JPMorgan China Growth & Income (JCGI) announced its half year report for the year ended 31 March 2023. During this period, JCGI delivered a total return on net assets of 7.9% (in sterling terms), compared to the benchmark return of 7.3%. This positive performance follows a challenging time for the company in the last financial […]
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: • Momentum Multi-Asset Value (0:21) • RM Infrastructure (4:09) • Home REIT (10:49) • LondonMetric/CT Property (16:14) This week’s interview was with Andy Ho & […]
Another week in property, another M&A announcement. This time it is LondonMetric pouncing on smaller peer CT Property Trust (CTPT) with an all share offer that values the company at around £200m. In recent weeks we have seen Industrials REIT taken private by Blackstone, Civitas Social Housing also recommending a bid for the company and […]
HarbourVest Global Private Equity (HVPE) has released the annual results for its financial year ending 31 January 2023. HVPE reported a 12 month NAV total return of -1.2%, compared to the -7.3% return of the FTSE All-World Index. HVPE’s positive returns from infrastructure and real assets, credit, and small to mid-cap buyouts were more than […]
UK Commercial Property REIT has sold its 186,455 sq ft Wembley180 logistics asset in London for £74m, which reflects a net initial yield of 3.49% and is broadly in line with the 31 March 2023 valuation. The buyer was Covent Garden IP Limited, a registered charitable company that supports The Church of Jesus Christ of Latter-day […]
Welcome to the videos from the Property Investment Conference 2023. The conference was for property analysts and REIT investors from all the major asset management groups, banks, stockbrokers, wealth managers and IFA Groups. Private investors were also welcomed this year via live streaming who were able to follow the panel discussions and expert speakers. We […]
Funds managed by Marwyn Investment Management LLP have made an investment of £8m in Palmer Street Limited. £6.2m of this is coming from the listed fund. Palmer is being set up to take advantage of the opportunity to provide a differentiated business proposition in the private capital servicing sector. Palmer’s management team: Martin Schnaier, James […]
Shires Income reports that for the year ended 31 March 2023, it generated an NAV total return of -2.2% and a share price return of -5.5% (as the shares moved from a 0.3% premium to a 3.1% discount), which compares with a +2.9% return for its benchmark. The dividend was upped by 2.9% to 14.2p, […]
The board of Momentum Multi-Asset Value Trust has decided that the fund is too small to be viable and is proposing that it be liquidated and investors given the option of rolling into the manager’s equivalent open-ended fund. Recent market challenges and share buy backs through the operation of the discount control mechanism have seen […]
In QuotedData’s morning briefing 25 May 2023: Gresham House Energy Storage (GRID) raised £50m from its placing and retail offer. Less than its £80m target but not a bad result in the current environment. 32,154,341 shares will be issued at a price of 155.5p. 30,584,387 of these shares will be issued via the placing and […]
HICL Infrastructure (HICL) has announced its annual results for the year ended 31 March 2023. The chair, Mike Bane, describes the financial performance in the year as being resilient, with NAV growth of 1.8p per share to 164.9p. The return from the portfolio was 10.2% (March 2022: 9.6%), outperforming the company’s expected return of 6.6% […]
Capital Gearing (CGT) has published its annual results for the year ended 31 March 2023, which its chairman, Jean Matterson, describes as a difficult year for the trust and traded markets generally (however, she notes that it is only the second year in the last 41 years, when CGT has failed to achieve a positive […]
LondonMetric and CT Property Trust (CTPT) have reached agreement on the terms of a recommended all-share offer that will see LondonMetric acquire the entire share capital of CTPT. Under the terms of the acquisition, CTPT shareholders will receive 0.455 new LondonMetric shares per share. On the basis of the closing price of LondonMetric of 188.0 […]
In QuotedData’s morning briefing 24 May 2023: Weiss Korea Opportunities Fund (WKOF) has announced that, due to the very limited number of elections received for the realisation opportunity (the results of which were announced on 10 May 2023), all of the realisation shares will be compulsory redeemed utilising WKOF’s existing cash reserves. The redemption price […]
Caledonia Investments has published results for the year ended 31 March 2023. Over the period, the company generated an NAV total return of 5.5%, which compares to a 2.9% return on the All-Share Index. The dividend was increased by 4% to 67.4p. The chair’s statement makes no mention of the trust’s share price or discount […]
