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QuotedData’s morning briefing 18 July 2023

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  • Brunner Investment Trust (BUT) provided an update for the six month period to 31 March 2023. NAV per share increased by 1.6% compared to a benchmark return of 0.3% while shares were up 2.3%. Management sited a strict focus on valuation as one of the factors that allowed the company to avoid some of the worst volatility in the market and are optimistic regarding the outlook with current mispricing providing a fertile hunting ground for stock pickers.
  • NB Global Monthly Income Fund (NBMI) provided a portfolio update for the month to June 30 2023. The managed wind-down of the portfolio has been in effect since the EGM shareholder approval of 27th January 2023. In the period between 27 January and 30 June, a total value of £100.4 million of portfolio assets were disposed of, being approximately 55.6% of NAV as of 27th January 2023. In July, further progress has been made in realising assets at the earliest opportunity consistent with maintaining shareholder value. Credit markets in the US and Europe have continued to be volatile, however in recent weeks the company has seen some improvement in risk sentiment.
  • The Investment Company (INV) announced an update regarding its recent tender offer, confirming that 3,980,664 ordinary shares were validly tendered constituting 83.4% of the existing issued share capital of the company. In addition, the company has received total commitments of approximately £3.6 million pursuant to the placing, offer for subscription and intermediaries offer. The issue price and tender price will be calculated on or around 6.00 p.m. on 18 July 2023.
  • Victory Hill Capital Partners, the investment manager of VH Global Sustainable Energy Opportunities (GSEO), today confirmed that Anthony Catachanas has decided to step down from Victory Hill to pursue other interests. GSEO will continue to be managed by Victory Hill under the stewardship of co-CIOs Richard Lum and Eduardo Monteiro in their role as primary portfolio managers.
  • BioPharma Credit (BPCR) announced an amendment to a loan agreement entered into by LumiraDx Limited to extend the time that the company has to comply with certain minimum net sales and minimum liquidity covenants.

We also have an update from DGI9 and an annual report from TwentyFour Income

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