News & Insights

AIM stocks rally on Conservative landslide

The Conservative election victory, supported by progress with the US/China trade negotiations, triggered a strong rally from stock markets, with the UK index of 100 leading shares up just over 1%, the UK mid-cap index surging over 3% and US stocks hitting record highs. The AIM index was up just over 2%, but who were… Read more

AIM, where patience brings big rewards

The share price of CVS Group (LON:CVSG), the UK’s leading veterinary services business, rose strongly this week on the back of another positive trading update. CVS has been a mainstay of Fundamental AIM portfolios for many years, although it’s tested our patience on numerous occasions. The dynamics of the UK veterinary market have changed significantly… Read more

Invest in what you know – know what you invest in

The nature of investing in AIM for Inheritance Tax planning purposes is that investors must directly hold shares in the underlying AIM companies, albeit via a broker’s nominee arrangement. The Inheritance Tax planning benefits would be lost should investment be made via a fund or investment trust arrangement where the investor simply holds shares or… Read more

AIM big guns falter; buying opportunity or better value elsewhere?

The shares of several of AIM’s largest, highest profile, companies have tumbled over the past few months. In this Blog, Fundamental’s Chris Boxall gives his thoughts on the lacklustre performance of some of AIM’s previous high-flyers. Could now be an excellent buying opportunity or were the share prices simply far too over-heated before. While the… Read more

Stunning results from this technology star highlight the potential for investment outperformance on AIM 

dotdigital Group plc (LON:DOTD) has rapidly become one of our small cap favourites and the latest results certainly didn’t disappoint. Founded in 1999 as a web design agency, dotdigital has developed a globally compelling product suite for email and digital marketing. Having grown significantly since admission to AIM in 2011, when it’s market capitalisation was… Read more

AIM – the Good, the Bad and the Ugly

Investing in the shares of qualifying AIM companies can attract 100% relief from inheritance tax and is a proven tax planning method, avoiding the costs associated with a trust, or the risks associated with gifts. It’s also been a rather good investment strategy to follow, as long as you know what you are doing! Fundamental… Read more

Crowdfunding continues to thrive, but the valuations look crazy – better value on AIM?

The latest news that leading UK based crowdfunding platform Seedrs raised a further £4.5m in a new funding round has highlighted the appeal of rapidly growing, early stage companies to UK investors, at least relative to the duller offerings on the UK stock market. However, while there is no doubting the growth appeal of early… Read more

Burford Capital, AIM’s largest company, underlines its support for AIM

The interim results statement from Burford Capital (LON: BUR), currently AIM’s largest company, provided an interesting commentary on its reasons for remaining on AIM, rather than consider a move to London’s Main Market. With a market capitalisation approaching £4 billion, Burford would be close to gaining entry to the FTSE100 Index should it be on the Main… Read more

Office of Tax Simplification Inheritance Tax Review – second report: what does it really mean for AIM?

The Office of Tax Simplification (‘OTS’) published its long-awaited review on reforming Inheritance Tax. A first report released in November 2018 dealt with the administration of estates while the latest report focuses on how Inheritance Tax could be made “easier to understand and more intuitive and simpler to operate”. The stand-out headlines in the latest report… Read more

Jeremy Corbyn’s ‘Land for the Many’ and Inheritance Tax relief on AIM shares

An independent report commissioned by the Labour party entitled ‘Land for the Many’ proposes, among other interesting suggestions, to replace the current system of Inheritance Tax with a “lifetime gifts tax” levied on the recipient of the gifts. The proposals give rise to obvious fears that children will be taxed for financial assistance given to… Read more

Enhanced investment growth, substantial tax savings and supporting UK business growth

According to the Office for Budget Responsibility’s ‘Economic and Fiscal Outlook’ report released in March 2019, the Government is forecast to collect £6.3billion from inheritance tax by the 2023-24 tax year. This is a £1billion increase from the last tax year ending 5 April 2019, when HMRC collected £5.3billion from inheritance tax. To put things… Read more

