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Merck Mercuriadis to leave Hipgnosis Song Management after Blackstone deal

Merck Mercuriadis, chairman and founder of Hipgnosis Song Management (HSM), the manager of Hipgnosis Songs Fund (SONG) has given notice of his intention to step away as chairman of HSM, effective upon closing of the proposed acquisition of SONG by Blackstone, which is expected to become effective on 29 July 2024 (click here to see […]

27 Jun 2024

SDCL Energy Efficiency Income NAV impacted by higher discount rate

SDCL Energy Efficiency Income Trust (SEIT) has published its annual results for the year ended 31 March 2024, during which its NAV has fallen to 90.5p per share as at 31 March 2024 from 101.5p a year prior. This includes a reduction of 11p from a 90bps increase in weighted average unlevered discount rate during […]

26 Jun 2024

Bankers slimming down portfolio to focus on best ideas

Bankers (BNKR) has announced its interim results for the half year ended 30 April 2024. The trust delivered a strong NAV total return over the six months of 17.5% (2023: 8.1%) and a share price total return of 21.5% (2023: 5.4%), both returns outperforming the benchmark index return of 16.6% (2023: 3.5%). The company’s Japanese […]

21 Jun 2024

Reaping what you sow

Prompted by a decent set of results this week, I thought I’d take a look at JPMorgan European Discovery Trust (JEDT). This fund, which used to be known as JPMorgan European Smaller Companies, was beset by poor performance for a number of years. Investors shied away from it as a result, and it tended to […]

19 Jun 2024

Downing Strategic Micro-Cap requisitioned by Milkwood Capital

Downing Strategic Micro-Cap (DSM) has announced that, on 17 June 2024, its board of directors of DSM received a letter from Vidacos Nominees Limited acting as nominee of Milkwood Capital Limited (Milkwood), seeking to requisition a general meeting of DSM. DSM’s board has said that it is in the process of reviewing the legal validity […]

19 Jun 2024

NextEnergy Solar publishes third standalone sustainability & ESG report

In addition to the publication of its annual results today (click here to see our coverage of these), NextEnergy Solar Fund (NESF) has published its third standalone annual sustainability & ESG report – also for the year ended 31 March 2024. The report, which you can read here, runs to over 70 pages and contains […]

19 Jun 2024

NextEnergy Solar shows resilience in face of sectoral challenges

NextEnergy Solar Fund (NESF) has published its annual results for the year ended 31 March 2024. In what is her first annual report as NESF’s chairwoman, Helen Mahy says that the continued macroeconomic backdrop has presented challenges to the sector, but she is encouraged that NESF has continued to show resilience having achieved multiple key […]

19 Jun 2024

Rockwood Strategic moves beyond fixed management fee

Rockwood Strategic (RKW) has published its annual results for the year ended 31 March 2024, during which it provided an NAV and share price total returns of 5.1% and 15.4% respectively, which it says compares to an increase in the FTSE Small Cap (ex-ITs) index of 7.1% and a fall in the AIM All-Share Index […]

19 Jun 2024

International Public Partnerships holdings continue well operationally and financially but lower inflation will negatively impact NAV

International Public Partnerships (INPP) has provided the market with an update on its performance so far this year. It says that its portfolio of over 140 projects and businesses has continued to perform well, both operationally and financially, during the period. Its portfolio continues to deliver essential services to stakeholders, maintaining high levels of asset […]

19 Jun 2024

Personal Assets cautious allocation has not been rewarded

Personal Assets (PNL) has published its annual results for the year ended 30 April 2024, during which it provided NAV and share price total returns of 1.3% and 1.2%, respectively. In comparison, it says that the All-Share Index returned 3.4% and RPI was 3.3%. PNL’s manager, Sebastian Lyon, says that PNL’s “cautious asset allocation has […]

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