Overview
Chrysalis Investments (formerly Merian Chrysalis : MERI) aims to provide access to returns available from investing in later-stage private companies with long-term growth potential, an investment class that has traditionally been difficult to access for individual investors. The company also benefits from the flexibility to continue to support these businesses after they IPO.
The managers believes that private markets represent an attractive investment opportunity. With many businesses choosing to stay private for longer, the market is growing in significance and the opportunity for investment in high-growth, pre-IPO companies is increasingly compelling. Chrysalis will look to make private investments in companies where the valuation appears attractive, particularly against a listed market background. These businesses are typically at an advanced stage of private ownership and beginning to consider an IPO.
you can access the company’s website here
Fundamentals
Price
Research History
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07 Feb 2024 13 min read
Chrysalis Investments – Turned a corner
Chrysalis Investments Investment companies | Update | 7 February 2024 Turned a corner Chrysalis Investments (CHRY) seems to have turned a corner. The welcome 6.5% jump in the NAV over the final quarter of 2023 (see page 11), encouraging news from many portfolio companies, an NAV enhancing (but unnamed) disposal in the works (see page […]
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13 min read
Chrysalis Investments – Turned a corner
Chrysalis Investments Investment companies | Update | 7 February 2024 Turned a corner On some measures, Chrysalis Investments (CHRY) seems to have turned a corner. The manager points towards the 6.5% jump in the NAV over the final quarter of 2023, encouraging news from many portfolio companies, a NAV enhancing (but unnamed) disposal in the […]
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13 min read
Chrysalis Investments – Turned a corner
Chrysalis Investments Investment companies | Update | 7 February 2024 Turned a corner Chrysalis Investments (CHRY) seems to have turned a corner. The welcome 6.5% jump in the NAV over the final quarter of 2023, encouraging news from many portfolio companies, a NAV enhancing (but unnamed) disposal in the works, and the prospects of a […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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26 Jul 2023 17 min read
Chrysalis Investments – Putting growing pains behind it
Chrysalis Investments Investment companies | Update | 26 July 2023 Putting growing pains behind it The last 18 months have been a challenge for Chrysalis Investments (CHRY). However, under the hood, it appears that majority of the portfolio assets have actually performed reasonably well given the circumstances, especially when you consider that one company, Klarna, […]
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17 min read
Chrysalis Investments – Putting growing pains behind it
Chrysalis Investments Investment companies | Update | 26 July 2023 Putting growing pains behind it There is no denying that the last 18 months have been a challenge for Chrysalis Investments (CHRY). However, under the hood, the majority of the portfolio assets have actually performed reasonably well given the circumstances, especially when you consider that […]
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17 min read
Chrysalis Investments – Putting growing pains behind it
Chrysalis Investments Investment companies | Update | 26 July 2023 Putting growing pains behind it There is no denying that the last 18 months have been a challenge for Chrysalis Investments (CHRY). However, under the hood, the majority of the portfolio assets have actually performed reasonably well given the circumstances, especially when you consider that […]
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09 Feb 2023 40 min read
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs 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 […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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09 Sep 2022 32 min read
Chrysalis Investments – Shepherding its portfolio through the storm
Shepherding its portfolio through the storm In its first three years, Chrysalis Investments (CHRY) generated significant NAV and share price returns for investors. Its advisers set out to build an exciting portfolio of fast-growing, disruptive and potentially market-leading companies. An abrupt change in market sentiment towards these types of growth businesses has since impacted on […]
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32 min read
Chrysalis Investments – Shepherding its portfolio through the storm
Shepherding its portfolio through the storm In its first three years, Chrysalis Investments (CHRY) generated significant NAV and share price returns for investors by building an exciting portfolio of fast-growing, disruptive and potentially market-leading companies. An abrupt change in sentiment towards these types of businesses has since impacted on CHRY’s NAV, with falls in the […]
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33 min read
Chrysalis Investments – Shepherding its portfolio through the storm
Shepherding its portfolio through the storm In its first three years, Chrysalis Investments (CHRY) generated significant net asset value (NAV) and share price returns for investors by building an exciting portfolio of fast-growing, disruptive and potentially market-leading companies. An abrupt change in sentiment towards these types of businesses has since impacted on CHRY’s NAV, with […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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10 Aug 2020 7 min read
QuotedData’s Investment Companies Roundup – August 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research 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 July: Seneca Global Income & Growth – […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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01 May 2020 1 min read
QuotedData’s weekly roundup show 1 May 2020
James Carthew’s weekly news roundup show for Friday, 1 May, covers a wide range of topics and includes an interview with Magnus Spence, head of alternative investments at Jupiter Asset Management. Listen back here If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. Next week is VE […]
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07 Feb 2020 6 min read
QuotedData’s Economic Roundup – February 2020
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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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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07 Oct 2019 5 min read
QuotedData’s investment companies roundup – October 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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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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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 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 November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
News
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30 Jan 2025 3 min read
Chrysalis NAV jumps by 11% over Q4 2024
As at 31 December 2024, Chrysalis Investments’ unaudited NAV was 156.62p. That is a 15.36p (11%) increase since 30 September 2024. Most of the increase came from an uplift in the fair value of the portfolio (+11.38p), foreign exchange moves added 1.39p, and the share buyback added 2.76p; other income, fees and expenses make up […]
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10 Jan 2025 4 min read
Majority of Chrysalis’s portfolio continues to perform strongly
Chrysalis (CHRY) has announced its annual results for the year ended 30 September 2024, during which its NAV increased by 4.9% to 141.26p per share, while its share price increased by 50.0% to 93.30p per share, although this was still at a substantial discount to NAV of 34% – down from 54% as at the […]
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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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02 Jan 2025 1 min read
QuotedData’s morning briefing 2 January 2025 – PSH, UEM, CHRY
In QuotedData’s morning briefing 2 January 2025: Pershing Square Holdings (PSH) says Euronext Amsterdam has approved its request to delist from Euronext Amsterdam. The delisting request was submitted by Pershing Square Holdings on 4 December 2024. The last day of trading of the shares on Euronext Amsterdam will be on 30 January 2025 and delisting […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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20 Dec 2024 2 min read
Chrysalis’s sale of Featurespace completes, buybacks to ramp up
Chrysalis (CHRY) has announced that the sale of its entire holding in Featurespace to Visa, as announced on 26 September 2024 (click here to see our coverage of the original announcement), has now completed and all closing conditions have been satisfied. CHRY will shortly receive the initial cash proceeds of £79m with £11m deferred and […]
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15 Nov 2024 1 min read
QuotedData’s weekly news show 15th November 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Baillie Gifford China Growth (0:22) Chrysalis (03:49) AVI Japan Opportunity (09:05) This week’s interview was with Sebastian Lyon from Personal Assets Trust – watch it again here.