With yet another set of fantastic results AB Dynamics has become a poster child for AIM and small cap investing in general

AB Dynamics (LON:ABDP), the manufacturer of advanced testing systems to the global automotive sector, has issued yet another set of fantastic interim results. Our earlier Blog from April 2016 commented how this terrific little business had delivered consistent excellence since arriving on AIM in 2013, highlighting the potential to uncover some brilliant businesses on the… Read more

Results season offers plenty of encouragement for our AIM portfolios

Results and trading updates over the past few weeks from our AIM universe of companies have been generally encouraging, with growing profits and cash generation supporting investment in the business and raised dividends. Here is a brief summary of the highlights from some. Tristel (LON: TSTL), the manufacturer of infection prevention and contamination control products,… Read more

Looking for ISA bargains ?

With the end of the tax year fast approaching, many investors will be looking to use their ISA allowance. Here is our brief introduction to some potentially interesting ISA bargains. AIM shares have only been permissible investments in ISAs since August 2013, but since then they have proved a very popular choice, notably for those… Read more

Inheritance tax planning AIM favourite yielding 11% – what’s the catch?

The share price of AIM quoted Redde (LON:REDD), the provider of accident management services and an inheritance tax planning AIM favourite, has been in the doldrums ever since the announcement of its interim results at the end of February 2019. Recent news of its failure to secure the renewal of a sizeable contract has also… Read more

AIM needs more newcomers

A recent update from our associates Investor’s Champion highlighted how February 2019 was yet another poor month for new arrivals on AIM, with only 1 proper new arrival and 7 more departures. AIM certainly needs to be re-energised! While the quality of companies on AIM has improved considerably over the 15 years we have been… Read more

Quartix (QTX) – timely, clear reporting from this cracking AIM company

In a recent podcast with our associates Investor’s Champion, Chris Boxall of Fundamental Asset Management discussed some of the problems with company reporting, notably with reference to UK banks, and and why clear, easy-to-read financial statements, with a minimum of adjustments, can be good for your investment portfolio. In this regard, full year results from AIM quoted… Read more

AIM’s old guard continues to shine

With January 2019 being the first month we can remember no newcomers joining AIM, it’s reassuring to note that many of AIM’s longer established businesses appear to be in fine form. Our Blog here comments on two of our more mature favourites. Flooring manufacturer James Halstead (AIM:JHD) celebrated 70 years as a listed company in 2018…. Read more

Why we invested in Patisserie Holdings

Patisserie Holdings (AIM:CAKE), is a UK branded café and casual dining group offering cakes, pastries, snacks, meals and hot and cold drinks from over 200 stores in the UK. It currently operates under five different brands – Patisserie Valerie, Druckers – Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City. The largest and best-known… Read more

Inheritance Tax bill cut by 12%, or £710m, through investing in unlisted companies including AIM – record high

A new report from national accountancy group UHY Hacker Young highlights the tax saving benefits of investing in AIM quoted companies – there are considerable investment benefits as well! According to UHY Hacker Young, HMRC forecasts show that the value of “Business Property Relief” is expected to rise 8% in 2017/18, from £655m in 2016/17. Taxpayers… Read more

The key to AIM success

Chris Boxall, co-founder of AIM specialist Fundamental Asset Management, writes in this week’s Investors Chronicle. The article ‘The key to Aim success’ suggests how the AIM Admission Document should be essential reading for any investor in AIM companies, yet large parts of this vital document are often ignored. The disastrous performance of Conviviality (CVR) and… Read more

A tale of investment in AIM – a disastrous start becomes highly rewarding!

A recent meeting with the management of AIM quoted CVS Group (AIM:CVS) offered a useful reminder of the benefits of patient investing and staying the course. Hopefully the veterinary group will offer plenty more excitement over the coming years as it dominates the UK market and expands overseas. We first invested in CVS Group at… Read more

Has AIM managed to shed its investing ‘Wild West’ image?

