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  • Trading Update: 1 November 2019

Trading Updates  01/11/2019

Trading Update: Wizz Air

We have bought Wizz Air for the risk managed fund range.

Wizz Air is a low-cost airline with a strong market position, predominantly in the fast growing central and eastern European markets. Their most important markets are Poland, Romania, Hungary, Bulgaria and Lithuania. Wizz Air is an extremely well-run business and has one of the most competitive cost bases in the industry. 

They are taking delivery of contracted orders of the new cost efficient Airbus A321NEO aircraft, such that they will grow their fleet from 123 aircraft in 2019 to 275 aircraft by 2025. In addition to driving further cost advantage, these next generation aircraft are also less harmful to the environment through lower fuel consumption and carbon emissions, playing an important role in enabling the company to achieve its goal of reducing CO2 emissions per passenger by a third over the next decade.

The planned capacity growth of 15% to 20% per year is well supported by the increasing demand for air travel in the markets they serve.  The propensity to fly in central and eastern Europe is increasing but is still just one quarter of what it is in western Europe. Approximately one third of their growth will come from introducing new routes, for which there is little to no competition, the remaining two thirds will come from increasing density in existing routes. The business has a strong balance sheet and given the growth ahead the valuation is extremely attractive.  

Cornelian Investment Team - 1st November 2019

Trading Updates  22/10/2019

Trading Update: 22 October 2019

Purchased: Hipgnosis Songs Fund Limited

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Trading Updates  11/09/2019

Trading Update - 11 September 2019

Further trades have taken place in the funds in September. Purchased: Allianz Strategic Bond Fund and Blackrock Emerging Markets Fund. Sold: Brown Advisory Latin American Fund and Vanguard Emerging Markets ETF and BT Group.

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