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SAINTS: The wonder of compound interest

Please remember that the value of investments and any income from them can fall and you may not get back the amount invested. Past performance is not a guide to future returns. Compounding benefits  Companies reinvesting the profits of steady growth over decades are the unsung heroes of the market, according to James Dow joint […]

Strategic Equity Capital relatively resilient in UK market turmoil

Over the course of the 12 months ended 30 June 2022 the share price decreased by 9.5% on a total return basis, while the NAV total return – was negative 9.2%. In contrast, the FTSE Small Cap (ex Investment Trusts) Total Return Index fell by 14.6%. Thwe dividend was increased from 1.6p to 2.0p. In […]

Ashoka India Equity outperforms buoyant Indian market

The annual results of Ashoka India Equity Investment Trust have been published, covering the 12 months to 30 June 2022. The NAV return was 9.6% over the period and the share price return 7.7%. These compare to a return for the benchmark index, the MSCI India IMI, which returned 7.2% (in sterling terms). There is […]

Ashoka India Equity
QuotedData’s morning briefing 6 October 2022

In QuotedData’s morning briefing 6 October 2022: Pfizer has completed its acquisition of Global Blood Therapeutics. BioPharma Credit (BPCR) had a US$132.5m investment in a senior secured loan to Global Blood Therapeutics which was prepaid upon the closing of the deal. BioPharma Credit received US$175.4m in total, including US$42.9m of accrued interest, paydown, prepayment and […]

A “disappointing” year for the European Smaller Companies Trust

European Smaller Companies Trust (ESCT) has published its annual results for the year ended 30 June 2022. SCT’s chairman, Christopher Casey, says that “NAV total return performance for the year to 30 June 2022 has been disappointing at negative 21.0%, lagging the benchmark performance of negative 17.3%. Share price total return for the year was […]

abrdn European Logistics Income buys in France and Netherlands

abrdn European Logistics Income (ASLI) has acquired two logistics warehouses – in Dijon, France, and Horst, the Netherlands – for a total of €21.4m. Constructed in 2004 and refurbished in 2021, the 5,069 sqm Dijon property was acquired for €9.3m, reflecting a net initial yield of 4.2%. The building is leased to Dachser Intelligent Logistics, […]

“Another excellent year” for Ruffer

Ruffer (RICA) has released its annual results for the year ended 30 June 2022, which its chairman, Christopher Russell, says “has been another excellent year for Ruffer”. During the period, RICA’s NAV total return was 6.0%, with the NAV per share rising from 281p to 295p. The share price total return was 5.6%, reflecting a […]

HgCapital holdings Ideagen and ProcessMap to merge

Hg, the Manager of HgCapital Trust, has announced that its investee company Ideagen, a trusted name in software solutions for regulated industries, andfellow investee company ProcessMAP, a leading Environmental, Health and Safety software platform provider are to be merged and Hg will remain as majority investor in the combined business. The transaction is expected to […]

Interest rate swaps give Hipgnosis certainty over debt costs

Further to its announcement of a new revolving credit facility (RCF) two days ago (click here to read more on this), Hipgnosis Songs Fund (SONG) has announced that it has now completed the interest rate swap agreements that it said were in negotiations when it made the RCF announcement. Crucially, at a time of rising […]

Hipgnosis Songs Fund: SONG
QuotedData’s morning briefing 5 October 2022

In QuotedData’s morning briefing 5 October 2022: Brunner (BUT) has announced that Julian Bishop will be joining the AllianzGI team managing the trust’s portfolio on 1 November 2022 as a senior portfolio manager with a view to becoming co-lead manager alongside Christian Schneider in due course. Julian has 25 years investment experience as a global […]

BB Biotech’s enters Q4 with NAV rise on Myovant buyout offer

BB Biotech saw an almost 3% rise in its NAV yesterday to CHF51/share, helped by a 36% jump in the share price in one of its holdings – Myovant – triggered by a cash buy-out offer. BB Biotech’s share price, however, was largely unchanged at CHF52.8, which has had the effect of reducing the investment […]

Great Portland Estates sells City office at 3.85% yield in fillip for the market

Great Portland Estates (GPE) has exchanged contracts to sell 50 Finsbury Square, EC2, for £190m – in a fillip for the real estate market. The price represents a net initial yield of 3.85% – which reflects the continued strength of investor demand for prime office buildings despite economic woes. The 121,800 sq ft office, which […]

Key personnel at SDCL taking advantage of share price weakness

SDCL Energy Efficiency says that it recognises that recent market volatility has resulted in its share price trading below its most recently published NAV per share [7.5% at close of play last night, better than the 15% it was at last Thursday night, when we were making the slides for the weekly show, but unusual […]

HgCapital backs TrustQuay

Hg has become a majority investor in TrustQuay, a leading technology provider to the global trust, corporate and fund services industry. TrustQuay provides entity management, client accounting, practice management, compliance and workflow software for trust, fund and corporate service providers around the world. Over its next phase of growth, TrustQuay is aiming to scale its business […]

