Candover’s net asset value rose by 18% to 715p over 2013. The fund’s holding in oilfield services company, Expro International, contributed most to this as its value was written up by £41m. This was offset to some extent by a £14.7m writedown in the value of Stork – which Candover are in the process of splitting […]
Macau Property Opportunities adjusted net asset value rose by 25.5% to $4.95 over the second half of 2013 as the valuation of its property portfolio increased by 24.7%. The disposal of the company’s Zuhai assets (announced recently) has added to the NAV since the year end. Shareholders did even better as MPO’s discount narrowed rom […]
Intu Properties (which used to be known as Capital Shopping Centres) saw its earnings per share fall from 16.1p to 15p in 2013 as a number of tenants entered administration. Property valuations increased by 1.8%, however its net asset value fell from 392p to 380p . Intu has a £1.2bn, 2.6m sq ft, development pipeline £0.7bn of […]
The second half of 2013 was not kind to City Natural Resources whose net asset value fell by 6.7% while its benchmark delivered a positive 3.1% return. CVYN’s discount widened and the share price total return was -8.3%. The managers’ report does not mention any stock specific reasons for the poor performance
Standard Life UK Smaller Companies interim report covering the second half of 2013 shows the fund underperforming its benchmark by some margin (NAV total return 17.6% vs. Numis Smaller Companies ex Investment Companies return of 21.0%). The share price did better than the NAV, returning 19.6%. The manager’s report ascribes the underperformance to lack of […]
Bluefield Solar Income’s first set of figures, covering the period from 29 May to 31 December 2013, has been released. Its net asset value at the end of December 2013 was 97.3p. It declared its first dividend of 2p per share on 19 February 2014 and the statement says it is on track to pay the […]
Japan Residential Investment Company is buying seven residential apartment buildings for YEN9.4bn (£55.3m) at a small discount to a recent valuation. In all the properties contain 419 units and 15,077 sqm of leasable space and are expected to generate a yield of 5.2%
Today’s announcement from Target Healthcare REIT covers the period from its incorporation on 22 January 2013 to 31 December 2013. THRL’s net asset value finished the year at 95.9p; the share price then was 105p. Target owned ten care homes at the end of December and more acquisitions are planned or in progress. The initial […]
F&C UK Real Estate generated a total return to shareholders of 18.9% over the second half of 2013. The net asset value total return for the period was 11.0%, driven by a 6.6% increase in property values, and a rising premium made up the rest. Voids have risen a little but FRCE believes the letting market is good. […]
Ruffer failed to meet its objective of producing an absolute return of at least twice the Bank of England base rate in the second half of 2013 as its net asset value total return was -0.55% over the period. The report points to the strength of sterling, especially against the US dollar, as one factor behind this.
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