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13 Nov 2024 1 min read
Klarna has filed for a US IPO, Chrysalis jumps
Klarna Group says that it has submitted a draft Registration Statement on Form F-1 to the Securities and Exchange Commission (the SEC) relating to a proposed initial public offering (IPO) of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The […]
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01 Nov 2024 3 min read
Jury is out on Reeves’s bumper tax-grab budget
QD view: The budget has been dominating headlines this week. We set the scene and covered the big changes in the budget earlier in the week. The question is, what effect will this have on the UK economy and the trusts that are exposed to it? National Insurance hit to big employers This week’s interview […]
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28 Oct 2024 2 min read
QuotedData’s morning briefing 28 October 2024 – VNH, PIN, CHRY, PPET, BOOK
In QuotedData’s morning briefing 28 October 2024: VietNam Holding (VNH) announced that the final number of shares validly tendered for redemption for 2024 is 3,411,748 shares. This reduced number represents approximately 12.57% of shares in issue as at 31 August 2024. All shareholders who validly applied to have their shares redeemed will receive the redemption price […]
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03 Oct 2024 2 min read
QuotedData’s morning briefing 3 October 2024 – MINI, SHIP, CHRY
In QuotedData’s morning briefing 3 October 2024: Miton UK Micro Cap (MINI) says 31,083,534 shares or 40.4% of its issued share capital, has been put forward for redemption in its annual redemption facility. A statement from the board says “The board continues to believe that the company will be able to generate attractive returns for […]
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27 Sep 2024 1 min read
QuotedData’s weekly news show 27th September 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Chrysalis Investments (0:33) Downing Renewables and Infrastructure (3:11) abrdn Property Income (05:58) This week’s interview was with Paul Niven from F&C Investment Trust – watch it again here.
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3 min read
Chrysalis sells Featurespace to Visa achieving 20% premium to valuation
Chrysalis (CHRY) has signed a definitive agreement with Visa to sell Featurespace “for an undisclosed sum”. However, Chrysalis expects to receive cash proceeds of approximately £89m (gross of deferred payments, typical of this type of transaction; initial consideration is expected to be approximately £79 million), which represent a 20% premium (equating to an NAV uplift […]
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25 Sep 2024 2 min read
Chrysalis makes moves on debt facility to drive capital allocation policy
Chrysalis Investments (CHRY) announced that it has agreed to a £70m debt facility with Barclays Bank. In addition to the committed £70m, the facility also includes an uncommitted accordion of £15m. The announcement comes after recent discussions that the company was considering options to enhance liquidity and so enable its capital allocation policy to take […]
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30 Jul 2024 2 min read
Chrysalis invests more in wefox
Chrysalis has published its quarterly NAV report. At the end of June, the NAV was 145.51p, down 2.21p or 1.5% from the figure at end March 2024. A writedown in the valuation of wefox was offset by write up of other positions. The position in wefox has now been written down from £188.6m in October 2023, […]
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12 Jul 2024 1 min read
QuotedData’s weekly news show 12th July 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Chrysalis (0:22) Schroder British Opportunities (0:39) Molten Ventures (0:51) Edinburgh Worldwide (1:05) Odyssean (6:08) Sirius Real Estate (9:25) This week’s interview was with Kenneth MacKenzie from Target Fund Managers – watch it again here.
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1 min read
Chrysalis Investments realises 25% premium for Graphcore sale
Chrysalis Investments (CHRY) announced that portfolio company, Graphcore, has been acquired by Softbank. Chrysalis expects to receive cash proceeds of approximately $56.0 million; the company’s position in the capital structure of this investment led to a significantly better outcome than otherwise might have been the case. The expected pounds sterling proceeds of £43.8 million (assuming […]
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05 Jul 2024 8 min read
An update on our analysts’ top picks for 2024
At the outset of 2024, we challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year (click here to read the original article which set out our analysts’ thinking and why they liked the stocks). We also promised to […]
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01 Jul 2024 3 min read
Chrysalis warns on wefox valuation but ‘likely disposal’ still on track
Chrysalis Investments published its interim results for the six months ended 31 March 2024 on Friday. The NAV rose from 134.65p to 147.46p over the period, an increase of 9.5%, and the share price was up by 33.4%, as the discount narrowed to 43.7%. However, the discount has widened again since as more bad news […]
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17 May 2024 1 min read
QuotedData’s weekly news show 17th May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Chrysalis (0:16) • Pantheon International (5:07) • Henderson European Focus / Henderson Eurotrust (6:48) This week’s interview was with Mark Sheppard from Manchester & London IT […]
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1 min read
Chrysalis seeks to reassure on wefox
Chysalis (CHRY) has issued a portfolio update this morning following a news article published by Sky News on 16 May 2024 regarding wefox. CHRY says that its investment adviser has been in discussions with wefox management and other shareholders for a number of months and that a plan has been put in place to simplify […]
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03 May 2024 1 min read
QuotedData’s weekly news show 3rd May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberforth Split Level Income (0:33) • Chrysalis (6:24) Andrew McHattie highlighted a number of funds that were looking unusually cheap or expensive (10:24). This week’s interview […]
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02 May 2024 1 min read
Positive outlook for Chrysalis after solid start to the year
Chrysalis Investments (CHRY) announced a trading update for the three month period to 31 March 2023. The company saw a 4.09 pence per share increase in NAV, equivalent to 2.3%. This was driven predominantly by movement in the fair value of the portfolio which added 5.15 pence per share, with foreign exchange generating an adverse […]
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22 Apr 2024 1 min read
QuotedData’s morning briefing 22 April 2024 – MHN, SSIT, CHRY
In QuotedData’s morning briefing 22 April 2024: Menhaden Resource Efficiency (MHN) has announced that it has completed a new private investment with KKR in Avantus, the leading solar and energy storage developers in the United States. The initial investment of $17.5m equates to 10.0% of MHN’s NAV. The portfolio manager believes the deal is highly […]
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18 Mar 2024 2 min read
QuotedData’s morning briefing 18 March 2024 – JPEL, OCI, AIRE, ASLI, CHRY
In QuotedData’s morning briefing 18 March 2024: JPEL Private Equity (JPEL) has released its 31 December NAV, along with its semi annual report. Its NAV per share declined from $1.63 to $1.50, giving it a total NAV of $21.6m. The decline in NAV is primarily due to mark to market adjustments in JPEL’s investment in […]
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07 Mar 2024 1 min read
Chrysalis backs Smart Pension’s growth plans with £4m investment
Chrysalis Investments is making a c.£4m investment in Smart Pension Limited, alongside certain other investors. This investment is in addition to the approximate £2m invested in Smart on 16 January 2024, as previously disclosed. The terms of this combined approximate £6m investment would likely lead to an increase of approximately 3.7p in the Chryalis’s NAV […]
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06 Mar 2024 1 min read
Chrysalis – correction to our note published 7 February 2024
In our note published 7 February 2024, we wrote “The managers envisage that Klarna could be worth $18bn based on Klarna trading on the same gross profit multiple as closest-listed peer, Affirm. CHRY has a 1% stake. On those figures, a Klarna sale could add about 30p to the NAV.” Unfortunately, there was a drafting […]
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01 Mar 2024 1 min read
Scottish Mortgage’s Lawrence Burns talks to Brandtech Group CEO David Jones
In the latest episode of the Scottish Mortgage Invest in Progress podcast, Lawrence Burns speaks to digital marketing company Brandtech’s CEO about how his company connects content, data and media to help global brands navigate the complexities of marketing in the digital age. Capital at risk. Listen to the podcast.
