Impax Environmental Markets (IEM) has posted a 26.1% annual return, four months after Saba Capital seized control by installing a new board of directors. Annual results today showed the £172m investment trust beat its stock market benchmark for the first time in three years, outperforming the 12.7% gain in the MSCI AC World index in […]
Ruffer (RICA) has improved the terms of the 1% annual management charge it pays its fund managers. From January the £844m defensive global portfolio will pay 1% of the company’s market capitalisation or net assets, whichever is lower. “The revised structure creates greater alignment between the company and the investment manager,” said chair Nicholas Pink. […]
3i Infrastructure (3IN) says a “productive” first half pushed cash generation above expectations with total income and non-income cash rising to £195m in the six months to 30 September, up from £122m a year ago and including a £92m distribution from Joulz, the Dutch “energy as a service” provider. This puts 3IN on track to […]
Sessa Capital has lifted its position in Baillie Gifford US Growth (USA) to 7.7%, ramping up the challenge facing the investment trust’s board fighting for re-election at the annual general meeting on 23 October. Sessa, a New York based hedge fund, earlier this month disclosed a 5% position in US Growth. It is thought to […]
Syncona (SYNC) fund manager Chris Hollowood has hired Dr Samantha Roberts, the former chief executive of the National Institute for Health and Care Excellence (NICE), as his number two as the life sciences fund ramps up efforts to return £250m of capital to shareholders. Dr Roberts, who stepped down after four years from NICE in […]
Tufton Assets (SHIP) has locked in high charter rates on three more of its vessels in a further sign of the strong market conditions that boosted its annual results last week. The investment company, which has a fleet of 21 ships, said the Mia Grace, a chemical and oil products tanker, had been fixed on […]
The Investment Company (INV) has reported on its last set of annual results as a UK smaller companies investment trust run by Chelverton Asset Management. In the year to 30 June net asset value fell 7.2% to 73.9p per share with some of the decline reflecting the costs of its corporate restructuring, having appointed Dowgate […]
London-listed Vietnam funds have continued to struggle against the extraordinary market rally led by stocks in the conglomerate Vingroup. Annual results from Vietnam Holding (VNH) show it made an underlying 4.5% investment return in the year to 30 June, underperforming the 32.4% rise in the Vietnam All Share index. Shares in the £62m investment company […]
Wealth managers have become more positive on investment trusts with improved performance and a resolution of cost disclosure problems leading to better sentiment, according to a study by Research in Finance. A survey of 158 discretionary fund managers (DFMs) investing in trusts on behalf of financial planners and advisers found 28% expected to write more […]
Cordiant Digital Infrastructure (CORD) is heading for a name change after the Canadian investment group that helped launch the company five years ago resigned. Following a strategic review, Cordiant Capital Inc (CCI) has sold its 50.7% interest in Cordiant Digital Infrastructure Management LLP, a UK limited liability partnership that has provided investment advisory services to […]
Chrysalis (CHRY) has announced its first return of capital in its managed wind-down, saying it will return £25m following the £34m sale of its remaining stake in Klarna, the New York-listed credit provider. The money will be paid out tomorrow through a compulsory purchase of Chrysalis shares at 127p. Having fallen 38% this year, Chrysalis […]
HICL Infrastructure (HICL) has unveiled its first “enhancer” investment designed to boost shareholder returns, ploughing £68m into Hector Rail, the largest private rail freight operator in Scandinavia. The £2.5bn investment company is investing some of its cash resources in the Stockholm-based company alongside other InfraRed-managed funds which together will buy 100% of Hector Rail from […]
Saba Capital has raised its stake in Pantheon International (PIN) to 11.1% from 10.5%. The activist hedge fund bought more shares and total return swaps in the £1.4bn private equity investment trust on a 28% discount last Wednesday. The increase comes around two months after PIN indicated in its annual results that it would make […]
Saba Capital’s Boaz Weinstein is to join the board of SDCL Efficiency Income (SEIT), along with Richard Pavry, the former right-hand man of European fund manager Alexander Darwall, to oversee its managed wind-down. Pavry, former chief executive of Devon Equity Management, Darwall’s firm before its sale to River Global last October, is being put forward […]
JPMorgan Emerging Markets Growth & Income (JMGI) posted a 54.5% portfolio return for the year to 30 June after the £1.6bn investment trust’s asset class enjoyed its best 12 months in a decade. In common with other Asia and emerging market funds, JMGI’s unusually strong growth in net asset value (NAV) was driven almost entirely […]
