QuotedData’s morning briefing 2 May 2024 – EAT, TRIG, API

230124 morning

In QuotedData’s morning briefing 2 May 2024:

  • European Assets Trust (EAT) announced that Mine Tezgul will succeed Sam Cosh as the company’s lead investment manager with immediate effect. Mine Tezgul is a portfolio manager in the European equities team and head of European small cap equities. Mine joined the manager in 2018 as an equity analyst and since 2019 has been lead portfolio manager of the Columbia Threadneedle European Smaller Companies strategy and co-manager of the Columbia Threadneedle Pan European Small Cap Opportunities strategy. The board also announced an amendment to its management fee. Previously, the manager received 0.75% per annum of the value of funds under management. In cases where the value of funds under management exceeded €400m, the applicable rate over such excess value was 0.6% annum. Following the amendment, the funds under management charged at 0.75% has been lowered from €400m to €300m and charges in excess of €300m have been reduced to 0.55%. Funds under management as at close of business on 30 April 2024 were €441.3m.
  • The Renewables Infrastructure Group (TRIG) announced a quarterly NAV update for the three months to 31 March 2024. Over this period, its NAV fell 2.7%. This decrease is primarily the result of a decrease in near-term power price forecasts reflecting lower gas prices and the mild winter across Europe, and below budget generation and power prices in the period.
  • abrdn Property Income Trust (API) announced a 2.2% fall in NAV to 76.4p in the quarter to 31 March 2024, resulting in a NAV total return, including dividends, of -1.4%. The company’s portfolio value fell 0.9% over the quarter on a like for like basis driven mainly by the office sector. Valuation changes and capex on the assets accounted for 1p of the 1.8p decline in the NAV over the quarter. The NAV was impacted by costs associated with the strategic review and subsequent abortive corporate activity of 0.4p per share. Further strategic review costs of 0.5p per share will crystallise if the managed wind-down is voted for by shareholders. The group’s quarterly dividend (1.0p) was only 75.4% covered by earnings, which took another 0.3p off the NAV.

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