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06 Feb 2024 1 min read
Chrysalis allegations against Revolution Beauty remain unresolved
As previously announced, Chrysalis (CHRY) continues to pursue legal action against Revolution Beauty Group based on misstatements and material omissions made by its management when CHRY originally invested in the company. In January 2024, following a letter of claim from CHRY, Revolution Beauty requested further time to formulate a response as the initial December deadline […]
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31 Jan 2024 1 min read
Chrysalis portfolio company Sorted sold to Location Sciences
Location Sciences (LSAI) has announced the acquisition of Chrysalis (CHRY) portfolio company Sorted Holdings, for an aggregate nominal consideration of approximately £66.73 to be paid in cash at completion. The company is a SaaS business that supports retailers’ deliveries and collections which has received a significant amount of capital investment, in excess of £70m, to […]
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29 Jan 2024 3 min read
Chrysalis reports quarterly NAV growth and a modest share price rise
Chrysalis Investments (CHRY) has released a quarterly update to end December 2023 and its annual results for the year ending 30 September 2023. This is the last set of annual results released by the CHRY team under its tenure at Jupiter, as the investment team has previously announced that it will launch its own independent […]
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24 Jan 2024 1 min read
Klarna IPO excitement lifts Chrysalis
The Chrysalis share price has been rising in recent days on the back of hope that Klarna, one of its largest investments, was considering an IPO. The CEO Sebastian Siemiatkowski was interviewed recently by Bloomberg and talked about his thoughts on an IPO of the company. The valuation of Klarna was written up and then […]
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05 Jan 2024 4 min read
QD view – Our analysts’ top picks for 2024
As we begin another year here at QuotedData, we thought we’d have some fun and challenge our analysts to come up with some ideas for investment companies that they like and think could do well over the course of 2024. To keep things interesting, each analyst has been asked to select two ideas – one […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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08 Dec 2023 1 min read
QuotedData’s weekly news update 8th December
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: Chrysalis (0:20) Baring Emerging EMEA Opportunities (3:23) Ecofin US Renewables (7:21) This week’s interview was with Joe Bauernfreund from AVI Japan Opportunity Trust – watch […]
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06 Dec 2023 1 min read
QuotedData’s morning briefing 6 December 2023 – CREI, CHRY
In QuotedData’s morning briefing 6 December 2023: Custodian Property Income REIT’s (CREI’s) NAV fell to 95.9p per share at 30 September 2023 (from 99.3p at 31 March 2023). Portfolio valuation remained stable with a marginal 0.6% decline to £609.8m (31 March 2023: £613.6m). The portfolio saw a £15.6m valuation decrease, driven by current investor and market […]
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27 Nov 2023 2 min read
Chrysalis breaks out on its own
The board of Chrysalis (CHRY) has given an update on the trust’s investment management agreements, intending to maximise shareholder value. Following a consultation by Rothschild & Co Equity Markets Solutions the board has recommended several new adjustments to CHRY’s investment management agreements. However the board is of the belief that the current managers, Richard Watts […]
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30 Oct 2023 1 min read
QuotedData’s morning briefing 30 October 2023
In QuotedData’s morning briefing 30 October 2023: Chrysalis Investments (CHRY) has provided a quarterly NAV update. The NAV for 30 September 2023 was 134.75p per share, a (1.6%) decrease since 30 June 2023. There was only one instance of portfolio activity over the quarter, a further £6.5m investment in Secret Escapes as part of a […]
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13 Oct 2023 1 min read
QuotedData’s weekly news update 13th October 2023
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: • European Opportunities (0:26) • GoreStreet Energy Storage (4:26) • Chrysalis (9:54) This week’s interview was with James de Uphaugh from Edinburgh Investment Trust – […]
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3 min read
Chrysalis announces capital allocation policy, performance fee proposals and shareholder consultation
Chrysalis (CHRY) has provided the market with an update which sets out its capital allocation policy (this follows a consultation with shareholders in light of the emerging maturity of some of the company’s investments), details of proposed revisions to the performance fee and plans for a consultation with shareholders (based on the capital allocation policy […]
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10 Oct 2023 1 min read
QuotedData’s Investment Trust Forum 2023
Welcome to the videos from the Investment Trust Forum 2023. The conference was for investment analysts, research committees and portfolio managers from all the major asset management groups, banks, stockbrokers, wealth managers and IFA networks and offered presentations and panel discussions on a range of topics. We were pleased to have panel sponsorship from Witan […]
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04 Aug 2023 4 min read
QD view – the future of growth investing
In the second of our QD views trailing our upcoming investment companies forum, James Carthew sets the scene for our ‘future of growth investing‘ panel. At the end of 2021, most growth-focused funds were sitting at or close to all-time highs, but the start of 2022 saw a savage rotation away from growth towards value. […]
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31 Jul 2023 4 min read
Chrysalis quarterly update extends NAV recovery
Chrysalis Investments says that as at 30 June 2023, its unaudited NAV was 136.86 pence. That represents a 6.84p per share or 5.3% increase since 31 March 2023. Movement in the fair value of the portfolio accounted for an uplift of approximately 9.28p, offset by an adverse foreign exchange movement of approximately 2.20p – as […]
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06 Jul 2023 4 min read
Schroder British Opportunities ekes out NAV gains
Schroder British Opportunities says that over the year ended 31 March 2023 its NAV increased by 3.1% to 107.32p. There is no dividend. However, the share price suffered a decline of -18.5% as the discount widened from ‑19.3% to -36.2%, which the chairman describes as frustrating. 1.1m shares were repurchased and are being held in […]
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27 Jun 2023 3 min read
Chrysalis is starting to consider its future as five-year IPO anniversary approaches
Chrysalis Investments reports a 12% fall in its NAV over the six months ended 31 March 2023 to 130.02p per share. The share price fell from 61.7p to 58.7p. The chairman notes that the decrease reflects movements in both peer group stock market valuations and the tougher capital market conditions for both ‘follow on’ and […]
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09 Jun 2023 3 min read
QD view – AI mania driving tech recovery
Big getting bigger One of the dominant, and for most investment managers highly frustrating, trends of recent times has been the strength of the mega caps. It was really evident in the UK last year, where a handful of large stocks drove indices higher and, if you were underweight those, as most active managers would […]
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02 Jun 2023 1 min read
Chrysalis’s The Brandtech Group completes Jellyfish acquisition
Chrysalis (CHRY) portfolio company The Brandtech Group has completed the acquisition of Jellyfish, a global digital media and marketing group. CHRY says that the deal creates the number one digital-only marketing group in the world with over US$1bn in revenue, over 7,000 employees, working for eight out of ten of the world’s largest advertisers, and […]
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15 May 2023 2 min read
QuotedData’s morning briefing 15 May 2023
In QuotedData’s morning briefing for 15 May 2023: Chrysalis (CHRY) has announced a £12.5m follow-on investment in its existing holding in Smart Pension. This investment forms part of a $95 million Series E funding round. This funding round will be used to drive Smart Pension’s growth in key markets, finance a pipeline of acquisitions, and […]
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12 May 2023 3 min read
QD view – Growth capital – fast-growing companies at compelling prices?
