NB Private Equity : NBPE

Research History

• 16 Oct 2018 2 min read

  Quarterly Investment Companies Roundup – Third Quarter 2018

  Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018.  This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]

• 11 Jun 2018 1 min read

  QuotedData’s investment companies roundup – June 2018

  QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]

• 11 May 2018 1 min read

  QuotedData’s Economic round up – May 2018

  QuotedData’s economic round up – May 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]

• 18 Apr 2018 1 min read

  QuotedData’s Economic round up – April 2018

  QuotedData’s economic round up – April 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]

• 15 Mar 2017 1 min read

  QuotedData investment companies roundup – March 2017

  Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup

• 27 Apr 2015 1 min read

  The importance of income – where to find it?

  Life used to be simpler. If you had a bit of spare cash or you wanted to save up for something you’d just stick some money in a bank or building society account. If you had a nest egg and wanted to invest it in something safe and live off the income, you’d maybe buy […]

News

• 25 Sep 2024 2 min read

  QuotedData’s morning briefing 25 September 2024 – NAS, NBPE, LMP, IHR

  In QuotedData’s morning briefing 25 September 2024: North Atlantic Smaller Companies Investment Trust (NAS) reported its interim results for the six month period to 31 July 2024. The NAV total return was 8.3% compared to 12.9% in the benchmark index. Performance was adversely impacted by the trust’s large cash holdings and the underperformance of the […]

• 24 Apr 2024 2 min read

  NB Private Equity makes modest progress in 2023

  NB Private Equity Partners says that over 2023 its NAV total return in dollars was 2.3%. A narrowing discount meant that the share price return was better (9.4% in sterling terms). However, over the first quarter of 2024 the NAV return was -1.4%, driven by declines in quoted holdings and foreign exchange headwinds. Dividends for […]

• 11 Jan 2024 2 min read

  NB Private Equity sets out approach to capital allocation

  NB Private Equity has just announced its latest dividend. William Maltby, the chairman said “Today’s announced $22m dividend represents the 23rd consecutive dividend payment to be made to shareholders, taking total capital returned to shareholders via dividends to $338m since 2013. Given the continued strong realisation activity in the portfolio, with $171m of realisation proceeds […]

• 25 Apr 2023 1 min read

  NB Private Equity wraps up challenging year

  NB Private Equity Partners (NBPE) announced annual results for the year-end 31 December 2022. NAV fell 7.5% over the 12-month period with the decline driven by changes in quoted holdings and FX. Despite the falling NAV, the underlying portfolio performance was solid with operating performance of 14% LTM revenue and 12% LTM EBITDA growth, respectively. […]

• 14 Mar 2023 2 min read

  More SVB updates – fortunately not too serious

  A number of funds made comments on the fallout from the collapse of Silicon Valley Bank and Signature – as far as we can tell, there is nothing earth-shattering here. HarbourVest may be worrst-affected. Although as the managers of Polar Capital Global Financials Trust suggest, this episode may not be quite over yet. NB Private […]

• 03 Oct 2022 2 min read

  QuotedData’s morning briefing 3 October 2022

  In QuotedData’s morning briefing 3 October 2022: Jasmine Yeo has been made co-manager of Ruffer Investment Company (RICA). She joins Duncan MacInnes who has co-managed the company since October 2016. Jasmine graduated from Warwick Business School with a degree in international business with Spanish, and joined Ruffer’s UK private client team in 2017. She became […]

• 27 Sep 2022 1 min read

  QuotedData’s morning briefing 27 September 2022

  In QuotedData’s morning briefing 27 September 2022: North American Income Trust (NAIT) beat its benchmark over the six months ended 31 July 2022, returning 5.5% in NAV terms to the Russell 1000 Value Index’s 4.9%. The discount narrowed and that meant the return to shareholders was 8.6%. A dividend of 5p (up from 3.8p last […]

• 29 Apr 2022 1 min read

  QuotedData’s weekly news show 29th April 2022

  Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • NB Private Equity • Vietnam Enterprise This week’s interview was with Robert Guest of Foresight Sustainable Forestry – watch it again here.

