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QuotedData’s morning briefing 8 March 2022

In QuotedData’s morning briefing 8 March 2022:

  • JPMorgan Global Emerging Markets Income (JEMI) says its exposure to Russian securities amounts to three stocks, which are now valued at 0.25% of NAV (down from 3.6% at the end of January).
  • Crystal Amber’s (CRS) shareholder meeting to approve its new investment strategy and management agreement saw significant votes cast against both proposals. Both propositions passed, but the company says the 30.9% vote against mainly came from Saba Capital Management L.P. It wanted changes to the incentive arrangements for the investment manager, the board disagreed. As the resolutions have been passed, the directors do not intend to take any further action in respect of the votes against.
  • Apax Global Alpha plans to commit $60m to the new Apax Global Impact Fund. The new fund will look for opportunities to support companies which deliver tangible societal and/or environmental impact. The strategy revolves around four themes – health & wellness, environment & resources, social & economic mobility, and digital impact enablers.
  • Alliance Trust (ATST) has dropped River & Mercantile from its roster of fund managers. River & Mercantile was responsible for about 6% of the portfolio. This has been re-allocated between the other nine stock pickers. Craig Baker, chief investment officer at Willis Towers Watson and chair of the Alliance Trust investment committee, said: “We would like to start by expressing our appreciation to Hugh Sergeant and the team at R&M for their contribution to Alliance Trust over the last 5 years. Given the relatively small allocation we have had with them and some of the recent changes at R&M, we have taken this opportunity to reallocate this 6% of assets to some of the existing stock pickers.”
  • CLS Holdings (CLI) has acquired a 23,982 sqm (258,140 sq ft) office building in Dortmund for €66.25m. The property is occupied by tenants including one of Germany’s leading financial institutions, a department of the federal state of North Rhine-Westphalia and two smaller tenants with an overall WAULT of 5.2 years. CLS plans to invest in the property to improve tenant amenities and sustainability features while leasing the remaining vacant space. The property has a net initial yield of 5.1% and a reversionary yield of 5.6%. The acquisition is expected to complete in April 2022.

We also have an update from Foresight Sustainable Forestry Triple Point Social Housing looking to tweak its investment policy, sales from Unite’s portfolio, results from BlackRock World Mining and an announcement by British Land on its plans for Canada Water.

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