It has been a tough year for the investment companies in the growth capital sector. Valuations were hit hard by rising interest rates and widespread risk aversion among investors. The sector now offers some apparently attractive discounts to net asset value, but this depends on the continued strength of the underlying companies. Are the early […]
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05 May 2023 1 min read
QuotedData’s weekly news show 5th May 2023
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: • Aquila Energy Efficiency (0:27) • Chrysalis (3:15) Andrew McHattie discussed the tentative private equity rally (7:41) and a possible opportunity in Crystal Amber (19:14). This week’s […]
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3 min read
Chrysalis Investments off to a positive start to the year
Chrysalis Investments announced a quarterly NAV update and a trading update for 31 March 2023. The unaudited net asset value per ordinary share was 130.02 pence. March’s NAV represents a 1.76 pence per share (1.4%) increase since 31 December 2022. Movements in fair values of the portfolio accounted for approximately 3.1 pence per share, with […]
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10 Feb 2023 1 min read
QuotedData’s weekly news show 10th February 2023
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: • Chrysalis Investments (0:34) • 3i Infrastructure (9:26) • CC Japan Income & Growth (11:00) This week’s interview was with Colm Walsh from ICG Enterprise […]
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08 Feb 2023 3 min read
Chrysalis snaps up extra £20m of Starling Bank from Jupiter
Chrysalis Investments (CHRY) has agreed to purchase £20m of equity in Starling Bank via a secondary market transaction led by an existing, third-party shareholder in Starling. It has emerged that the seller of the stake is Jupiter, which sold the 6% stake in Starling held by its open-ended fund (mainly by its £1bn Jupiter UK […]
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01 Feb 2023 3 min read
Chrysalis NAV falls but adviser hopeful for better IPO market
Chrysalis Investments says its 31 December 2022 NAV was 128.26p, down 19.53p or 13.2% since 30 September 2022. Revaluations of four comanies took off 11.4p, foreign exchange movements accounted for a further 3.3p of the fall. There was limited portfolio activity over the quarter (several companies within the portfolio had raised fresh capital over the […]
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31 Jan 2023 5 min read
Chrysalis reports on a tough year
Chrysalis (CHRY) has published its annual results for the year ended 30 September 2022. During the period, CHRY experienced an NAV decline of 104.17p (to 147.79p) which was largely driven by Klarna (57.66p) and the listed portfolio (31.90p) with the remaining assets performing strongly against a challenging backdrop. Key takeaways are as follows: CHRY received […]
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02 Dec 2022 1 min read
QuotedData’s weekly news show 2nd December 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: • Chrysalis update/capital markets day • Syncona Andrew McHattie provided his monthly roundup of investment companies performance. Discussing the winners and the losers over the […]
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30 Nov 2022 1 min read
Chrysalis updates on revised performance fee arrangements
Chrysalis Investments (CHRY) has provided an update to its performance fee arrangements, which are the result of discussions between the board and Jupiter. The aim of the discussions has been to revise the current performance fee arrangements in order to ensure long term alignment between the management team and Chrysalis shareholder interests. CHRY’s board says […]
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24 Sep 2022 1 min read
Chrysalis holding Revolution Beauty auditor raises serious concerns
Revolution Beauty has announced that BDO LLP, its auditor, has written to the board and identified a number of serious concerns that have arisen during the course of its work on the FY22 audit regarding, amongst others, the group’s ability to provide sufficient and accurate audit evidence in respect of a number of key audit […]
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22 Aug 2022 3 min read
QuotedData’s morning briefing 22 August 2022
In QuotedData’s morning briefing 22 August 2022: AEW UK REIT (AEWU) has sold 225 Bath Street, Glasgow for £9,300,000. Planning consent has been gained by new owners IQ for the demolition of the property and development of a 527-unit student accommodation scheme. The sale agreement required AEWU to negotiate with tenants to bring the asset […]
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12 Jul 2022 1 min read
QuotedData’s morning briefing 12 July 2022
In QuotedData’s morning briefing 12 July 2022: Chrysalis (CHRY) holding, Wefox, the Berlin-based insurtech platform, has successfully closed a Series D funding round, raising $400m (comprising equity and debt) which now values the business at $4.5bn. The current valuation makes it the world’s most valuable privately held insurtech asset.The current valuation compares against the $3bn […]
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01 Jul 2022 1 min read
QuotedData’s weekly news show 1st July 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 and Andrew McHattie covered the week’s top stories: • Chrysalis • Ashoka India Equity This week’s interview was with Andrew Beal of Schroder BSC Social Impact – watch it again […]
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30 Jun 2022 2 min read
Chrysalis conserving cash to fund existing portfolio
Chrysalis Investment’s interim results, covering the six months ended 31 March 2022, confirm the reduction in its NAV from 251.96p to 211.76p. Net realisations of about £33m were generated in the period. Incoming cash came from: the sale of Embark Group (£57m of proceeds), sales of Wise (£18m at an average price of 588p), and […]
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07 Jun 2022 2 min read
Chrysalis establishes new independent valuation committee
Chysalis Investments’ board has appointed a new independent valuation committee in preparation for its previously announced move to a self-managed structure, which will take effect from 1 July 2022. The management team at Jupiter, led by Richard Watts and Nick Williamson, will be unaffected. However, the company will assume direct responsibility for the valuation process. […]
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26 Jan 2022 2 min read
Another strong year for Chrysalis as it doubles in size
Another strong year for Chrysalis as it doubles in size – Chrysalis Investments (CHRY) has posted its annual results for the year ended 30 September 2021, during which time its share price increased by 84% and its NAV per share increased by 57%. Total net assets rose by 154% from £542m to £1.4m over the […]
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13 Dec 2021 2 min read
QuotedData’s morning briefing 13 December 2021
In QuotedData’s morning briefing 13 December 2021: Triple Point Energy Efficiency Infrastructure (TEEC) has acquired three operational, Feed in Tariff accredited hydroelectric power projects in Scotland for an aggregate consideration of £19.6m (excluding costs). They have a total installed capacity of 2.5MW, and all have five years or more of operational performance history. This investment […]
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01 Dec 2021 3 min read
Chrysalis targets £125m in placing and PrimaryBid offer
Chrysalis targets £125m in placing and PrimaryBid offer – Chrysalis (CHRY) has announced plans to raise £125m under its placing programme, through a placing of ordinary shares at a price of 238 pence. The issue price represents a 1.7 per cent. premium to the pro forma NAV per ordinary share* as at 30 November 2021 […]
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29 Nov 2021 3 min read
QuotedData’s morning briefing 29 November 2021
