Fidelity Special Values (FSV), the best performer in the admittedly small pool of UK All Companies investment trusts, underlined its supremacy today with annual results showing a 14.3% underlying investment return in the year to 31 August. Good blue chip stock picks and sector positioning in banks, tobacco and life insurers by Fidelity fund managers […]
NB Private Equity (NBPE), a £676m co-investor in unquoted companies in North America and Europe, attempted to generate some excitement over its shares today as it accelerated buybacks and laid out plans for at least $100m of new investments. With the shares standing on a wide 26% discount and yielding 4.8%, NBPE signalled its confidence in the portfolio of 71 companies by saying it was ready to expand the $120m, three-year share […]
Octopus Infrastructure (ORIT) and GCP Infrastructure (GCP) have sought to reassure investors about the “limited” potential impact of the government’s proposals to change the inflation measure used in legacy renewable obligation (RO) and feed-in-tariff (FIT) subsidies. ORIT, a £300m investment trust whose shares labour under a 42% discount to net asset value and offer an […]
HgCapital Trust (HGT), the £2.2bn private equity fund specialising in IT services, grew net asset value (NAV) by 2.4% in the third quarter with NAV per share of 550p at 30 September compared to the current 473.5p share price, putting the shares on a 14% discount. The share price slipped 2.7% in the period although […]
Busy activist hedge fund Saba Capital has expanded its investment company interests with a new 5% holding in RTW Biotech Opportunities (RTW). A stock exchange filing this afternoon shows the New York-based firm owns 2.3% of the £587m investment company through shares with the remaining 2.7% in derivatives, or total return swaps. This makes RTW […]
Government proposals to change the inflation link in existing clean energy incentives have intensified the gloom over the embattled renewables fund sector. Shares in listed renewable energy infrastructure funds slid this week before making a partial recovery after the Department of Net Zero and Energy Security launched a consultation last Friday on changes to the inflation indexation calculation used in the renewables obligation (RO) and feed-in-tariffs (FIT) schemes. […]
BlackRock Greater Europe (BRGE) risked an accusation of style drift today after it accepted the appointment of a new co-manager, Brian Hall, to bring in some “value” stock picking skills after its “growth” approach severely underperformed in its latest financial year. In the 12 months to 31 August the £556m investment trust’s net asset value dropped 6.1%, 17% behind the 10.9% gain in the FTSE World Europe […]
Bluefield Solar Income (BSIF) and its fund manager Bluefield Partners have put themselves up for sale after a majority of the investment company’s shareholders objected to a proposal floated last month for them to merge. The £414m renewables fund has launched a “coordinated” strategic review and formal sales process after shareholders stated their clear preference […]
International Public Partnerships (INPP), the FTSE 250 infrastructure investment company, has reached financial close on its £254.3m equity investment in the construction of Sizewell C, the first new UK nuclear plant to be procured under a regulated asset base model. As announced in July, the £2.3bn Amber Infrastructure managed company will invest £50m a year […]
Asset Value Investors (AVI) has reopened hostilities with Symphony International (SIHL), four years after the activist fund manager unsuccessfully sought to remove its board. In a new broadside, AVI accused the Asian private equity fund of pocketing $10m (£7.7m) in annual management fees while doing nothing to help investors stuck with shares languishing 60% below […]
