Ideas Farm 

Ideas Farm: A Cautionary ESG Tale

Ideas Farm: A Cautionary ESG Tale

This week, we publish our table of the top holdings of some of the best-performing funds investing in sustainable UK equities for a second time. When this table was first published in mid May, I commented that not all the names on the list were what one would expect. Online fast-fashion retailer Boohoo (BOO) was highlighted as a prime example.

I also attempted to outline the logic of why a sustainable investor may buy into this kind of situation; some “green” investments are less about the starting point than the direction of travel. But the intervening few months at Boohoo have shown how this kind of approach can turn out to be dangerously contrived. Boohoo remains on the best ideas list, but readers should bear in mind this relates to latest portfolio disclosures at the end of May rather than current holdings. Both positions are in funds of Aberdeen Standard Investment.

There are broadly three things sustainable investors tend to be concerned about, which are captured in the acronym ESG: E for environment; S for social issues, such as worker rights; and G for governance. BooHoo currently looks an epic fail on all three fronts. 

On the E front, while Boohoo has trumpeted initiatives to try to keep its product out of landfill, what it sells tends to have a worryingly short wardrobe life. Not much has changed here, although investors may have reason to feel more cynical about the 'green' initiatives. 

The reason for increased cynicism is a result of developments on the S front. Leicester, where Boohoo sources much of its product, has long been characterised as an on-shoring dystopia (bringing sweatshops home). Boohoo has played up its supply chain auditing efforts and a move towards full supply chain transparency. But a barrage of reports about atrocious conditions at factories supplying Boohoo have led to the share price collapsing two-fifths and many other retailers, including Next and ASOS, have dropped Boohoo brands. The company is launching a QC-led investigation.

Then there is the G, often seen as the most important letter in ESG. In late May, shrewd short-selling specialist ShadowFall published a blistering attack. A key element of the short note concerned the relationship between the company and its two-thirds-owned subsidiary Pretty Little Thing. The subsidiary was founded by the son of Boohoo’s chairman and 12.1 per cent shareholder Mahmud Kamani. The remaining third of Pretty Little Thing, was swiftly bought out for £324m, which partly addressed Shadowfall's criticisms. Still, related-party transactions are, in general, viewed dimly by governance experts. 

It was less than a month before there was more G-based discontent. In mid June, a third of shareholders voted against the company’s remuneration report. A week later the company went ahead with a £150m management incentive scheme based solely on share price performance to 2023. Schemes based on share price are often a worry because they can run counter to long-term operational concerns and wider stakeholder interests. This latter point seems particularly pertinent in light of the supply chain controversy.

With hindsight, it feels staggering Boohoo could be an ESG play. But, ironically, there could be a strong commercial logic in cleaning up supply, creating a barrier to new entrants. This is particularly relevant given the success of Boohoo-like retailer I Saw It First, which was founded in 2017 by Jalar Kamani, big brother of Boohoo’s chairman and the company’s former trading director – boohoo indeed!

Click here to view the tables as a PDF

 

 

