’s turned out to be a surprisingly busy month. We’ve had a glut of mega IPOs in the US – including ride hailing app Uber and meat alternatives manufacturer Beyond Meat. The market’s reception of the two groups has been very different – with one stalling and one stoking investor appetites.
Spotify - a stock market listing with a difference
Spotify has transformed the music industry. A disruptor in its own right. It’s a Swedish media giant that lets users stream any of 30 million songs straight from the internet, providing an essentially endless music catalogue. In January Spotify hit 140m users and 70m paying subscribers, with operations in 61 countries. That makes it the world’s largest music streaming service, ahead of rivals Amazon and Apple.
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