In QuotedData’s morning briefing 29 November 2021: Chrysalis (CHRY) has agreed with its manager, Jupiter, to settle 54% of the performance fee which will be paid to Jupiter for the period to 30 September 2021 in ordinary shares, while the remaining 46% will be settled in cash. The issue price of the shares is expected […]
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19 Aug 2021 1 min read
Chrysalis backs Tactus Holdings
Chrysalis backs Tactus Holdings – Chrysalis Investments is making a £40m investment in Tactus Holdings Limited. Tactus is a consumer technology business specialising in gaming, education and entry level computing. It is committed to making technology more accessible to consumers all over the world. Tactus will use the money to accelerate its international buy-and build-strategy, with […]
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17 Aug 2021 1 min read
Chrysalis backs InfoSum
Chrysalis backs InfoSum – Chrysalis Investments has made a $65m investment in the US based parent company of InfoSum, as part of its Series B scale-up round. Previous investors in InfoSum include IA Ventures and UpFront Ventures, among others. InfoSum is a data infrastructure business that has built a way for organisations to share data with […]
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29 Jul 2021 1 min read
QuotedData’s morning briefing 29 July 2021
In QuotedData’s morning briefing 29 July 2021: Chrysalis Investments (CHRY) has sold its stake in Embark Group to Scottish Widows, part of Lloyds Banking Group for £390m. Existing shareholders of Embark, including Chrysalis, will retain its Rowanmoor SIPP and SSAS administration business. Chrysalis first invested in Embark in July 2019 and invested further follow-on capital in May 2020. […]
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08 Jul 2021 1 min read
QuotedData’s morning briefing 8 July 2021
In QuotedData’s morning briefing 8 July 2021: Dunedin Enterprise (DNE) has entered an agreement to realise its investment in UPOL, the manufacturer of automotive refinish products including body fillers, coatings, aerosols, polishing compounds and consumables. The transaction is subject to regulatory approval and is expected to complete in the second half of 2021. The investment was valued […]
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06 Jul 2021 2 min read
QuotedData’s morning briefing 6 July 2021
In QuotedData’s morning briefing 6 July 2021: Chrysalis Investments (CHRY) has acquired a $67m investment in US based cybersecurity firm Deep Instinct. The investment consists of both an issuance of new equity and acquisition of shares from existing shareholders. The additional investment of new equity means Deep Instinct has raised approximately $240m to date. The investment represents a […]
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29 Jun 2021 2 min read
QuotedData’s morning briefing 29 June 2021
In QuotedData’s morning briefing 29 June 2021: Civitas Social Housing (CSH) has acquired three supported living properties and exchanged on one further property for a total consideration of £2.5m. All properties are based in the East of England and are self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care […]
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28 Jun 2021 2 min read
Chrysalis Investments makes £75m investment in leading retirement technology platform provider
Chrysalis Investments (CHRY) announced an investment of £75m in Smart Pension. The investment forms part of a £165m series D funding round and includes £110m of newly issued primary capital and £55m of secondary equity acquired from existing shareholders of Smart Pension. CHRY is providing primary capital and says that it will join a pool of […]
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24 Jun 2021 2 min read
QuotedData’s morning briefing 24 June 2021
In QuotedData’s morning briefing 24 June 2021: The Apax Digital Fund, in which Apax Global Alpha (APAX) is a limited partner, has invested in Revolution Prep, a national provider of online academic tutoring and test preparation services. APAX is expected to invest approximately €3.6m in the company on a look through basis. The investment will be used […]
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26 Mar 2021 1 min read
QuotedData’s weekly news show 26 March 2021
QuotedData’s weekly news show 26 March 2021 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: JPMorgan Multi Asset update Chrysalis raised 300m from oversubscribed issue Digital 9 Infrastructure raised 300m at IPO Syncona […]
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10 Mar 2021 2 min read
Chrysalis Investments looks to grow with its active pipeline at around £1bn
Further to Chrysalis Investments’s (CHRY’s) announcement on 8 March 2021 that authority for a new placing programme to issue 600m ordinary and/or C shares had been approved, the company will shortly publish a prospectus containing details on the placing programme. CHRY has raised £470m of capital from shareholders since its launch, which means that the implied […]
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08 Mar 2021 2 min read
QuotedData’s morning briefing 8 March 2021
In QuotedData’s morning briefing 8 March 2021 – Gore Street Energy Storage Fund (GSF) announced that strong operational performance has led to further significant growth in its NAV. As at 31 December 2020, the estimated unaudited NAV represented a 2.4% increase over the previous quarter. Post period end, the company has made further progress in the commissioning of […]
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17 Feb 2021 1 min read
QuotedData’s morning briefing 17 February 2021
In QuotedData’s morning briefing 17 February 2021 – Greencoat UK Wind’s (UKW’s) placing raised gross proceeds of £198m. The net capital raised will be deployed towards reducing borrowings under the company’s revolving credit facility, to allow the company to fund its pipeline of acquisition opportunities. Chrysalis Investments (CHRY) will seek approval from its shareholders to issue up […]
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26 Nov 2020 2 min read
QuotedData’s morning briefing 26 November 2020
In QuotedData’s morning briefing 26 November 2020: JLEN Environmental Assets Group’s half year results show a small drop in NAV from 97.5p to 96.1p, driven by falling power and gas price estimates. Dividends are on target, however and these are covered by cash generated from operations. Montanaro UK Smaller’s interim results show it lagging its Numis […]
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09 Oct 2020 1 min read
QuotedData’s weekly news show 09 October 2020
In QuotedData’s weekly news show 9 October 2020 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: Fundraising in the sector including success for Home REIT and disappointment for Tellworth Investment Company’s plans for the future Jupiter US […]
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07 Oct 2020 1 min read
Merian Chrysalis issue brings in £95m
Merian Chrysalis’s (MERI) share placing raised £95m, ahead of the £50m it had initially targeted. MERI recently said that it was now substantially fully invested. The capital raised will be used to execute its investment in You & Mr Jones, announced on 1 October 2020, together with other pipeline and follow-on investments. Richard Watts, portfolio manager, commented: […]
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01 Oct 2020 3 min read
Merian Chrysalis invests in You & Mr Jones
Merian Chrysalis invests in You & Mr Jones – the “Target” investment referred to in Merian’s announcement on 28 September 2020 is You & Mr Jones LLC. The company has finalised its due diligence on You & Mr Jones and committed to invest US$60m as part of a US$260m funding round. You & Mr Jones was founded […]
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28 Sep 2020 3 min read
Merian Chrysalis announces £50m placing and follow-on investment in leading European digital insurance platform