• 26 Apr 2022 1 min read

  Good 2021 extends NB Private Equity impressive track record

  NB Private Equity delivered an NAV return of 45.1% over 2021 helped by its underlying investments generating 27% sales growth and 28% growth in EBITDA. $401m wort of realisations were achieved from the portfolio. Shareholders made a whopping 65% return, helped by a narrowing discount, and have made 500% over the past 10 years, over […]

• 21 Oct 2021 2 min read

  QuotedData’s morning briefing 21 October 2021

  In QuotedData’s morning briefing 21 October 2021: Custodian REIT (CREI) has bought a 28,601 sq ft industrial unit on Clifton Moor Industrial Estate, York, adjacent to York’s northern bypass which connects to both the A1(M) and M62. The unit is occupied by Menzies Distribution Limited with a weighted average unexpired term to first break or […]

• 16 Jun 2021 1 min read

  QuotedData’s morning briefing 16 June 2021

  In QuotedData’s morning briefing 16 June 2021 – RTW Venture (RTW) raised gross proceeds of $8.967m following the issue of ordinary shares at a price of $2.07. Further to its announcements on 28 May 2021, Ashoka India Equity (AIE)  announced the results of its initial issue, with applications for 2.85m ordinary shares having been received. The shares will […]

• 21 Apr 2021 2 min read

  NB Private Equity on a roll

  NB Private Equity on a roll – NB Private Equity Partners has published results for 2020. It was a good year for the trust, with NAV growth of 21.4% (in US dollar terms). The chairman also says that there was a high level of portfolio realisations at meaningful valuation uplifts and resilient aggregate underlying portfolio company performance. […]

• 16 Dec 2020 1 min read

  QuotedData’s morning briefing 16 December 2020

  In QuotedData’s morning briefing 16 December 2020: Ruffer backs Bitcoin – in a surprise move, the trust says “One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company’s exposure to gold. The exposure to […]

• 14 Sep 2020 1 min read

  QuotedData’s morning briefing 14 September 2020

  In QuotedData’s morning briefing 14 September 2020:: Martin Currie Global Portfolio (MNP) held up well over its interim results period to 30 June 2020, delivering a total NAV return of 8.4%. The result was well ahead of MNP’s benchmark, at 0.2%. MNP sits in the global sector, with healthcare and technology making up about half of […]

• 04 May 2020 1 min read

  QuotedData’s morning briefing 4 May 2020

  Some encouraging signs from around the world, with countries ranging from Italy, Portugal, Thailand and Nigeria, beginning to ease lockdowns. NB Private Equity Partners (NBPE) agreed with Massachusetts Mutual Life Insurance Company to increase the existing credit facility by $50m to $300m. Downing Strategic Micro-Cap (DSM) reported annual results to 29 February 2020, with the […]

• 26 Mar 2020 2 min read

  QuotedData’s morning briefing 26 March 2020

  In QuotedData’s morning briefing 26 March 2020: As the excitement of yesterday’s $2trn stimulus gave way to the reality of sharply rising cases in the US and stories of a potential uptick in cases in Japan (where the virus seemed to be under control) markets are falling once again. NB Private Equity has increased its borrowing […]

• 15 Apr 2019 1 min read

  QuotedData’s other news – 15 April 2019

  QuotedData’s other news – 15 April 2019 Target Healthcare has completed the acquisition of a property in Formby, Merseyside for approximately GBP6.9 million PRS REIT said that, at 31 March 2019 it had GBP603m in gross development cost, which equates to 3,951 new homes with an estimated rental value (“ERV”) of approximately GBP37.3m per annum […]

• 08 Jan 2019 1 min read

  NB Private Equity accelerates revamp with sale of funds

  NB Private Equity accelerates revamp with sale of funds – NB Private Equity is shifting its focus from investing in private equity funds to making direct investments. The sales process was focused on maximising value to NBPE shareholders both by absolute value and the opportunity cost of holding vs. selling. All fund investments were analysed and a decision […]

