In QuotedData’s morning briefing 5 March 2025:
- Murray Income Trust (MUT) announced its interim results for the six months to 31 December 2024.The company’s NAV total return was down 2.1% while the share price total return was down 2.4%. Over the same period, the benchmark rose 1.9%. MUT noted that the underperformance was due to a rebound in more value oriented sectors of the market in addition to some stock specific factors. Despite this, it noted the ongoing positive fundamental performance of the portfolio, noting that typical measures of portfolio quality such as profitability and capital efficiency measures and earnings stability were high in absolute terms and considerably better than the UK stock market (for example, in aggregate, the return on equity and return on assets of the portfolio holdings was 23.3% and 7.4% respectively, compared to the benchmark at 15.6% and 5.6%, respectively). Commenting on the results, chair Peter Tait added; “The current investment portfolio boasts a significantly higher return on equity than the market, meaningfully stronger earnings growth stability than the market and lower gearing than the market – all in all a good quality portfolio currently standing at an attractive discount to NAV.”
- abrdn UK Smaller Companies Growth Trust (AUSC) announced its annual results for the six months to 31 December 2024. The net asset value total return for the period was 1.9% while the share price delivered a total return of 4.9%. The difference between these returns is reflected in the movement in the discount, which narrowed from 12.5% on 30 June 2024 to 10.1%. The company outperformed the reference index, which produced a total return of 0.8%. Discussing the performance and the outlook for the trust, the manager noted; “Our investment process has worked well in the current interest rate environment, proving that we do not need interest rates to be at or near zero for quality smaller companies to perform. We saw strong earnings updates in January from a number of companies in the portfolio, accompanied with positive share-price reactions. Earnings resilience and avoiding profit warnings in the portfolio is particularly important against the volatile market backdrop. The undervaluation of the UK market has been a persistent theme for a number of years, and this remains the case. While UK equities advanced over the course of 2024, they remain undervalued versus history as well as other major markets, providing a foundation on which to build over the course of 2025. Through this uncertainty, we are sticking to our tried and-tested investment process, and backing quality companies that demonstrate earnings momentum and resilience.”
- NewRiver REIT (NRR) has secured a new letting to Sainsbury’s at Cuckoo Bridge Retail Park in Dumfries. Sainsbury’s has taken a new 15 year lease on the former Homebase store on improved rental terms 60% above both the previous rent of Homebase and valuer’s ERV. Sainsbury’s joins B&M, Dunelm, Food Warehouse, Costa Coffee and a Next click & collect pod at Cuckoo Bridge Retail Park.
We also have:
Montanaro UK Smaller Companies announces surprise buyback, raising speculation of Saba exit
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