Merian Chrysalis (MERI) announced a proposed equity placing targeting £50m. The placing is priced at £1.48, which represents a premium to the estimated NAV per share of 142p, as at 30 June 2020. MERI also took the opportunity to announce a £15m follow-on investment in a convertible loan note of FinanceApp AG (wefox), which it […]
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29 Jul 2020 1 min read
Merian Chrysalis reveals TransferWise partial realisation
Merian Chrysalis (MERI) has confirmed that the underlying asset referred to in the announcement dated 20 July 2020 (we covered the story here) is TransferWise. MERI has participated in TransferWise’s US$319m secondary share sale, which valued the business at US$5bn. MERI’s first sale The transaction is the first sale conducted by the MERI and has generated […]
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20 Jul 2020 1 min read
QuotedData’s morning briefing 20 July 2020
Growth sector company, Merian Chrysalis (MERI), announced that it had entered into a transaction to partially realise one of its investments in the portfolio; this realisation is expected to raise approximately £20m. This transaction has been undertaken at a valuation that represents a material mark up in the company’s current carrying value of the asset. MERI notes […]
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26 Jun 2020 2 min read
QuotedData’s morning briefing 26 June 2020
In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]
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27 May 2020 5 min read
Merian Chrysalis well-placed thematically through tech-enabled disrupter focus
In a quarterly update, the growth capital trust, Merian Chrysalis (MERI), noted the trend that digitally-enabled businesses have typically experienced less of an impact on trading performances than “offline” peers over the period affected by covid-19. MERI also said that a number of its shareholdings contain downside protection, often in the form of preference structures, […]
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13 May 2020 2 min read
Merian Chrysalis commits £20m to financial crime risk management company
Merian Chrysalis (MERI), the growth capital sector trust, has released a portfolio update, including a new investment in Featurespace, a leader in financial crime risk management for fraud and anti-money laundering. Featurespace investment worth 20m MERI has invested £20m in Featurespace, as part of a £30m funding round. MERI noted the following about Featurespace: “Featurespace is a world […]
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18 Feb 2020 1 min read
QuotedData’s other news 18 February 2020
In QuotedData’s other news 18 February 2020 – FastForward Innovations (FFWD) said that investee company, EMMAC Life Sciences (FFWD owns a 2.4% stake), had become the first European company to export medical cannabis to Israel. The company has successfully exported 400 kilograms of medical cannabis to Israel, to the Bazelet Group, the largest medical cannabis company in Israel. […]
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24 Jan 2020 2 min read
Merian Chrysalis reports inaugural annual results
Merian Chrysalis (MERI) has published its annual results covering the period from its incorporation date on 3 September 2018 to 30 September 2019. Since dealing in MERI’s shares began on 4 November 2019, it has delivered a total NAV return of 14.6% and a share return of 24%. Extract from the manager’s report “The last 11 […]
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16 Jan 2020 1 min read
QuotedData’s other news 16 January 2020
In QuotedData’s other news 16 January 2020 – Bankers Investment Trust (BNKR) has reported annual results to 31 October 2019 with the global sector company delivering a total NAV return of 12.1% (the benchmark FTSE World Index returned 11.7%). BNKR’s chair, Sue Inglis, noted the following in her outlook statement: “Global economic growth remains positive, […]
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11 Dec 2019 1 min read
Merian Chrysalis approaching three quarters deployment with latest investments
Merian Chrysalis approaching three quarters deployment with latest investments – Merian Chrysalis (MERI) has announced an investment of €14.4m, as part of a funding round conducted by wefox Group. The company invested by way of a convertible loan note. wefox Group was founded in Berlin in 2015 and has already established itself as one of Europe’s largest and […]
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27 Nov 2019 1 min read
Merian Chrysalis nearly 70% invested after follow-on investments
Merian Chrysalis nearly 70% invested after follow-on investments – Growth capital company Merian Chrysalis (MERI) has announced a follow-on investment of £12.2m in Embark Group (Embark), to accelerate execution of Embark’s growth plans, including the acquisition of the Zurich platform (Zurich). The transaction includes an £8m equity investment and £4.2m convertible loan note (CLA). MERI says that subject […]
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23 Oct 2019 1 min read
Merian Chrysalis tops up holdings
Merian Chrysalis tops up holdings – Having raised £175m in September 2019, Merian Chrysalis has made a number of investments. All three are additions to existing holdings – in line with its statement at the time of the fund raise that it would use half the proceeds for this purpose. Starling Bank Merian Chrysalis has announced […]
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24 Sep 2019 1 min read
Fundraising news – JARA and Merian Chrysalis
Fundraising news – JARA and Merian Chrysalis JPMorgan Global Core Real Assets (JARA), a new, Guernsey based, investment company investing in funds managed by JPMorgan Asset Management in infrastructure, property and transport assets, managed to raise almost £149m from investors, just shy of its £150m target. The opening NAV is projected to be 99.01p. The […]
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20 Sep 2019 1 min read
QuotedData’s other news 20 September 2019
In QuotedData’s other news 20 September 2019 – Tufton Oceanic Assets today announced that it has raised gross proceeds of $31m through a placing. The company invests in a portfolio of secondhand commercial sea-going vessels. Further to announcements made earlier this month with regard to a proposed placing, Merian Chrysalis says that indicative orders significantly in excess of […]
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18 Sep 2019 1 min read
QuotedData’s other news 18 September 2019
In QuotedData’s other news 18 September 2019 – Standard Life Investments Property Income Trust (SLI) has announced its interim results for the six months ended 30 June 2019. During the period, SLI’s NAV total return was 2.7% for the period ended 30 June 2019, which was generated by like for like portfolio growth combined with profits […]
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2 min read
Merian Chrysalis planning £100m+ capital raise
Merian Chrysalis planning £100m+ capital raise – Merian Chrysalis, the UK-focused unquoteds investor, announced on 10 September 2019 that it intends to raise new capital under the its placing programme, to the amount of more than £100m in the form of new ordinary shares. MERI has now announced that the placing price will be 120p […]
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10 Sep 2019 1 min read
QuotedData’s other news 10 September 2019
In QuotedData’s other news 10 September 2019 – Some half-year results announcements, including: GCP Asset Backed Income reported interim results to 30 June 2019; loans of £55.4m were advanced over the period, secured against 20 projects.The company ended the period with exposure to a diversified and partially inflation and/or interest rate protected portfolio of 40 asset […]
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16 Aug 2019 1 min read
QuotedData’s other news 16 August 2019
