Overview
Alternative Credit Investments : ACI (formerly – effective 20 October 2020 – Pollen Street Secured Lending : PSSL and formerly – effective 18 September 2019 – P2P Global Investments : P2P) aims to provide shareholders with an attractive level of dividend income and capital growth through investments, directly and indirectly, in consumer and SME loans and in corporate trade receivables that have been originated through online peer-to-peer (P2P) platforms in the UK, US and Europe.
Before changing its name, P2P Global Investments said P2P lending is a fast growing area of finance that matches borrowers and lenders via low cost online platforms. It covers various debt classes including consumers, SMEs and corporates and through dis-intermediating more traditional financial institutions such as banks, allows both borrowers and lenders to achieve attractive interest rates.
The trust may also invest in equity stakes in P2P platforms themselves, whether via direct equity investments or through the acquisition of warrants or other convertible securities.
You can access the fund’s website here
Research History
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08 Jun 2020 8 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by 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 to buy or sell […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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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 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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12 Oct 2018 1 min read
QuotedData’s Economic round up – October 2018
QuotedData’s Economic round up – October 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 […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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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 […]
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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 […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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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 […]
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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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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 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 November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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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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16 May 2017 1 min read
QuotedData’s economic round up – May 2017
QuotedData’s economic round up – May 2017 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 […]
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2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: 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 April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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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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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
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 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 September 2016. october-investment-companies-roundup
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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
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16 Mar 2021 1 min read
QuotedData’s morning briefing 16 March 2021
In QuotedData’s morning briefing 16 March 2021: Hipgnosis plans to publish additional financial information which will help investors understand the underlying performance of its portfolio of songs. At the moment, purchases of new songs distort the company’s income. We now know that the portfolio of songs held on 31 December 2020 would have produced total revenue […]
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03 Nov 2020 1 min read
QuotedData’s morning briefing 3 November 2020
In QuotedData’s morning briefing 3 November 2020 Finally, Waterfall has made its offer to investors in Alternative Credit Investments (ex P2P/Pollen Street Secured Lending). The bid is at 870p per share in cash plus a 12p dividend. It values the fund at £639.2m. This is a 6.3% discount to NAV. The bid is recommended by ACI’s […]
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20 Oct 2020 1 min read
QuotedData’s morning briefing 20 October 2020
In QuotedData’s morning briefing 20 October 2020 Hg Capital has made a further investment in The Access Group. £38.8m of this is coming from the trust and other institutional clients of Hg are investing alongside HGT through the Hg Genesis 8 Fund. Pollen Street Secured Lending has changed its name and is now Alternative Credit Investments […]
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01 Oct 2020 2 min read
QuotedData’s morning briefing 1 October 2020
In QuotedData’s morning briefing 1 October 2020: Octopus Renewables Infrastructure Trust is buying four solar PV sites in Andalucia, which are expected to be ready to build by January 2023. The assets will have a total installed capacity of 175MWp and are expected to become operational in early 2024. The company is not taking any development risk […]
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08 Sep 2020 2 min read
Pollen Street Secured Lending saga drags on
Pollen Street Secured Lending saga drags on – Since 25 February 2020, Pollen Street Secured Lending has been in discussions with Waterfall Asset Management about a possible cash offer by funds advised by Waterfall for the entire issued, and to be issued, share capital of Pollen Street Secured Lending. Deadline after deadline for making an offer […]
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14 Aug 2020 2 min read
Pollen Street announces interim advisory agreement with Waterfall Asset Management
