In QuotedData’s morning briefing 23 March 2022:
- Baillie Gifford Japan (BGFD) has published its half year report for the six months to 28 February 2022. During the period under review, the trust’s NAV fell by 14.8% while its share price fell by 18.3%. This compares with just a 4.9% decrease from the TOPIX over the same period. The managers attribute the underperformance to higher growth businesses generally being out of favour as the market has focussed on post-pandemic economic recovery. The chair said: ‘Although there has been a set-back to the NAV, we remain optimistic about the future. Japan is an advanced democratic nation that adheres to the rule of law. Technological change creates opportunities for smaller growth companies and the trust contains a blend of growth businesses ranging from high growth internet and automation businesses through to consumer brands and eclectic long-duration growth businesses. BGFD has a well-diversified portfolio of quality growth companies with sound long-term prospects available at particularly attractive valuations.’
- PRS REIT (PRSR) has reported a 5% increase in NAV to 104.3p per share in half year results to 31 December 2021, as its portfolio of build-to-rent family homes grew to 4,489 and the estimated rental value (ERV) of the portfolio reached £43.5m. The group has 949 homes contracted with an added ERV of £8.2m, bringing the number of its completed and contracted homes to 5,438 and ERV to £51.7m. It has increased its portfolio target to 5,700 homes with an ERV of £55m per annum, after raising £55.6m in an equity placing in September 2021.
We also have a response from CIP Merchant Capital following a bid approach.