In QuotedData’s other news 16 August 2019: Worldwide Healthcare Trust (WWH) has announced the appointment of Dr Bandhana (Bina) Rawal as an independent non-executive director, with effect from 1 November 2019. Dr Rawal, a physician with 25 years’ experience in life sciences research and development, has held senior executive roles in drug development and scientific evaluation in […]
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2 min read
Merian Chrysalis invests in delivery software as a service company Sorted
Merian Chrysalis invests in delivery software as a service company Sorted – Merian Chrysalis (MERI), the UK-focused unquoteds investor, has gotten off to a strong start since launching in 2018 – the premium its shares trade at has increased from about 4.5% at the start of the year to over 20%. MERI has this morning […]
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20 Jun 2019 1 min read
QuotedData’s other news 20 June 2019
In QuotedData’s other news 20 June 2019 Pershing Square has announced a $100m share buy-back programme – up to 6m shares will be repurchased and the transactions are expected to enhance NAV (in other words they’ll buy back the shares at a discount to NAV). The NAV at 18 June was $24.63 and the share price […]
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16 Apr 2019 1 min read
Merian Chrysalis raises £100m in share placing
Merian Chrysalis raises £100m in share placing – Merian Chrysalis (MERI), the UK-focused private equity fund launched in 2018, has announced the raising of £100m from an ordinary share placing. The new money will be directed towards growing its portfolio of investments into unquoted companies. Busy straight away Earlier in December 2018, we looked at […]
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18 Dec 2018 2 min read
Merian Chrysalis makes first investments
Merian Chrysalis makes first investments – Merian Chrysalis has announced deals which, if completed, would make it 60% invested. The latest is an investment of approximately $25 million in a $200 million series D funding round conducted by Graphcore Limited. Graphcore is a leading artificial intelligence processor company, which has developed the Intelligence Processing Unit (IPU) […]
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30 Dec 2024 1 min read
A dozen funds tipped to bounce back in 2025
by Jennifer Hill, from interactive investor, 30th December 2024: They say beauty is in the eye of the beholder and when it comes to investing it often pays to love the unloved. All investment strategies move out of favour or suffer setbacks from time to time – and holding your nerve means catching the rebound. […]
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29 Nov 2024 1 min read
Boards’ focus on discounts improves corporate governance
James Carthew for Citywire Investment Trust Insider, 29 November 2024: This has been a year of radical change in investment companies. However, unlike previous periods of heightened corporate activity among listed closed-end funds, boards have mostly initiated corporate action themselves rather than having it forced upon them. Share price ratings in the sector weakened for […]
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22 Nov 2024 1 min read
Should you buy, hold or fold Chrysalis?
By Emma Wallis, News editor, Trustnet, 22 November 2024: Chrysalis Investments, which invests in high growth businesses using technology to transform their sectors, is recovering after a difficult couple of years. Its share price has gained ground in recent months, as an initial public offering (IPO) is on the horizon for one of its largest […]
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23 Sep 2024 1 min read
Investment trust insider on good news for the investment companies sector
Investment trust insider on good news for the investment companies sector – James Carthew: Trusts that should rally on costs reform and rate cuts There was no pool of capital waiting to pounce on last week’s good news so there is still time to grab a bargain before over-sold investment companies start to bounce. On cost […]
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09 Sep 2024 1 min read
Investment trust insider on AVI Global Trust
Investment trust insider on AVI Global Trust – James Carthew: AVI Global can extend its excellent track record Discounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood’s Balanced Commercial Property bid. The investment companies sector continues to shrink. So far in September, we have seen bids for Tritax […]
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29 Jul 2024 1 min read
Investment trust insider on rebuilding Britain
Investment trust insider on rebuilding Britain – James Carthew: Trusts must invest capital, not buy back shares forever New regulation could narrow share price discounts, allowing trusts to reallocate capital into areas that need it, such as infrastructure and private British companies. Post the election, a sense of optimism is emerging in the UK. For […]
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07 May 2024 1 min read
Investment trust insider on growth capital funds
Investment trust insider on growth capital funds – James Carthew: Growth capital funds like Chrysalis are bargains Last week, Federal Reserve chair Jerome Powell poured more cold water on the prospect of imminent interest rate cuts in the US but at least seemed to rule out new rate rises. Growth capital funds providing finance to […]
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13 Mar 2024 1 min read
Exits and capital returns potential set to propel Chrysalis beyond continuation vote
Valeria Martinez, Investment Week, 13 March 2024: With tentative signs of life in the IPO market and the potential for capital returns on the table, Chrysalis Investments appears to be navigating a turnaround after enduring over two years of turbulence. The £820m trust is due to face its first continuation vote at the upcoming annual […]
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08 Mar 2024 2 min read
The investment trusts banking on an IPO rebound
by Dave Baxter, Investors Chronicle, March 8, 2024: With its latest trading update unveiling a fifth straight annual loss, unquoted buy now, pay later business Klarna embodies some of the problems facing racy growth companies in recent times. Once seen as a promising name, the lender has struggled in the face of rising rates and […]
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23 Feb 2024 1 min read
How to value investment trusts’ private assets
by Val Cipriani, Investors Chronicle, February 21, 2024: The valuations of private assets have increasingly come under scrutiny in the past two years, as inflation and higher interest rates sent listed company values on a rollercoaster but left the likes of private equity relatively untouched. Private investors typically get exposure to private assets through investment […]
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15 Jan 2024 1 min read
Investment trust insider on AI
Investment trust insider on AI – James Carthew: Tech trusts transform their returns with big AI bets Ignoring a couple of oddities, the best-performing investment company last year in terms of underlying growth in net asset value (NAV) was Manchester & London (MNL), which generated a return of 57%. A narrowing discount meant that shareholders […]
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18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
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15 Dec 2023 2 min read
The investment trusts facing crunch continuation votes
by Dave Baxter, Investors’ Chronicle, 15 December 2023: The optimists would have you believe that the worst is finally over for the investment trust sector. Interest rates have apparently peaked, wide share price discounts are likely to limit further falls and the reform of cost disclosure requirements could remove one of the many challenges facing […]
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12 Dec 2023 1 min read
Money Makers podcast: 9 Dec 2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to James Carthew, director of QuotedData.
