In QuotedData’s morning briefing 31 March 2021 –
- JPMorgan Multi-Asset (MATE) announced that with immediate effect, to better reflect the investment objective of providing an attractive total return of growth and income, the company will change its name to JPMorgan Multi-Asset Growth & Income. The company’s London Stock Exchange stock ticker symbol MATE will remain unchanged.
- Invesco-managed City Merchants High Yield (CMHY) reported annual results to 31 December 2020, with its NAV per share increasing by 6.9%, compared to a total return of 3.2% for the ICE Bank of America Merrill Lynch European High Yield index. CMHY notes that The explanation for the rapid restoration of investor confidence lies with the scale of monetary and fiscal support provided by governments and central banks in their efforts to mitigate the pandemic’s economic impact.
- 3i Infrastructure (3IN) released an update covering the period from 1 October 2020 to 30 March 2021. Highlights include:
- Investment highlights:
- In December 2020, 3IN completed the acquisition of further stakes in its Dutch PPP projects from co-shareholders Fluor Infrastructure and Heijmans Nederland for c.€25m.
- On 30 March 2021, following receipt of regulatory approvals, Tampnet completed the bolt-on acquisition of a 1,200km offshore fibre cable system in the Gulf of Mexico from BP.
- Total income and non-income cash was £69m in the period, in line with expectations. This compares with £82m of income and non-income cash received in the same period last year.
- 3IN says it is on track to deliver its dividend target for the year ending 31 March 2021 of 9.8p, a year-on-year increase of 6.5%.
- Investment highlights:
- Syncona (SYNC) noted that its portfolio company Achilles Therapeutics announced the pricing of its IPO in the US.for total gross proceeds of approximately $175.5m. Following the IPO, SYNC will retain a stake of 27.0% in Achilles. Achilles is focused on developing personalised T cell therapies for the treatment of solid tumours, specifically targeting neo-antigens.
- Princess Private Equity (PEY) noted the news that Cerba HealthCare, described as a leading player in medical diagnosis, together with the global private markets firm Partners Group, and the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, have entered into exclusive discussions with the EQT Private Equity’s EQT IX fund to enable Cerba to continue its long-term innovation services strategy and enhance services for patients and the medical community. The transaction represents an exit for PEY and values its stake in Cerba HealthCare at approximately EUR 30.7m.
- NextEnergy Solar (NESF) announced that Sue Inglis has stepped down as a director of the company with effect from 31 March 2021.
- Residential Secure Income (RESI) acquired 191 shared ownership homes from Orbit, one of England’s leading housing associations, for £16m. The diversified portfolio comprises 180 houses and 11 apartments, located across 18 counties in England, all of which are occupied and income generating. The purchase brings RESI’s total shared ownership portfolio to 549 homes. The acquisition will be funded through RESI’s £300 million, 45-year debt facility that was put in place in July 2020.
We also have annual results from Mercantile, Fundsmith Emerging Equities (including a proposed amendment to its investment policy and objective) and BH Macro.