In an interview for Tax Efficient Spotlight, Chris Boxall, co-founder of Fundamental Asset Management, comments on the evolution of AIM in the 13 years since Fundamental launched its high performing AIM portfolio service. You can read the interview from the link here     

April sees AIM surge higher as London’s growth market approaches GBP100 billion value

It was encouraging to see AIM welcome several high growth new arrivals in April 2017 with the market value of AIM creeping ever closer to GBP100bn – good news for those investing in AIM for Inheritance Tax planning purposes At the end of April 2017 there were 967 companies on AIM with the total market… Read more

AIM for the end of the tax year

AIM, the London Stock Exchange’s international market for smaller growing companies has delivered terrific performance over the past 12 months, highlighting its growing maturity and the hugely improved quality of its constituent companies. We would strongly encourage investors seeking exposure to growing, profitable, cash generative, dividend paying smaller quoted companies to take a closer look… Read more

AIM’s big currency winners

Christopher Boxall, Manager of Fundamental Asset Management’s AIM portfolio service, has recently been featured in the Share Centre Blog and Yorkshire Post. ‘AIM’s big currency winners’ on the Share Centre Blog identifies four larger AIM companies with significant overseas earnings and predominantly UK based costs, who will be beneficiaries of Sterling’s current weakness. Click here… Read more

Client money can stay ‘on platform’ with Fundamental AIM for IHT planning portfolios

The improving quality of companies on AIM, combined with the Individual Savings Account (ISA) rule changes from August 2013 which allowed AIM shares to be held within ISAs, has seen a growing number of investors consider AIM for both its investment and tax planning attractions. The ability to invest in inheritance tax (IHT) qualifying portfolios… Read more

AIM breaches £80bn

The value of the AIM  market grew again in August reaching a level not seen for several years. At the end of August 2016 there were 1,007 companies on AIM with the total market value £80.568bn. This compares with 1,010 companies on AIM at the end of July 2016 when the market value was £77.396bn…. Read more

Do we really know what we are investing in? Time to reconnect with our investments

The latest investment fund offering from a company called Source, whose web site prattles on about something called Smart Beta, only serves to highlight to us the growing disconnect between investors and their investments. An investment maxim, followed by most of the great investors, was to always ‘invest in what you know’. Unfortunately, in today’s… Read more

Flawless performance on AIM from this lovely business offers a great guide of what to look for from a micro-cap

A manufacturer of advanced testing systems to the global automotive industry has just delivered yet another set of fabulous results. While many seem intent on criticising AIM for its looser regulation (and ‘occasional’ problem case) this little business has delivered consistent excellence since arriving on AIM in 2013, with little fanfare I should add. It… Read more

Paul Scott’s Small Cap Snapshot – 24th March 2016

Results season is in full swing, so Paul is scrutinising the accounts of dozens of smaller companies each week. We offer below a few interesting stocks that caught his eye. Paul Scott, the ‘UK’s most prolific small cap blogger’, provides research for Fundamental’s Small Cap Value Portfolio Service.   Laura Ashley (ALY) 24p Results for… Read more

Paul Scott’s Weekly Small Cap Snapshot

Some of you may have seen Paul Scott’s daily small cap blog on Stockopedia. Paul also researches small caps for our Small Cap Value Portfolio service, which has been running since Jan 2014. We appreciate that not everyone has the time to read a lengthy blog each day, so a summary of Paul’s best small… Read more

When a £1bn business sees its share price rise more than 200% in a couple weeks it’s time to take notice

The oil price has staged a surprise (at least to many!) recovery over the past few weeks with Brent up nearly 50% from the January lows to just over US$40 and WTI up just over 34%. Russia’s talk of a production freeze and, more recently, news of Ecuador hosting a meeting of Latin American crude… Read more

