In our recent note on Polar Capital Global Financials – Riding the storm – we noted that its managers had been adding to the trust’s holding of Schroders non voting shares. They reasoned that the shares were cheap on the basis that the discount between the Schroders non-voting and ordinary shares was around 40% – […]
Third Point Investors beat the MSCI World Index in NAV terms over 2021, returning 23.6% to the index’s 22.4%. Shareholders also benefitted from some discount narrowing that occurred in the wake of the actions taken by shareholders such as AVI Global over 2021. The return to shareholders was 31.1%. Buying back 3.1m shares in 2021 […]
NB Private Equity delivered an NAV return of 45.1% over 2021 helped by its underlying investments generating 27% sales growth and 28% growth in EBITDA. $401m wort of realisations were achieved from the portfolio. Shareholders made a whopping 65% return, helped by a narrowing discount, and have made 500% over the past 10 years, over […]
In QuotedData’s morning briefing 26 April 2022: NextEnergy Solar Fund (NESF) has selected North Norfolk solar farm as the site for its first co-located battery storage project. The existing 11MW solar farm will sit alongside a 6MW/12MWh battery system. Planning permission for the co-located battery system has been secured, with construction expected to commence on […]
This morning, Pershing Square published the following letter to its investors. Dear Pershing Square Investor: Today, we sold our investment in Netflix, which we purchased earlier this year. The loss on our investment reduced the Pershing Square Funds’ year-to-date returns by four percentage points. Reflecting this loss, as of today’s close, the Pershing Square Funds […]
Schroder UK Public Private says that over the course of 2021, it generated an NAV total return of 37.4%. However, the share price rose by just 6.8%. The board is considering its options to narrow the discount, including using share buybacks. More cash is available to fund these now – gearing was cut over the […]
Invesco Perpetual UK Smaller Companies says that for the year ended 31 January 2022 the trust returned +18.8% in NAV terms, outperforming its benchmark index, the Numis Smaller Companies (excluding Investment Companies) Index, which returned +15.1%. Shareholders did even better, with a return for the year of 21.9%. That has reversed a little since – […]
Menhaden Resource Efficiency reports an NAV return for 2021 of 17.3% and a share price return of 13.0%. The discount widened to 28%, but the board is resisting share buybacks and instead hopes to narrow this by marketing the trust. There is a 0.2p dividend, enough to satisfy the minimum requirement to maintain investment trust […]
RM Infrastructure Income’s results for 2021 show an NAV total return for the year of 7.6% and a return to shareholders of 16.7%. Dividends for the year totalled 6.5p. The overall portfolio size remained largely unchanged during the year, closing at £130.8m across 34 loans and one wholly owned asset. Eight new loans were made […]
NB Global Monthly Income Fund has published results for the year ended 31 December 2021. Over the year, the share price total return was 14.1% and the NAV total return 5.9%. As of 31 December 2021, the portfolio’s gross yield was 6.3%, and the gross yield to maturity was 6.6%. A monthly dividend of 0.39p was paid […]
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