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QuotedData’s morning briefing 27 September 2022

In QuotedData’s morning briefing 27 September 2022: North American Income Trust (NAIT) beat its benchmark over the six months ended 31 July 2022, returning 5.5% in NAV terms to the Russell 1000 Value Index’s 4.9%. The discount narrowed and that meant the return to shareholders was 8.6%. A dividend of 5p (up from 3.8p last […]

26 Sep 2022

Riverstone Energy’s Hammerhead to list via SPAC

Riverstone Energy says that two of its portfolio companies, Hammerhead Resources Inc., a Calgary-based energy company, and Decarbonization Plus Acquisition Corporation IV (Nasdaq: DCRD, DCRDW, DCRDU), a special purpose acquisition company, have announced a business combination that values Hammerhead at an enterprise value of C$1.39bn, which is approximately 2.2x DCRD’s projected 2024 EBITDA for Hammerhead. […]

26 Sep 2022

Smooth sailing for Tufton

For the 12 months ended 30 June 2022, Tufton Oceanic Assets reported an NAV return of 32.5% and a profit of $107.3m, or $0.362 per share. It raised its dividend target from 7.5 cents to 8 cents. The manager thinks that this will be covered 1.8x up to the end of 2023. Containership and bulker […]

26 Sep 2022

QuotedData’s morning briefing 26 September 2022

In QuotedData’s morning briefing 26 September 2022 India Capital Growth (IGC) had a difficult start to 2022, underperforming the BSE Midcap total return index by 6.2% over the six months ended 30 June 2022. The trust returned -14.7% in NAV terms and -19.8% in share price terms (and that is after benefitting from a 4.3% […]

24 Sep 2022

Chrysalis holding Revolution Beauty auditor raises serious concerns

Revolution Beauty has announced that BDO LLP, its auditor, has written to the board and identified a number of serious concerns that have arisen during the course of its work on the FY22 audit regarding, amongst others, the group’s ability to provide sufficient and accurate audit evidence in respect of a number of key audit […]

23 Sep 2022

BB Biotech’s latest investment hints at broader strategy

Switzerland’s BB Biotech has opened a new investment position in Rivus Pharmaceuticals, a privately held US biotech developing a mitochondrial-based approach to obesity and cardio-metabolic disease. This was made as part of a $132m Series B financing that is notable for its size and the top-tier syndicate of healthcare specialist investors who have participated. The […]

23 Sep 2022

QuotedData’s weekly news show 23rd September 2022

Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: • Rate rises, recession • City of London versus Murray Income • Supermarket REIT/LXI This week’s interview was with Matthias Siller of […]

23 Sep 2022

QD view – supermarket sweep

Supermarket real estate has proved its worth during times of distress before – most recently during the pandemic – but can it do it again this time around as we enter a potential recession? Supermarket Income REIT (SUPR), the largest supermarket landlord in the UK, and LXI REIT are both nailing their colours firmly to […]

23 Sep 2022

The Investment Company’s results boosted by gold and flattered by weak pound

The Investment Company reported a fall in net asset value (NAV) of 1.4% in the year to 30 June 2022 to 336.3p, with the weak pound offsetting declines in share prices among its overseas equities portfolio. The NAV was also boosted by the price of gold, which rose 16.3% against sterling and this increase added […]

23 Sep 2022

QuotedData’s morning briefing 23 September 2022

In QuotedData’s morning briefing 23 September 2022: M&G Credit (MGCI) has reported a NAV total return for the half year to 30 June 2022 was -3.4% which compared favourably to the performance of fixed income indices such as the ICE BofA Sterling and Collateralised Index (-14.17%) and the ICE BofA European Currency Non-Financial High Yield […]

22 Sep 2022

European Opportunities investors hit by widening discount

European Opportunities trust has just published results for the 12 month period ended 31 May 2022. [That is quite a lag for a trust of this size, we’ve seen some results for periods ending 31 July in recent days, we aren’t sure why this one was so delayed.] During the twelve months to 31 May […]

22 Sep 2022

Murray Income misses out on value rally

Over the 12 months ended 30 June 2022, Murray Income Trust’s NAV total return was -4.0% and its share price return -0.7%, both lagging the 1.6% return generated by the All-Share Index. Earnings of 40.5p covered the full year dividend of 36p (up from 34.5p for the prior year). The chairman ascribes the underperformance to […]

22 Sep 2022

Volatile UIL gives up last year’s gains

For the 12 month period ended 30 June 2022, UIL’s NAV total return was -38.1%, more than reversing the previous year’s 50% gain, and its share price return was -27.6%. The fall in assets left it with gearing of 89.5% [which is one reason why the NAV moved so much, up and down – the […]

22 Sep 2022

QuotedData’s morning briefing 22 September 2022

In QuotedData’s morning briefing 22 September 2022: Pantheon Infrastructure’s (PINT) first set of figures, covering the period from launch to 30 June 2022, show that £98m was invested at that date, but as of today £344m or 88% of the £400m IPO proceeds have been deployed. As we know, the subscription share exercise raised a […]

21 Sep 2022

Landsec sells Moorgate station office for £809m

Land Securities has exchanged contracts to sell its Moorgate station office development 21 Moorfields, EC2, to Lendlease for £809m. After outstanding development-related items, net cash receipt to Landsec will be £733m. 21 Moorfields is a 568,500 sq ft London office development fully pre-let to Deutsche Bank AG on a 25 year lease, with an annualised […]