Paul Scott Small Cap Value Portfolio – open offer period

To coin a much over-used footballing phrase, 2015 was very much a year of 2 halves for the Small Cap Value Portfolio (‘SCVP’), researched by Paul Scott. While the SCVP had a slow first half to the year, 2015 ended with a real flourish, as several portfolio stocks started performing extremely well, following strong trading… Read more

Chris Boxall talks about small cap energy services opportunities in the latest IG video

In a recent video for IG, Chris Boxall, fund manager at Fundamental Asset Management, covers opportunities in the small cap energy service space. KBC Advanced Technologies (AIM:KBC), a stock discussed in a previous video, has now attracted 2 bids at substantial premiums to the share price before. The video covers other potential recovery plays in… Read more

Drink yourself wealthy

Small cap commentator Investor’s Champion, a business associated with our firm, has recently issued a Blog on the Beverages sector. Investor’s Champion comments how the Beverages sector offers compelling defensive attributes, with the likes of Diageo (DGE) and Ireland’s C&C Group (CCR), owner of the popular Magners and Bulmers cider brands, seen as relative safe… Read more

“These moves in the market are like a tale told by an idiot: full of sound and fury, signalling nothing”

The quotation is attributed to Jack Bogle (paraphrasing Macbeth, although he never mentioned markets!) the octogenarian founder of Vanguard Group, the world’s second largest asset management group. Jack has a habit of bringing a good degree of common sense during times of stock market stress and in his 86 years has seen a great deal…. Read more

Blue chips start the year in bearish mood but AIM continues to deliver

It has proved to be a torrid start to 2016 for equity investors with the Bears out in force and some commentators concluding that now is not a time to be exposed to equities, in any form. While some of these so-called experts are questioning the growth prospects of global equities and, more significantly, the… Read more

Advanced Medical Solutions (AIM:AMS) FDA approval enhances the appeal

​The surgical and advanced woundcare company and one of AIM’s star performers has announced that the FDA has approved two new product claims for the Group’s product. The news moved the shares up another leg to new highs. Download Advanced Medical Solutions comments The FDA has approved two new product claims for the Group’s octyl… Read more

RWS Holdings (AIM:RWS) – whopping acquisition significantly earnings enhancing

The world’s leading provider of patent translations, international patent filing solutions and searches has announced a significant acquisition that is expected to be immediately and significantly earnings enhancing.  The AIM quoted Group has acquired Corporate Translations Inc (“CTi”) for a cash consideration of US$70 million. Based in Connecticut, USA, with 140 employees, CTi is the… Read more

Where to find good value on AIM?

With much of the market looking quite fully valued it’s increasingly tricky to uncover decent value opportunities. Many high quality (and highly priced) small caps continue to deliver excellent results, seeing their shares climb ever higher and pushing up valuations.


Solid State (AIM:SOLI) – a ‘not so Solid’ trading update

The AIM listed supplier of specialist industrial/ruggedised computers and electronic components has issued a profit warning with suggestions that not all is going to plan with their large Ministry of Justice contract! The update starts brightly enough and “despite some softening in Solid State’s markets as widely reported by industry peers, the Company has made… Read more

Trakm8 Holding (AIM:TRAK) – very much on track

The other (check out Quartix as well) high flying AIM listed telematics and data supplier has announced an agreement to supply a major USA based data company with its T10 BLE (Bluetooth™ Low Energy) devices. The Trakm8 T10 BLE communicates with mobile phones via Bluetooth relaying real-time journey data to the registered device. This new… Read more

Our view on the recent market madness and how it affects AIM

With global stock markets experiencing a volatile summer, and this week in particular witnessing some bizarre movements from leading indices, we thought it an appropriate time to offer our thoughts. The start of the week saw the largest ever intra-day points move from the Dow Jones Industrial average. This bizarre short term move saw shares… Read more