New 52-week highs   
NameTIDMPrice% from high
Clipper LogisticsCLG340p0.0%
Active Energy GroupAEG1p0.0%
Premier FoodsPFD80p0.0%
Baillie Gifford US GrowthUSA227p0.0%
Croda InternationalCRDA5,374p0.1%
International BiotechIBT808p0.2%
Pacific Horizon Invt TrPHI526p0.4%
Hipgnosis SongsSONG121p0.4%
Edinburgh Worldwide InvtEWI280p0.5%
Aberdeen Japan Invt TrustAJIT650p0.5%
BunzlBNZL2,229p0.6%
Biotech Growth TrustBIOG1,387p0.6%
Smithson Investment TrustSSON1,520p0.7%
JP Morgan Japan SmallerJPS454p0.7%
Schroder Asian TotalATR386p0.8%
BATM Advanced CommBVC118p0.8%
JPMorgan Japanese InvtJFJ545p1.1%
Scottish Mortgage Invt TrSMT892p1.1%
Capital Gearing Trust PlcCGT4,440p1.1%
RenishawRSW4,220p1.1%
JBM CN Grw&IncJCGI516p1.1%
Air PartnerAIR99p1.2%
Cello HealthCLL163p1.2%
Octopus Renewables InfraORIT112p1.2%
Monks Investment TrMNKS1,110p1.2%
IG Group HoldingsIGG863p1.3%
Herald Investment TrustHRI1,624p1.3%
B&M European Value RetailBME434p1.3%
Polar Capital TechPCT2,120p1.3%
Personal Assets TrustPNL44,350p1.4%
Gaming RealmsGMR18p1.6%
Avon RubberAVON3,440p1.7%
Manchester & London InvtMNL686p1.7%
AntofagastaANTO976p1.8%
Spirax-Sarco EngineeringSPX10,025p1.8%
AvastAVST544p1.9%
HalmaHLMA2,331p1.9%
Witan Pacific Invt TrWPC353p1.9%
International PublicINPP168p2.0%
BlackRock Greater Eu InvtBRGE432p2.0%
Sterling EnergySEY12p2.0%
Reckitt Benckiser GroupRB7,438p2.1%
Henderson EuroTrustHNE1,255p2.1%
JPMorgan Global Core RealJARA110p2.2%
JPMorgan Global Core RealJARA110p2.2%
Ceres PowerCWR610p2.2%
Games Workshop GroupGAW8,440p2.3%
Schroder AsiaPacific FundSDP488p2.3%
Bankers Invt TrustBNKR1,014p2.3%
Baillie Gifford ShinBGS193p2.3%
BB Healthcare TrustBBH168p2.3%
Polar Cap Gbl HealthcarePCGH250p2.3%
Allianz Technology TrustATT2,350p2.5%
Worldwide Healthcare TrWWH3,640p2.5%
discoverIE GroupDSCV590p2.6%
Bail Giff EurBGEU1,100p2.7%
Martin Currie Global PortMNP321p2.7%
VerditekVDTK11p2.8%
ExperianEXPN2,873p2.8%
Fidelity China SpecialFCSS298p2.9%
Fidelity European ValuesFEV265p2.9%
LancashireLRE827p3.0%

Source: FactSet (9 Jul 20)

 

New 52-week lows   
NameTIDMPrice% from low
STV GroupSTVG220p0.0%
Babcock International GroupBAB297p0.6%
PittardsPTD40p1.3%
Impellam GroupIPEL225p2.2%
TOC Property Backed LndngPBLT86p2.9%

Source: FactSet (9 Jul 20)

 

Shorts  Thursday, 9 July 2020
CompanyShort InterestNo. Shorters1wk chg in short interest
HAMMERSON PLC12.6%90.0%
Royal Mail Plc9.1%7-0.2%
PREMIER OIL PLC8.7%3-0.1%
TULLOW OIL PLC8.1%60.4%
PEARSON PLC6.3%6-0.5%
DOMINO'S PIZZA GROUP PLC5.9%81.1%
PETS AT HOME GROUP PLC5.7%30.3%
PETROFAC LTD5.3%50.5%
GW PHARMACEUTICALS PLC5.2%40.0%
PETROPAVLOVSK PLC5.2%10.0%
FUTURE PLC4.8%30.2%
BLUE PRISM GROUP PLC4.7%50.7%
CRODA INTERNATIONAL PLC4.6%50.1%
BABCOCK INTL GROUP PLC4.6%3-0.6%
SMITH (DAVID S) HOLDINGS PLC4.5%60.4%
DIGNITY PLC4.1%3-0.1%
WEIR GROUP PLC/THE4.1%50.4%
TUI AG4.0%40.0%
ASCENTIAL PLC4.0%50.0%
VODAFONE GROUP PLC3.9%40.0%
WOOD GROUP (JOHN) PLC3.9%60.0%
SAINSBURY (J) PLC3.8%20.1%
A.G. Barr PLC3.8%30.0%
CAPITA PLC3.7%50.3%
WM MORRISON SUPERMARKETS3.7%3-0.7%
KEYWORDS STUDIOS PLC3.5%40.0%
MARKS & SPENCER GROUP PLC3.2%20.0%
Primary Health Properties PLC3.2%40.0%
BURBERRY GROUP PLC3.2%4-0.1%
AUTO TRADER GROUP PLC3.1%50.0%
ULTRA ELECTRONICS HLDGS PLC3.0%1-0.3%
DAILY MAIL & GENERAL TRUST3.0%3-0.1%
RESTAURANT GROUP PLC2.9%30.1%
VALARIS PLC2.8%10.0%
VICTREX PLC2.7%30.1%
INTERCONTINENTAL HOTELS GROUP PLC2.6%20.3%
HARGREAVES LANSDOWN PLC2.6%4NEW
AA PLC2.5%2-0.6%
Signature Aviation PLC2.5%40.1%
VIRGIN MONEY UK PLC2.5%3NEW
AGGREKO PLC2.5%2-0.2%
MICRO FOCUS INTERNATIONAL2.4%2NEW
BRITISH LAND CO PLC2.4%3NEW
CREST NICHOLSON HLDGS PLC2.4%3NEW
ASHMORE GROUP PLC2.3%2-0.6%
N. Brown Group2.3%20.0%

