QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford.
Winners and losers in August
Ashmore Global’s interim results showed a sharp rise in its NAV on the back of write-ups in the values of two investments, AEI and Microvast. Lazard World Trust Fund’s share rose as activist, Ironsides, took its holding above 10%. Independent released an upbeat interim report. Alpha Real sold a stake in its H20 shopping centre in Madrid and will return cash to shareholders. Weak sterling helped many overseas funds and many emerging markets funds did well. We saw strong performance from Russia, benefitting funds with exposure to the country; China – Chinese manufacturing numbers were positive; and Brazil where an ambitious privatisation programme was announced. Japan’s stock market shrugged off the threat from North Korea but the regional tension did boost gold which was good news for BlackRock World Mining.
LMS Capital’s discount widened following its tender offer. The oil price moved sideways but EF Realisation and Riverstone Energy both fell. Woodford Patient Capital was out of favour as holding, Sphere Medical, struggled and negative news stories were written about the manager. Supermarket Income REIT dropped below its issue price, an unusual state of affairs for recent launches, this was despite it deploying more of its issue proceeds. There was no news of substance on Syncona in August but it has announced an IPO of its NightstaRx investment since. Qatar’s standoff with its neighbours continues, depressing Qatar Investment Fund. A profit warning from Provident Financial hit the NAV’s of Keystone, Perpetual Income & Growth and Edinburgh Investment Trust which all have very similar portfolios.