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We’re holding shares in a company that provides fast-charging stations for electric cars even though they’ve lost value

We were half-lucky when it came to the timing of our advice to buy shares in Fastned, the Dutch operator of fast charging stations for electric cars. We congratulated ourselves for tipping them at €66.50 in March after a big fall from their peak at €103.80 the previous month, but have not been spared a subsequent fall of 9pc to €60, although they have been as low as €49.40. As always in these circumstances, the questions to ask are what’s behind the fall, and do we need to reconsider our stance on the stock?

We put those questions to the professional investor whose backing for the company prompted our tip, Tal Lomnitzer, co-manager of the Janus Henderson Horizon Global Natural Resources fund. “Why has the stock fallen? We need to look at the broader flows of money into and out of this part of the market,” he says. “Early in the year there was a big peak in flows into renewables – and I would put Fastned firmly into that category – as well as into growth stocks more generally. Then came an unwinding of some of the speculative money that had gone in.”

Asked if his view of Fastned has changed, his answer is reassuring: “This business is in a stronger position now than when we first spoke in March.” Among recent developments he mentions Fastned’s success, along with Tesla, in the competition for a charging site near Oxford. “It will be one of Europe’s most powerful charging hubs,” he says. “Fastned will have 14 fast chargers, Tesla 12.

“This was very positive news but even more interesting is a tendering process it is involved in in France and Germany. We should find out over the next six to 12 months if it has won any new locations.”

He says success here will be “key to unlocking the share price – the current price reflects only its existing pipeline”.

Lomnitzer concludes: “What has happened to the share price [since March] is more about what the market likes as opposed to anything specific to this business. I am happy to hold; I have no plans to do anything until we know the outcome of the tenders.” Hold.

Update: Maxcyte We updated readers on this futuristic gene therapy company only in May but

it’s worth reporting that a key aspect of our investment case has now come to fruition.

We wrote then that while its shares traded on London’s Aim market “it would make far more sense to have a listing on the stock market favoured by its natural investors – the Nasdaq in New York – and the company is in the process of getting just such a listing”.

Wall Street investors are more inclined to focus on the long-term potential of technology companies, and to encourage their bosses to reinvest profits in the business for future growth, than their counterparts in the City of London. This makes New York a more appropriate market for a company such as Maxcyte, whose technology shows great promise even if the real financial returns from it will come some time in the future.

Late last month its shares finally listed on Nasdaq. As part of that listing the company raised $202m (£146m) before costs, which it said it intended to use “for research and development initiatives, to expand its manufacturing capabilities and to invest in manufacturing automation”, among other things.

Richard Penny of Crux Asset Management, which owns a stake in Maxcyte, says: “The company raised $200m in what is a very difficult IPO [initial public offering] market on the Nasdaq. The pricing at $13 (935p) was towards the top end of the range. It had raised funds in February at 700p, so this was a nice uplift in the share price despite the difficult US market. The shares have subsequently traded at £11, which is a positive response.”

He adds: “I understand that Maxcyte is very happy that there is a strong balance between the existing specialist healthcare investors and some newer institutions. We retain a position in the stock. I would expect the company to accelerate growth and make incremental acquisitions with the proceeds. There is a positive outlook for the next 18 months.”

The shares retain their Aim quotation. Hold.

Read Questor’s rules of investment before you follow our tips: telegraph.co.uk/go/questorrules; telegraph.co.uk/questor

Fastned Hold

Sell-off had more to do with shifting demand for tech stocks