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News
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21 Apr 2017 6 min read
Aurora’s manager gets behind Mike Ashley
Aurora has announced its results for the 10-month period from 29 February 2016 to 31 December 2016. Its chairman, Lord Flight (pictured), explains that reason for the ‘short year’ is to align Aurora’s accounting period with that of its Investment Manager, Phoenix Asset Management Partners, who have been in place for approximately 15 months, following […]
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28 Mar 2017 1 min read
ICG Enterprise refinances bank facilities
ICG Enterprise Trust PLC has announced the successful refinancing of part of its bank facilities. The Company has access to total bank facilities of GBP100 million, half of which is denominated in sterling and half in euros. These are jointly provided by The Royal Bank of Scotland and Lloyds Bank. Of the total facilities, GBP40 million […]
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13 Dec 2016 2 min read
New co-manager on Lowland
Lowland Investment Company says that its net asset total return for the year ended 30 September 2016 was 12.2% which compares to a 16.8% return for the UK market and an 8.6% return on the Numis Smaller Companies Index. The total dividend for the year will be 45p, which is an increase of 9.8% over […]
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22 Nov 2016 3 min read
Schroder Income Growth raises dividend for 21st consecutive year
Schroder Income Growth Fund has published its annual financial report for the year ended 31 August 2016. A total return of 8.4% for the net asset value compared unfavourably to a total return of 11.7% for the FTSE All-Share Index. The share price produced a negative total return for the year of 0.8%, reflecting a widening in […]
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19 Aug 2016 1 min read
Aurora hit hard by Brexit vote
Aurora has published its first set of interims since changing its investment approach and its year end. Because the Company’s year end has been brought forward to December 31st , this report covers the four month period from March 1st to June 30th. Since the year-end on February 29th , the NAV per share declined […]
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17 Aug 2016 1 min read
Threadneedle UK Select caught out by mining rally
In the six month period ended 30 June 2016, Threadneedle UK Select’s net asset value total return was 1.4%, compared with the 4.3 % total return from the FTSE All-Share Index, the benchmark against which the Investment Manager’s performance is measured. Earnings per share for the half year amounted to 4.16p (30 June 2015: 8.21p). The Board […]
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25 Jul 2016 1 min read
Temple Bar hit by Brexit
During the six month period to 30 June 2016 Temple Bar generated a net asset value total return of 3.8%, slightly underperforming the benchmark FTSE All Share total return of 4.3%. A notable feature of the period was the long awaited out-performance of larger companies relative to their smaller brethren; the FTSE 100 Index delivered […]
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08 Jul 2016 3 min read
IT exposure benefits Schroder UK Growth
Schroder UK Growth’s results for the year ended 30 April 2016 show that the Company’s NAV returned -4.4%, while the share price returned -4.9%. This compares with an equivalent return of -5.7% by the FTSE All-Share Index over the same period. The Directors have declared a second interim dividend of 2.60p per share, making a total […]
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16 Jun 2016 6 min read
Aurora publishes first annual report since new manager
Aurora Investment Trust has published its first annual report since the management of the company was passed to Phoenix Asset Management. The report covers the year ended 29 February 2016 – Phoenix took up the reins on 28 January 2016 so most of the performance of the fund over this period is attributable to the […]
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07 Jun 2016 3 min read
Perpetual Income Growth doubles dividend over ten years
Perpetual Income & Growth has published results for the year ended 31 March 2016. Over that period its net asset value was unchanged. By contrast, the return on the FTSE All-Share Index was -3.9%. The discount widened however and so the return to shareholders was -2.9%. The dividend was increased by 4.1% to 12.8p and […]
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26 May 2016 4 min read
Edinburgh Investment Trust sees strong benefits from its Tobacco holdings
The Edinburgh Investment Trust, managed by Mark Barnett (pictured), has announced its annual results for the year ended 31 March 2016. During the year, the trust produced an NAV total return +4.6% (with dent at market value) versus a negative return of 3.9% for the trust’s benchmark, the FTSE All-Share Index. The company’s share price total […]
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12 May 2016 2 min read
Beazley boosts performance and dividend for JPM Income & Capital
JPMorgan Income & Capital reports its net assets fell during the year ended 29th February 2016, reflecting a general market decline. The total return on the Company’s assets for the year ended 29th February 2016 was a negative 5.5%. This represented an over-performance of 1.4% against the composite benchmark (comprising 90% FTSE 350 Index, excluding […]
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27 Apr 2016 1 min read
