Half-year results from Allianz Technology, Ruffer Investment Company trims equities, Assura rebuffs KKR and continues to back the offer from Primary Health Properties, plus updates from CVC Income & Growth, Develop North, LMS Capital, Menhaden Resource Efficiency and JPMorgan Emerging Europe.
Allianz Technology Trust (ATT) made a 2.9% investment return in the first half of the year, beating the 0.2% drop in the Dow Jones World Technology index by 3.1 percentage points as the benchmark reflected a “more mixed” performance from “Magnificent Seven” stocks. Read our full story with comment from QuotedData’s James Carthew here.
Ruffer Investment Company (RICA) made its £885m multi-asset portfolio more defensive last month, adding to credit protection positions and trimming equities, which now account for just over 25% as the managers have continued to do this in August. Silver and platinum holdings were sold after they had contributed 1% of the 6.3% increase in net asset value this year to 31 July and with market sentiment “excessively bullish”. The managers have retained a 6% position in gold miners where they see “record high cashflow margins”. NAV per share edged up 0.1% to 295.45p with the share price gaining 0.4% to 285p.
The board of Assura (AGR) has reaffirmed its unanimous support for the increased offer from Primary Health Properties (PHP) after KKR’s statement on Friday morning that moves in AGR and PHP’s share prices meant its cash offer was now superior. “The Assura directors continue to consider that the terms of the increased PHP offer are in the best interests of Assura shareholders and accordingly continue to recommend unanimously that Assura shareholders accept, or procure the acceptance of, the increased PHP offer.” PHP has received acceptances from 8.8% of AGR shareholders, KKR 2.09%.
CVC Income & Growth (CVCG) has completed the change in the master fund in which it invests which it announced on 28 July. The listed debt fund has exchanged its interests in Compartment A of CVC European Credit Opportunities Sàrl for shares in the CVC Credit Partners Performing Credit SCA SICAV-RAIF – Compartment 1 – European Credit Opportunities Fund.
Develop North (DVNO), the £19.5m property loan fund focused on companies in the North of England and Scotland, made a 2.5% total return in the six months to 31 May including 2p per share of dividends, although excluding this NAV per share fell to 79.79p from 79.81p. In May, Dr Sameer Al Ansari, an experienced director and investor in the Middle East joined the board to help develop the company’s growth strategy. Last month the company, whose £21.6m assets are managed by Tier One Capital in Newcastle, announced plans to broaden its investments to include commercial and residential real estate and to raise new capital from investors.
LMS Capital (LMS), the £15m listed private equity fund that entered a managed wind-down in May, says net assets dropped £4.9m to £31.3m in the first half of the year with NAV per share falling to 38.8p at 30 June from 44.8p at 31 December. Half-year results show the reduction was caused by £2.2m portfolio losses, £1.3m from the decline in the dollar against the pound, running costs and expenses for launching the B-share scheme that saw 2p per share returned to shareholders last month.
Menhaden Resource Efficiency (MHN) will make a third cash distribution to shareholders of 36p per share on 29 August, taking the total returned during its liquidation to £1.38 per share. A final payment will be made when its two last unlisted investments are sold, which is expected to be soon.
JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) says the Russian court has suspended VTB bank’s $81.3m claim against the company and eight other JP Morgan entities while the English Appeal court considers its appeal of an earlier decision granting JEMA and the JP Morgan entities an anti-suit injunction. “No further hearing date has currently been set in the Russian court matter. It is possible VTB may appeal the suspension.”
