In QuotedData’s morning briefing 24 March 2025:
- New Star (NSI) has published its interim results for the six months to 31 December 2024, during which it generated a modest share price total return of 0.41%. NSI’s NAV per share fell slightly to 169.19p following dividends and a £17m capital return via a B share redemption in August. The trust underperformed its peer benchmark, the IA Mixed Investment 40–85% Shares Index, which returned 2.89%, and global equities (MSCI AC World: 6.76%). A change in investment objective – from capital growth to total return through growth and income – was approved in December. The trust retains a conservative profile, with no gearing and cash representing 13.56% of NAV at period end. An interim dividend of 1.70p per share was declared, unchanged year-on-year. Polar Capital Global Technology, the trust’s largest position, rose 8.9%, aided by continued enthusiasm around AI infrastructure, though the holding was trimmed in Q4 due to valuation concerns. Broader tech exposure via iShares S&P 500 ETF added 9.6%. Elsewhere, Sector Emerging Markets Equity (+8.2%) and Prusik Asian Equity Income (+6.5%) were notable contributors, offsetting weaker returns from Stewart Investors Indian Subcontinent (-4.9%) and UK small-cap names, including Aberforth Geared Value & Income (-17%). Within fixed income, shorter-duration exposure via Schroder Strategic Credit led returns (+4.2%), while longer-dated bond ETFs were broadly flat. The trust’s significant cash holdings also supported income generation. Looking ahead, the manager sees short-term support for US equities from President Trump’s expansionary policies, but warns inflation persistence may keep US and UK rates higher for longer. In that context, the trust remains defensively positioned, favouring short-duration bonds, cash, and undervalued equity markets.
- HydrogenOne Capital Growth (HGEN) has announced that David Bucknall is stepping down from the board effective immediately and that Erik Magnesen has been appointed as a non-executive director of HGEN with immediate effect. Erik is currently chief financial officer of the INEOS Energy Europe group of companies and has been nominated as the board representative of INEOS UK E&P Holdings Limited (INEOS Energy) pursuant to the relationship and co-investment agreement entered into between, inter alia, INEOS Energy and HGEN at launch, replacing David Bucknall. Commenting on these changes, Mr. Simon Hogan, chairman, said “I would like to express my gratitude to David for his extensive and dedicated service as a director of the company. His contributions have been instrumental to the ongoing development of the company.”
- Vietnam Enterprise Investments (VEIL) has introduced an additional US dollar quotation for its sharers on the London Stock Exchange as of today (24 March 2025). VEIL says that the US dollar quote will appear alongside its existing sterling quote and that both quotes will facilitate trading of the same shares. There will be no changes to the legal form or nature of VEIL’s shares as a result of the introduction of the additional quote.
- EJF Investments (EJFI) says it is progressing plans to refinance its 2025 zero dividend preference shares (ZDPs), which mature on 18 June 2025 with a repayment value of approximately £26.9m. The board’s preferred option is to issue up to 28m new 2029 ZDPs, with a gross redemption yield of 8.5%, a term of around 4.75 years, and a cover ratio of at least 3.0x. These would be issued at 100p per share. Holders of the existing 2025 ZDPs would be given the option to roll their holdings into the new issue. Any balance not taken up via rollover would be offered through a placing. Shareholder approval for a new ZDP issue was secured in December 2024, and the company is aiming to publish final proposals, including a prospectus, by the end of April 2025. Plans remain subject to change.
We also have:
Lindsell Train Investment Trust trims LTL stake in staff deal
VietNam Holding reports strong half-year results and optimism builds for 2025
GPE adds West End redevelopment opportunity with £56m One Chapel Place deal
SOHO delivers resilient 2024 results and sets new course with Atrato
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Temple Bar delivers another year of strong outperformance and proposes dividend uplift
Literacy Capital’s long-term track record remains strong despite short-term NAV decline
JPMorgan Claverhouse continues dividend growth streak as managers reposition portfolio
Partners Group Private Equity reports robust NAV total return as distributions boost liquidity
Henderson Smaller Companies’ Neil Hermon to retire at the end of September
