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British Land’s portfolio valuation plummets 10.1%

British Land has reported a 10.1% drop in the value of its property property as the covid-19 pandemic takes its toll on the group’s retail portfolio. For the year ending 31 March 2020, British Land’s portfolio valuation plummeted by £1.2bn, from £12.3bn to £11.1bn. The FTSE 100 REIT said that the drop was driven by […]

Hammerson chief executive steps down
Hammerson chief executive steps down

Hammerson chief executive David Atkins has stepped down from the role. Atkins will remain in position until spring 2021 at the latest, while the board conducts a search for his successor, the company announced today. Hammerson, which owns a portfolio of shopping centres, retail parks and outlet centres across the UK and Europe, has suffered […]

Supermarket Income REIT buys stake in Sainsbury’s store portfolio
Supermarket Income REIT buys stake in Sainsbury's store portfolio

Supermarket Income REIT (SUPR) has acquired a 25.5% stake in a portfolio of Sainsbury’s supermarkets in a joint venture (JV) with British Airways Pension Fund. The JV has acquired the stake in the 26 stores from British Land for £102m. SUPR’s contribution to the JV is £51m, excluding costs, which will be satisfied from its existing […]

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, […]

Capital Gearing Trust premium rises over annual results period
Capital Gearing Trust net asset value is up 5.3%

Capital Gearing Trust (CGT) has reported annual results covering the year to 5 April 2020. Total NAV and share price returns came in at +0.1 and +0.5%, respectively, while the premium rose from +2.2% to +2.6%. Investment review – portfolio came through March turmoil well CGT’s managers, Peter Spiller, Alastair Laing and Christopher Clothier, provided the […]

QuotedData’s morning briefing 27 May 2020

Latin America is now the centre of the pandemic. While Brazil has been in the headlines most, there are concerns that Venezuela is particularly unprepared to cope, were cases to escalate. The BBC reports that on a per capita basis, Ecuador is the worst affected country in the region. Flexible investment company, Caledonia (CLDN), reported […]

India Capital Growth continuation vote – urgent video from the board to its shareholders

An urgent video message from the chairman, Elisabeth Scott  A message from the Chairman from India Capital on Vimeo. Additionally: Join one of their two webinars; Read our research note India Capital Growth – Needs more time; And David Cornell, of the manager Ocean Dial will be on our weekly show Friday at 11am (normally […]

AEW UK REIT sells car park and updates on covid-19
AEW UK REIT sells car park and updates on covid-19

AEW UK REIT has sold its largest asset for £18.8m. The car park asset at Geddington Road, Corby, was acquired in February 2018 for £12.4m and is fully let to Gefco UK for just over one year. AEW UK said it had not invested any capital expenditure in the asset during its hold period, which has […]

ASLI posts 6.1% jump in NAV
ASLI posts 6.1% jump in NAV

Aberdeen Standard European Logistics Income (ASLI) has posted a 6.1% jump in net asset value (NAV) for the first quarter of 2020. The company, which owns a portfolio of 14 logistics assets across Europe, reported NAV per share of 99.92p (112.7c) at 31 March 2020, up from 94.21p (111.0c) on 31 December 2019. The increase […]

QuotedData’s morning briefing 26 May 2020

In QuotedData’s morning briefing 26 May 2020, as the lockdown begins to ease: FastForward Innovations says its medicinal cannabis investment, Emmac Life Sciences will manufacture product for a clinical trial as part of a Consortium led by the University of Valencia. The clinical trial in COVID-19 patients will use the T12 molecule to prevent disease progression […]

SQN Secured Income board says vote against continuation

SQN Secured Income board says vote against continuation – SQN Secured Income promised investors a continuation vote if it failed to grow beyond £250m of assets by 31 December 2019. Well here it is. “Over the past few months, the board has been considering the future of the company, and consulting with larger shareholders, and […]

India Capital Growth wants time to recover
India Capital Growth - Shakeout uncovers value

India Capital Growth wants time to recover – This morning, India Capital Growth has announced that it will hold a continuation vote on 12 June. A vote looked likely to be triggered later this year as the fund has failed to beat its benchmark over the period since 30 June 2017. The manager has been […]

How will retail work in a post-covid world?

It was announced today that UK retail sales fell almost 20% in April as strict lockdown measures took hold. In the clothing retail sector, the impact of lockdown was even bleaker. Sales volumes plummeted over 50% when compared to March, which had already fallen by 34.9% on the previous month. With lockdown measures gradually being […]

It’s not the economy, stupid

Yesterday, Stephen Paice, co-manager of Baillie Gifford European Growth Trust, was one of the presenters at a webinar we held for professional investors centred on funds that have adopted a growth style of investing. Stephen was asked a few times yesterday about the macroeconomic influences on his portfolio – interest rates, inflation rates, trade wars […]

Marwyn Value Investors’ announces manager payday as discount languishes

Marwyn Value Investors’ announces manager payday as discount languishes – Marwyn Value Investors (MVI) is a rather strange and complicated beast. It has brief periods of spectacularly good performance interspersed with long periods of rather dull returns. many shareholders appear to have become disillusioned, there is a perceived overhang of shares and it trades on a […]

