QuotedData’s morning briefing 1 August 2023

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  • Third Point (TPOU) published an investor letter for Q2 with the company returning 1.1% in the flagship Offshore Fund during the second quarter of 2023, compared with the S&P 500 Index return of 8.7% and the MSCI World Index return of 7.0% in the same period. The top five positive contributors for the quarter were Pacific Gas & Electric Co., Microsoft Corp., Amazon Inc., Alphabet Inc., and Ferguson PLC. The top five negative contributors for the quarter were Alibaba Group Holding Ltd., Danaher Corp., Catalent Inc., International Flavors & Fragrances Inc., and a private position.
  • The Scottish American Investment Company (SAINTS) has released results for the six months to 30 June 2023. The company’s NAV was 7.8% over the first six months of 2023, with global equities returning 7.9% over the same period. Over the past five years, the company has outperformed both global equities and its sector, delivering a net asset value total return of 73.0% against the market’s total return of 56.7% and the sector’s unweighted average net asset value total return of 50.0%. To satisfy market demand the company issued £7.7m of shares over the period at a premium to net asset value.
  • HICL (HICL) issued an interim update statement for the period from 1 April 2023 to 31 July 2023. Shares fell 15% during the period while the company’s NAV return was flat. The discount now stands at over 20%.
  • LMS Capital (LMS) has released its half year results for the six months ended 30 June 2023. After adjusting for the payment of the final dividend of 0.625 pence per share for the 2022 year, the overall NAV at 30 June 2023 was down 3.1% from the 31 December 2022 position and down 2.3% compared to 31 March 2023. Realised and unrealised underlying portfolio gains for the period were £0.6 million on the mature portfolio, offset by £1.1 million of unrealised foreign exchange losses.
  • abrdn Equity Income (AEI) announced the appointment of Nick Timberlake as an independent non-executive director of the company with immediate effect. Mr Timberlake will also join the company’s audit and remuneration and anagement engagement committees.
  • Fidelity Japan (FJV) announced half-yearly results for the six months ended 30 June 2023. The company’s NAV was up 5.3% during the period and the ordinary share price return was +3.8%. This compares to the benchmark (TOPIX Total Return Index) (in sterling terms) which rose by +6.0%. Stock selection in semi-conductor related companies and digital content was the key drivers of returns. The company remains overweight in the chemical, services and retail sectors and increased exposure to electric appliances.

We also have updates from RIT Capital Partners and CT Global Managed Portfolio 

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