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QuotedData’s morning briefing 22 March 2021

Two new vessels for Tufton Oceanic Assets : SHIP

In QuotedData’s morning briefing 22 March 2021 –

  • Flexible investment sector company, New Star (NSI), reported interim results to 31 December 2020, delivering a total NAV return of 8.7% and a total market return of 15.1%. NSI benefited from its allocations to UK smaller stocks and emerging market equities but its allocations to dollar cash and gold equities hurt performance. Income from investments fell over the period as dividends were cut, cancelled and deferred. This will affect the revenue available to pay dividends unless retained reserves are utilised.
  • We have interim results (to 31 December 2020) from the leasing sector company, Tufton Oceanic Assets (SHIP), where the NAV total return came to 9.3%. As at 26 February 2021, SHIP’s shares traded at a premium of 1.7% to ex-dividend 31 December 2020 NAV. Highlights from the period included the divestment of Bear, a crude oil tanker. This was the fourth vessel divested by SHIP, with the return greatly exceeding its target. SHIP also agreed to acquire five vessels of which two were delivered during the financial period and three were delivered after the period. It was also noted that on 5 January 2021, SHIP announced that the long-planned ownership change at the manager, where senior management took a larger stake and a family office bought out most other shareholders, was completed.
  • Downing Renewables & Infrastructure Trust (DORE) completed the acquisition of a 96MWp portfolio of c.50 solar PV assets located in mainland Great Britain and Northern Ireland for £42m. The portfolio, described as the “seed assets” in the company’s prospectus published on 12 November 2020, comprises:
    • 13 ground-mounted sites located across mainland GB totalling c.73 MWp;
    • 28 commercial rooftop assets totalling c.10 MWp; and
    • 7 residential rooftop portfolios in Northern Ireland totalling c.13MWp.
  • JPMorgan Emerging Markets (JMG) announced on 19 March that John Citron had been designated as an additional named manager, assisting lead portfolio manager Austin Forey. John joined JPMorgan Asset Management in 2009, has been a member of the Emerging Markets Asia Pacific Equities team since 2012.
  • Irish commercial property company Yew Grove REIT posted positive full-year results in which NAV increased 1.5% to 100.03 cents. This was driven by a 2.5% like-for-like rise in the value of its portfolio to €141.9m. EPRA earnings per share was 5.49 cents and it declared dividends for the year of 5.15 cents. The group has collected 100% of rents for the final quarter of 2020 and the first quarter of 2021.
  • Student accommodation specialist Unite has received planning consent for a 700-bed block on Derby Road, Nottingham that will be directly let to Nottingham University from 2023/24. Development costs are £57m, about £81,500 per room.

We also have annual results from Princess Private Equity.

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