Pollen Street saga announces interim advisory agreement with Waterfall Asset Management – There have been more announcements involving Pollen Street Secured Lending’s (PSSL) future this afternoon, summarised below (you can access our most recent coverage of PSSL’s future, including Honeycomb’s proposed merger attempt by clicking here and here): At 12:40 pm, Honeycomb (HONY) said: “HONY […]
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11 Aug 2020 2 min read
Pollen Street saga continues
Pollen Street saga continues – Yesterday, Pollen Street Secured Lending’s board published a press release in which it rebuffed the merger proposal from Honeycomb. It also said that it intended to announce a replacement manager for the trust very shortly. The board said that the terms of the management agreement would provide significantly lower management and performance […]
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06 Aug 2020 3 min read
Could Bee marvellous: Honeycomb proposes merger with Pollen Street Secured Lending
Honeycomb Investment Trust (HIT) has announced that it has made a proposal to Pollen Street Secured Lending (PSSL) regarding a possible merger between the two. Under the terms of the proposal, PSSL shareholders would receive new ordinary shares in HIT on a NAV for NAV basis. The company says that a further announcement will be […]
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14 Jul 2020 1 min read
QuotedData’s morning briefing 14 July 2020
In QuotedData’s morning briefing 14 July 2020: Pollen Street Secured Lending shareholders remain in limbo as the deadline for Waterfall making an offer for the company is extended again. This time until 5pm on 11 August. Standard Life Private Equity’s estimated NAV edged higher in May to 431.2p from 427.7p. 99% of the valuations of […]
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16 Jun 2020 1 min read
QuotedData’s morning briefing 16 June 2020
In QuotedData’s morning briefing 16 June 2020: Pollen Street secured Lending has confirmed that it will extend the deadline for Waterfall Asset Management to make a bid for the company to 14 July 2020. It reminds us that Investec, the company’s largest shareholder, has given an irrevocable undertaking to accept the bid until 21 August 2020. […]
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21 Apr 2020 1 min read
QuotedData’s morning briefing 21 April 2020
In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time: Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding […]
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24 Mar 2020 1 min read
QuotedData’s morning briefing 24 March 2020
In QuotedData’s morning briefing 24 March 2020: UK goes into lock down, following a number of other European countries BlackRock Greater European will not hold a tender offer in May 2020, reasoning that the discount was under control ahead of the recent volatility Jupiter US Smaller Companies was beating its benchmark at 31 January 2020 […]
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09 Mar 2020 1 min read
QuotedData’s other news 9 March 2020
In QuotedData’s other news 9 March 2020 – Ongoing difficulties in the relationship between Pollen Street Secured Lending (PSSL) and its manager Pollen Street Capital (PSC) continue. PSC has been served notice of the termination of its management agreement (click here to read more). PSC has this morning released a statement (you can access it […]
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05 Mar 2020 1 min read
QuotedData’s other news 5 March 2020
In QuotedData’s other news 5 March 2020 Sirius Real Estate has secured €50m funding through a Schuldschein loan offering a blended interest rate of 1.60%, with an average maturity of 3.7 years. Urban Logistics REIT has topped up the £130m it raised the other day with a further £6.1m from its open offer and offer for subscription. […]
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03 Mar 2020 1 min read
QuotedData’s other news 3 March 2020
In QuotedData’s other news 3 March 2020: AEW UK Long Lease REIT has changed its name to Alternative Income REIT Gresham House Energy Storage managed to raise £31m, despite the ongoing market volatility. It will issue 30m shares at 104p each. The dispute between Pollen Street Secured Lending and its manager, Pollen Street Capital rumbles on. […]
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25 Feb 2020 1 min read
Pollen Street Secured Lending subject of £675m takeover
Pollen Street Secured Lending (PSSL) is in talks with Waterfall Asset Management over a £675m takeover. PSSL has also announced it has axed its investment management agreement due to governance issues. The possible cash offer for PSSL, which invests in corporate loans and peer-to-peer debt, is at 900 pence per share, representing an 8.7% premium […]
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17 Sep 2019 1 min read
P2P Global Investments changes name to Pollen Street Secured Lending
P2P Global Investments changes name to Pollen Street Secured Lending – P2P Global Investments (P2P) announces that it has resolved to change the name of the company to Pollen Street Secured Lending plc, with immediate effect. The change in company name had been approved by the board and the company’s shares will trade under the new name on […]
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1 min read
QuotedData’s other news 17 September 2019
In QuotedData’s other news 17 September 2019 – Civitas Social Housing, announced the appointment of Liberum Capital Limited as joint corporate broker to act alongside Cenkos Securities PLC, the company’s existing corporate broker. PRS REIT, the new build private homes investors, provided a trading update covering the two months to end-August 2019, since the end of its […]
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27 Aug 2019 1 min read
QuotedData’s other news 27 August 2019
In QuotedData’s other news 27 August 2019 – Adamas Finance Asia has put its interest in Hong Kong Mining Holdings into a new special purpose vehicle, domiciled in the British Virgin Islands, and named this Future Metal Holdings – you can access its website here. The SPV owns Dynamite Win Limited which owns 84.8% of Linfen Zhuangpeng […]
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19 Aug 2019 1 min read
Woodford watch – P2P Honeycomb merger off?
