The logistics sector is in a curious place right now. Comments from Amazon (the market leader in occupier take-up of logistics space over the last few years) about slowing the pace of its warehouse expansion have freaked the market. Meanwhile interest rate rises will almost certainly see investment yields erode as the cost of capital […]
Home REIT has acquired 199 properties for homeless accommodation for £85.1m, as it continues to deploy the proceeds of its £263m equity raise in May. The company has now deployed a total of £170m (66%) of the proceeds with this latest tranche, which adds a further 869 beds to its portfolio bringing the portfolio total […]
In QuotedData’s morning briefing 5 August 2022: Fidelity European (FEV) has announced its interim results for the six months ended 30 June 2022. During the period, FEV’s total return was -12.0%, which it says compares to a total return of -15.1% for the FTSE World Europe (ex UK) Index which is the Company’s Benchmark Index. […]
Generally, Invesco Select Trust’s various asset class portfolios had a mixed financial year to end May 2022. The global equity income portfolio beat its benchmark, returning 9.6% in NAV terms relative to 7.4% for the MSCI World Index. However its share price return was 4.4%, reflecting a widening discount. The UK equity portfolio, which returned […]
Schroder British Opportunities Trust has made an additional investment into Cera Care, Europe’s largest provider of digital-first home healthcare. Cera has raised $320m (~£260m) in equity and debt to expand from servicing 15,000 to 100,000 at-home patients each day. One very welcome effect of this should be to free up NHS beds and boost the […]
Pantheon International’s results for its financial year ended 31 May 2022 are very good. The NAV total return for the period was 31.0%, well ahead of the 7.8% return posted by the MSCI World Index. However, discount widening left shareholders with a return of 8.6%. The trust’s returns were boosted by weak sterling. However, even […]
Henderson Smaller Companies has published results for the 12 month period ending 31 May 2022. The trust underperformed its benchmark over the year, delivering an NAV total return of -17.8% against -9.5% for the Numis Smaller Companies Index (ex Investment Companies). A widening of the discount left shareholders with a return of -27.0%. On the […]
In QuotedData’s morning briefing 4 August 2022: JLEN Environmental Assets says that its end June NAV was 123.1p, up 7.8p from 31 March. The drivers of this were higher fixed prices (+1.2p), higher seasonal forward pricing (+1.5p), and changes to long term forecasts from independent consultants (+5.8p). Our assumption would be that these uplifts reflect […]
NextEnergy Solar secures subsidised UK solar contracts – NextEnergy Solar (NESF) has secured additional subsidised solar contracts in the UK comprising contracts on 86MW of planned additional capacity through the fourth Contracts for Difference (CfD) Allocation Round (AR4) announced last month. The CfDs have been secured for 100% of the generating capacity of Whitecross (36MW) […]
In QuotedData’s morning briefing 3 August 2022: European Assets (EAT) has posted its half-year results for the six months to 30 June 2022. During the period, its NAV fell by 31.4% while its share price fell by 31.8%. The chair said the trust has been hit by the aggressive market sell-off exacerbated by the war […]
Invesco Asia has published results for the 12 months ended 30 April 2022. The trust beat its benchmark in a falling market, returning -6.7% against -12.9% for the MSCI Asia ex Japan Index. The discount widened from 8.2% to 11.9% and, therefore, the return to shareholders was -10.0%. The fund has continued to outperform since […]
In QuotedData’s morning briefing 2 August 2022: Ed Warner, OBE has been appointed chair of JLEN Environmental Assets with effect from 2 August 2022, succeeding Richard Morse who stepped down on 15 July 2022. Ed brings extensive financial services experience from his time spent in senior positions at several investment banks and financial institutions, including […]
Foresight Sustainable Forestry acquires trio of afforestation projects and signs new RCF – Foresight Sustainable Forestry (FSF) has acquired a further three afforestation sites in Scotland (deploying £3.8m, inclusive of tax and other transaction costs) and has also signed a £30m Revolving Credit Facility agreement. On 15 July 2022, FSF completed the acquisition of Droveroad […]
JLEN Environmental Assets bolsters battery storage exposure and makes first investment into land-based aquaculture – JLEN Environmental Assets (JLEN) has made two new acquisitions including a 50% equity stake in Clayfords Energy Storage and a minority equity investment in a controlled environment aquaculture project. Clayfords holds the development rights to construct a 50MW lithium-ion battery […]