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28 Nov 2023 1 min read
‘Cutting away the fat’: Investment trust selectors ‘applaud’ decision of Chrysalis’s board
Lauren Hardy, Portfolio Adviser, 27 NOVEMBER 2023: Chrysalis investment trust (CHRY) – a £405m company that invests in later-stage private equity firms – will “stand to benefit” from its investment managers Richard Watts and Nick Williamson leaving Jupiter Asset Management and setting up their own entity to look after the trust, according to several investment […]
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27 Jun 2023 1 min read
Chrysalis portfolio on path to profitability
BY JEN HILL, Citywire Investment Trust Insider, 27 June 2023: Efforts to enhance the profitability of portfolio companies of the embattled growth capital fund Chrysalis (CHRY) appear to be paying off. Around 84% of the portfolio is now profitable or expected to be funded to profitability, double the 42% in March last year. The manager […]
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1 min read
Shareholders to decide Chrysalis’ future in continuation vote
Valeria Martinez, Investment Week, 27 June 2023: Shareholders of the Chrysalis investment trust will be able to take part in a continuation vote by April 2024, with options including a potential managed exit on the table, as its five-year IPO anniversary approaches. In the trust’s interim results published today (27 June), chair Andrew Haining said […]
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02 Jun 2023 1 min read
Everything you need to know about investing in AI
David Brenchley, The Times, June 1 2023: On Monday the chipmaker Nvidia became a trillion-dollar company… Nvidia’s share price is up 164 per cent this year alone. The company said last week that demand for its graphics processors, needed to train AI systems, would bring in $11 billion of revenue in the three months to […]
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28 Feb 2023 1 min read
20 investment trusts cheaper now than during Covid-19 sell-off
by Kyle Caldwell from interactive investor, 28th February 2023: Three years ago was a great opportunity to pick up bargains among investment trusts as the Covid-19 pandemic caused widespread panic and fear… Three years ago is a case in point. In response to the emergence of Covid-19, stock markets fell notably, with the FTSE All-Share […]
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20 Dec 2022 1 min read
Falling at the first hurdle
Cherry Reynard, Trustnet Magazine, 20 December 2022: There was widespread optimism in the world of investment trusts at the start of 2022… However, as soon as Russia invaded Ukraine in February, all bets were off. This set off a chain of events, with disruption to commodity markets pushing up inflation, leading to higher interest rates […]
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05 Dec 2022 1 min read
Investment trust insider on Chrysalis
Investment trust insider on Chrysalis – James Carthew: How Chrysalis could re-rate after a bad year Chrysalis (CHRY) has been in the news as the board has agreed the new terms of the fund manager’s performance fee which shareholders will need to approve. It still faces the criticism that, unlike most fees in the private […]
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21 Nov 2022 1 min read
Trusts’ unlisted headache
By Dave Baxter, Investors’ Chronicle, November 17, 2022: Investment trusts typically demonstrate their strength in a crisis. Closed-ended equity income funds shrugged off the dividend cuts of 2020 thanks to revenue reserves, while trusts’ investment framework means they have encountered none of the liquidity problems demonstrated so clearly by the Neil Woodford scandal. That structure, […]
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13 Sep 2022 1 min read
Investment trust insider on investment company short positions
Investment trust insider on investment company short positions – James Carthew: The UK’s most shorted investment companies The pound is sliding. This is hardly surprising given the state of the nation’s finances and the apparent sprouting of a magic money forest to fund tax cuts and energy price subsidies. Against this backdrop, I find it […]
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20 Jul 2022 1 min read
Chrysalis contagion: Analysts warn PE trusts’ perception may suffer
Kathleen Gallagher, Investment Week, 19 July 2022: The £1.2bn Chrysalis investment trust has come under fire repeatedly over the past number of months, first for its performance fee payout, then for poor performance and last weekend (17 July), it was compared to the Woodford debacle. All this negative press could weigh on its peers in […]
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30 Jun 2022 1 min read
Preparing for a wave of value write-downs in the private equity trust universe
Ian Conway, Shares Magazine, 30 June 2022: Private equity investors have been put on warning after press reports last month that privately-owned BNPL (buy now, pay later) specialist Klarna was seeking to raise fresh capital at a steep discount to its previous valuation. This has raised the question of whether private equity valuations need to […]
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06 Apr 2022 1 min read
Should investors avoid funds and trusts with performance fees?
Cherry Reynard from interactive investor, 6th April 2022: The management team of specialist private equity investment trust Chrysalis Investments Limited recently drew some unwelcome attention after its managers pocked a £60.5 million performance fee. The trust had seen a strong year, but this was equivalent to more than 8% of the FTSE 250 trust’s net […]
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23 Mar 2022 1 min read
Interest rate rises trigger rotation
James Carthew for Investment Week, 17 March 2022: In the run up to the end of 2021 and into the early part of 2022, investors’ attention was focused on the growing threat of interest rate rises as a way of combating inflation. That triggered a sharp rotation out of growth stocks. In the space of […]
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16 Mar 2022 1 min read
Is there such a thing as a ‘good’ performance fee?
Cherry Reynard, Portfolio Adviser, 15 Mar 22: A recent eye-popping payout for the managers of the Chrysalis Investment trust has revived a dormant debate on performance fees. Ostensibly a tool to align the fund manager’s interests with those of its clients, they have become increasingly controversial, with poor construction appearing to skew incentives. Yet around […]
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28 Feb 2022 1 min read
Investment trust insider on discount rates
Investment trust insider on discount rates – James Carthew: Inflation fears weigh on some income trusts Recent market turmoil has affected the ratings of a number of funds. Within my portfolio, one of the more peculiar de-ratings is that of Hipgnosis Songs Fund (SONG), which now looks to trade on an 8% discount to net […]
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15 Nov 2021 2 min read
Investment trusts rediscover their roots with a 21st century twist
The listed fund vehicles are financing innovation in clean fuels, space and digital infrastructure Mary McDougall, Financial Times, NOVEMBER 12 2021 Investment trusts seem to be coming full circle. For most of the 20th century, they gradually moved away from their origins as entrepreneurial schemes investing in specific targets, often in Britain’s colonies, to running […]
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2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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25 Aug 2021 1 min read
Which is the best route to profit from fast-growing unlisted firms?
Which is the best route to profit from fast-growing unlisted firms? 24th August 2021 10:35 by Jennifer Hill from interactive investor Jennifer Hill pits private equity trusts against growth capital trusts. Listing on the stock market used to be seen as a mark of success for companies, but with many choosing to stay private for longer, opportunities […]
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28 Jul 2021 1 min read
The five investment trust premiums and discounts that have risen the most
Trustnet looks at the investment trusts that have either gone to a bigger premium or a narrower discount across June. By Rory Palmer, Reporter, Trustnet, 27 July 2021 Chrysalis Investments, Gresham House Strategic and Oakley Capital Investments were all more expensive than their long-run average in June, according to QuotedData. Investment trusts can trade at a […]
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31 Mar 2021 1 min read
Short-term blip or fundamental shift?
Growth trusts tumble: short-term blip or fundamental shift? Citywire Wealth Manager, Jennifer Hill, 30 March 2021 2020 was a vintage year for off-market equity investors. Shares in leading specialist trusts Chrysalis Investments and Scottish Mortgage rocketed 110% and 107% respectively. More recently some of that momentum has gone into reverse, however. Chrysalis is now 9.62% below its […]
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12 Feb 2021 1 min read
When it is worth paying a premium for an investment trust
When it is worth paying a premium for an investment trust by Jennifer Hill from interactive investor | 10th February 2021 10:06 Positive news on Covid-19 vaccines led to investment trusts re-rating considerably during 2020. The average discount among equity investment trusts narrowed from 4.6% to 2.5% – the tightest level on record – according to Numis Securities. Discounts widened […]
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20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]