Home REIT has appointed AEW as its new manager as the company looks to turn around its fortunes after a series of damaging revelations involving malpractice and allegations of fraudulent activity. The board has entered into an agreement with AEW UK Investment Management LLP under which, effective immediately, AEW will act as the company’s property […]
The following statement was published by RM Infrastructure Income today: Although RMII is well positioned from an investment perspective, the company’s shares, in common with many investment companies, have traded at a discount over a period of time. This, coupled with the company being of a small scale, has created challenges in generating improved liquidity in […]
In QuotedData’s morning briefing 23 May 2023: Harmony Energy Impact’s (HEIT) NAV was 6.7% lower at end April (117.1p, down from 125.5p at end January) after it cut the power price forecasts used in its NAV calculation. Aberforth Smaller Companies (ASL) has renewed its £130m revolving credit facility with The Royal Bank of Scotland International […]
In Alliance Trust’s latest manager interview, Brian Kersmanc and Andrew Wellington share their views on the most important drivers of stock returns and to what extent the macro influences their investment decisions. Filmed: April 2023
Cordiant Digital Infrastructure Limited (CORD), an operationally focused investor in the core digital infrastructure that enables modern communications and the internet, announced that the portfolio company, České Radiokomunikace has signed customer agreements to broadcast three new channels. The team at Cordiant Capital Inc, CORD’s investment manager, supported CRA in the signing of these exciting new revenue-generating […]
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: • abrdn Japan (0:36) • BioPharma Credit (8:02) • Gresham House Energy Storage (13:12) This week’s interview was with Michael Anderson from Aquila Capital European Renewables – […]
Scottish Mortgage’s share price is almost 60% below its November 2021 peak. It published results for the 12 months ended 31 March 2023 this week and they were not pretty. Over the period, the NAV return was -17.8%, but – as the discount widened – the return to shareholders was -33.5%. Discount at 30-year record […]
JPMorgan Multi-Asset Growth & Income (MATE) announced annual results for the year ended 28 February 2023. The company recorded a negative total return of -5.3% on its opening net asset value, an underperformance of 11.3% for the year, compared to the benchmark. The company’s share price returned -1.5% during the period as the discount to […]
The Unbound Group (UBG) (formerly Electra Private Equity) provided an update follow its strategic review. The company had recently reported that the trading environment remained challenging over Q1 with conditions deteriorating more than expected, leaving the company with cash constraints. As a result the board has decided to initiate a formal review of strategic options available […]
Tritax Eurobox has published results for the six months ended 31 March 2023 and, while the NAV has fallen, the overall picture looks quite good. Highlights were: Falling net assets Portfolio value of €1,596.7m (30 September 2022: €1,765.6m), with like-for-like reduction of 14.7%, primarily due to significant outward yield shift across the sector, partly offset […]
AVI Japan Opportunities has submitted shareholder proposals to both SK Kaken and NC Holdings. Details of AVI’s campaign on SK Kaken can be accessed here and that of NC Holdings can be accessed here. SK Kaken AVI notes that, despite a high-quality business model and having a dominant share of the domestic construction paint market, […]
Gresham House Energy Storage Fund has announced a proposed placing of shares to institutional investors and a separate offer of shares on the REX platform (the “Retail Offer”) available to existing UK-based retail shareholders of the company. Targeted gross proceeds are approximately £80m, of which the maximum size of the Retail Offer will be capped […]
A proposal to wind up abrdn Latin American Income was announced on 15 March. Now we have more detail on the process of doing this. The proposals involve the company being placed, with the approval of shareholders, into summary winding-up. If the resolution is passed at the EGM and the joint liquidators are appointed, they […]
Heads of terms have been agreed for a proposed combination of the assets of abrdn Japan Investment Trust with those of Nippon Active Value Fund. The abrdn Japan board says that the proposal follows an extensive review of various investment strategies in the Japan fund sector. It believes the case for taking advantage of recent corporate […]
In QuotedData’s morning briefing 18 May 2023: JLEN Environmental Assets (JLEN) NAV at end March 2023 slipped very marginally (0.4p) from the level at end December. Falling near-term power prices, which have affected other renewable energy funds, are less impactful on JLEN, which has a high degree of protection from short term price hedges as […]
