North American Income delivers once more – North American Income (NAIT) had another good year (to January 31, 2019), outperforming its benchmark and delivering income growth, on the back of solid stock selection by its managers. Financial highlights Total return NAV per share rose by 4.8% on a total return basis in sterling terms. This […]
Acorn Income discount widens as investors retreat from small-cap – Acorn Income (AIF), the UK-focused small-cap equity and fixed-income trust, discusses the difficulties it faced in 2018 and the outlook for its strategy, in its annual report published today, covering the year to December 31. The company invests in two portfolios – smaller companies (70-80%) […]
Market responds favourably to EPE Special Opportunities results – The private equity trust, EPE Special Opportunities (ESO), which invests in small and medium-sized companies in the UK mainly, has reported total return declines of 12.5% and 7.1% in its NAV and shares over the year to January 31, 2019. Investors have responded favourable to […]
External forces outmuscle fundamentals as Vietnam Enterprise delivers negative return – Vietnam Enterprise Investments (VEIL) delivered its first negative NAV return since 2011 in the year to December 31, 2018. Total return USD NAV shed 7.1%, which was 2.4% better than the VN Index benchmark. VEIL is managed by Dragon Capital, the largest independent asset […]
UK Mortgages completes £209m fourth securitisation – UK Mortgages (UKML) has announced the successful public sale of £209.15m senior securitised notes. The securitisation is backed by a pool of owner-occupied mortgages originated by The Mortgage Lender (TML) completed between October 2016 and today. It has been purchased by on a forward flow basis by UK […]
RDI REIT breaches LTV Aviva covenant – Following on from a trading update on February 28, 2019, where it was announced that RDI REIT (RDI) had breached a covenant in relation to its debt facility with Aviva (click here to read more on this story, including a QD comment), it has been announced today that […]
Hipgnosis buys six Shawn Mendes songs – Hipgnosis Songs (SONG) has bought a music catalogue of Teddy Geiger’s copyright interest in six global hit songs written for the multi-platinum selling, Canadian singer and artist Shawn Mendes. Shawn became the first artist to have four number 1 songs on the billboard adult Top 40 radio airplay […]
Mercantile Investment underperforms benchmark – The UK-focused £1.6bn market cap trust, Mercantile Investment (MRC), has reported an 8% decline in total return NAV for the year to January 31, 2019, underperforming its benchmark by 1.3%. The fund invests in medium-sized and smaller companies outside of the FTSE 100 index. Portfolio review Winners: Evraz, the producer […]
Woodford Patient Capital discount widens despite NAV growth – Woodford Patient Capital, which mainly invests in early-stage unquoteds, delivered an NAV return of 6.9% in 2018, with several of its more mature holdings potentially being able to seek a listing. The shares performed less well as the discount increased by 8.4% to 15.9% at year-end. […]
Light China exposure helps Aberdeen Asian Income in 2018 – Following a difficult year for Asian stocks, it comes as little surprise that Aberdeen Asian Income (AAIF) has reported a single-digit decline in its NAV. Unlike in 2017, where the fund’s light exposure to China saw it miss out on the technology-fuelled buying spree, it […]
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