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QuotedData’s morning briefing 30 May 2022

In QuotedData’s morning briefing 30 May 2022

  • BMO Capital and Income (BCI) has published its half-year unaudited results for the six months to 31 March 2022, during which time its share price total return was 2.1% and its NAV return was -1.3%, underperforming its benchmark which returned 4.7% over the same period. Meanwhile, the trust’s dividend for the period was 5.30p which represents an increase of 1% in comparison to the six-months ended 31 March 2021. It provides shareholders with an annual yield of 3.6%. The chairman said: “Just as the outlook was starting to appear relatively benign, a combination of increasing macro-economic and geopolitical uncertainty was unleashed during the first quarter of calendar 2022. There is a great deal of uncertainty at present and the current environment makes it very complex for companies to plan and operate. But it does appear that there are still interesting opportunities to invest for the longer term in high quality companies with robust balance sheets at attractive valuations.”
  • Barings Emerging EMEA Opportunities (BEMO) has published its half-year financial report for the six months to 31 March 2022. Over the period under review, the trust delivered an NAV total return of -22.4% compared to its benchmark return of -13.7%. The company’s investments in Russia, which made up approximately 23% of the portfolio immediately prior to the invasion, were responsible for the majority of this weakness after being written down to zero. Whilst the portfolio had an overweight allocation to Russia prior to the invasion, this was reduced during January and February. The board has proposed an interim dividend of 6p per share, a lower amount than usual. The portfolio has historically benefited from substantial Russian dividend payments that will be absent going forward and has also taken the decision to write off previously prospective rebates of withholding tax related to Russian securities.

We also have annual reports from abrdn Japan and Capital Gearing.

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