Overview
Dolphin Capital Investors describes itself as a leading global investor in the residential resort sector in emerging markets. It buys large seafront sites in the eastern Mediterranean, Caribbean and Latin America and develops leisure-integrated residential resorts, partnering with some of the world’s most recognised architects, golf course designers and hotel operators.
Dolphin Capital Investors seeks to generate strong capital growth and cash returns for its shareholders. Since its inception in 2005, Dolphin has become one of the largest private seafront landowners in Greece and Cyprus. Dolphin Capital Investors’ portfolio is currently spread over 63 million m² of prime coastal developable land and comprises 14 large-scale, leisure-integrated residential resorts under development in Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and a 49.8% strategic participation in Aristo Developers Ltd, the largest developer and private land owner in Cyprus.
The fund’s website can be found here.
Fundamentals
Price
Research History
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14 Sep 2023 17 min read
QuotedData’s Real Estate Monthly Roundup – September 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data August’s biggest movers in price terms are shown in the charts below. The property sector remains in a state of limbo as investors await signs that interest rates have peaked. The median share price of REITs and listed property companies was down 2.4% over the month […]
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14 Jul 2023 12 min read
QuotedData’s Real Estate Monthly Roundup – July 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data June’s biggest movers in price terms are shown in the charts below. Sticky inflation in the UK and the Bank of England’s 0.5% hike in interest rates, which now sit at 5.0%, their highest level in 15 years, saw uncertainty return to the property market. The […]
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16 May 2023 13 min read
QuotedData’s Real Estate Monthly Roundup – May 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data April’s biggest movers in price terms are shown in the charts below. Property stocks returned to positive territory in April after months of losses due to the impact of higher interest rates on valuations. The first signs of values stabilising are starting to feed through with […]
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25 Apr 2023 8 min read
QuotedData’s Real Estate Quarterly Review – First Quarter 2023
Real estate quarterly report Kindly sponsored by abrdn Headwinds mount up The headwinds facing commercial real estate continued to mount up in the first quarter of 2023, reflected in an 8.9% average share price fall across the sector. Already reeling from the impact of higher interest rates on valuations, the collapse of Silicon Valley Bank […]
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06 Apr 2023 13 min read
QuotedData’s Real Estate Monthly Roundup – April 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data March’s biggest movers in price terms are shown in the charts below. Property stocks tumbled further in March as stubborn inflation and a further interest rate hike was announced by the Bank of England. The median average share price fall across the sector was 7.9%. Perhaps […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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30 Jan 2020 12 min read
QuotedData’s Real Estate Annual Review – 2019
Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]
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07 Oct 2019 6 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz 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 […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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4 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup 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 any of the […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 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 August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 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 July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 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 June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 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 January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – 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 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 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 January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
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 November 2016. december-investment-companies-roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
News
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18 Jun 2024 2 min read
QuotedData’s morning briefing 18 June 2024 – ADIG, SYNC, RESI, DCI, SONG, SEIT
In QuotedData’s morning briefing 18 June 2024: abrdn Diversified Income & Growth (ADIG) has announced details of its planned return of £115m of capital (38p per share) via a B share scheme. The distribution needs to be approved at a meeting that will be held on 3 July 2024. The money should be with shareholders […]
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06 Apr 2023 3 min read
QD view – Unpicking Dolphin Capital’s chequered past