• 19 Jul 2018 1 min read

  NB Private Equity sets new dividend target

  NB Private Equity sets new dividend target – NB Private Equity Partners Limited has just declared its second semi-annual dividend  for 2018. The payment of $0.28 per share is a $0.03 increase from the company’s prior dividend and, on an annualised basis, this dividend payment represents a dividend yield of 4.1%. Going forward, NBPE has announced a target yield of 3.0% […]

• 05 Apr 2018 1 min read

  NB Private Equity Partners dollar gains wiped out by sterling strength

  NB Private Equity Partners dollar gains wiped out by sterling strength – The highlights from NB Private Equity’s results for 2017 are: 31 December 2017 Net Asset Value per share of $17.45 increased $1.54 from $15.91 at 31 December 2016. However, in sterling term the move translated to a 2p rise from GBP12.89 to GBP12.91 NAV total return of 13.2% NAV  increase […]

• 16 Oct 2017 1 min read

  Investment Trust Insider on Zero Dividend Preference Shares

  James Carthew: there is a future for quality ‘zeros’ Split capital investment trust Jupiter Dividend & Growth (JDT) is approaching the end of its life. It was launched in December 2005 and is by far the oldest of the ‘splits’ that exist today. However, its articles of association say it must wind up on 30 […]

• 31 Jul 2017 3 min read

  Better year for Growth pool in F&C Managed Portfolio

  Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]

• 01 Jun 2017 1 min read

  NB Private Equity Partners to join FTSE UK series, whilst completing ZDP redemption

  NB Private Equity Partners (NBPE) has announced two corporate updates. The first is that it expects its A shares to join the FTSE All-Share Index and FTSE Small-cap Index, and secondly, it has completed of the redemption of its 2017 Zero Dividend Preference (“ZDP”) Shares. Inclusion in the FTSE UK Index Series On 31 May […]

• 15 Feb 2017 1 min read

  NB Private Equity looks to change listing arrangements

  NB Private Equity Partners has appointed Jefferies International to act as its sponsor and financial adviser as it considers a change in its listing arrangements. It is looking at a  number of initiatives including the potential for increasing the voting rights of the company’s class A ordinary shares (“A Shares”) and a transfer of listing of […]

• 13 Oct 2016 1 min read

  NB Private Equity benefits from Extraction Oil & Gas IPO

  NB Private Equity has announced a 26 cent uplift to its NAV as a result of the initial public offering (IPO) of its portfolio company Extraction Oil & Gas Inc (NASDAQ: XOG) which occurred on 11 October 2016. Extraction is a U.S. based energy company focused on the exploration and production of oil and gas reserves in […]

• 14 Sep 2016 1 min read

  NB Private Equity Partners sees strong demand for ZDP rollover and placing

  NB Private Equity Partners has announced that it has issued 50m new 2022 Zero Dividend Preference Shares (2022 ZDP shares), at 100p each, raising £50m. The issue was conducted by way of a rollover offer of the company’s 2017 ZDP Shares, into 2022 ZDP Shares, and an offer for subscription and the initial placing of […]

• 23 Aug 2016 1 min read

  NB Private Equity interims

  NB Private Equity reports that at 30 June 2016 its NAV was $14.61, up from $14.35 per Share at 31 December 2015. NB Private Equity’s NAV increase of $12.6 million during the first six months of 2016 included: – $18.4 million of yield income and dividends, or $0.38 per Share – $17.2 million of realised gains, or $0.35 […]

• 08 Aug 2016 1 min read

  NB Private Equity plans new ZDP issue

  NB Private Equity is planning to issue a new class of ZDPs with a maturity in 2022. At the same time they plan to offer holders of their 2017 zeros the chance to rollover into the new issue. They are hoping for a total issue size of £50m. The new ZDPs would be issued at […]

• 15 Mar 2016 1 min read

  NB Private Equity reports record distributions in 2015

  NB Private Equity reports that, at  31 December 2015, its NAV per Share was $14.35, up from $14.24 NAV per Share at 31 December 2014. this translated into a 4.9% NAV total return during 2015. They say this was driven by unrealised gains on private equity and public holdings as well as cash and payment-in-kind (“PIK”) interest on its income investment portfolio. […]

