M&G Credit Income returned 10.4% in NAV terms over 2023, ahead of the 9% return on its benchmark. The statement says that outperformance came from tightening credit spreads, which drove capital growth and strong income returns supported by higher yielding private assets. The portfolio was substantially protected from interest rate rises and rate-driven volatility by […]
In QuotedData’s morning briefing 28 March 2024: Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. […]
Pershing Square Holdings has published results for the year ended 31 December 2023 and they are good. The NAV return for the year was 26.7% and the share price return 36.0%, outperforming the S&P500 which returned 26.3%. The performance was driven by the underlying portfolio. The portfolio hedges detracted from returns in 2023 but have […]
Baillie Gifford Shin Nippon has published its accounts covering the 12 months ended 31 January 2024 and the figures do not make good reading. Over the year, the NAV declined by 14.9% and the share price by 20.5%. The MSCI Japan Small Cap Index rose by 6.3%. Over five years, the index was up 24.1% while […]
US Solar Fund has announced results for the year ended 31 December 2023. The company’s NAV fell sharply over the year from 96 cents to 78 cents (roughly a 20% fall). You might have thought that the biggest negative impact on the results would have been the increase in interest rates feeding through into a […]
JPMorgan Claverhouse has published its results for 2023. Its returns came in just behind those of the All-Share Index, returning 7.3% in NAV terms to the index’s 7.9%. A widening discount left shareholders with a return of 2.9%. The dividend was increased (the 51st year in a row where this has happened!) to 34.5p from […]
Literacy Capital has published results for the year ended 31 December 2023 and they are very good. The NAV increased by 19.0% and the share price by 30.4% in a period where the All-Share Index only made 7.9%. The NAV per share finished the year at 500.4p and the net asset value now exceeds £300m. […]
In QuotedData’s morning briefing 21 March 2024: Gulf Investment Fund (GIF) is holding its regular 100% tender offer. Shareholders holding shares at the close of markets on 26 March have until 1pm on 11 April to say if they want to tender their shares. Provided that the fund won’t shrink too much (less than 38m […]
The boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) have signed Heads of Terms in respect of a proposed merger of interests to form Henderson European Trust plc. HNE is being folded into HEFT using a s110 scheme. The City Code on Takeovers and Mergers is not expected to apply to the proposals. The combined […]
Oakley Capital Investments has published results for the 12 months ended 31 December 2023. They show that the fund produced an NAV return of 4% for the year, matching the return on the All-Share Index. However, a narrowing discount meant that the return to shareholders was 18%. The dividend for the year is 4.5p. Once […]
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