Overview
Riverstone Credit Opportunities Income aims to provide investors with a high level of income, targeting a dividend yield of 8-10%, by providing senior-secured loans to medium-sized energy-related companies. The trust will invest exclusively in the global energy sector, where demand for capital remains strong despite fluctuating commodity prices.
Key details on the profile of the assets to be targeted include:
- Typical deal size: $25-175m; targeting lower and middle market companies that do not conform to the requirements of traditional financing sources;
- Will primarily focus on companies that are temporarily unable to access more traditional sources of debt financing. The company does not generally expect to focus on small to middle-sized energy companies which it does not believe will ultimately develop traditional lender ‘‘conforming’’ characteristics, either in terms of size or the maturity of their asset base;
- Will seek to construct a portfolio of investments that is diverse within the energy industry. Riverstone Credit Opportunities expects to invest across the entire energy value chain, reviewing opportunities in the upstream, midstream, and downstream sub-sectors, along, and to a lesser degree, oilfield services, power and coal investments;
- Will seek to ensure that the company invests across an appropriately diverse set of geographies and with an end-market exposure to a mix of different commodities so that, as markets and drilling technologies evolve, the company will not be overexposed to any one area that might fall out of favour;
- While the company has a global mandate, investments will initially focus on North America, where the manager has extensive experience;
- No more than 15% of the company’s gross assets will be accounted for by any single borrower and only borrowers with a total indebtedness of less than 60% of gross assets will be invested in by the company.
You can access the fund’s website here
Fundamentals
Price
Research History
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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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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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17 Apr 2020 8 min read
QuotedData’s Investment Companies Quarterly Review – First 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 The legal bit Unprecedented times We have knitted […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 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 March: An update note […]
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10 Mar 2020 6 min read
QuotedData’s Economic Roundup – March 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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12 Jul 2019 6 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income 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 notable that risk appetite was down in May as renewed […]
News
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26 Feb 2025 2 min read
Riverstone Credit Opportunities Income makes progress on managed wind down
Riverstone Credit Opportunities Income (RCOI) has announced its full year results for the year end 31 December 2024. On 22 May 2024, the company entered into a managed wind-down. During the the year, the company’s NAV decreased by 13%. This was principally attributable to the reduction in the company’s value for Harland & Wolff. After […]
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14 Aug 2024 2 min read
QuotedData’s morning briefing 14 August 2024 – HOME, HMSO, DSM, NESF, RCOI
In QuotedData’s morning briefing 14 August 2024: Home REIT says that it has reached an agreement with Mansit Housing CIC, a non-performing tenant, for the surrender of its leases on 68 properties. The majority of the properties are occupied by private rented sector tenants on Assured Shorthold Tenancies. This should boost Home REIT’s rental income. […]
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02 Aug 2024 3 min read
QuotedData’s morning briefing 2 August 2024 – RCOI, PEY, HOME, SOHO, AERS
In QuotedData’s morning briefing 2 August 2024: Riverstone Credit Opportunities Income (RCOI) has provided an update on its investment in a loan to Harland & Wolff Group Holdings Plc following an announcement by that company. Alongside other credit funds managed by Riverstone, RCOI is co-invested in a US$115m loan to Harland &Wolff, of which RCOI’s […]
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26 Apr 2024 1 min read
QuotedData’s weekly news show 26th April 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: • GCP Infrastructure (0:23) • Hipgnosis (3:55) • Riverstone Credit Opportunities (8:49) This week’s interview was with Ken Wotton from Strategic Equity Capital – watch it again […]
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24 Apr 2024 3 min read
Riverstone Credit Opportunities proposes managed wind down
[Apologies that we didn’t spot this earlier but it was buried in the company’s AGM announcement] After talking to the manager (Riverstone Investment Group LLC), its sub-manager, Breakwall Capital LLC, its advisers and certain significant shareholders, Riverstone Credit Opportunities’ board has determined that a managed wind-down of the portfolio at this time is in the […]
