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QuotedData’s morning briefing 12 April 2021

201209 Jupiter US Smaller Companies Brown Advisory JUS

In QuotedData’s morning briefing 12 April 2021 –

  • Jupiter US Smaller Companies (JUS) has released a circular to its shareholders proposing a change in its name to Brown Advisory US Smaller Companies, both to reflect the identity of its new manager and to assist in marketing the company under its new management. JUS made the following note with regard to its investment policy: “While the company’s investment objective has not changed and its previous investment policy was broadly aligned with Brown Advisory’s investment approach, certain phraseology in the investment policy has been amended for consistency with how Brown Advisory describes its US Small-Cap Growth strategy. Despite the change in wording, there is consistency in the key investment themes (e.g. taking a long term view on the investible universe, seeking capital appreciation, investing in companies where management and shareholder interests are aligned, and buying companies at attractive valuations). Following advice prior to the adoption of the amended investment policy, the company is of the opinion that the amendments do not amount to material changes for the purposes of the listing rules, and therefore do not require prior FCA and shareholder approval.”
  • CIP Merchant Capital (CIP) announced an investment in Ixico, an AIM-quoted artificial intelligence data analytics company delivering insights in neuroscience. The stake is worth 3.7% of Ixico’s share capital and has been acquired at a cost of £1.2m.
  • Marble Point Loan Financing (MPLF) reported its annual results last Friday evening (9 April). The NAV per share increased by 0.9% over the year to 31 December 2020 on a total return basis. 
  • Hammerson has responded to an article in the Sunday Times that it is on the verge of selling its retail parks portfolio for £350m to Canadian private equity giant Brookfield. The group confirmed this morning that it is “in discussions on terms of a possible disposal of its retail parks portfolio to Brookfield”. Hammerson has been trying to sell the portfolio for a while and last year a deal with Orion collapsed at the last minute. The proceeds from any sale will be used to reduce leverage.
  • LondonMetric has sold five non-core assets for £38.5m (LondonMetric share: £28.0m). Two retail assets in North Shields and Llanelli (which were held in a joint venture with Universities Superannuation Scheme) were sold for £21.1m (LondonMetric share: £10.6m), while two offices and a retail unit in Birmingham (acquired as part of the Mucklow acquisition in 2019) were sold for £17.4m. All disposals were ahead of book value and produced an ungeared IRR of 8% per annum.

We also have news of a potential combination between the BH Macro and BH Global funds, and a strong set of annual results from Weiss Korea Opportunity..

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