- JPMorgan Global Core Real Assets (JARA) announced a quarterly NAV and portfolio update for the quarter to 28 February 2023. The company paid a dividend of 1.05 pence per share on 24 February 2023, bringing the share price total return for the quarter to +0.3% and +7.0% for the year, while the total NAV return for the year to 28 February 2023 was +11.8%.
- Axiom European Financial Debt Fund (AXI) reported that the impact of the Credit Suisse write off to be -0.4% of NAV. However, the NAV fell by slightly more than this (to 87.37p) as we flagged that it might yesterday.
- In addition, Axiom European Financial Debt Fund announced its annual report for 2022. Total return for the 12 months was -6.39%, down from 16.88% in FY21, reflecting the challenging market conditions during 2022 with rising inflation and interest rates. A NAV return of 0.77% in the second half of the year helped claw back some of the first-half deficit. Commenting on the outlook, the investment manager Antonio Roman, said:“The outlook for our strategy is now more positive. Rising interest rates are in general good for banks, enabling wider spreads between lending and deposit rates and we have seen robust performances from banks as they have reported their results. Returns on equity have been strong, interest margins widened, and non-performing loans have remained at low levels. We look forward with renewed optimism for the market in regulatory capital instruments issued by financial institutions in which we operate and where, through the open-ended rollover option, continuing shareholders can benefit from the application of our Investment Manager’s specialist skills to a rich opportunity set which is not easily accessible to more generalist managers.” However, the board has concluded that there is insufficient investor demand for the current closed-ended listed structure and is working on proposals in regards to the future of the of the company – expect an announcement on this soon.
- Literacy Capital announced final results for the nine months ended 31 December 2022. Net assets were £252.4m, an increase of 31.4% net of all costs and charitable donations, while BOOK’s share price increased 23.9% over the same period. CEO Richard Pindar commented: “We are pleased with the performance of BOOK’s portfolio in this nine-month period, with the continued strong trading across its portfolio companies, contributing to a NAV uplift of 31.4%. The portfolio enters 2023 demonstrating strong tailwinds and momentum. We are optimistic regarding the composition of the portfolio and its weighting towards buyouts of smaller, private businesses, which have outperformed and contributed strongly to Literacy’s performance in recent years. We are very aware of the current macroeconomic environment and challenges for businesses and consumers that are likely to persist into 2023. Despite this, we are confident that our businesses are well-positioned to overcome these challenges and to prosper.”
- The Board of Octopus Renewables Infrastructure Trust plc announced that the company will report its audited results for the financial year to 31 December 2022 on Wednesday, 29 March 2023.
We also have annual reports from BioPharma Credit, VietNam Holding, and Baillie Gifford Shin Nippon