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QuotedData’s morning briefing 20 July 2021

Miton Global Opportunities to put three proposals to shareholders 1

In QuotedData’s morning briefing 20 July 2021:

  • Miton Global Opportunities (MIGO) has posted its annual report for the year ended 30 April 2021. Over the 12 months, the trust achieved a NAV return of 55% and total share price return of 61.7%, significantly ahead of its SONIA 3 month plus 2% benchmark, which returned 2.1%. Managers, Nick Greenwood and Charlotte Cuthbertson, said: “The period under review was a tumultuous one. The stock market fell sharply in March 2020 but rallied strongly during the year despite the Covid-19 pandemic sweeping through the world. Given the comprehensive discussions of the events since the global pandemic struck, we will not repeat them at length other than to reflect that the scale of emergency policies unleashed by the authorities was comparable to those last seen during World War II and in those circumstances, we believed that it made sense for us to be fully invested. Our view was that once the crisis had passed that the combination of a recovering economy and vast government support would create sugar rush conditions. It was far from a relaxing period, but our strategy turned out to be the right one and led to a very profitable period for MIGO.”
  • Herald (HRI) has released its interim report for the six months to 30 June 2021. During this time, the trust’s NAV was up 14%. The UK continues to be the largest part of the portfolio, representing 48.8% of net assets. This portion alone was up 16.9% over the six months under review, a considerable turnaround on a 2% fall during the same period last year. Chairman, Tom Black, said: “While challenges in the world abound, we are fortunate to constantly have our fears diminished by seeing investee companies coping well, and generally delivering growth. We therefore remain attracted by the prospects of our core sectors and the positioning of the portfolio.”
  • Home REIT (HOME) has confirmed it has fully deployed the equity and committed the debt facility raised on and since its IPO, and is now considering a potential issue of further equity, “given the unprecedented need for more high-quality homeless accommodation in the UK”. Based on the identified pipeline and discussions already underway, the company believes that the net proceeds of any issue of equity would be substantially invested within approximately 3 to 6 months of admission. Jamie Beale, partner at Alvarium Home REIT Advisors, said“The Company continues to achieve its objectives and perform strongly, following its IPO in October 2020, driving attractive returns to our shareholders while meeting a vital social need in partnership with our operators. We are providing critically needed accommodation to those at risk of homelessness, let at low, sustainable rents to our tenant partners, who are proven to make a difference to the people they house, care for and support. The requirement for this kind of housing continues to be felt across the UK and, having built a strong pipeline of assets that meet our strict criteria, we are well positioned to be able to help meet this growing demand. Our track record of prudent deployment into attractive assets provides a strong platform for future growth and we look forward to delivering further value for our shareholders and a positive social impact for some of the most vulnerable members of society.”

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