• 25 Aug 2015 1 min read

  NB Private Equity NAV uplift driven by sales

  NB Private Equity has announced interim results for the first half of 2015. It is reporting a 2.6% increase in Net Asset Value to $713.0 million (31 December 2014: $694.8 million). This was driven by unrealised gains on public and private equity holdings as well as cash and payment-in-kind (“PIK”) interest on its income investment portfolio. Of the $45.1m uplift […]

• 28 May 2015 1 min read

  British Empire’s Japan underweight proves costly

  British Empire, chaired by Strone Macpherson (pictured), has reported total returns of 7.2% on both its net assets and shares for the six months ended 31 March 2015. These numbers are behind the returns on all the indices that British Empire uses to benchmark its performance. The Morgan Stanley Capital International All Country World ex-US Index total return […]

• 24 Apr 2015 1 min read

  Cayenne Trust says considering proposals for future of the company

  The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]

• 11 Mar 2015 1 min read

  NB Private Equity has profitable and transformational year

  NB Private Equity has announced results for the year ended 31 December 2014 and an estimated net asset value for 28 February 2015. The total return on net asset value over the course of 2014 was 16.2%. The discount narrowed and this propelled the total return to shareholders up to 26.9%. They say strong performance […]

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In The Press

• 04 Dec 2023 1 min read

  Investment trust insider on NB Private Equity

  Investment trust insider on NB Private Equity – James Carthew: Co-investments give NBPE pick of private equity pie Last week I caught up with Paul Daggett, one of the managers of NB Private Equity (NBPE), as he visited investors in the UK on a trip from his Dallas base. I get a sense that after […]

• 09 Aug 2023 2 min read

  Private equity trusts hold up well despite heavy discounts

  By Val Cipriani, Investors Chronicle, August 8, 2023: Private equity trust valuations have broadly held up so far this year despite higher interest rates leading to pessimism and huge discounts across the sector. Private equity net asset values (NAVs) are published with a few months of delay, so most of the data currently available refers […]

• 20 Apr 2023 1 min read

  Delving into the dividend: nine income trusts delivering top total returns

  by Kyle Caldwell from interactive investor, 19th April 2023: There are sound reasons to look beyond ‘dividend hero’ investment trusts, as this research shows. Many investors like to buy funds and investment trusts that invest in dividend-paying companies or income-producing bonds… Investors should look beyond the dividend heroes However, investors should not just simply stick […]

• 13 Jun 2022 1 min read

  Investment trust insider on funds of funds

  Investment trust insider on funds of funds – James Carthew: Flexible trusts of trusts pick private equity From time to time, I find it is worth checking up on what managers of the funds of funds in the AIC Flexible Investment sector have been up to – managers such as Peter Hewitt of BMO Managed […]

• 26 Jul 2021 1 min read

  Trust Watch: ‘Cheap’ biotech & a 6%-yielding property play

  Lots in this week’s review with strong updates from private equity trusts 3i and NBPE, biotech funds showing value and Waverton lining up a launch. By Gavin Lumsden, Investment Trust Insider, 23 Jul, 2021 3i and NBPE impress Fifth-placed 3i Group (III) rallied over 8% in the week to Thursday, half of it coming yesterday after the UK private […]

• 03 Nov 2020 2 min read

  Investment trust insider on private equity

  Investment trust insider on private equity – James Carthew: private equity trusts are just way too cheap I have been saying for a while that discounts on private equity trusts are too wide. When I last wrote about this in May, confidence in the sector had been hit by the pandemic. Listed share prices were already […]

• 06 May 2020 1 min read

  Investment trust insider on private equity

  Investment trust insider on private equity – James Carthew: ‘stale’ private equity trusts are just too cheap I spoke to the managers of ICG Enterprise (ICGT) last week after the publication of annual results showing the private equity trust made an 11.2% return on net assets in the year to 31 January, beating the FTSE All […]

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