In QuotedData’s morning briefing 1 August 2022: Harmony Energy Income (HEIT) has completed the acquisition of the first pipeline project from Harmony Energy Limited: a 99 MW / 198 MWh energy storage project known as “Bumpers”. It has also executed contracts with Tesla for the supply, construction, maintenance and optimisation of the Bumpers project, with a […]
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: • JPMorgan Russian • Seraphim Space • Ecofin US Renewables This week’s interview was with Stuart Widdowson from Odyssean Investment Trust – watch […]
This week, Gore Street Energy Storage published its annual results, and I had a call with Alex O’Cinneide who is the investment adviser to the fund. 10x bigger in just two years We wrote about Gore Street Energy Storage back in June 2020. Back then, the share price was just over £1 and the market […]
JPMorgan Russian (JRS) has announced its interim results for the six months ended 30 April 2022, which include proposals to amend its investment objective and policies to permit investments in Emerging Europe (including Russia), the Middle East and Africa. As a precursor to asking shareholders permission, the board is requesting authorisation from the FCA to […]
In QuotedData’s morning briefing 29 July 2022: HICL Infrastructure (HICL) has announced that it has activated a £330m accordion option within its revolving credit facility (RCF), thereby increasing its overall short-term credit facilities to £730m. The £330m accordion is a one-year facility expiring on 28 July 2023 and is priced on the same terms as the […]
Aberforth Split Level Income Trust has published results covering the 12 months ended 30 June 2022. Over that period, the Numis Smaller Companies Index (excluding Investment Companies) generated a total return of -17.2%. The trust’s total assets total return, which measures its ungeared portfolio performance, was -14.9% during the year. However, when geared by the […]
Oakley Capital Investments says that Oakley Capital Origin Fund has reached an agreement to sell part of its stake in Seedtag to private equity investor Advent International. The trust’s look-through share of proceeds is expected to be about £13m, adding about 4p to the end June NAV. Founded by Jorge Poyatos and Albert Nieto in […]
During the quarter ended 30 June 2022, Seraphim Space invested £5.3m in three new unlisted investments, and also made two follow-on investments totalling £2.4m. As at 30 June 2022, the company had cash of £57.7m. Given the big swing in sentiment against growth stocks and the present unlikelihood of Seraphim raising more money, the manager […]
In QuotedData’s morning briefing 28 July 2022: Ecofin US Renewables (RNEW) says that its end June NAV was 97.32 cents, down slightly from the figure of 97.64 cents at end March. The main infuences on the NAV over the quarter were an inflation/interest related increase in discount rates used to value the portfolio (-$3.5m) offset […]
In QuotedData’s morning briefing 27 July 2022: Aberforth Smaller Companies (ASL) has posted its half-year results for the six months to 30 June 2022. During the period, its NAV fell by 16.8% while its share price fell by 18.4%. However, this remains ahead of its benchmark, the Numis Smaller Companies Index (excluding investment companies) which […]
Gore Street Energy Storage has published results for the year ended 31 March 2022. Over that period, the fund more than doubled in size (and the recent £150m fundraise makes it larger still) and the NAV total return was 13%. The return to shareholders was 11%. Dividends totalling 7.0p per share were declared in line […]
MIGO Opportunities has published results for the 12 months ended 30 April 2022. Over that period, the NAV return was 4.7%, the share price return 2.7% and the return on the benchmark – the return on cash, as measured by SONIA, plus 2% – was 2.2%. The chairman says that the principal drivers of performance […]
In QuotedData’s morning briefing 26 July 2022: The Allianz technology team has moved en masse across to Voya Financial and it is now the investment adviser to Allianz Technology (ATT). The board is confident that there will be minimal impact on the management of the portfolio, It is anticipated that there will be no change […]
SVM UK Emerging hit by ‘painful period for growth investors’ – SVM UK Emerging (SVM) has posted its annual results for the year to 31 March 2022. During the period, its net asset value fell 10.0% to 112.51p per share, compared to a return of 5.4% in its comparator index, the IA UK All Companies […]
In QuotedData’s morning briefing 25 July 2022: Aquila Energy Efficiency (AEET) has committed a further £8.3m of which £3.9m has been deployed in a project including a cluster of 32 energy efficiency projects for small residential buildings and condominiums qualifying for the Italian Superbonus incentive scheme. It has also committed to three transactions in Spain, […]
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 covered the week’s top stories: • Polar Capital Technology • Henderson Diversified Income This week’s interview was with Philip Kent of GCP Infrastructure Investments Ltd – watch it again here.