QuotedData’s morning briefing 22 May 2020

In QuotedData’s morning briefing 22 May 2020 DP Aircraft has ended up with a 5.02% stake in Norwegian Air Shuttle as part of a debt for equity swap. It could sell some of this in August and October but the whole holding can be sold in December. River and Mercantile UK Micro Cap (RMMC) has released […]

Regional REIT collects 93.9% of rents
Regional REIT rent collection rises to 92.8%

Regional REIT has now collected 93.9% of rent for the current quarter, it announced in a trading update. The group, which owns office and industrial assets in regional UK cities, said the figure was ahead of that collected at the same point last year (92.7%). It said it will pay a dividend of 1.90 pence […]

Assura posts strong full year results
Assura updates on primary care portfolio

Assura has reported strong full year results in which net asset value (NAV) increased 1.1%. The company, which owns a portfolio of 576 GP surgeries and medical centres, posted a diluted EPRA NAV per share of 53.9p. The group’s portfolio jumped in value by 8.1% in the year to £2.14bn due to acquisitions. On a […]

QuotedData’s morning briefing 21 May 2020

In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield: Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays […]

VPC Specialty Lending seems to be coping fairly well

VPC Specialty Lending seems to be coping fairly well (apart from its wide discount) – VPC Specialty Lending’s return on NAV for 2019 was 11.3%. The dividend was increased from 6.8p to 8p. Despite buying back 12.5% of the company’s shares (helping to facilitate the sale of Woodford’s stake in the company), the discount widened from […]

Great Portland Estates posts strong results

Great Portland Estates has posted a 1.8% rise in net asset value (NAV) in full year results to the end of March 2020. The central London office developer reported an EPRA NAV per share of 868p. Its portfolio valuation was stable, with a slight decrease of 0.3% to £2,624.1m. The increase in NAV was due to […]

Quarterly update from Riverstone Energy with plans afoot to return portion of uninvested capital

As of 31 March 2020, Riverstone Energy (RSE) had a NAV per share of $5.31 – this compares with $9.66 as at 31 December 2019 (click here to read more on this). RSE released an interim update this morning, covering the quarter-ending 31 March. Key unaudited financial highlights from the period include: NAV as at 31 March 2020 […]

Great Portland Estates lands major West End office pre-let

Great Portland Estates (GPOR) has secured a 40,000 sq ft pre-let at its office development on Oxford Street. The deal is a significant boost to the central London office market as fears around a drop off in demand for office space mount amid the coronavirus crisis. GPOR has signed up Exane BNP Paribas, which will […]

Livermore reports annuals – full extent of pandemic’s impact on CLO portfolio not yet clear
Livermore LIV

Flexible investment sector company, Livermore (LIV), has published annual results to end-December 2019. NAV per share remained broadly stable at $0.99 (2018: $1.00). Given the December year-end, much of the commentary was inevitably around 2019 themes. We have therefore included LIV’s post-period views on covid-19 first: Covid-19 update LIV’s manager notes included the following: “In March […]

Final results from HICL Infrastructure with long-term demand for infrastructure likely to remain robust
HICL Infrastructure HICL

Over the year-ended 31 March 2020, HICL Infrastructure (HICL) delivered an NAV total return of 1.9% (2019:10.8%). The company says that the  target dividend of 8.25p has been declared and is fully cash covered. In terms of its balance sheet, over the year,  HICL strengthened it by raising £117m in two capital raises while it also refinanced the […]

QuotedData’s morning briefing 20 May 2020

Rolls-Royce says it will shed 9,000 jobs in response to the covid-19 crisis – it expects any recovery in the airline industry to take several years (click here to read more). JPMorgan Asia Growth & Income (JAGI) reported interim results to end-March with the total market return coming in at (6.6%) compared with (9.3%) for the […]

Two new directors for IBT

Two new directors for IBT – International Biotechnology Trust has two new non-executive directors.  Kate Cornish-Bowden and Patrick Magee take up their roles today. They will replace two existing directors. John Aston intends to retire from the Board at the conclusion of the AGM to be held in December 2020 and it is expected that Dr […]

QuotedData’s morning briefing 19 May 2020

In QuotedData’s morning briefing 19 May 2020 The Renewables Infrastructure Group is planning a fundraise through an issue of shares at 120p (a 5.8% discount to the share price and a 4.3% premium to NAV – more if you adjust for the 5p per share hit from power price falls discussed on 22 April). As usual, […]

Schroder AsiaPacific sees anti-globalisation tide drawing strength from the pandemic

The near £700m market cap Asia fund, Schroder AsiaPacific (SDP) has reported interim results to 31 March 2020. Between them, China and Hong Kong account for nearly 80% of its allocation by geography and its three largest sectoral exposures are technology, financial services and consumer cyclical. During the six month period ended 31 March 2020, SDP’s […]

BlackRock World Mining benefits over April as gold equities ‘catch up’

BlackRock World Mining’s (BRWM) NAV increased by 18.1% over the month of April (the shares were up 17%) – driven by gold. BRWM’s portfolio, as at 30 April 2020, was as follows: Exposure % Total Diversified 32.0 Gold 30.9 Copper 16.8 Silver & Diamonds 4.9 Nickel 3.6 Industrial Minerals 3.4 Platinum Group Metals 2.1 Iron […]

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