JPMorgan Global Growth & Income co-manager Tim Woodhouse steps down and Greencoat UK Wind reports a 4.4% fall in the portfolio and sells £181m of assets.
JPMorgan Global Growth & Income (JGGI) co-manager Tim Woodhouse is stepping down to take a new job at JPMorgan Asset Management, leaving Helge Skibeli and James Cook in charge of the £3.3bn global investment trust while a replacement is found.
Greencoat UK Wind (UKW) reports a 4.4% fall in net asset value in its half-year results to 30 June. NAV per share fell 6.6p to 143.3p in the second quarter largely due to lower forecast power prices. Net cash generation of £163m came in around £50m below budget due to calm weather to leave the dividend of the 8%-yielder covered 1.4 times. The company has raised £181m in three disposals, selling its stakes in the Andershaw and Bishopthorpe onshore wind farms in Scotland and England and offloading 2% of its interest in Hornsea 1 offshore wind farm. The sales were achieved in line with their previous valuation and will be used to reduce gearing from 41.5% to 39.5%. QuotedData’s James Carthew said “Greencoat’s latest sales have all been done at NAV, which underscores how daft the current 19.8% discount is. The re-rating of the renewables sector over the last couple of months is welcome but has a long way to go yet.”
Oakley Capital Investments (OCI) made a 7% investment return in the first half of the year driven largely by the exit from legaltech platform vLex in a $1bn transaction. In a trading update, the private equity fund says its NAV per share at 30 June was 742p and that it will start trading on the London Stock Exchange’s official list on Friday.
Aberforth Smaller Companies (ASL) made a 6.3% investment return in the six months to 30 June, underperforming the 7% from the Numis Smaller Companies index excluding investment companies. The shares slightly outperformed with a 7.3% total return as the discount to net asset value narrowed from 11.8% to 11.2% in response to £31.3m of share buybacks and improving investor sentiment in the second quarter.
Tetragon Financial Group (TFG), the £1.1bn hedge fund and investor in alternative asset managers, generated an underlying 10% return in the first half of the year, according to interim results. The shareholder return was 17.1% as the wide discount narrowed, currently 52%. The main drivers in this were stakes in infrastructure manager Equitix, US blockchain provider Ripple Labs and metal mining investor Hawke’s Point.
Tritax Big Box REIT (BBOX) has leased the recently completed 391,000 logistics facility at Symmetry Park in Rugby to “a leading data management company” on a 15-year lease with open market rent reviews every five years. The expected yield on cost is expected to be at the upper end of the fund’s previous 6%-8% guidance.
Picton Property Income (PCTN) made a 1.9% return in the first half with net asset value per share of 100.9p at 30 June. It bought back and cancelled 9.1m shares at an average 25% discount to the 30 June valuation.
M&G Credit Income (MGCI) has published a prospectus for the programme of up to £150m of share issuance announced last month.
Downing Renewables & Infrastructure (DORE) has received Swedish regulatory clearance for its takeover by Bagnall Energy.