“One of the greatest wealth transfers from shareholders to managers in listed history.” That was the assessment of Sean Hurst, incoming chairman of Dolphin Capital Investors – the small-cap high-end resort developer focused on eastern Mediterranean. The board is tasked with overseeing the sell-off of the company’s remaining assets and returning as much money as […]
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20 Mar 2023 1 min read
Dolphin Capital fires manager following “undisclosed” property agreement
The board of Dolphin Capital Investors has terminated the Investment Management Agreement (IMA) between the company and Dolphin Capital Partners (DCP) with immediate effect. It says that DCP “entered into an undisclosed option agreement with the purchaser of the Amanzoe resort in Porto Heli, Greece at the same time that the company sold its interest […]
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30 Sep 2022 5 min read
QuotedData’s morning briefing 30 September 2022
In QuotedData’s morning briefing 30 September 2022: NextEnergy Solar Fund (NESF) has announced that it has increased the commitments available under its Revolving Credit Facility (RCF) with AIB Group (UK) Plc and NatWest from £75m to £135m – an increase of £60m. The additional commitments have been agreed at a margin of 120bps over SONIA […]
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19 Jul 2021 2 min read
QuotedData’s morning briefing 19 July 2021
In QuotedData’s morning briefing 19 July 2021: BB Healthcare (BBH) has published its half-year results for the six months to 31 May. Its share price total return was 8.3% while its NAV return was 7.1%, both ahead of the MSCI World Healthcare Index which was up 3.9%. BBH’s shares traded, on average, at a 1.2% premium […]
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01 Jul 2021 3 min read
QuotedData’s morning briefing 1 July 2021
In QuotedData’s morning briefing 1 July 2021 LXi REIT (LXI) has raised gross proceeds of £100m as part of its placing after announcing its intention to raise £75m on 24 June. The placing was significantly oversubscribed and therefore a scaling back exercise was implemented. A further £4m of gross proceeds pursuant to the PrimaryBid offer was […]
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30 Jun 2021 2 min read
QuotedData’s morning briefing 30 June 2021
In QuotedData’s morning briefing 30 June 2021: International Public Partnerships is looking to raise money by issuing shares at 165p, a 15% premium to the end December 2020 NAV (adjusted for the 3.68p dividend declared since). The company has £56m of drawings on its debt facility and upcoming investments worth about £100m, including its investment in […]
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02 Apr 2019 2 min read
Dolphin Capital asset disposals gather pace in 2018
Dolphin Capital asset disposals gather pace in 2018 – Dolphin Capital (DCI), the Mediterranean focused developer and investor in luxury residential and resort projects, made a number of sales in 2018 as part of ongoing efforts to fully divest its portfolio. Taking into account deferred tax liabilities, NAV was down 14% in the year to […]
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02 Aug 2018 2 min read
Dolphin sells Amanzoe
Dolphin sells Amanzoe – Dolphin Capital Investors has agreed to sell its 100% interest in Amanzoe and 20 of its Kilada Hills Golf plots to Grivalia Hospitality S.A.. Grivalia is managed by Grivalia Properties, a real estate investment company listed on the Athens stock exchange. It also acquired DCI’s interest in Pearl Island, Panama in January 2017. […]
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22 Jan 2018 1 min read
Dolphin Capital sells Sitia Bay project
Dolphin Capital sells Sitia Bay project – Dolphin Capital Investors says that it has entered, on 18 January 2018, into an agreement for the disposal of its 77.8% interest in the Sitia Bay Resort project, the Group’s residential resort development in Sitia, eastern Crete, to its minority partner in the project, Iktinos Hellas S.A. EUR1.4m […]
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09 May 2017 1 min read
Investment Trust Insider on TR Property
Many investors have a bias against funds of funds because they charge management fees on top of the fees being paid to the managers of the funds in their portfolios. Often though, these funds do produce decent performance. One listed fund of funds exemplifies this situation – TR Property (TRY) managed by Marcus Phayre-Mudge only […]
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05 May 2017 2 min read
Dolphin NAV’s crashes as Aristo takes its toll
Dolphin NAV’s crashes as Aristo takes its toll Annual Financial Results for the year ended 31 December 2016 show that Dolphin Capital, an investor in high-end residential resorts in the eastern Mediterranean, saw its gross Assets of drop to EUR466 million (2015: EUR911 million). The sterling NAV per share as at 31 December 2016 stood at 25p before […]
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18 Jan 2017 2 min read
Dolphin Capital Investors disposes of interest in Pearl Island
Dolphin Capital Investors (Dolphin) has announced that it has entered into an agreement for the disposal of its 60% interest in Pearl Island, a private island development off the coast of Panama, to Grivalia Hospitality S.A. (Grivalia). Dolphin is to receive a cash consideration of €27m, before related tax and fees, which it says represents […]
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15 Nov 2016 1 min read
UIL, Industrial Multi Property Third Quarter Winners – QuotedData