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21 Feb 2024 2 min read
Riverstone Credit Opportunities reports good results for 2023
Riverstone Credit Opportunities (RCOI) reported its results for the 12 months ending 31 December 2023. Over the 12 months RCOI reported a NAV total return of 6.4%, having returned 40.1% since its inception. Revenue generation was “strong” over the year, with a reported profit of $5.7m, and a proposed total dividend of 8.5 cents per […]
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21 Dec 2023 1 min read
QuotedData’s morning briefing 21 December 2023 – HICL, RCOI
In QuotedData’s morning briefing 21 December 2023: HICL Infrastructure is paying £20m for a 3.1% stake in the A63 Motorway concession in France. Completion is expected in early 2024, subject to customary third-party consents. The 40-year toll-road concession covers the design, upgrade, finance, operating and maintenance of a 104km section of the existing A63 between […]
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25 Oct 2023 2 min read
QuotedData’s morning briefing 25 October 2023 – NBMI, RCOI, ROOF, TMI
In QuotedData’s morning briefing 25 October 2023: NB Monthly Income Fund (NBMI), which is undergoing a managed wind down, has advised that it intends to distribute to shareholders an aggregate amount of approximately £23,537,000 by way of a partial compulsory redemption of shares on 13 November 2023. Pursuant to the compulsory redemption, the company will […]
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21 Jul 2023 1 min read
QuotedData’s morning briefing 21 July 2023
Riverstone Credit Opportunities Income (RCOI) provided an update for the quarter ended 30 June 2023. NAV rose 1.4% for the period principally due to continued strong performance by the company’s unrealised portfolio and the successful refinancing and amendment of its investment in Streamline Innovations Inc. The company continues to be a beneficiary of the current […]
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13 Jul 2023 1 min read
Riverstone Credit benefits from Streamline Innovations refinancing
Riverstone Credit Opportunities Income has announced a successful amendment and extension of its investment in Streamline Innovations, a leader in environmentally-advanced treatment solutions for the removal of hydrogen sulfide (H2S) from energy, renewable fuels, wastewater, and industrial processes. The company realised about $2.0m of profits at closing of the amendment and extension resulting in a […]
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11 Jul 2023 2 min read
QuotedData’s morning briefing 11 July 2023
Riverstone Energy (RSE) has announced that one of its portfolio companies, Anuvia Plant Nutrients, has ceased operations and is undergoing liquidation. The company invested US$20 million in Anuvia in March 2022, with its investment being written down to US$14 million at the time of its Q1 2023 quarterly portfolio valuations. Anuvia is in the process […]
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16 Feb 2023 1 min read
Riverstone Credit wraps up strong year
Riverstone Credit announced strong full-year results for the twelve months ended 31 December 2022. The company finished the year with a NAV total return of 14.5% in 2022. Strong cash generation across the portfolio allowed the company to deliver an annual dividend in excess of target for the 2022 financial year with 9.0 cents declared for […]
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04 Jan 2023 1 min read
Riverstone Credit finances renewable natural gas firm
Riverstone Credit Opportunities Income (RCOI) has made a new four-year US$150m sustainability-linked first lien term loan to NASDAQ listed Clean Energy Fuels Corp (CLNE) (cleanenergyfuels.com), which produces natural gas from animal waste and landfill containing organic matter. The floating rate loan has a maturity of 22 December 2026 with an all-in yield to maturity of […]
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01 Dec 2022 1 min read
Riverstone Credit transition to green/sustainable loans complete
Riverstone Credit Opportunities Income has been repaid the loan that it made to Hoover CS and has reinvested the proceeds and more into a new sustainability-linked first lien term loan for Hoover CS. Riverstone Credit is now nearly fully invested, with the portfolio almost exclusively green loans and sustainability-linked loans. Hoover CS is a leading […]
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11 Nov 2022 2 min read
QuotedData’s morning briefing 11 November 2022
In QuotedData’s morning briefing 11 November 2022: Capital Gearing Trust (CGT) has announced its interim results for the six months ended 30 September 2022. At the half-year end, CGT’s net asset value per share was 4,798.4p, compared to 5,025.1p at 31 March 2022. This represents an NAV total return of -3.5% over the previous six […]
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31 Oct 2022 2 min read
QuotedData’s morning briefing 31 October 2022
