Following consultation with its shareholders, Alliance Trust has announced a raft of measures that the board believes will position the company to “deliver consistent outperformance in a cost-effective manner”. These include changes to the board structure, changes to the management arrangements, focus on cost reductions, disposal of legacy assets and a new benchmark. The board believe the new […]
Henderson Global Trust has published its interim results covering the six months ended 31 July 2015. Over this period the net asset value total return of 1.6% matched that of its benchmark, MSCI All Country World Index (in sterling terms, total return), but a small widening of the discount left the fund with a return […]
Bluefield Solar’s results, covering the year to the end of June 2015, are out. Over the year the fund generated a return on net assets of 6.7% and a return to shareholders of 13.0%. The total dividend for the year was 7.25p – ahead of their target of 7p. The report says the portfolio has performed […]
GCP Student Living has published its annual report covering the year to the end of June 2015. The EPRA NAV rose by 22.3% and the share price by 20.0%. The dividend increased from 5.47p to 5.6p. The EPRA EPS was 5.1p.The total return to shareholders was 26%. The Company’s property portfolio has operated at full […]
In November 2014, Origo shareholders approved a revised investing policy, under which the Company is now, through an orderly realisation programme, seeking to divest its entire portfolio over a period of no longer than 4 years at such time and under such conditions as the independent directors of Origo may determine in order to maximise […]
Jupiter US Smaller Companies underperformed its benchmark over the year to the end of June 2015 – generating an uplift in net assets of 5.5% against a 14.3% return on the Russell 2000 Index. The main reasons were the absence of biotechnology stocks in the portfolio and falls in the values of the fund’s investments in […]
British Empire Securities and General Trust has announced that Joe Bauernfreund will become its named portfolio manager from 1 October 2015. This is a low turnover position (the trust has had just three portfolio managers in the last 30 years). Jo has been with the trust’s managers (Asset Value Investors) since 2002 and has worked […]
Harbourvest Global Private Equity has released its interim results for the six-months ended 31 July 2015. These show the company had US$187m of realisations during the period (a record level) and is reportedly on track to meet the US$356m received during the last financial year. NAV per share increased 6% during the period from US$15.86 […]
TR European Growth beat its benchmark by more than 5% over the year to the end of June 2015, returning 5.3% on net assets against a -0.4% return on the Euromoney Smaller Companies Index (ex UK). Shareholders got the benefit of a narrowing of the discount from 12% to 7.6% as well – meaning that […]
Genesis Emerging Markets underperformed its benchmark over the year to the end of June 2015 – the return on net assets was -1.1% while the return on the MSCI Emerging Markets Index was +3.5%. Unfortunately for shareholders the discount widened as well, from 6.1% to 11.8% and this translated into a -7.2% return to shareholders, […]
