In QuotedData’s morning briefing 28 May 2025:

• SDCL Energy Efficiency Income Trust (SEIT) has announced that, effective from 21 May 2025, the company now operates under the name SDCL Efficiency Income Trust. The change reflects updated ESMA fund naming requirements and dealings under the new name will begin at 8am on 29 May 2025. The trust’s ticker, ISIN, LEI and SEDOL identifiers remain unchanged, and existing share certificates continue to be valid, although new ones issued from this point forward will reflect the updated name. The company has also confirmed a new website address – www.seitplc.com – which goes live on 29 May 2025. The move is administrative in nature, with SEIT reiterating that there will be no change to its investment strategy or portfolio. The fund retains its Article 9 classification and Green Economy Mark, and continues to invest in a diversified portfolio of assets that promote energy efficiency and support the global energy transition. Chair Tony Roper commented: “To continue to be able to market into the EU, SEIT needs to comply with ESMA, and this name change achieves that.”
• Schroder AsiaPacific Fund (SDP) has reported a NAV total return of -3.3% for the six months to 31 March 2025, slightly behind its benchmark, the MSCI AC Asia ex Japan Index, which fell -2.2%. The underperformance was attributed largely to the portfolio’s underweight position in China, where a rally in AI-related stocks outpaced expectations. Despite the challenging backdrop – marked by shifting sentiment around China and renewed geopolitical risk following President Trump’s re-election – the trust was active in its discount management, buying back 7.56m shares for £40.9m, which added 0.6% to NAV. Shares traded at an average discount of 11.9% during the period. Effective 1 April 2025, the board has agreed a fee reduction with the manager. The rate on the first £600m of net assets falls from 0.75% to 0.65% per annum, while the 0.60% charge on assets above £600m remains unchanged. The portfolio continues to reflect a cautious stance on China, although select new positions were added there, including Meituan and Anta Sports. Stock selection in India was a bright spot, aided by exposure to HDFC Bank and new addition IndiGo. Elsewhere, Singapore remained a relative outperformer, benefiting from exposure to financials. The board highlighted ongoing geopolitical and macroeconomic uncertainty but noted the long-term case for Asian equities remains intact, supported by favourable demographics and rising wealth. Chairman James Williams stressed the value of active management in such an environment, saying: “This is an environment in which active management and thoughtful stock selection can continue to add meaningful value.”
• Great Portland Estates (GPE) has exchanged contracts on the sale of Challenger House (also known as The Corner Hotel), in Whitechapel, London, together with a plot of undeveloped land, for £42.0m, marginally ahead of book value, to Yoomata Aldgate Property Ltd (a JV between Euragone Investment Management and Mata Capital). The 74,000 sq ft hotel features 180 fully en-suite guest rooms alongside a ground-floor restaurant and bar. The building adjoins GPE’s The Hickman office building, which is being retained for income and expected value growth. Challenger House and The Hickman were jointly acquired by GPE in 2017 for £49.6m.
• Asset Value Investors (AVI), the manager of AVI Japan Opportunity Trust (AJOT), has increased its stake in the trust with the purchase of an additional 60,000 shares. This latest transaction, which is part of AVI’s ongoing commitment to invest at least 25% of its management fee into shares of the trust, brings AVI’s total holding in AJOT to 2,060,000 shares. [QD comment MR: We like the way AVI’s fee is structured so that the manager invests a significant proportion of its fee into AJOT shares as it helps improve the manager’s alignment with other shareholders and reinforces confidence in the manager’s long-term commitment to the strategy.]

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