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QD view – What goes down must come up?

The UK has become a bit of punching bag in recent times, stumbling from one crisis to another while presiding over an economy stuck in neutral. In many respects, it’s of little surprise its benchmark index has trailed the MSCI All Countries World index by almost 50% over the last five years. Of late, stubborn […]

Newly enlarged Henderson High Income beats benchmark over 2023

Henderson High Income says its NAV total return for 2023 was +9.8% compared with the benchmark return of +8.1%, an outperformance of +1.7%. Unfortunately, the emergence of a discount meant that the share price total return was +0.9%, with the share price ending the year at a discount to NAV of 7.7% having started 2023 […]

David Smith manager of Henderson High Income
RTW Biotech had a great 2023

RTW Biotech Opportunities had a great year in 2023, returning 23.5% in NAV terms and 16.0% in share price terms, both well ahead of the 10.6% return posted by the Russell 2000 Biotech index and even further ahead of the 3.7% return generated by the Nasdaq Biotech Index. Some highligts: During the year ended 31 […]

a rocket taking off viewed from across a lake
VH Global buys Australian solar sites

VH Global Sustainable Energy Opportunities has agreed to acquire and build two fully-permitted solar PV sites with co-located battery energy storage systems in New South Wales, Australia for a total consideration of £16.9m. This investment is part of the Australian solar PV and storage investment programme that was announced on 2 August 2021. With this […]

a road in australia with a warning sign for kangaroos
Schroder Capital Global Innovation encouraged by positive Q4 move

Schroder Capital Global Innovation reports an 11.2% fall in its NAV over 2023, but is encouraged by the positive NAV move in the final quarter of the year. The share price fell by 5.3% as the discount narrowed, helped by buying back 45.1m shares. The negative performance during the first three quarters of the year […]

the schroders logo superimposed on the image of a cell
India Capital Growth serves up great absolute but poor relative returns

India Capital Growth Fund reports NAV growth of 28.6% and share price growth of 34.1% for 2023. However, the benchmark S&P BSE Midcap Total Return Index rose by 38.4% The share price discount to NAV narrowed over the year to just over 3.9% at the year end. The board intends to continue to repurchase shares […]

a tiger
International Public Partnerships results light on crucial detail

International Public Partnerships says that over 2023 its NAV fell by 4.1% to 152.6p [like BBGI, it doesn’t say what the NAV total return was, it was 1.0%, and while there is room to say that the share price correlation with the All-Share is just 0.4, there wasn’t room to say that the return to […]

BBGI can’t pretend that 2023’s results were good

BBGI Global Infrastructure’s NAV total return for 2023 was 3.9% [we had to work that out, for some reason, the company went out of its way to avoid saying it, resorting to publishing an annualised NAV return since IPO instead, but if you think that’s odd, the really damning thing is the absence of any […]

M&G Credit Income had a good 2023

M&G Credit Income returned 10.4% in NAV terms over 2023, ahead of the 9% return on its benchmark. The statement says that outperformance came from tightening credit spreads, which drove capital growth and strong income returns supported by higher yielding private assets. The portfolio was substantially protected from interest rate rises and rate-driven volatility by […]

MGCI
QuotedData’s morning briefing 28 March 2024 – IVPB, IVPG, IVPM, IVPU, RIII, TENT, DGI9, HOME, BHMG, BHMU, ESO, SMIF, SONG

In QuotedData’s morning briefing 28 March 2024: Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. […]

a green cup sits on a pile of books
abrdn Property Income and Custodian merger off

The proposed and recommended merger of abrdn Property Income Trust (API) and Custodian Property Income REIT (CREI) is off after not receiving enough support from shareholders. Just over 60% of votes cast were in favour of the merger, below the 75% threshold to sanction the deal. The API board will now take steps to implement […]

Stable dividend boosts BioPharma Credit

BioPharma Credit (BPCR) announced its annual results for the year ended 31 December 2023. The company saw NAV growth of 1.5% over the period while maintaining its record of paying a dividend of at least 1.75 cents per share every quarter since that quarter ending 30 June 2018. Three dividends paid during the year totalled 7.25 cents per share, […]

Strong rebound for The Aurora Investment Trust

The Aurora Investment Trust (ARR) announced its annual results for the year ended 31 December 2023. Performance for the year was very positive, with a NAV total return of 36.3%, well ahead of the benchmark UK index return of 7.9%.  The share price return was 28.5%. The portfolio saw strong performance across the board with […]

230926 BGUK Rerating potential
Strong returns for JPMorgan American

JPMorgan American (JAM) announced its annual results for the period end 31 December 2024. The company generated a NAV total return of 24.7% in 2023 compared with 18.9% for its benchmark Index. Its share price total return was +26.6%. Since the change in investment approach on 1st June 2019 to the end of February 2024, […]

230127 BRSA AGM America Flag
Positive return for abrdn Asian Income Fund despite challenges

abrdn Asian Income Fund (AAIF) announced its annual results for the year ended 31 December 2023. The company saw a NAV total return of 2.5%, slightly ahead of the MSCI AC Asia Pacific ex Japan Index total return index which returned 1.6%. Shares rose 1.9%, with the discounting widening to 14% at the time of […]

ATR
Sirius Real Estate expands UK portfolio with £48.25m acquisition

Sirius Real Estate has acquired Vantage Point Business Village, a multi-let business park in Gloucestershire, for £48.25m (€56.4m), representing a net initial yield at acquisition of 10.2%. The acquisition was made using the proceeds of the company’s £147m capital raise in November 2023. The company has bought four assets so far this year, following the […]

