The Investment Company (INV) has reported on its last set of annual results as a UK smaller companies investment trust run by Chelverton Asset Management. In the year to 30 June net asset value fell 7.2% to 73.9p per share with some of the decline reflecting the costs of its corporate restructuring, having appointed Dowgate […]
London-listed Vietnam funds have continued to struggle against the extraordinary market rally led by stocks in the conglomerate Vingroup. Annual results from Vietnam Holding (VNH) show it made an underlying 4.5% investment return in the year to 30 June, underperforming the 32.4% rise in the Vietnam All Share index. Shares in the £62m investment company […]
Wealth managers have become more positive on investment trusts with improved performance and a resolution of cost disclosure problems leading to better sentiment, according to a study by Research in Finance. A survey of 158 discretionary fund managers (DFMs) investing in trusts on behalf of financial planners and advisers found 28% expected to write more […]
Cordiant Digital Infrastructure (CORD) is heading for a name change after the Canadian investment group that helped launch the company five years ago resigned. Following a strategic review, Cordiant Capital Inc (CCI) has sold its 50.7% interest in Cordiant Digital Infrastructure Management LLP, a UK limited liability partnership that has provided investment advisory services to […]
Chrysalis (CHRY) has announced its first return of capital in its managed wind-down, saying it will return £25m following the £34m sale of its remaining stake in Klarna, the New York-listed credit provider. The money will be paid out tomorrow through a compulsory purchase of Chrysalis shares at 127p. Having fallen 38% this year, Chrysalis […]
HICL Infrastructure (HICL) has unveiled its first “enhancer” investment designed to boost shareholder returns, ploughing £68m into Hector Rail, the largest private rail freight operator in Scandinavia. The £2.5bn investment company is investing some of its cash resources in the Stockholm-based company alongside other InfraRed-managed funds which together will buy 100% of Hector Rail from […]
Saba Capital has raised its stake in Pantheon International (PIN) to 11.1% from 10.5%. The activist hedge fund bought more shares and total return swaps in the £1.4bn private equity investment trust on a 28% discount last Wednesday. The increase comes around two months after PIN indicated in its annual results that it would make […]
Saba Capital’s Boaz Weinstein is to join the board of SDCL Efficiency Income (SEIT), along with Richard Pavry, the former right-hand man of European fund manager Alexander Darwall, to oversee its managed wind-down. Pavry, former chief executive of Devon Equity Management, Darwall’s firm before its sale to River Global last October, is being put forward […]
JPMorgan Emerging Markets Growth & Income (JMGI) posted a 54.5% portfolio return for the year to 30 June after the £1.6bn investment trust’s asset class enjoyed its best 12 months in a decade. In common with other Asia and emerging market funds, JMGI’s unusually strong growth in net asset value (NAV) was driven almost entirely […]
The flotations of SpaceX and Bending Spoons, the Italian digital retailing platform, powered Schiehallion (MNTN) to a 29.1% investment return in the six months to 31 July. Half-year results show Bending Spoons’ $18.5bn splash provided an even bigger boost for the Baillie Gifford growth capital fund than SpaceX’s record $1.7trn IPO. From January when it […]