LONDON (Alliance News) – The best performer in both price and net asset value terms in the third quarter was UIL Ltd, boosted by its largest investment, Australian-listed Resolute Mining Ltd, which benefited from a strong gold price. Industrial Multi Property Trust PLC and Kubera-Cross Border Fund Ltd both saw recoveries in their share price […]
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2 min read
Dolphin sells Playa Grande golf resort
Dolphin Capital Investors has entered into an agreement for the disposal of its Playa Grande Golf and Resort project, including the Amanera resort, in the Dominican Republic to Third Point LLC. The deal is being done an enterprise value of EUR140 million which represents a 10% discount to the project’s carrying gross asset value as at […]
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01 Oct 2016 1 min read
Dolphin sells Aristo at 70% discount
On 29 September 2016 Dolphin Capital signed a binding agreement to sell its 49.75% stake in Aristo Developers Ltd (“Aristo”) to Mr. Theodoros Aristodemou for a EUR45 million cash consideration. This represents a 70% discount to the carrying value as at 31 December 2015 on a pro-forma basis reflecting Aristo’s debt restructuring agreed with Bank […]
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01 Jul 2016 2 min read
Dilutive share issue behind 44% NAV drop for Dolphin
Dolphin Capital announced results on 30 June 2016 that cover the year to the end of 31 December 2015 – so these figures are quite a bit out of date. The dramatic 44% NAV drop is mainly down to a dilutive share issue. We have just reproduced the key points from the statement: Gross Assets of […]
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21 Apr 2016 1 min read
Top ten risers and fallers in March
http://view.ceros.com/citywire/it-insider-april-2016/p/21 Investors appeared to have a greater appetite for risk during March, with trusts which have invested in Brazil, Latin America, and Russia all featuring in the top 10 risers.
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16 Mar 2016 1 min read
London’s Natural Resources Funds Saw Gains In February
London-listed funds with exposure to commodities and natural resources saw their fortunes improve in February, according to analysis by research firm QuotedData. See more at: http://www.morningstar.co.uk/uk/news/AN_1458113487917777800/londons-natural-resources-funds-saw-gains-in-february—quoteddata.aspx#sthash.x209LJ8E.dpuf
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22 Jul 2015 1 min read
The Investment Trust winners and losers in Q2
UK smaller companies funds feature quite prevalently in the lists on the back of a decisive election result in the UK and some funds close to the end of their lives made significant progress during the quarter for stock specific reasons. http://whichinvestmenttrust.com/the-investment-trust-winners-and-losers-in-q2/
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16 Jul 2015 1 min read
Small company investment trusts got election boost
Investment trusts specialising in smaller companies were among the top performers of the past few months after a decisive election result improved confidence in the sector, new research shows. But commodity and Asia-focused investment trusts were among the stragglers as investors shunned stocks exposed to an economic slowdown in China or a US rate rise, […]
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30 Jun 2015 1 min read
Dolphin statement on Greek capital controls
Dolphin has put out a statement following the imposition of capital controls within Greece. It says the cash balances of the Group’s subsidiaries deposited with banks operating in Greece as at 26 June 2015 amounts in aggregate to €1.5m and the largest part of the Greek deposits relates to working capital used in the operations of […]
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03 Jun 2015 1 min read
Dolphin Capital announces capital raise and rejig of fees
Dolphin Capital has this morning announced a series of measures that they believe will help narrow their discount to asset value. In a nutshell, they are raising €75m (but we don’t know the price yet so it’s not clear how dilutive this will be to existing shareholders – the guess would be very as the […]
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25 Feb 2015 2 min read
Boardroom shake up at Dolphin Capital
Dolphin Capital has announced this morning that “Following consultation with the majority of the Company’s shareholders, the Investment Manager, its Nominated Adviser and the existing Board, the new members of the Board and their respective roles will be as follows: Laurence Geller, Independent Non-executive Chairman; Robert Heller, Independent Non-executive Director; Graham Warner, Non-executive Director; Mark […]
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23 Sep 2014 1 min read
Dolphin Capital seeking funding for Jack Niklaus Golf project
DCI : Dolphin Capital seeking funding for Jack Niklaus Golf resort Dolphin Capital has announced results for the half year to end June 2014. The net asset value rose by 5.7% over the period to €0.99 (€0.86 taking deferred taxes into account). They report progress at Amanzoe with one villa sold, more sales under discussion […]
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08 Aug 2014 1 min read
Dolphin Capital refinances its Amanzoe project
DCI : Dolphin Capital refinances its Amanzoe project Dolphin Capital has announced that Colony Capital will loan Dolphin’s Amanzoe project €40m. The money will be used to return a €10m deposit from Archimedia, repay a loan from Dolphin Capital and finance the extension of the project. Amanzoe is an Aman beach club, spa, villa and hotel […]
