In QuotedData’s morning briefing 23 September 2022:
- M&G Credit (MGCI) has reported a NAV total return for the half year to 30 June 2022 was -3.4% which compared favourably to the performance of fixed income indices such as the ICE BofA Sterling and Collateralised Index (-14.17%) and the ICE BofA European Currency Non-Financial High Yield 2% Constrained Index (-15.25%). Both sovereign and corporate US and European bonds experienced record losses in the first half of the year in a very difficult period for bond and equity markets. The group’s NAV fell 5.9% in the period to 95.49p per share. The company paid dividends of 0.82p and 0.96p per share in respect of the quarters to 31 March 2022 and 30 June 2022 respectively.
- Bluefield Solar Income Fund (BSIF) has been promoted to the FTSE 250 index following the latest quarterly reshuffle. The promotion to the FTSE 250 came into effect at market close on Friday, 16 September 2022.
- ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) continued to reduce its loan portfolio, with NAV falling 8.2% to £80.55m in half year results to 31 July 2022. Profit after tax was £2.73m (31 July 2021: £3.52m), while earnings per share for the period were 2.25p (31 July 2021: 2.90 pence). Dividends paid and declared totalled 2.1p per share for the six-month period. The company said performance was in line with expectations and commensurate with the ongoing reduction in the loan portfolio. As at 31 July 2022, the company’s investment portfolio comprised five loans with an aggregate principal balance of £74.7m, representing 92.8% of the shareholders’ equity (31 January 2022: six loans with an aggregate principal balance of £80.5m, representing 91.8% of the shareholders’ equity).
- Baillie Gifford Shin Nippon (BGS) reported a decline in NAV of 4.8% in the six months to 31 July 2022, compared to a 0.9% increase in the MSCI Japan Small Cap Index. The share price decreased by 9.9% in the same period. Positive contribution to performance came from an eclectic group of companies such as GA Technologies, an online real estate company, Shoei, a motorcycle helmet manufacturer, and Yonex, a sports equipment manufacturer. Many of the portfolio’s internet and semiconductor related companies performed poorly in share price terms. Portfolio turnover for the six months comprised of seven company’s exited and five new holdings, including one private company, JEPLAN, bought. The board said that it was disappointed by the weak performance over six months and three years, but this is not unexpected after a long period of strong outperformance and especially given the extremely challenging environment for high-growth small cap stocks more recently. The managers added that they remain confident that the innovative, high-growth companies in the portfolio are well placed to deliver attractive returns over the long term given their adaptability and growth opportunity.
We also have final results from The Investment Company