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 […]

QuotedData’s morning briefing 4 October 2022

In QuotedData’s morning briefing 4 October 2022: Mobius Investment Trust (MMIT) is offering investors a voluntary redemption opportunity as at 30 November 2022. However, performance has been good and the shares are trading close to NAV so we doubt that there will be much take up of the offer. Redemption requests have to be submitted […]

Mobius Investment Trust MMIT
Henderson Eurotrust has a tough year

Henderson Eurotrust (HNE) has published its annual results for the 12 months ended 31 July 2022. During the year, which HNE’s chairman, Nicola Ralston, describes as “a tough one for the Company’s investment portfolio”, HNE provided NAV and share price total returns of -13.9% and -19.6% respectively. In comparison, HNE says that its benchmark, the […]

Vietnam Holding posts peer beating performance

Vietnam Holding (VNH) has published its annual results for the year ended 30 June 2022. During the year, VNH’s NAV per share declined by 4.36% in USD terms, while the market as a whole, as measured by the Vietnam All Share Index (VNAS), declined by 16.5%. However, in sterling terms, VNH’s NAV increased by 9.0% […]

Hipgnosis Songs refinances debt

Hipgnosis Songs Fund has refinanced its debt facilities. The company has entered into a new revolving credit facility (RCF) with a commitment of US$700m which runs for five years until 30 September 2027.  The facility will be used to refinance, in full, the company’s pre-existing RCF and for working capital purposes. In accordance with the investment policy, any […]

Hipgnosis Songs Fund: SONG
QuotedData’s morning briefing 3 October 2022

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

QuotedData’s weekly news show 30th September 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: Bluefield Solar The rise in discount rates Mixed progress with IPOs for Welkin China Private Equity, Independent Living REIT and Sustainable Farmland […]

QD view – Managers question UK small cap weakness

The UK economy looks increasingly precarious. The recent ‘targeted fiscal event’ has sent the pound sliding, gilt yields rising and confidence to rock bottom. With recession looming, it has also proved a tough moment for UK smaller companies, which were already battling poor sentiment. Smaller companies managers are no strangers to volatility, but how are […]

Bluefield Solar posts strongest results since IPO

Bluefield Solar Income Fund (BSIF) has published its annual results for the year ended 30 June 2022. It has been a very successful year for BSIF, which has recorded its highest earnings and dividend since its launch, along with 320m of solar and battery investments; an oversubscribed fundraise of £225m, 1.1GW of capacity being developed […]

JPMorgan Global Growth & Income treads water in challenging environment

JPMorgan Global Growth & Income (JGGI) has announced its annual results for the year ended 30 June 2022. During the year, JGGI provided an NAV total return of -3.4% and a share price total return of -4.8%, both of which compare to a return on the trust’s benchmark, the MSCI AC World Index of -4.2% […]

Crystal Amber delivering progress on realisation

Crystal Amber (CRS) has announced its annual results for the year ended 30 June 2022. The year was a defining one for the fund in that it was not able to secure a 75% majority in favour of its continuation at its AGM on 1 November 2021. Following this, shareholders approved a new investment policy […]

JPMorgan Emerging Markets underperforms due to stock selection

JPMorgan Emerging Markets (JMG) has announced its annual results for the year ended 30 June 2022. During the year, JMG provided NAV and share price total returns of -17.3% and -20.6% respectively, both underperforming its benchmark, (the MSCI Emerging Markets index) which provided a total return of -15.0% (all in sterling terms). Stock selection was […]

JLEN and Foresight Solar announce purchase of a 49.9MW battery project

JLEN Environmental Assets (JLEN) and Foresight Solar (FSFL) have announced the acquisition of Gigabox No 4 Limited, which holds the development rights to construct a 49.9MW lithium-ion battery energy storage plant based in Angus, Scotland. Both parties are taking a 50% equity stake in the project which will see each of them invest up to […]

battery stoage
QuotedData’s morning briefing 30 September 2022

In QuotedData’s morning briefing 30 September 2022: NextEnergy Solar Fund (NESF) has announced that it has increased the commitments available under its Revolving Credit Facility (RCF) with AIB Group (UK) Plc and NatWest from £75m to £135m – an increase of £60m. The additional commitments have been agreed at a margin of 120bps over SONIA […]

Harmony Energy Income hoping to issue C shares

Harmony Energy Income Trust is proposing to raise capital via a placing of new C Shares at 100p per share to fund its pipeline of 2-hour duration battery energy storage systems. The company was launched on 9 November 2021 raising £210m (before expenses), and now has net assets of about £244m. The current portfolio comprises […]

QuotedData’s morning briefing 29 September 2022

In QuotedData’s morning briefing 29 September 2022: Rockwood Strategic (RKW) confirms that its shares are now admitted to listing on the premium segment of the Official List maintained by the FCA and to trading on the premium segment of the London Stock Exchange’s Main Market. The trust is moving across from AIM. [Now the focus […]

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