In QuotedData’s morning briefing 28 November 2024:

• Scottish Oriental Smaller Companies (SST) says its lead manager Vinay Agarwal has left  FSSA Investment Managers by mutual agreement. The trust’s new lead manager is Sreevardhan Agarwal, who is now in charge of the portfolio. Sree has acted as the company’s deputy manager and, latterly, co-manager for the past five years and the board says that he has played an increasingly important role in managing the portfolio over this period. Sree will continue to be supported by Martin Lau, managing partner of FSSA Investment Managers.
• Ecofin US Renewables (RNEW) says its six ground-mount solar projects in Minnesota, Virginia and Delaware (the ECHO portfolio) are all up and running. It now has the benefit of the associated tax credits (achieved through a tax equity partnership with Monarch Private Capital) and has put in place $15.6m of project-specific debt (provided by Fifth Third Bank). The cash freed up is being used to pay down the trust’s revolving credit facility. The work to sell off the portfolio continues.
• abrdn New India’s (ANII) interim figures to end September 2024 are pretty good – NAV +18.6%, share price +23.6%, MSCI India +11.6%. This marks the halfway point in its five-year measurement period for a potential performance-triggered tender. At end September, over the first two and a half years, the adjusted NAV total return (adding back in the effects of Indian capital gains tax) was 48.3%, ahead of the benchmark’s total return of 41.1%.
• AEW UK REIT (AEWU) posted a 6.2% jump in NAV over the six months to 30 September to 109.05p per share, and an NAV total return of 10.1%. In the context of the struggles the real estate market and REIT sector have experienced in the period these are impressive numbers. Its share price rose 14.7% in the period, equating to a share price total return of 19.4%. For a long time, the group’s quarterly dividend of 2p had been uncovered by earnings, but asset management activity has boosted earnings and achieved a covered dividend. Earnings in the period was 4.43p per share (Sept 23: 3.58p). The company’s loan to value (LTV) is comfortable at 24.9% and it has £14.5m in cash.
• Home REIT (HOME) has fully repaid its debt to Scottish Widows. The final repayment of £28.6m was made on 27 November 2024, comprising a £24.9m cash repayment and a net break gain of £3.7m. HOME has been charged a further £9m by Scottish Widows in respect of the additional fees, at which point the lender will release its charge over the company’s assets. The group’s remaining property portfolio of 850 assets is currently being marketed for sale, quoting in excess of £175m.
• abrdn European Logistics Income (ASLI) says that it has commenced sales processes for six assets and is in advanced stages on three of these. It adds that there is a good level of interest across the range of warehouses it owns. The value of its portfolio was stable over the quarter to 30 September at €607.45m.

We also have:

abrdn Equity Income promises 25th year of dividend growth as fee cut boosts distributable revenue

Focus on strong balance sheets holds back relative returns for Schroder UK Mid Cap