In QuotedData’s morning briefing 21 November 2022:
- Personal Assets (PNL) has published its interim results for the six months ended 31 October 2022. During the period, PNL provided an NAV total return of -3.6%, outperfoming its All-Share benchmark, which it says provided a total return of -5.8%. PNL’s shares continued to trade close to NAV under its discount and premium control policy. The manager says that it has been a very challenging period in which to protect capital. The manager reduced PNL’s equity exposure in 2021, having become concerned about valuations. Nevertheless, during the bear market rally this summer the manager took the opportunity to trim equity exposure further still to around 25%, which is the most conservative that PNL’s portfolio has been positioned since 2008. Larger holdings in Microsoft, Alphabet, American Express and Visa were reduced and the company’s holding in Medtronic, a medical devices company, was sold.
We also have:
- Biopharma Credit’s senior loan to Immunocore
- Proposals for a managed wind-down of NB Monthly Income
- Interim results from NextEnergy Solar
- An intention to float from AT85 Global Mid-Market Infrastructure Income Plc