While AVI Japan ( AJOT) fell in Feb, with NAV down 1.6% for the month, performance for the underlying companies was healthy with TSI Holdings the standout contributor (+20% share price gain adding 110bps to performance). T Hasegawa and NC Holdings detracted with a more difficult cost environment for both weighing on profits. It was […]
Literacy Capital (BOOK) announced a transaction involving its portfolio company, Kernel Global, funded by Three Hills Capital Partners. Kernel is a recruitment group, comprised of two trading brands, that Literacy invested into in June 2018. On 31 December 2022, Kernel was Literacy’s fourth largest investment (equating to 7.6% of NAV). The transaction values Literacy’s stake […]
JPMorgan Claverhouse (JCH) announced results for the year ended 31 December 2022. The Company underperformed its benchmark, the FTSE All Share Index, declining by 4.6% on a NAV basis, and 5.1% in share price terms over the period, compared to a positive return of 0.3% for the benchmark. While management acknowledged the disappointing result, they […]
Fidelity Emerging Markets (FEML) released half year results for the period ended 31 December 2022. The share price was down -2.9%, trailing the MSCI Emerging Markets Index which was -2.19%. NAV fell 3.2% while the discount was 12%. The company highlighted weakness in Chinese material companies amid property sector challenges as the primary cause for […]
JPMorgan Emerging Markets (JMG) announced an impressive half-year result for the period ending 31st December 2022 with a NAV total return of 1.3%, comfortably ahead of its MSCI Emerging Markets Index which was down -2.1%. Share price returns were also strong, growing 5.1% for the period, closing the discount to around 9%. The results continue […]
It was another year of eye catching returns for Riverstone Energy (RSE) which ended the period to 31 December 2022 with a NAV of $14.52 (£11.99) per share, a 17.0% and 30.5% increase in USD and GBP, respectively, compared to the 31 December 2021 NAV of $12.41 (£9.19) per share. Management does not provide a […]
In QuotedData’s morning briefing 1 March 2023: Aquila Energy Efficiency (AEEE/AEET) did fail its continuation vote (as flagged 27 August). By 28 August 2023 (six months after the meeting), the directors will recommend to shareholders whether the company be reconstructed, re-organised or placed into liquidation, having explored all options and determined the best solution including […]
Mintech, a private equity investment of Schroder British Opportunities Trust (SBO) and the leading global provider of price data, analytics, and forecasts for agri-food, announced the acquisition of AgriBreifing. The company specialises in agri-food supply chains and the combined group will have a strengthened financial profile, product offering and customer base, providing: The largest portfolio […]
Third Point LLC, the investment manager of Third Point Investors Limited (TPIL) issued a strongly worded letter to portfolio holding company Bath & Body Works (NYSE: BBWI), citing concerns around the company’s corporate governance and decision-making processes, and has chosen to force an election contest. The American specialty retailer has a market capitalization of approximately […]
European Opportunities Trust ( EOT) posted a 0.4% fall in NAV for the 6 months to 30 November 2022, underperforming its benchmark, the MSCI Europe Total Return Index, which grew 2.1%. Over the past 6 months the discount, which was 13.8% at the last close, has generally been outside the board’s desired parameters. Management believes […]
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