21 Sep 2022

LXI REIT considers equity raise to fund £500m Sainsbury’s portfolio buy

LXI REIT is considering an equity raise to part-fund the £500m acquisition of a portfolio of 18 Sainsbury’s supermarkets. The group said that it was currently in discussions to acquire from Sainsbury’s, on a sale and leaseback basis, the 18-strong portfolio of prime grocery store assets, which are predominantly located in Southern England locations, but […]

21 Sep 2022

Very disappointing year for JPMorgan Mid Cap

JPMorgan Mid Cap Investment Trust has published results for the year ended 30th June 2022. The chairman points out that it was a year of two halves. For the six months (to 31st December 2021), when the story was about the recovery from COVID, the NAV total return was +5.5%, just about matching the return […]

21 Sep 2022

Tritax EuroBox appoints new fund manager

Tritax EuroBox has announced that Nick Preston has stepped down as fund manager of the company and has been replaced by Phil Redding, a partner at Tritax EuroBox’s manager Tritax Management. Phil joined Tritax in November 2020 as director of investment strategy, providing strategic investment advice across four flagship Tritax funds. Prior to joining Tritax, […]

21 Sep 2022

Supermarket Income REIT to continue acquisition drive

Supermarket Income REIT says it will continue to grow its portfolio through acquisitions after reporting a 6% increase in EPRA net tangible assets (NTA) in the year to 30 June 2022 to 115p per share. With dividends, this equates to a 12% NAV total return for the year and 7% share price total return – […]

21 Sep 2022

QuotedData’s morning briefing 21 September 2022

In QuotedData’s morning briefing 21 September 2022: Henderson High Income (HHI) produced returns in line with its benchmark (80% All-Share Index/20% ICE BofAML Sterling Non-Gilts Index) over the six months ended 30 June 2022, both returning -6.1%. It helped that UK equities beat bonds over the period as the trust began the year with an […]

20 Sep 2022

Pacific Horizon hit by growth selloff 

Pacific Horizon has published results for the 12 months ended 31 July 2022. Over the period, the NAV declined by 14.5% compared to a negative total return of 8.2% from the MSCI All Country Asia ex Japan Index in sterling terms. The share price total return for the year was a negative 19.3%, resulting in […]

20 Sep 2022

CQS New City High Yield finding more opportunities

CQS New City High Yield published results for the 12 months ended 30 June 2022 last Friday. Over the period, the trust returned 2.0% in NAV terms and 1.2% in share price terms. The dividend was edged up to 4.48p from 4.47p. Revenue per share for the period was 4.16p and so the dividend was […]

20 Sep 2022

Another good year for City of London

City of London Investment Trust’s results for the year ended 30 June 2022 were announced yesterday. Over the period the trust beat the All-Share index, returning 7.5% to the index’s 1.6%. The return to shareholders was 7.7%. The dividend was increased from 19.1p to 19.6p and this was covered by earnings of 20.7p. Ongoing charges […]

20 Sep 2022

GRIT Investment Trust ponders future

On 22 October 2021, GRIT Investment Trust announced the new board appointments of Richard Lockwood and Malcolm Burne, both of whom were veteran fund managers, with exceptional records in the natural resources sector, together with plans to progress its plans to commence the re-building of a diverse portfolio of natural resources investments. The principal investment […]

20 Sep 2022

QuotedData’s morning briefing 20 September 2022

In QuotedData’s morning briefing 20 September 2022: Tufton Oceanic Assets (SHIP) is buying two product tankers – Courteous and Mindful – for $73.0m, less than their depreciated replacement cost. This takes the fund’s fleet to 23 vessels. Both tankers have fixed rate time charters for three to five years to a major commodity trading and […]

16 Sep 2022

QuotedData’s weekly news show 16th September 2022

Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: • FundsmithEmerging • Sustainable Farmland • Independent Living This week’s interview was with Stuart Gray on Alliance Trust –  watch it again […]

16 Sep 2022

QD view – if you can’t beat ’em, join ’em?

Within the investment companies sector there has been a fair bit happening this week, with another couple of new funds looking to launch – The Sustainable Farmland Trust and Independent Living REIT; Fundsmith Emerging Equities throwing in the towel; and some exciting portfolio developments for a couple of our clients – JLEN’s glasshouse investment and […]

16 Sep 2022

Octopus Renewables Infrastructure makes onshore and offshore wind investments

Octopus Renewables Infrastructure (ORIT) has announced that it has purchased a further 7.75% ownership interest in the Lincs Offshore Wind Farm from a fund managed by Macquarie Asset Management. This follow-on investment adds to the original 7.75% stake in this wind farm that ORIT acquired in May 2022. Following this transaction, Lincs represents approximately 16% […]

16 Sep 2022

QuotedData’s morning briefing 16 September 2022

In QuotedData’s morning briefing 16 September 2022: RTW Venture’s (RTW’s) portfolio company, Third Harmonic Bio Inc., has completed its initial public offering (IPO) and has listed on Nasdaq (ticker: THRD). The upsized issue raised US$185.3m by offering around 10.7m shares at US$17.00 per share. Third Harmonic Bio is a clinical-stage biotechnology company developing a first-in-class, […]

15 Sep 2022

Sustainable Farmland prospectus

The Sustainable Farmland Trust has published its prospectus. You can access this here Application forms are towards the back of the document. There is an intermediaries offer – if you are interested, contact your usual investment platform to ask if they are participating. Access to the IPO is restricted by geography. In particular, you should not be accessing […]

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