Source: FCA

 

Upgrades
Wednesday, 8 July 2020FWD EPS CHG
NameTIDM1mth3mth1yr
Yellow CakeYCA1604.3%-1943%
Rl Est CredRECI807.1%10.2%-
Trackwise DesignsTWD226.9%157.6%70%
Draper EspritGROW209.2%26.9%-22%
Gear4music HoldingsG4M164.0%356.7%265%
Best of the BestBOTB110.2%168.5%311%
System1 GroupSYS1105.3%181.7%27%
TotallyTLY96.4%96.7%-
RMRM92.1%-76.7%-76%
Atalaya MiningATYM86.5%36.2%-52%
Urban&CivicUANC82.7%70.0%-44%
United Oil & GasUOG76.8%--
BATM Advanced CommBVC75.4%69.6%135%
AntofagastaANTO70.4%0.0%-59%
DWF GroupDWF69.9%-6.5%25%
BPBP67.1%-80.2%-95%
De La RueDLAR61.9%57.0%-55%
MJ GleesonGLE49.5%-43.6%-63%
NumisNUM45.8%-38%
Equals GroupEQLS42.9%42.9%0%
ECO Animal Health GroupEAH39.6%39.6%-58%
Photo-MePHTM35.9%35.9%2%
Codemasters Group HoldingsCDM34.5%42.3%20%
Up Global Sourcing HoldingsUPGS30.9%-15.3%0%
Hummingbird ResourcesHUM30.8%-0%
B&M European Value RetailBME29.9%35.7%28%
Orchard Funding GroupORCH29.7%29.7%-9%
Manolete PartnersMANO27.4%35.0%37%
ContourGlobal PlcGLO27.2%-14.1%-28%
IofinaIOF25.1%128.3%132%
88888824.2%5.7%-2%
BOKUBOKU23.5%19.4%43%
Venture Life GroupVLG23.0%237.0%125%
EckohECK22.8%22.8%23%
NCC GroupNCC22.0%21.9%-22%
Games Workshop GroupGAW20.8%11.3%6%
BunzlBNZL19.9%0.2%-11%
boohoo groupBOO18.6%32.6%53%
FerrexpoFXPO17.8%20.2%-48%
Just Eat Takeaway.comJET17.6%12.7%-
Shearwater GroupSWG16.4%16.0%-
1SpatialSPA15.3%15.3%17%
National Express GroupNEX14.1%-76.7%-81%
IG Design GroupIGR14.0%9.5%8%
KAZ MineralsKAZ13.8%6.2%-22%
SercoSRP13.7%1.6%24%
BeazleyBEZ13.4%-89.9%-92%
Palace CapitalPCA13.2%-11.5%-22%
BarclaysBARC13.1%-82.6%-92%
RPS GroupRPS13.0%36.6%-33%
FresnilloFRES12.7%9.4%-31%
TI Fluid SystemsTIFS12.6%-87.6%-93%
CVS GroupCVSG12.4%-41.0%-44%
Picton Property IncomePCTN11.7%11.3%7%
Premier FoodsPFD11.6%14.4%18%
Civitas SocialCSH11.0%10.4%3%
Tatton Asset ManagementTAM10.8%10.8%12%
CranswickCWK10.2%10.4%25%
Pan African ResourcesPAF10.1%10.3%91%
Warehouse REITWHR10.1%0.2%28%
CentralNic GroupCNIC10.0%141.5%9%
Rio TintoRIO9.3%6.4%-21%
Brooks MacDonald GroupBRK9.0%-6.0%2%
Caledonia MiningCMCL8.7%67.1%200%
TalkTalk Telecom GroupTALK8.6%7.3%-7%
Associated British FoodsABF7.7%-30.9%-46%
Frontier DevelopmentsFDEV7.0%22.7%-15%
GlobalDataDATA6.9%6.9%29%
Water IntelligenceWATR6.8%3.2%12%
UNITE GroupUTG6.7%-26.2%-42%
Liontrust Asset MgmtLIO6.4%7.5%15%
Urban Logistics REITSHED6.3%-10.8%-9%
Rathbone BrothersRAT5.6%-18.1%-30%
Empiric StudentESP5.6%-42.4%-48%
Jupiter Fund ManagementJUP5.4%-0.5%-29%
Flutter EntertainmentFLTR5.2%96.6%19%
GlencoreGLEN5.2%-40.4%-83%
MarloweMRL5.0%5.0%7%
MJ Hudson GroupMJH5.0%31.3%-
PayPointPAY5.0%-16.8%-18%
3i Group PlcIII4.9%--54%
G4SGFS4.5%-31.8%-43%
Midwich GroupMIDW4.5%4.5%-1%
Serica EnergySQZ4.4%-62.1%-66%
Dart GroupDTG4.1%21.4%53%
Drax GroupDRX4.0%-3.8%21%
BHP GroupBHP3.9%-1.2%-5%
St James's PlaceSTJ3.8%-4.1%2%
Impax Asset Management GpIPX3.8%9.6%21%
Polymetal InternationalPOLY3.4%7.4%60%
Sirius Real EstateSRE3.4%-21.3%-13%
ChesnaraCSN3.4%-39.4%-1%
Smart Metering SystemsSMS3.3%-3.3%-45%
GraingerGRI3.3%-12.5%-32%
ComputacenterCCC3.1%3.7%13%
CMC MarketsCMCX3.1%7.2%301%
SchrodersSDR3.0%1.7%-17%