In QuotedData’s morning briefing for 31 October 2022: Riverstone Credit Opportunities Income (RCOI) has announced an upsize of its investment in Harland & Wolff Group Holdings PLC (“Harland & Wolff”),which focuses on strategic infrastructure projects and physical asset lifecycle management across five core industries: renewables, oil & gas, defence, cruise & ferry and commercial. In […]
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20 Oct 2022 1 min read
QuotedData’s morning briefing 20 October 2022
In QuotedData’s morning briefing 20 October 2022: Riverstone Credit Opportunities (RCOI) says that its NAV rose by 7% over the third quarter of 2022, hitting $1.10. The major driver was Seawolf Water Resources but the fund also realised its investment in FS Crude LLC, crystallising a 14.8% gross IRR and a 1.23x gross MOIC; Circulus Holdings […]
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13 Oct 2022 3 min read
QuotedData’s morning briefing 13 October 2022
In QuotedData’s morning briefing 13 October 2022: Riverstone Credit Opportunities Income (RCOI) has announced that it has reached an agreement to extend its EPIC Propane, a sponsor-backed infrastructure company that provides propane purity offtake transportation to the Gulf Coast export market. EPIC Propane is part of the broader EPIC Midstream system that includes over 1,695 […]
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11 Oct 2022 2 min read
QuotedData’s morning briefing 11 October 2022
In QuotedData’s morning briefing 11 October 2022: GCP Asset Backed Income (GABI) has been informed by Gravis Capital Management that David Conlon, the lead fund manager and member of its investment committee, has decided to leave Gravis and will be relinquishing responsibility for the management of the portfolio with effect from 10 October 2022. Joanne […]
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04 Oct 2022 1 min read
Riverstone Credit investing in Seawolf Water Resources
Riverstone Credit Opportunities Income has made a secondary investment in a ‘stapled bundle of private securities’ [this harks back to the old days when paper certificates were literally stapled together] in Seawolf Water Resources. The bundle includes a first lien term loan along with preferred stock and common equity. The aggregate price paid is at […]
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21 Sep 2022 2 min read
QuotedData’s morning briefing 21 September 2022
In QuotedData’s morning briefing 21 September 2022: Henderson High Income (HHI) produced returns in line with its benchmark (80% All-Share Index/20% ICE BofAML Sterling Non-Gilts Index) over the six months ended 30 June 2022, both returning -6.1%. It helped that UK equities beat bonds over the period as the trust began the year with an […]
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09 Sep 2022 2 min read
QuotedData’s morning briefing 9 September 2022
In QuotedData’s morning briefing 9 September 2022: Riverstone Credit Opportunities Income (RCOI) has announced that it is upsizing its investment in Hoover Circular Solutions, a sponsor-backed company that is a global leading specialty rental provider of containers and mobile asset management solutions across the energy, industrial, refining, and petrochemical industries. In October 2020, RCOI participated in a […]
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30 Jun 2022 2 min read
QuotedData’s morning briefing 30 June 2022
In QuotedData’s morning briefing 30 June 2022: Riverstone Credit Opportunities Income (RCOI) has realised its investment in Roaring Fork Midstream, crystalising a 21.3% IRR and 1.16x MOIC. The loan was made in March 2021, with a $5.9m first lien delayed-draw term loan to sponsor-backed Roaring Fork Midstream, a company which owns and operates pipeline and […]
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16 May 2022 3 min read
QuotedData’s morning briefing 16 May 2022
In QuotedData’s morning briefing 16 May 2022: Finsbury Growth & Income (FGT) has posted its unaudited half year results for the six months to 31 March 2022. During the period, the NAV total return was -2.2% and the share price total return was -3.0%. The benchmark rose by 4.7%. Despite this, manager Nick Train (pictured) […]
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03 May 2022 2 min read
QuotedData’s morning briefing 3 May 2022
In QuotedData’s morning briefing 3 May 2022: BlackRock Energy and Resources Income (BERI) is asking shareholders for permission to issue more shares after an upsurge of interest in the trust meant that it has already issued all the shares that it was given permission to at the last AGM. Blackstone Loan Financing (BGLF) generated a […]
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17 Feb 2022 2 min read
Riverstone Credit continues shift to green and sustainability-linked loans
Riverstone Credit continues shift to green and sustainability-linked loans – Over the course of 2021, Riverstone Credit Opportunities saw a modest fall in its NAV from $1.04 to $1.02, but a narrowing of its discount as the share price moved from $0.683 to $0.87. The dividend was maintained at 7 cents per share but this […]
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02 Dec 2021 3 min read
QuotedData’s morning briefing 2 December 2021
