In QuotedData’s morning briefing 16 April 2024: NextEnergy Solar Fund (NESF) announced it has refinanced its existing £135m short-term Revolving Credit Facility with AIB Group and NatWest which is due to expire in June 2024. The new facility is available until June 2026 and provides two additional 12-month extension options at NESF’s sole discretion to […]
The board of Balanced Commercial Property Trust (BCPT) has launched a strategic review into the future of the company, with all options – including a sale, merger, or continuing as is – on the table. The move comes as the company approaches a continuation vote later this year. The board pointed out that the company […]
Marble Point Loan Financing (MPLF) has released its annual results for the 12 months ending 31 December 2023. Over the 12 month period MPLF’s ordinary share class returned a NAV total return of 17.5%, while its liquidating share class returned 18.3%. MPLF’s portfolio value fell from $145.5m to 118.4m, however this was due to dividend […]
In QuotedData’s morning briefing 15 April 2024: Hg Capital Trust (HGT) has announced a £21.3m investment into Focus Group, alongside other clients of Hg. Focus Group is one of the UK’s leading providers of essential business technology to small and medium enterprises (SMEs). Hg believes that the long-term trends in small business technology adoption mean […]
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: • Third Point Investors (0:30) • Literacy Capital (5:37) • Batteries – Gore Street Energy Capital (8:02) This week’s interview was with Phil Waller from JPMorgan Global […]
On the economic front, this week’s big news was US inflation figures coming in ahead of expectations. This knocked both equity and bond markets, and cast doubts on the prospect of any interest rate cut in June, as had been expected beforehand. Sticky inflation One reason why US inflation seems to be stickier than the […]
Gulf Investment Fund (GIF) has announced the results of its tender offer, which closed on 11 April 2024. 1,157,160 shares were tendered, equal to 2.89% of its issued share capital meaning that, post the tender, GIF’s share capital will be 38,946,044 shares, which is above the minimum size condition of 38,000,000 shares set by its […]
Mercantile (MRC) has published its annual results for the year ended 31 January 2024, during which it provided NAV and share price total returns of 5.4% and 6.1% respectively, outperforming its benchmark, which returned 1.8%. Its chairman, Angus Gordon Lennox, says that existing portfolio holdings have been performing well, despite the challenging conditions of the […]
Impax Environmental Markets (IEM) says its NAV total return for 2023 was 4.5% and, as its discount widened, the return to shareholders was -3.7%. [There is no good benchmark for the portfolio, but we would use the MSCI All Countries World Index, which returned 15.3% in a year where the market’s focus was on very […]
Downing Renewables and Infrastructure generated a positive NAV total return of 3.5% over 2023, the flatter figure for 2023 reflecting more normal power prices. In common with other renewables companies, the discount widened over the year; the share price fell to 90p from 113.5p and now stands at 75.2p, a 36.1% discount to the end […]
In QuotedData’s morning briefing 11 April 2024: Onward Opportunities (ONWD) says its NAV total return from IPO on 30 March 2023 to end December 2023 was 11.3%. This compares to a 3.7% fall in the value of the UK AIM All Share index. The company trades at a premium and raised more money last month, […]
The Global Opportunities Trust (GOT) has announced its annual results for the year ending 31 December 2023. The company’s NAV total return was 1.7% while shares fell 3.6% with the discount widening to 18.6% at the end of the year . In comparison, the global market benchmark All-World Total Return Index rose by 15.7%, following […]
In QuotedData’s morning briefing 10 February 2024: Following the previously confirmed wind-down, abrdn Diversified Income and Growth (ADIG) announced that the company has redeemed and cancelled the remaining £16,096,000 principal amount of its 6.25% bonds due 2031. As announced on 8 March 2024, the redemption price was 114.983%. The redemption price having been calculated in […]
Third Point Investors (TPOU) has announced further details of its previously announced redemption offer, which was triggered because the average discount over the six months ended 31 March 2024 was over 10%. The 2024 offer is for up to 25% of the company’s issued share capital. The redemption price is the NAV on or around […]
The Gulf Investment Fund (GIF) announced a quarterly update for the period ending 31 March 2023. NAV growth for the period was 4.4%, ahead of the benchmark index return of 2.3%. Positive performance came from Saudi Ground Services (up 43.3 per cent), Arabian Centres Limited (up 19.8 per cent) and Arab National Bank (up 15.4 […]