Source: FactSet

 

Downgrades
Wednesday, 8 July 2020FWD EPS CHG
NameTIDM1mth3mth1yr
On The Beach GroupOTB-95.4%-98.7%-99%
ULS TechnologyULS-84.2%-84.2%-86%
HuntingHTG-81.9%-95.2%-98%
Nexus InfrastructureNEXS-80.7%-82.5%-75%
Speedy HireSDY-78.5%-78.5%-79%
Halfords GroupHFD-74.2%-72.3%-76%
Renewi PlcRWI-72.0%-69.0%-75%
IGas EnergyIGAS-70.9%-93.2%-89%
Biffa PlcBIFF-68.7%-80.1%-82%
RenoldRNO-68.7%-68.7%-84%
Scapa GroupSCPA-65.7%-67.9%-74%
JD Sports FashionJD-65.5%-65.5%-64%
IWGIWG-63.8%-86.1%-94%
WincantonWIN-63.8%-63.5%-63%
1pmOPM-59.6%-57.4%-63%
4Imprint GroupFOUR-58.4%-80.8%-87%
Steppe CementSTCM-57.9%-59.2%-60%
HMLHMLH-53.2%--53%
First Property GroupFPO-52.2%--52%
N Brown GroupBWNG-51.9%-52.4%-60%
Mpac GroupMPAC-51.7%-68.8%-45%
Forterra PlcFORT-51.5%-63.4%-69%
NewRiver REITNRR-49.5%-53.1%-50%
Griffin MiningGFM-47.7%-49.4%-55%
NorcrosNXR-47.5%-52.2%-58%
Polypipe GroupPLP-47.2%-55.6%-59%
Breedon GrpBREE-46.8%-57.2%-56%
Vp PlcVP-42.8%-42.7%-46%
Arbuthnot Banking GroupARBB-41.5%-42.7%-26%
Grafton GroupGFTU-40.2%-65.0%-71%
D4t4 SolutionsD4T4-39.2%-52.0%-52%
IbstockIBST-38.7%-58.4%-66%
Kenmare ResourcesKMR-36.7%-50.4%-63%
Mediclinic InternationalMDC-33.8%-54.1%-53%
Ashtead GroupAHT-32.6%-37.0%-42%
LSL Property ServicesLSL-32.3%-32.3%-48%
SavillsSVS-32.0%-32.8%-
Hochschild MiningHOC-31.8%-63.1%-53%
TymanTYMN-31.8%-51.1%-54%
Auto Trader GroupAUTO-31.2%-31.1%-32%
MITIE GroupMTO-31.0%-30.6%-41%
Melrose IndustriesMRO-30.7%-56.7%-77%
InterContinental Hotels GroupIHG-30.5%-65.1%-73%
Secure Income REITSIR-30.0%-30.0%-50%
Howden Joinery GroupHWDN-29.1%-46.4%-42%
RecordREC-27.7%-28.5%-3%
Intu PropertiesINTU-27.2%-51.3%-76%
Costain GroupCOST-26.5%-51.5%-74%
Taylor WimpeyTW-25.5%-40.4%-50%
GB GroupGBG-25.3%-23.9%-22%
STV GroupSTVG-25.2%-38.0%-38%
Capital & Counties PropsCAPC-24.2%-70.4%-57%
DS SmithSMDS-23.6%-24.3%-30%
Kier GroupKIE-23.4%-31.6%-64%
RedrowRDW-23.3%-34.8%-45%
Johnson MattheyJMAT-23.3%-25.2%-37%
SeverfieldSFR-22.9%-23.0%-20%
PetrofacPFC-22.7%-46.1%-65%
