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QuotedData’s morning briefing 26 May 2021

In QuotedData’s morning briefing 26 May 2021:

  • AVI Global produced an NAV return of 26.8% and a share price return of 29.1% over the six months ended 31 March 2021. These numbers compare well to the 13.5% return on the trust’s benchmark and help make it one of the best performing funds in its sector over this period. The interim dividend is being maintained at 6p. Ongoing charges seem to be falling – 0.84% down from 0.94%. The trust bought back almost 1m shares.  Good contributions came from holdings in Aker, Jardine Strategic and EXOR, which had suffered previously because of the pandemic.
  • Riverstone Energy says its NAV has risen from $6.20 (455p) at end December 2020 to $7.86 (572p) over the three months ended 31 March 2021. However, the share price fell from $4.05 (297p) to $3.54 (258p). A new buyback programme announced on 11 May has bought 215,000 shares so far and yesterday the shares were 319p. It looks to us as though the values of ILX III and Carrier II have both been reduced.
  • Hibernia REIT says its NAV fell 3.7% over the year to the end of March 2021 to 172.7 cents as its portfolio value fell by 4.4%, mainly in relation to its office assets. However, earnings per share rose from 5.5 cents to 6.3 cents and the dividend increased by 13.7% to 5.4 cents. Profit improvement helped by full benefit of leases agreed part-way through the previous financial year. 99% of rent due either received or on agreed payment terms. Debt is still modest with an LTV of 19.5%. The company has full planning permission for its Clanwilliam and Harcourt office schemes.
  • One more update to the ongoing saga at Gresham House Strategic – the board has issued a statement: “The Board is disappointed that the lead fund manager of GHS has resigned. Since Richard Staveley joined Gresham House to manage the GHS investments, he has made a significant positive impact, with two thirds of GHS’s current investment portfolio made up of stocks acquired during his tenure. These have been major contributors to the strong performance of the portfolio, with seven stocks up over 50% since purchase. Richard’s investment decisions have driven significant NAV growth for the portfolio which has contributed to the increase in the share price of GHS. The Board is considering the implications for the future management of GHS’ portfolio and will make another announcement in due course.

We also have results from HICL Infrastructure and British Land, and JLEN has some innovative new debt funding

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