Woodford watch – P2P Honeycomb merger off? – Sky News has a story which you can read here – that merger talks between P2P Global and Honeycomb Investment Trust have collapsed following objections from “several” shareholders in P2P including Aberdeen Standard Investments and Premier Fund Managers. The tie up makes logical sense in that both […]
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24 Apr 2019 1 min read
QuotedData’s other news – 24 April 2019
QuotedData’s other news – 24 April 2019 The board of JPMorgan Russian Securities (JRS) announced this morning that Gill Nott has joined the board of directors as chairman of the US Solar Fund (USF), which commenced trading on the main market of the London Stock Exchange on 16th April 2019 Elsewhere, Henderson International Income (HINT) […]
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23 Jul 2018 2 min read
Artemis Alpha writes down URICA
Artemis Alpha writes down URICA – Artemis Alpha Trust says that its NAV has been reduced by 2.2% as a result of an impairment taken to the value of its holding in URICA Ltd, a company operating in the supply chain finance industry. This represents the total amount originally invested in URICA at cost. The managers did not […]
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30 Nov 2017 1 min read
P2P Global targets 15p quarterly dividend next year
P2P Global targets 15p quarterly dividend next year – P2P Global has presented the results of its strategic review. The merger of the managers completed on 15 September, creating an asset manager (Pollen Street Capital) with gross assets of over £2bn. They have reviewed existing loan origination arrangements and have started repositioning the portfolio towards, […]
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14 Nov 2017 1 min read
P2P Global cuts US exposure
P2P Global cuts US exposure – The Board of P2P Global Investments says that the company has entered into an agreement to sell a significant proportion of its exposure to US consumer loans. The transaction represents a reduction of GBP36.9 million net exposure (4.56% of the NAV as at 30 September 2017) and GBP167.1 million gross […]
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24 May 2017 2 min read
P2P Global manager merging with Pollen Street Capital
P2P Global manager merging with Pollen Street Capital – MW Eaglewood is to be absorbed by Pollen Street Capital. Following an extensive process, P2P Global says it has concluded its review of its investment management arrangements. A joint proposal was submitted by the existing investment manager, MW Eaglewood Europe LLP, and Pollen Street Capital Limited […]
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28 Apr 2017 2 min read
P2P Global management review ongoing
P2P Global’s board say that “2016 was a year of significant challenges, both for the company and its markets. The Board of the company has announced a review of its investment management arrangements, following a year of disappointing performance both on dividend yield and share price. The Board expects to update shareholders on the outcome […]
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04 Apr 2017 1 min read
P2P reviewing management arrangements
P2P Global Investments says that it is conducting a review of its investment management arrangements. Following discussions with MW Eaglewood Europe LLP (the investment manager) and significant shareholders of the company, the board has resolved to initiate a review of the company’s investment management arrangements. The board will update shareholders as to the outcome of the […]
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07 Feb 2017 1 min read
All trust sectors bar one made money in ’16
UK Smaller Companies was the only investment sector to lose money in 2016 despite a turbulent political and economic landscape, new research has revealed. See more here
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28 Sep 2016 1 min read
P2P completes securitisation of Zopa loans
P2P Global Investments has confirmed that it has completed the first securitisation of consumer loans originated via a marketplace platform in the EMEA region. The securitisation is backed by UK consumer loans originated via the Zopa platform. The bonds were rated by Moody’s and Fitch Ratings, and given the ratings of Aa3/AA- on the most senior […]
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26 Aug 2016 1 min read
P2P Global returns fall short of target
The first six months of 2016 was a disappointing period for investors in P2P Global Investments as its share price fell from 1007p to 850p. They paid a total dividend of 25.2p per ordinary share during the period and delivered a NAV return of 2.37%. The Board recognises that investment returns in the first half of […]
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26 Jul 2016 1 min read
P2P cuts fees on leveraged assets
Tucked away in P2P Global’s latest factsheet is an announcement that P2P will amend its fee structure. Currently, the investment manager charges a fee based on a percentage of gross assets (such percentage not to exceed 1.0 per cent). With effect from the June 2016 NAV, the investment manager has decided to waive a portion […]
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10 May 2016 1 min read
Online lenders distance themselves from Lending Club
Both P2P Global Investments and VPC Speciality Lending have come out with statements saying they have no equity investment in Lending Club. VPC Speciality Lending said “it does not hold a position in LendingClub Corp and has never had any exposure to them nor any loans originated by them”. P2P Global said its investment manager is […]