Crest NicholsonCRST-22.4%-42.4%-67%
McKay SecuritiesMCKS-21.5%--21%
Oxford InstrumentsOXIG-21.4%-24.0%-27%
discoverIE GroupDSCV-21.3%-20.2%-26%
InformaINF-21.3%-46.5%-60%
Babcock International GroupBAB-20.9%-21.8%-25%
Kin and CartaKCT-20.8%-20.8%-45%
IMImobile PlcIMO-20.5%-27.1%-28%
TrifastTRI-20.3%-23.6%-43%
Burford CapitalBUR-20.2%-11.6%-36%
Go-Ahead GroupGOG-19.9%-54.4%-60%
Hill & SmithHILS-19.9%-19.9%-33%
KingfisherKGF-19.7%-19.2%-26%
CapitaCPI-19.6%-32.6%-48%
Braemar Shipping ServicesBMS-18.9%-18.9%-16%
Anexo GroupANX-18.0%-18.9%-9%
ShaftesburySHB-17.8%-36.9%-46%
Capital & RegionalCAL-17.0%-39.8%-65%
HelicalHLCL-16.7%-30.0%-16%
Inspiration Healthcare GpIHC-16.7%-11.1%0%
SeniorSNR-15.5%-54.9%-80%
Air PartnerAIR-15.5%24.5%-12%
TBC Bank GroupTBCG-14.8%-52.1%-51%
Tekmar Group PlcTGP-14.4%-14.4%-52%
Network International HoldingsNETW-14.2%-46.7%-48%
Barratt DevelopmentsBDEV-14.2%-26.5%-34%
Standard CharteredSTAN-14.2%-55.6%-60%
Royal Dutch ShellRDSB-14.0%-51.4%-84%
FRP Advisory GroupFRP-13.8%--
EssentraESNT-13.4%-29.9%-41%
HaysHAS-12.7%-36.3%-70%
Pets At HomePETS-12.7%-30.5%-24%
Bank of Georgia GroupBGEO-12.5%-28.7%-47%
City of London InvestmentCLIG-12.4%-26.4%-11%
AggrekoAGK-11.7%-34.8%-46%
Intermediate Capital GrpICP-11.3%-18.7%-27%
VolexVLX-11.2%-11%
TescoTSCO-11.1%-21.8%-22%
Close Brothers GroupCBG-11.1%-35.5%-43%
Moneysupermarket com GrpMONY-10.9%-15.1%-15%
Vivo EnergyVVO-10.7%-46.2%-51%
Dixons CarphoneDC-10.4%-24.8%-37%
Travis PerkinsTPK-10.3%-36.7%-45%
Vodafone GroupVOD-10.3%5.9%-7%
Litigation Capital MgmtLIT-10.2%-1.9%26%
Workspace GroupWKP-10.1%-30.2%-32%
MarshallsMSLH-10.1%-31.9%-32%
First DerivativesFDP-10.0%-31.0%-32%
Royal Dutch ShellRDSA-9.9%-49.2%-85%
Bushveld MineralsBMN-9.9%-9.9%-62%
Morgan Advanced MaterialsMGAM-9.8%-21.2%-30%
RightmoveRMV-9.5%-32.0%-40%
DiaceuticsDXRX-9.1%-9.1%-23%
Medica GroupMGP-9.0%-26.9%-34%
AEW UK REITAEWU-9.0%-9.0%-
SThreeSTEM-8.7%-21.7%-56%
RestoreRST-8.5%-40.5%-41%
Lloyds Banking GroupLLOY-8.5%-62.9%-81%
