- CC Japan Income & Growth (CCJI) announced its half year report for the period ended 30 April 2023. NAV total return was up 11.3%, while shares rose 13.1%. The strong returns were ahead of the benchmark TOPIX index which was up 9.5%. Returns in Japan have been solid over the course of the year as the economy continues to recover from the pandemic, with the index reaching a 33 year high. While some local investors have begun taking profits, foreign flows remain strong and the outlook looks positive, according to chairman Harry Wells who noted: “The economy is increasingly gaining traction post the pandemic and with China’s reopening in January 2023. We are seeing increased confidence in corporate earnings and consistent improvement in the level of dividend distributions across our holdings in the portfolio.”
- Starwood European Real Estate Finance Limited (SWEF) announced the company’s first capital distribution following a decision made in November 2022 to proceed with an orderly realisation and the return of capital over time to shareholders. The company has resolved to make an initial capital distribution totalling (after expenses) £10 million to SEREF shareholders by way of a compulsory partial redemption of shares at a price of £1.0363 per share (being the last published NAV per share prior to this announcement). The amount applied to the compulsory redemption is after the deduction of costs and expenses which are expected to be circa £15,000.
We also have an update from abrdn Diversified Income and Growth, and annual reports from Monks Investment Trust, and Montanaro UK Smaller Companies.