QuotedData’s morning briefing 19 April 2022

a cup of tea, a croissant and some magazines

In QuotedData’s morning briefing 19 April 2022:

  • Baker Steel Resources (BSRT) reports that its NAV total return for 2021 was 1.2%, behind the 5% return on its EMIX Global Mining benchmark. Although two core investments, Tungsten West and Silver X listed during the year, it did not monetise either of these investments and therefore did not have surplus funds to make any significant new investments during 2021.
  • Sherborne Investors C (SIGC) notes that Edward Bramson has been appointed to the board of Navient. The US student loans business is the fund’s latest target. Sherborne C announced that it had exposure to 16% of Navient on 20 December 2021, mostly through derivatives (total return swaps).  You may recall that it gave up on Barclays in May last year. Navient’s shares rose by a decent margin over the period from May to September 2021 (probably helped by Sherborne’s stake-building), but are now 30% off their high. Sherborne C’s NAV was 79p last May and was 71.3p at end March 2022. Anyway, now we wait to see what exciting plan Sherborne has for Navient.
  • Matthew Howard will succeed Peter Lowe as lead manager of BMO Real Estate Investments (BREI) from 19 July 2022. Howard is currently the fund manager of the RSA Shareholders Real Estate Fund and deputy manager of BMO Commercial Property Trust (BCPT). He joined BMO REP in July 2017, having spent the previous six years at Hermes Investment Management (now Federated Hermes). He is a member of BMO REP’s Investment Committee.

We also have results from Ecofin US Renewables and BMO Commercial Property.

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