LancashireLRE-8.5%-35.4%-34%
Compass GroupCPG-8.1%-63.9%-75%
Smith & NephewSN-8.0%-30.6%-34%
Paragon Banking GroupPAG-7.9%-28.1%-35%
WPPWPP-7.7%-26.4%-44%
Phoenix Group HoldingsPHNX-7.7%-12.9%10%
AG BARRBAG-7.6%-23.9%-39%
RicardoRCDO-7.5%-26.3%-38%
Bakkavor GroupBAKK-7.4%-18.1%-38%
Man GroupEMG-7.3%-11.8%-24%
MeggittMGGT-7.0%-37.0%-44%
Keller GroupKLR-6.6%-16.1%-31%
Vistry GroupVTY-6.5%-14.0%-21%
PlaytechPTEC-6.5%-36.7%-65%
VesuviusVSVS-6.3%-37.3%-55%
PorvairPRV-6.3%-15.4%-22%
BodycoteBOY-6.3%-21.0%-46%
Morses ClubMCL-6.2%-10.9%-24%
NicholsNICL-6.0%-24.6%-34%
NextNXT-6.0%-71.9%-76%
PersimmonPSN-6.0%-20.9%-36%
AvingtransAVG-5.9%-5.9%19%
Curtis Banks GroupCBP-5.9%-5.9%-17%
GCP Student LivingDIGS-5.9%-17.8%-23%
Morgan Sindall GroupMGNS-5.9%-26.2%-36%
Advanced Medical Sol GrpAMS-5.7%-5.7%-20%
CentricaCNA-5.7%-39.2%-54%
SpectrisSXS-5.6%-20.6%-38%
Equiniti GroupEQN-5.6%-25.3%-30%
Vectura GroupVEC-5.6%-7.3%15%
Redde NorthgateREDD-5.5%-6.0%-19%
InchcapeINCH-5.5%-50.9%-59%
Virgin Money UKVMUK-5.4%-66.0%-82%
PageGroupPAGE-5.3%-66.6%-79%
VictrexVCT-4.9%-18.0%-26%
St Modwen PropertiesSMP-4.8%-32.2%-22%
National GridNG-4.5%-3.7%-2%
Fevertree DrinksFEVR-4.4%-26.8%-37%
HSBC HoldingsHSBA-4.4%-47.1%-62%
Big Yellow GroupBYG-4.4%-5.1%-8%
AB DynamicsABDP-4.3%-17.0%-5%
Gem DiamondsGEMD-4.3%-53.2%-74%
Coats GroupCOA-4.1%-54.7%-71%
BritvicBVIC-4.1%-17.6%-29%
Greencore GroupGNC-4.0%-56.7%-54%
PrudentialPRU-4.0%-12.7%-4%
RELXREL-4.0%-9.3%-7%
Science In SportSIS-3.9%-3.9%-
Severn TrentSVT-3.9%-20.6%-20%
McCarthy & StoneMCS-3.7%-15.7%-56%
Polar CapitalPOLR-3.7%-2.0%-2%
Land Securities GroupLAND-3.7%-25.5%-25%
BellwayBWY-3.6%-16.9%-35%
John Wood GroupWG-3.5%-35.2%-54%
Rank GroupRNK-3.3%-36.9%-36%
TT ElectronicsTTG-3.2%-17.9%-42%
James Fisher & SonsFSJ-3.2%-29.8%-25%
Sanne GroupSNN-3.2%-4.7%-12%
SSESSE-3.2%-3.6%-13%
DiplomaDPLM-3.1%-9.5%-11%
British LandBLND-3.1%-21.6%-22%

Source: FactSet

Click here to view the tables as a PDF

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