EPE Special Opportunities (ESO) announced its annual report for the 12 months to 31 January 2024. NAV total return was down 28% while shares fell 45%. The discount has widened 53% at the time of publishing. The company noted challenging operating conditions during the period, with pressure on demand from decreasing consumer confidence and profitability impacted […]
In QuotedData’s morning briefing 9 April 2024: Scottish Oriental Smaller Companies Trust (SST) announced its results for the six months to 29 February 2024. NAV total return was 8.3%, while the MSCI AC Asia ex Japan Small Cap Index increased by 6.8% on the same basis. The company’s share price increased by 3.8 per cent […]
Literacy Capital (BOOK) has announced, alongside its notice of its forthcoming AGM on 15 May, that it intends to propose a mechanism to return capital to shareholders through the issue and immediate redemption of bonus shares, known typically as B shares. This comes alongside a proposal to amend the AIFM Agreement, designed to ensure that […]
In QuotedData’s morning briefing 8 April 2024: Caledonia Investments (CLDN) has provided a quarterly NAV and portfolio update, for the period ending 31 March 2024, ahead of its full year results to be released in May. CLDN has a NAV of £3.0bn, equal to £53.69 per share, which represents a 12 month total return of […]
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: • JPMorgan American (0:48) • Downing Strategic Micro Cap (6:55) • Fidelity Emerging (11:18) Andrew highlighted the opportunity in commodity trusts and in renewables (14:03) This week’s […]
From the recent buyback announcement, to private company valuations and areas of growth in the portfolio, catch up on the discussion between Scottish Mortgage managers Tom Slater and Lawrence Burns as they answer shareholder questions. Capital at risk.
It has been interesting to watch the different merger and acquisition (M&A) activity play out in the real estate sector – and the different boards’ approaches to it. Last week, the proposed deal, that would have seen abrdn Property Income Trust (API) swallowed by Custodian Property Income REIT, collapsed after it failed to get the […]
VH Global Sustainable Energy Opportunities (GSEO) has announced its annual results for the year ended 31 December 2023, during which it provided a total annualised NAV total return of 14.5%. Its chairman describes the year as one of building value in the portfolio, which is now 58% operational and by early 2025, the current portfolio […]
North American Income Trust (NAIT) has published its annual results for the year ended 31 January 2024, a period in which US investors were focused on monetary policy developments, geopolitical tensions and the uncertainty surrounding the possibility of either a recession or a soft landing for the US economy. During the period, NAIT provided NAV […]
In QuotedData’s morning briefing 5 April 2024: Schroder BSC Social Impact Trust (SBSI) plc has made a £5m commitment to Savills IM Simply Affordable Homes Limited Partnership. The Fund is focused on delivering affordable homes across the UK, by using its established strategic partnerships with high quality Housing Associations, developers, and housebuilders, through a mix […]
Educational Video – Oakley Capital partner Steven Tredget explains how listed vehicles enable retail investors to invest in this growing asset class.
Merchants Trust’s results for the 12 months ended 31 January 2024 show the trust lagging the +1.9% return posted by the All-Share Index, with NAV returns of -3.1% for the year. The statement makes no mention of the return to shareholders over the period, but does note that the shares traded at a premium to […]
Schiehallion says that over the year to 31 January 2024, the NAV returned negative 0.9% and share price returned negative 22.3%. The share price discount to NAV widened from 23% to 40% as sentiment remained against growth stocks and private company investments. The net revenue return was negative and there will be no dividend. From […]
Over the 12 months ended 31 January 2024, Dunedin Income Growth generated an NAV return of 6.7%, well ahead of the 1.9% return posted by the All-Share Index and other UK equity income trusts. However, a widening discount (finishing the year at 10.7%) left investors with a return of -1.6%. The dividend was increased by […]
Invesco Bond Income Plus delieved an NAV return of 11.7% over 2023 and a 10.5% return to shareholders. The 11.7% NAV return was slightly below the 13.8% achieved by the ICE Bank of America Merrill Lynch European High Yield Index. Dividends totalled 11.5p (up marginally from 2022’s 11.25p) and these were covered by earnings of […]
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