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QuotedData’s morning briefing 4 May 2022

  • Rockwood Realisation (RKW) has changed its name to Rockwood Strategic following a turnaround in its plans and the decision to remain an investment trust, as we have previously reported. The group has also launched the Rockwood Strategic Investment Advisory Group (IAG) whose members offer the benefits of cumulatively over 150 years of relevant investment experience. Manager, Richard Staveley, said: “We are delighted that such high calibre and respected individuals have agreed to join the IAG. We expect the benefits of their insights, intelligence and small companies investing experience to be hugely beneficial when the team is assessing potential ‘core’ investments.”
  • Aberdeen Latin American Income (ALAI) has posted its half-year report for the six months to 28 February 2022. During the period, the trust’s NAV fell by 2.2% while its share price fell by 4.3% compared to a benchmark rise of 0.6%. The chair described the period as volatile, during which time equities initially fell as investors feared that rising inflation, higher energy prices and COVID-19’s Omicron variant would lead to economic weakness. However, strong economic data and foreign investment inflows based on reduced market values led to recovery. The period also saw shareholders approve the trust’s name change to abrdn Latin American Income to reflect the name of its investment manager.
  • International Biotechnology (IBT) has published its interim report for the six months to 28 February 2022, during which time its NAV per share fell by 13.1% and the share price fell by 9.4%. The company’s benchmark, the NASDAQ Biotechnology Index, fell by 23%. During the period under review there was significant market volatility with two major drawdowns in the sector occurring in November 2021 and January 2022. The covid pandemic also saw a drop off in the total value of M&A deals in the biotechnology sector likely due to the reduction in face-to-face interactions and elevated valuations discouraging buyers. The managers said: “The biotechnology sector has experienced a significant period of weakness in certain areas since the highs of Spring 2021 and the Investment Managers believe that valuations at current levels look attractive. The sector fundamentals remain intact with continuous innovation and exciting new approaches addressing debilitating diseases suffered by many all over the world and a corresponding rise in patient numbers due to demographic factors.”
  • Residential Secure Income (RESI) has exchanged contracts to acquire 39 newly completed homes for delivery as shared ownership for £7.5m. The new homes consist of one, two and three‐bedroom apartments in new developments in Purley, Coulsdon and Addiscombe, which are all part of the London Borough of Croydon. The homes include cycle storage, solar energy, electric vehicle charging points, and have an Energy Performance Certificate rating of B. All homes will be sold on shared ownership 999-year leaseholds with uncapped annual RPI + 0.5% linked rent increases, with the rental income underpinned by residents’ ownership stakes in their homes. Once acquired and occupied the homes are expected to deliver an annual rent of £0.3m and they will generate an expected inflation-linked leveraged yield in line with RESI’s 8% total return and 5% dividend targets.
  • UK Commercial Property REIT (UKCM) has delivered 9.0% growth in NAV per share in the quarter to 31 March 2022 to 111.2p (31 December 2021: 102.0p), which has resulted in a NAV total return of 9.8% for the quarter. Valuation increases across all asset classes led to 7.9% growth in the like-for-like portfolio to £1.67bn, with the 64% industrial weighting driving outperformance against the 4.4% uplift in the MSCI monthly index over the quarter.

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