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25 Apr 2016 1 min read
Property and infrastructure trusts see inflows in Q1
Volatility has meant that no investment trusts were launched over the first quarter of this year, while money that was raised was focused around property and infrastructure trusts, according to QuotedData. See more at: http://www.portfolio-adviser.com/news/1028797/property-infrastructure-trusts-inflows-q1#sthash.uWHsqkEA.dpuf
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22 Apr 2016 1 min read
P2P Global let down by widening discount
P2P Global has published its accounts for the year ended 31 December 2015. P2P Global says it achieved positive NAV returns in every month of 2015, delivering a total NAV return of 6.56% for the ordinary shares. The capital raised for the C shares issued in late July 2015 was deployed in Q3 and Q4 2015. […]
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16 Mar 2016 1 min read
Investors nursing losses from star backed peer-to-peer trusts
Investors seeking returns from peer-to-peer lending have been subjected to big swings in share prices since the turn of the year. Peer-to-peer investment trusts have moved from large premiums to discounts as uncertainty has hit the still developing sector. http://www.telegraph.co.uk/investing/funds/investors-nursing-losses-from-star-backed-peer-to-peer-trusts/
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21 Dec 2015 1 min read
The best alternative trusts with attractive entry points
Alternative assets have dominated investment trust fundraising in 2015. A significant portion of the record net £3.9bn raised since the start of the year to 14 September was allocated to higher-yielding vehicles in areas including specialist debt and infrastructure, according to the AIC. www.investmentweek.co.uk/investment-week/analysis/2431475/five-of-the-best-alternative-trusts-with-attractive-entry-points
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18 Dec 2015 1 min read
P2P secures debt funding
P2P Global Investments has announced that it has managed to arrange a £150m secured 3-year multicurrency loan facility with a consortium of institutional lenders. The Company intends to deploy the proceeds of this facility in accordance with its existing investment policy. The Company expects the modest level of gearing at the corporate level arising from the […]
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30 Oct 2015 1 min read
Manchester & London cuts dividend as performance stabilises
Manchester & London has published results for the year ended 31 July 2015. These show that the fund just outperformed its benchmark, the Dow Jones U.K. Total Stock Market Total Return Index, returning 5.0% on net assets vs. 4.8% for the index. The Directors are proposing a final ordinary dividend per share of 1.70p and […]
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31 Aug 2015 1 min read
28 August interim results roundup
A quick summary of interim results for periods ended 30 June 2015 announced on 28 August 2015 Aberdeen Smaller Companies High Income NAV total return 15.8%, share price total return 21.8%. Well ahead of FTSE Small Cap Index ex Investment Companies return of 11.9%. Outperformance helped by bids for Domino Printing and Anite Candover NAV […]
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20 Jul 2015 1 min read
Investment trusts see largest ever new issue
QuotedData reports that the investment trust sector expanded by about GBP2.4 billion over the second quarter of 2015, taking in close to GBP2.9 billion and handing back just over GBP450 million. The firm comments that many of the funds raising money are not designed to throw off high levels of income, suggesting that investors are […]
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18 May 2015 1 min read
The investment trusts backing lending platforms
http://www.thisismoney.co.uk/money/diyinvesting/article-3062370/The-investment-trusts-backing-lending-platforms-10-return.html “Lend-to-save and crowdfunding have become popular areas for investors in recent years and have become an interesting area for debt-focused investment trusts. There are now three investment trusts that put money into these peer-to-peer lending platforms that bypass the banks to connect lenders and borrowers and offer yields of up to 10 per cent. […]
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28 Apr 2015 1 min read
P2P eyes trillion dollar market
P2P Global has published its first set of accounts – covering the period from its IPO in May 2014 to the end of December 2014. By the end of the year the company’s net asset value was 1001.76p (the issue price was 1000p), the shares were trading at a 17.8% premium and it had paid […]
In The Press
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02 Sep 2019 2 min read
Investment trust Insider on P2P and Honeycomb
Investment trust Insider on P2P and Honeycomb – James Carthew: a P2P merger with Honeycomb makes sense One of the more interesting stories that emerged over the summer came from Sky News revealing the collapse of merger talks between P2P Global Investments (P2P) and Honeycomb (HONY) investment trusts. I do not know whether there was any […]
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21 Jun 2019 1 min read
Woodford’s huge P2P sales create deep discount opportunity
Woodford’s huge P2P sales create deep discount opportunity – QuotedData’s James Carthew, interviewed before the Woodford liquidity crisis came to a head, talks about the impact of the liquidation of Woodford’s funds on the P2P lending sector Woodford’s huge P2P sales create deep discount opportunity With Neil Woodford’s massive overhang out of the way, are […]