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QuotedData’s morning briefing 29 March 2021

In QuotedData’s morning briefing 29 March 2021 –

  • VietNam Holding (VNH) had an excellent interim results period to 31 December 2020, with its NAV increasing by 38.7% in USD terms. Vietnam’s early success in containing COVID-19 helped it re-open its economy much sooner than many other nations. Within the portfolio, VNH’s overweight position in HPG, the leader in Vietnam’s construction steel and steel pipe industry, was a leading performance contributor.  Elsewhere, VNH benefitted from having trebled its allocation to the banking sector over the past year to 30% (the benchmark’s weighting is around 25%).
  • We also had interim results from VinaCapital Vietnam Opportunity (VOF), where the NAV increased by 28% on a total return basis. VOF is forecasting GDP growth of around 6.5% for 2021, as Vietnam continues to be amongst the region’s best performing economies.
  • US Solar (USF) reached completion on the first tranche of an acquisition representing a 25% interest in a 200MWDC operating solar plant located in the Imperial Valley of Southern California, Mount Signal 2. USF had previously announced binding terms to acquire Tranche One of MS2 for $23m on 31 December 2020. With the completion of tranche one, USF’s total portfolio will now consist of 493MWDC of fully operational assets in four states of the US, with a weighted average investment-grade PPA term of 15.4 years.
  • Round Hill Music (RHM) provided an update on the two-way process (as described in its October 2019 prospectus) involved in acquiring the existing assets of Round Hill Fund One, a private fund whose investments are managed by Round Hill. The first step was completed on 1 February 2021, with RHM having successfully invested 86% of the IPO proceeds and capital raised in a subsequent placing. The second step involves the company’s acquisition of 29.1% share in Carlin, owned by Round Hill Fund One. RHM notes that although the due diligence exercise and contractual documentation is progressing well, it is unlikely that the second Investment will be completed by 31 March 2021.

We also have annual results from RM Secured Direct Lending, a reorganisation and potential placing programme from Fair Oaks Income, and SDCL Energy Efficiency Income‘s deal with the UK’s largest operator of public electric vehicle charging points. We also have annual results from BlackRock Latin American from Friday evening.

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