In QuotedData’s morning briefing 28 October 2021:
- Standard Life UK Smaller Companies (SLS) has changed its name to abrdn UK Smaller Companies Growth. Its ticker has changed to AUSC.
- Aberdeen Emerging Markets (AEMC) has changed its name to abrdn China. Its ticker has changed to ACIC.
- HarbourVest Global Private Equity (HVPE) has posted its results for the six months to 31 July 2021. During the period, its NAV per share grew by 22.6%, with IPO exits from Roblox, Coinbase Allfunds Bank and UiPath the biggest contributors. The trust achieved reported record cash distributions in nominal terms with $294.6m received during the six months. Meanwhile cash distributions have continued at record levels with $204.5m received between 31 July and 30 September 2021. Ed Warner, chair, said: ‘The six months to 31 July 2021 was an extraordinary period for HVPE. Despite the backdrop, HVPE delivered its strongest NAV per share growth in any interim period. This is testament to the strength of our Investment Manager, HarbourVest, and the HVPE business model, which offers shareholders broad, diverse exposure to private companies around the world. Looking ahead, we remain positive about the prospects for HVPE, while noting the challenges that COVID has brought and continues to bring to the wider economy. With a strong track record of consistent NAV per share growth, we remain confident that HVPE’s portfolio, with exposure at all investment stages from venture capital to buyouts, is well-placed to capture emerging technological and thematic trends as well as growth opportunities in more traditional industries.’
- Brown Advisory US Smaller Companies (BASC) has published its annual financial report for the year ended June 2021. During the period (which saw its manager change from Jupiter to Brown Advisory in April) its NAV increased by 35.8% while its price was up by 52.6%. This compares with its Russell 2000 benchmark return of 45.1%. Its discount narrowed over the year from 15.6% to 5.2%. BASC’s chair said: ‘The US market was generally buoyant over the last year and in turn the Company produced strong absolute returns for shareholders, with the NAV per share rising 35.8%. In particular we are pleased with the performance since Brown Advisory took over management. Portfolio Manager Christopher Berrier’s rigorous approach to stock selection with a focus on quality is an ever more important consideration and results in a portfolio that is markedly different to the benchmark which is reflected in the share price outperformance. The case for an allocation to an active US small-cap portfolio is rooted in fundamental financial principles, not on the ebbs and flows of the small-cap universe. We believe the recent dislocations in the market enhance potential opportunities for investors over the long-term.’
We also have annual results from CQS Natural Resources Growth & Income.