Banking exposure holds back Fidelity Special Values
Fidelity Special Values says its net asset value underperformed the benchmark over the six month reporting period to 29 February 2016, returning -2.7% against -1.2% for the FTSE All-Share Index. The return to shareholders was -3.9%. Alex Wright, the manager, says overall performance was impacted by negative investment surrounding some key holdings in the banking sector, […]
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04 Apr 2016 1 min read
Aberdeen Private Equity gets new bank facility
The Board of Aberdeen Private Equity Fund Limited has announced that it has signed a supplemental agreement to amend the terms of its existing secured £15m multi-currency revolving credit facility with Lloyds Bank plc to a secured £40m four year multi-currency revolving credit facility. The facility will be available for general corporate and working capital purposes in accordance […]
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18 Mar 2016 2 min read
Dunedin to pay 16p interim dividend following CitySprint realisation
Dunedin Enterprise has announces its annual results for the year ended 31 December 2015. During the year the companies NAV total return was flat whilst it share price fell 7.5%; both underperforming the FTSE Small Cap Ex-Investment Trusts Index, which returned 13.0%. At the end of February, the trust announced that, following consultation with the […]
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30 Nov 2015 3 min read
Keystone profits from tobacco exposure
Keystone Investment Trust has published its accounts for the year ended 30 September 2015. On a total return basis (i.e. including income), the FTSE All-Share Index returned -2.3% over the year. Keystone however managed a return on net assets of 6.4% and a return to shareholders of 7.3%. The base dividend was increased slightly from […]
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26 Nov 2015 2 min read
Troy Income and Growth benefits from cyclical underweights
Troy Income and Growth Trust has announced its annual results for the year ended 30 September 2015. During the period, the company provided an NAV total return of 11.2% and a share price total return of +11.7%. Both of these are noticeably ahead of the total return performance of the FTSE All-Share Index of -2.3%. […]
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24 Nov 2015 3 min read
Tobacco exposure drives Perpetual Income & Growth’s outperformance
Perpetual Income & Growth has published interim figures for the six months ended 30 September 2015. The FTSE All-Share Index returned -7.2% over this period but Perpetual Income & Growth returned -0.2% on net assets and the return to shareholders was +2.4% (the shares moved from a 3% discount to 0.1% discount). The dividend for […]
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17 Nov 2015 3 min read
Edinburgh Investment Trust holds up well and moves to premium
Edinburgh Investment Trust has announced results for the six months ended 30 September 2015. The FTSE All-Share Index delivered a negative total return of -7.2% over this period but Edinburgh’s net asset value total return was +1.1% and, as the fund moved from trading on a 3.5% discount to a 1.7% premium, shareholders got a return […]
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11 Nov 2015 1 min read
F&C UK Real Estate finalises new borrowing arrangements
F&C UK Real Estate, managed by Ian McBryde (pictured), announced in its interim results, released on 29 September, that the Board had been considering refinancing the company’s existing loan facility with Lloyds Bank, which is due for repayment in January 2017, and had agreed terms to refinance this through a new long-term term loan facility with Canada […]
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29 Sep 2015 1 min read
HarbourVest extends credit facility by $200m
HarbourVest Global Private Equity has announced the successful renewal of its multi-currency credit facility with Lloyds Bank plc. HVPE has refinanced the facility, which will increase from $300 million to $500 million with immediate effect. The increased commitment has been provided by a new lender, Credit Suisse AG, which has committed $200 million alongside the existing […]
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3 min read
F&C UK Real Estate debt refinance will improve dividend cover
F&C UK Real Estate reports that its net asset value total return for the year was 22.7% and its shares moved to trade at a 2.6% premium, improving the return to shareholders to 24.9%. four quarterly dividends of 1.25p, totalling 5p are payable for the year and the Board say it is the intention of the Group to continue to pay […]
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24 Sep 2015 2 min read
Widening discount holds back Merchant Trust’s returns
Merchants Trust reports a 2.8% return on net assets for the six months ended 31 July 2015 and a -1.1% return to shareholders as the discount widened from 0.4% to 4.3%. The return on the FTSE100 Index for the period was 1.2%. Dividends for the first half totalled 12p, 1.7% higher than the pervious year. […]
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05 Mar 2015 1 min read
UK Commercial Property life extension and discount control
UK Commercial Property has two debt facilities. One of £80m, provided by Lloyds Bank, expires in June 2015 and the other of £150m, Provided by Barclays Bank, expires in May 2018. the company wants to refinance the Lloyds loan and has found a new lender that is prepared to lend it money for 12 years. Interest is […]
