Author: James Crux
James Crux
James Crux writes extensively about funds and investment trusts and also specialises in retail, food and beverage sector stocks. He has spent 25 years working in the industry and was named Best Financial Consumer Journalist at the AIC Media Awards 2024 and 2025 for his work at Shares magazine (owned by AJ Bell). Before that, he was the editor of Growth Company Investor and a writer for investment and business titles What Investment and Business XL. James is a long-suffering West Ham supporter and a big fan of The Sopranos.
Wholesaler Kitwave (KITW:AIM) warned operating profit for the quarter to January 2026 was ‘materially behind’ expectations. This reflected margin pressure and amid weaker-than-expected hospitality sector demand. Share price: 292p (-1.5%)PE: 14.6xMarket cap: £245.5mYield: 3.9% The company cautioned investors this margin squeeze will likely persist throughout the remainder of 2026. Despite the disappointing news, Kitwave shares didn’t get crushed, shedding a mere 1.5% to 292p. This is because the company has already recommended a takeover by private equity firm OEP Capital Advisers at 295p which put a floor under the share price. Unhelpful mix While quarterly revenue was flat year-on-year, lower-than-expected…
Shares in Nestle (NESN) rose 3.5% to 81 Swiss francs after the company delivered forecast-beating organic growth for Q4. The KitKat maker also said it is in advanced talks to sell its remaining ice cream business. Share price: 81 CHFPE: 19.2xMarket cap: 202bn CHFYield: 4% Under new CEO Philipp Navratil, the Swiss food and drink conglomerate is streamlining its sprawling business. This follows years of underwhelming operational performance and stock price performance. The shares have lagged rivals Unilever (ULVR) and Danone (BN) over one and five years. Nestle plans to sell its remaining ice cream business to Haagen-Dazs owner Froneri, a…
Investment giant Berkshire Hathaway (BRK.B) trimmed its stake in Apple (AAPL) and offloaded more than three quarters of its Amazon (AMZN) position in Q4 2025. The quarter was legendary investor Warren Buffett’s last as CEO of the Omaha-based conglomerate which he built it into an insurance and investing powerhouse. The moves were revealed in the final Berkshire portfolio update overlapping with Buffett’s tenure as CEO. The ‘Sage of Omaha’ officially handed the CEO baton to Greg Abel after retiring at the end of last year. It is unclear whether these moves were carried out by Buffett or Berkshire investment managers…
Having long-lagged developed markets, emerging markets staged a stunning turnaround in 2025. The asset class has also delivered a robust performance year-to-date too. In this article, we ask whether the set-up for emerging markets remains compelling for the balance of 2026. We also highlight six actively-managed funds and investment trusts giving investors access to the asset class. Why invest in EMs now? Global investors remain structurally underweight emerging markets. Combined with improving fundamentals and a softer dollar, this suggests now is a good time to buy into the asset class. Emerging markets are key to the artificial intelligence (AI) buildout…
Shares in BAE Systems (BA.) soared 4% to £21.03 after the defence group delivered record sales and better-than-expected earnings for 2025. Share price: £21.03 (+4%)PE: 25.8xMarket cap: £60.4bnYield: 2% Europe’s biggest defence contractor is profiting from a ramp-up in global defence spending amid rising geopolitical tensions. Notably, Europe is rearming itself in response to Russia’s invasion of Ukraine. Forecast-beating earnings The aerospace, arms and IT security company posted forecast-beating underlying earnings before interest and tax (EBIT) of over £3.3 billion for 2025. That was up 12% on 2024. Sales surged 10% to a record £30.7 billion with BAE seeing growth…
Online fashion and beauty platform Debenhams (DEBS:AIM) confirmed speculation surrounding a planned £35 million equity fundraise at a discounted 20p per share. The news sent the stock down 10% to 20.3p in early deals. Having rebranded from Boohoo last year, Debenhams said the equity will be used to pay down debt. It will also provide increased financial flexibility to pursue a turnaround plan that is ‘going apace’. Share price: 20.3p (-10%)PE: n/aMarket cap: £312mYield: n/a The retailer is also in talks with its lenders to create additional liquidity to support its recovery strategy. Skin in the game Key insiders including…
Shares in Applied Nutrition (APN) rose 6% to 255p after the sports nutrition, health and wellness brand raised guidance for the year to July 2026 yet again. Following a strong first half performance, the FTSE 250 firm expects FY26 results will be ahead of the previously-upgraded consensus calling for revenue of £133.5 million and adjusted EBITDA of £37.7 million. Share price: 255p (+6%)PE: 22xMarket cap: £604mYield: n/a Cavendish hiked its FY26 revenue and adjusted EBITDA estimates by 4.3% to £140.3 million and £39.6 million respectively on the news. The broker views Applied Nutrition as a ‘high-quality, highly scalable operator in…
Seraphim Space (SSIT) has reported a ‘substantial’ 24% increase in net asset value (NAV) on the back of valuation and contract wins by the trust’s four biggest holdings: ICEYE, ALL.SPACE, D-Orbit and Hawkeye 360. Shares in the world’s first listed SpaceTech fund firmed 4.5% to 147.7p on the news and have now rocketed 185% higher over the past year. Share price: 147.7pAIC sector: Growth CapitalMarket cap: £335mYield: n/a James Carthew, head of investment company research at QuotedData, calculates the valuation uplift is ‘about 29.1p, which would make the NAV 148.6p, all else being equal’, putting Serpahim Space back on a small…
Shares in automotive software provider Pinewood Technologies (PINE) plunged 30% to 305.5p after Apax Partners withdrew its £575.5m takeover offer. In a statement on 13 February, the private equity giant blamed ‘prevailing challenging market conditions’ for its decision to walk away. Share price: 305.5p (-30%)PE: 54.6xMarket cap: £502mYield: n/a In response, Pinewood expressed confidence in its long-term prospects. The FTSE 250 firm highlighted its scope for growth in the North American automotive dealer software market. Trading as Pinewood.AI, the company offers a cloud-based automotive intelligence platform to car dealerships. Last month, it emerged Pinewood was in talks with Apax over…
Shares in L’Oreal (OR) plunged 6.5% to €366.7 in Paris after the French beauty giant’s FY25 and Q4 sales growth undershot market expectations. Investors were especially disappointed by misses in the group’s luxury and North Asia businesses, where the market was expecting better sales growth. Share price: €366.7 (-6.5%)PE: 29.5xMarket cap: €209bnYield: 2% L’Oreal is emerging from a tough past 18 months. Growth in the global beauty market, which boomed in 2021, slowed in 2025, although green shoots are now emerging. Like-for-likes accelerate L’Oreal is the owner of L’Oréal Paris, the number one beauty brand in the world, as well as…