A bruising few years for UK commercial property has meant that the majority of our commentary on the sector has focused on the latest REIT to be taken over or decide to throw in the towel. Frustratingly, just when it looked like conditions might be turning, the macroeconomic backdrop deteriorated again. The bull case for […]
The flotations of SpaceX and Bending Spoons, the Italian digital retailing platform, powered Schiehallion (MNTN) to a 29.1% investment return in the six months to 31 July. Half-year results show Bending Spoons’ $18.5bn splash provided an even bigger boost for the Baillie Gifford growth capital fund than SpaceX’s record $1.7trn IPO. From January when it […]
Nearly 72% of shareholders in Schroders Capital Global Innovation (INOV) tried to sell their shares in the company’s latest tender offer, demonstrating their interest in seeing the former Woodford Patient Capital Trust wind down and return their capital. The £107m company said it had received applications to sell from 71.97% of shares, a significant oversubscription […]
Baker Steel Resources Trust (BSRT) enjoyed a highly “positive” first half against the challenging backdrop of the US attack on Iraq with shares in the mining fund soaring 65.2% in the six months to 30 June, well ahead of the 15.4% growth in the net asset value (NAV) of its investments. These beat the 10.2% […]
Interview with Mick Dillion from Brown Advisory Experian is a global data and analytics company that helps businesses assess credit risk, prevent fraud and verify identities, underpinned by a proprietary dataset built over nearly 200 years. Brown’s Mick Dillon believes the company benefits from the essential role credit plays in economic growth and financial inclusion, […]
Saba Capital has stopped publishing the daily portfolio of its UK investment trust ETF, arguing that the transparency allowed other investors to copy its trades and made it more expensive to build positions. The Saba Capital Investment Trusts UCITS ETF (UKIT) has moved to a semi-transparent structure and will now disclose its full holdings quarterly, […]
A lack of ships and the necessity to take longer voyages to avoid the danger zones in the Strait of Hormuz and approach to the Suez Canal have created buoyant conditions for Tufton Assets (SHIP). The £364m dollar-based shipping fund reported net asset value (NAV) rose 19% in the year to 30 June with its […]
Annual results from technology fund Manchester and London (MNL) highlight the dangers of going all-in on artificial intelligence with the portfolio plunging 25% at the end of its financial year to 31 July. At 22 June MNL had notched up a 51% investment return but saw this almost evaporate as the near collapse of the […]
Neuberger Private Equity Partners (NBPE), previously NB Private Equity, sold $150m of investments in the first half of the year, lifting realisations from $86m a year ago. With $68m of exits expected to close in the coming months, the company said it was making good progress refreshing the portfolio and supporting share buybacks, which it […]
Next month’s five-year continuation vote at Invesco Global Equity Income (IGET) looks to be a shoo-in after the company reported a highly successful year for growth. IGET grew its market value by 86% to £510m in the year to 31 May, principally helped by a successful merger with Franklin Global which swelled assets by 55% […]
The completion of two big disposals in the first half of the year for Pantheon Infrastructure (PINT) proved something of a mixed blessing, interim results showed today. The sale of Intersect Power to Alphabet and of Calpine to Constellation Energy of the US announced last year generated $70m (£52.6m) of cash that enabled the company […]
A difficult first half to its financial year has not stopped Baillie Gifford China Growth (BGCG) from continuing to reverse the poor performance inflicted on shareholders since the former Witan Pacific appointed Baillie Gifford to run it as a China fund six years ago. After two strong years of 38.8% and 35.4% investment returns, the […]
Baillie Gifford US Growth (USA) is under threat from Saba Capital once again. Ahead of the annual general meeting on 23 October when the activist hedge fund will for a third time attempt to replace the investment trust’s board, shareholders have two opportunities to learn why they should oppose the takeover of their unique fund. […]
European-listed cybersecurity ETFs attracted €155.9m of net inflows in the week to 18 September, as several funds tracking the theme featured among the strongest-performing equity ETFs. Trackinsight figures, published by ETF Express on 21 September, showed the theme attracted more money than global infrastructure and biotechnology and genomics, which gathered €76.4m and €47.2m respectively. WisdomTree […]
Strategic Equity Capital (SEC) has reported a difficult year to 30 June. After seeing 78% of shareholders hold on to their shares in last October’s 100% tender offer, the company was hit in the first half of this year by a double whammy of Middle East turbulence and the sell-off of software and data companies […]