In QuotedData’s morning briefing 2 December 2021: ICG Enterprise Trust (ICGT) is investing in European Camping Group alongside funds advised by PAI Partners. The investment is being led by PAI Europe VII. ICGT will invest as a limited partner in that fund and also through a direct co-investment. Altogether, ICGT’s investment will be about €11.2m. European Camping […]
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03 Nov 2021 2 min read
QuotedData’s morning briefing 3 November 2021
In QuotedData’s morning briefing 3 November 2021: Riverstone Credit Opportunities Income (RCOI) has exited its holding in Project Mirror Realisation. RCOI committed $6.9m on 28 December 2020 to the first-lien community solar development company, before fully refinancing this loan with a new source of financing, resulting in a 36% realised IRR and 1.27x realised MOIC. […]
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18 Aug 2021 1 min read
QuotedData’s morning briefing 18 August 2021
In QuotedData’s morning briefing 18 August 2021: Seraphim Space (SSIT) pipeline company, Spire Global, a leading provider of space-based data, has completed its merger via a SPAC with NavSight Holdings. The combined company has been renamed Spire Global Inc and shares have started trading on the New York Stock Exchange under SPIR. As announced at Seraphim […]
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12 Aug 2021 1 min read
QuotedData’s morning briefing 12 August 2021
In QuotedData’s morning briefing 12 August 2021: Riverstone Credit Opportunities (RCOI) says its end June NAV was $1.03, unchanged from end December 2020. It has declared dividends totalling 3.5 cents for the first six months of the year. It concluded four deals over the first half of 2021, two of which – a water infrastructure company (Blackbuck […]
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22 Jul 2021 1 min read
QuotedData’s morning briefing 22 July 2021
In QuotedData’s morning briefing 22 July 2021: Riverstone Energy has sold its one-third stake in ILX Holdings III for about $172m in cash. This is equivalent to 1.0x the amount invested (they use the term MOIC, which stands for money on invested capital). The price is a 23% premium to the valuation at 31 December 2020. […]
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28 Jun 2021 3 min read
QuotedData’s morning briefing 28 June 2021
In QuotedData’s morning briefing 28 June 2021 – RTW Venture (RTW), focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, noted the 24 June announcement by one of its portfolio companies, GH Research regarding its pricing of a $160m IPO and admission to trade on the Nasdaq global market under ticker ‘GHRS.’ GH Research is […]
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21 Apr 2021 2 min read
QuotedData’s morning briefing 21 April 2021
In QuotedData’s morning briefing 21 April 2021: Riverstone Credit Opportunities (RCOI) participated in a $63.0m first lien delayed-draw term loan to a lithium-ion battery company [Imperium3 New York – or IM3NY] that will commercialise high performing lithium-ion batteries by developing a large-scale manufacturing facility in Endicott, NY. In addition to having a first lien on the manufacturing […]
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09 Apr 2021 1 min read
QuotedData’s morning briefing 9 April 2021
In QuotedData’s morning briefing 9 April 2021: Schroder UK Public Private says it has completed the sale of its shares in Kymab to Sanofi for approximately US$82m. There may be additional contingent payments of up to US$33m, subject to a deferred purchase price release and Kymab achieving certain development and regulatory milestones. Hibernia REIT says that it […]
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09 Mar 2021 1 min read
QuotedData’s morning briefing 9 March 2021
In QuotedData’s morning briefing 9 March 2021: Triple Point Social Housing REIT (SOHO) has bought seven supported housing properties, comprising 68 individual units in total, for an aggregate consideration of approximately £12.1m. The properties are located in the North West (24 units), the North East (23 units), Yorkshire (10 units), the East (7 units) and the South East […]
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18 Feb 2021 1 min read
Riverstone Credit bucks poor energy markets for 2020
Riverstone Credit bucks poor energy markets for 2020 – Riverstone Credit Opportunities Income has published results for the year ended 31 December 2020. The company finished the year with an NAV of $1.04. It was also able to declare dividends totalling 7 cents per share for 2020. These were covered by earnings of 7.59 cents. The […]
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07 Jan 2021 2 min read
Riverstone Credit updates on deals
Riverstone Credit updates on deals – Riverstone Credit Opportunities Income has originated one new investment and realised some or all of a number of existing investments. New Deal Activity § Project Mirror – RCOI participated in a $20.0 million first lien delayed-draw term loan to a community solar development company. Led by operating partners of a […]
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13 Aug 2020 1 min read
QuotedData’s morning briefing 13 August 2020
