ICG Enterprise nets £22m from the sale of VR software provider Datasite and European Smaller Companies, International Biotechnology, Mobius and Vietnam Holding all report good gains for June.
ICG Enterprise Trust (ICGT) has sold its co-investment in Datasite, a software provider focused on virtual data rooms that at 31 January was its fourth largest company exposure at 1.9% of the portfolio. The co-investment portion accounted for 1.6% and generates $30m (£22m), representing a 3% premium to the latest valuation and a good return on the $18m co-investment only made last year alongside ICG Strategic Equity V and CapVest. ICGT will retain a 0.3% holding through ICG Strategic Equity V.
European Smaller Companies Trust (ESCT) had a good June, returning 5.3% on net assets and beating the 2.7% return in the MSCI Europe ex UK Small Cap index. Positive contributions to performance came from SUESS Microtec, R&S Group and Elmos Semiconductor but falls in Criteo and Exosens weighed. Lead fund manager Ollie Beckett remains positive on the outlook but says near-term prospects will likely be driven by the outcome of EU-US trade talks.
International Biotechnology Trust (IBT) returned 3.5% in June with net asset value closing the month at 641.36p and the shares up 4.6%. This beat the Nasdaq Biotechnology index which rose 2.1%. The shares fell 13.8% in the first half, below the benchmark decline of 10%. In their latest blog fund managers Ailsa Craig and Marek Poszepczynski explore the market’s concern with US drug pricing reform and potential tariffs but explain why they believe the long-term investment case for biotech remains intact.
Mobius Investment Trust’s (MMIT) net asset value per share (NAV) and share price returned 7.2% and 5.8% respectively last month, ahead of the MSCI EM Mid Cap index which returned 4.7% in sterling. MMIT says its performance continued its recovery through June, building on to the positive momentum from May. “Supported by improving visibility for the remainder of the year and a series of strong Q1 results that exceeded expectations, we believe there remains good potential for further recovery, despite ongoing volatility and near-term challenges.” NAV fell 5.7% in the first half of the year with the shares off 3.6%. The discount of the £162m trust has narrowed to 5% ahead of the 100% exit opportunity in November.
Vietnam Holding (VNH) returned 4.4% in June, a “standout month”, outperforming the Vietnam index by 1% with fund manager Dynam Capital reporting the economy and equity markets delivered strength on multiple fronts but with all eyes on the US this month and whether detail on the trade deal struck with the Trump administration justifies the initial optimism.
Tom Treanor, who recently replaced Nick Greenwood as co-manager of MIGO Opportunities (MIGO), yesterday invested £125,407 in the shares, buying 33,442 at 375p on a 4% discount.
JPMorgan Indian (JII) sets the price at which it will buy shares in the tender this month at 1,167.22p.
UK discount hunter City of London Investment Management lifts its stake in Schroder AsiaPacific (SDP) to 23% from 22%. The £797m trust stands on an 11% discount.
US discount hunter 1607 Capital Partners reduces its stake in Strategic Equity Capital (SEC) to 10.8% from 12.0%. The Gresham House managed UK smaller companies trust stands on a 5% discount.
JPEL Private Equity (JPEL) appoints Shore Capital as its sole corporate broker and financial adviser.
Regional REIT (RGL) appoints chartered accountant Sarah Whitney as an independent non-executive director starting on 4 August. She is currently senior independent director of housebuilder Bellway and non-exec and audit chair of JP Morgan Global Growth & Income (JGGI).