Impressive growth for BlackRock Latin American

BlackRock Latin American Investment Trust (BRLA) announced its annual results for the year ended 31 December 2023. The company’s NAV was up 37.8% in US Dollar terms, which compares to the benchmark returns with dividends reinvested of 32.7%. The share price rose by 35.3% in US Dollar terms (but increased by 27.6% in sterling terms). […]

Steady year for Fidelity Japan Trust as markets rally

The Fidelity Japan Trust (FJV) has announced its annual results for the year ended 31 December 2023. During the year the trust reported a net asset value (NAV) return of +12.2%, whilst the reference Index, the TOPIX Total Return Index, returned 13.3%. Over the same period, the ordinary share price total return was +12.3%. Commenting […]

QuotedData’s morning briefing 27 March 2024 – LABS, ASLI

In QuotedData’s morning briefing 27 March 2024: Life Science REIT (LABS) has leased 7,497 sq ft of space at the Innovation Quarter at Oxford Technology Park to Coldquanta UK Limited, which is part of Infleqtion, a global quantum technology company. The lease will complete once the laboratory fitout works are complete. ColdQuanta will pay an […]

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Steady as she goes for Petershill Partners

Petershill Partners (PHLL) has announced its annual results for the year ended 31 December 2023. The company, which follows a unique M&A strategy, raised $23 billion of fee eligible assets, although notably earnings were down on the year prior given lower transaction activity. Highlights for the year included: Adjusted profit after tax of $200m for […]

view of the Bank junction in the City of London from Cheapside looking towards 1 Cornhill
Infrastructure India continues to flounder

Infrastructure India (IIP) announced its annual results for the 12 months ended 31 March 2023. The company has been selling off assets over the period, with the value of these now standing at £99.1m, down 40% from the same time last year. Net liabilities were £184.9m as at 31 March 2023. The group had gross […]

Infrastructure India IIP loan extension
QuotedData’s morning briefing 26 March 2024 – JEMA, AWEM, VOF, FEML

In QuotedData’s morning briefing 26 March 2024: JPMorgan Emerging EMEA Securities (JEMA) has announced that manager Pandora Omaset is pursuing other opportunities external to JPMorgan. Oleg Biryulyov continues to be the company’s investment manager supported by JPMorgan Asset Management’s investment management team and the investment process for the company’s portfolio management will remain unchanged. Ashoka […]

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Life Science REIT cuts dividend

Life Science REIT has rebased its dividend as the macroeconomic environment remains challenging. The company paid a dividend of 4p in 2022 – its first full year, but has reduced this to 2p for 2023. The company said: “With macroeconomic uncertainty continuing and interest rates now expected to remain elevated for some time, the board […]

Regional REIT fighting fires after challenging 2023

Regional REIT reported a particularly difficult 2023 with several headwinds contributing to a 23.3% drop in net asset value (NAV) to 56.4p per share. The office landlord’s portfolio valuation fell 9.3% on a like-for-like basis to £700.7m, as high interest rates impacted on the portfolio yield. Rent roll for the year was also down, from […]

Golden Prospect Precious Metals stems its NAV decline

Golden Prospect Precious Metals (GPM) has released its annual results for the 12 months ending 31 December 2023. Over the 12 month period GPM’s net assets fell from £30.6m to £32.0m. This was primarily due to a fall in the fair value of its investments, with GPM reporting a £0.5m loss over 2023. Despite this […]

Octopus Renewables announces double-digit dividend growth

Octopus Renewables Infrastructure Trust (ORIT) has released its results for the 12 month period ending 31 December 2023. Over those 12 months ORIT generated a NAV total return of 2.1%, and a negative share price total return of (4.4%) due to its widening discount. ORIT’s total NAV decreased from £618m to £599m during the year, […]

the words octopus renewables infrastructure trust set against a blue sky with a wind turbine on the right hand side
Pershing Square extends outperformance in 2023

Pershing Square Holdings has published results for the year ended 31 December 2023 and they are good. The NAV return for the year was 26.7% and the share price return 36.0%, outperforming the S&P500 which returned 26.3%. The performance was driven by the underlying portfolio. The portfolio hedges detracted from returns in 2023 but have […]

grand central station
Princess Private Equity announces share buyback plan and name change

Princess Private Equity Holding (PEY) has released its annual results for its financial year ending 31 December 2023. Over these 12 months PEY reported a NAV total return of 1.8%, finishing the year on a NAV per share of €14.16, while also reporting a share price total return of 32.6%. PEY’s NAV was driven primarily […]

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2023 was a year to forget for Baille Gifford Shin Nippon

Baillie Gifford Shin Nippon has published its accounts covering the 12 months ended 31 January 2024 and the figures do not make good reading. Over the year, the NAV declined by 14.9% and the share price by 20.5%. The MSCI Japan Small Cap Index rose by 6.3%. Over five years, the index was up 24.1% while […]

robot
US Solar limps into 2024 after perfect storm in 2023

US Solar Fund has announced results for the year ended 31 December 2023. The company’s NAV fell sharply over the year from 96 cents to 78 cents (roughly a 20% fall). You might have thought that the biggest negative impact on the results would have been the increase in interest rates feeding through into a […]

close up of some solar panels

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