Abrdn New India lifts the maximum amount it can hold in a single stock; half-year results from Phoenix Spree Deutschland and CVC Income & Growth; plus updates from Baker Steel Resources, UIL and Pantheon International.
Abrdn New India (ANII) amends its policy on single stock exposure to provide the fund manager with more flexibility following changes in the MSCI India index. The maximum holding restriction currently set at the higher of 10% of assets or 2% above the stock’s index weight will be revised with the buffer lifted to 3.5%.
Phoenix Spree Deutschland (PSDL), the £148m Berlin residential property fund on a 35% share price discount, has agreed terms for refinancing its €223.5m debts which mature in a year’s time. It says the new facility will enable the sale of further properties from which capital can be returned to shareholders. Half-year results report condominium sales of €22.4m are ahead of target with full-year disposals expected to be over €30m and reach €55m next year. Net tangible assets edged up to £2.98 from £2.93 per share in the first half as the portfolio value rose by 0.6% on a like-for-like per sqm basis, reflecting stabilisation in the Berlin residential market.
CVC Income & Growth (CVCG/CVCE) achieved a 3.7% total investment return from its diversified debt portfolio in the first half of the year, underpinning a 4.7% total return to sterling shareholders. Half-year results show the exposure to fixed rate high yield bonds was increased to 17.9% from 14.6% with the remainder in floating rate loans. The portfolio has a current yield of 11.8% and a 13.3% yield to maturity in sterling.
Baker Steel Resources Trust (BSRT) failed to have two special resolutions relating to share issuance authority approved at yesterday’s annual general meeting. Resolutions 10 and 11 received 72% support instead of the required 75% due to a late proxy vote in favour that would have resulted in both being approved with 78% of votes.
UIL Limited (UTL) has entered into a short-term A$15m loan facility with Resimac, an Australian non-bank lender in which the fund owns a 31.6% stake through direct and indirect holdings. The related party loan charges 8% interest and is due to be repaid on 27 December.
Pantheon International (PIN), the £1.5bn listed private equity fund, saw a 0.1% total investment return last month with net asset value per share of 510.8p at 31 August driven by higher valuations, investment income and share buybacks in response to its 33% discount.