In QuotedData’s morning briefing 13 August 2020: Riverstone Credit Opportunities Income (RCOI) has announced its interim results for the six months ended 30 June 2020. During the period, its NAV per share has fallen by 1.0% to US$1.004 (31 December 2019: US$1.014), although the company made a profit of US$2.46 million. RCOI has announced the […]
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29 Jul 2020 2 min read
QuotedData’s morning briefing 29 July 2020
In QuotedData’s morning briefing 29 July 2020: Primary Health Properties (PHP) reported interim results to 30 June 2020, with performance highlights that include: Adjusted EPRA earnings per share increased by 7.1%; Average uplift of 2.2% per annum on rent reviews completed in the period (FY 2019: 1.9%; FY 2018: 1.4%); Additional annualised rental income on a […]
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20 Feb 2020 1 min read
QuotedData’s other news 20 February 2020
In QuotedData’s other news 20 February 2020 Hadrian’s Wall Secured Investments (HWSL) has served notice on Hadrian’s Wall Capital Limited to terminate its investment advisory agreement, this will take effect in 12 months. This is tied up with the decision to wind up the fund taken recently. India’s Supreme Court has ruled in favour of Alpha […]
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20 Dec 2019 1 min read
QuotedData’s other news 20 December 2019
In QuotedData’s other news 20 December 2019 Polar Capital Global Healthcare reported a -1.2% total return on NAV for the year ended 30 September 2019, behind the MSCI ACWI Health Care Index which returned 3.1%. The return to shareholders was -1.3%. The dividend has been upped to 2.1p from 2p. The biggest drags on performance were healthcare […]
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15 Aug 2019 2 min read
Energy-focused Riverstone Credit Opportunities Income reports early results
Energy-focused Riverstone Credit Opportunities Income reports early results – Riverstone Credit Opportunities Income (RCOI) is one of the newest companies in the listed investment sector (click here to read more about the company); the company has this morning reported half-year results to end-June 2019, though the actual period covered is from 28 May 2019 onwards Of the $100m […]
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28 May 2019 1 min read
QuotedData’s other news 28 May 2019
In QuotedData’s other news 28 May 2019: A new fund – Riverstone Credit Opportunities : RCOI – starts trading today, having raised $100m from professional investors to lend money to energy (mainly oil and gas) companies CQS New City High Yield announced that an administrative error had led to it overstating its NAV between 25 April […]
Upcoming Events
Videos
In The Press
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13 May 2024 1 min read
This investment trust sector yields 9% – is it too good to be true?
by Sam Benstead from interactive investor, 8th May 2024: Rising interest rates have knock-on effects for all investments – but one of the most important impacts is on bond markets. When rates rise, so do the returns that investors demand from fixed income. This leads to higher yields as a result of falling prices for […]
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16 Jan 2023 1 min read
Investment trust insider on running last year’s winners
James Carthew: Some 2022 winners are worth holding onto this year I’m uneasy about the resilience of the recent stock market rally. Despite this, I think a few of last year’s big gainers could do well again in 2023. Against a difficult backdrop, only about a third of investment companies generated a positive share price […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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19 Aug 2022 1 min read
Investment trust insider on Riverstone Credit Opportunities
Investment trust insider on Riverstone Credit Opportunities – James Carthew: Riverstone Credit comes with baggage but could see 15% annual gains Riverstone Credit Opportunities (RCOI) has a market capitalisation of just $79m (£65m), which limits its usefulness as far as most institutional investors are concerned. It would like to trade at or above asset value, […]
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16 Aug 2021 1 min read
Investment trust insider on Riverstone Credit Opportunities
Investment trust insider on Riverstone Credit Opportunities – James Carthew: this cheap dividend fund could be even sweeter if it went fully green The once mighty investment company debt sectors are shadows of their former selves, as many closed-end funds have gone to the wall or are being wound-down. However, what remains is of much better […]
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15 Jun 2020 2 min read
Opportunities for the optimistic investor
Opportunities for the optimistic investor: The cheap shares and investment trusts that could thrive post-lockdown By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 22:01, 12 June 2020 | UPDATED: 10:29, 14 June 2020 Seldom has optimism been such a controversial state of mind. Anyone who dares to voice the hope that recovery may be possible is likely to be called […]