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: • Oakley Capital Investments (0:32) • Alliance Trust versus F&C (8:58) • Henderson Opportunities (13:04) This week’s interview was with Anthony Catachanas from VH Global […]
Despite its volatility, 2022 favoured global equity income trusts. In recent years, funds in the sector had struggled to keep pace with their global sector equivalents, which could participate in the punchy rise and rise of the (non-dividend paying) technology sector. Last year, many income trusts managed to ride the value wave, even though few […]
In QuotedData’s morning briefing 10 March 2023: Workspace Group (WKP) has sold the residential component of the Riverside mixed-use redevelopment in Wandsworth, London, for £53.95m, in line with its September 2022 valuation (£43.95m is payable immediately with the remaining £10m payable in March 2024). Workspace initially secured planning consent for 402 residential units and a […]
From the AGM results announcement for Henderson Opportunities: While the board is pleased to see the 75.82% support for the continuation of the company from the shareholders who voted, it acknowledges the proportion of the vote against resolution 11 (the continuation vote). The board also notes that only 26.56% of total voting rights were cast […]
Oakley Capital Investments has reported an NAV return of 24% for 2022, way ahead of comparable indices. Unfortunately, discount widening left investors with a return of +1%. However, even that compares favourably with an -8.1% return on the MSCI All Countries World Index, for example. The company uses the All-Share as a performance benchmark, that […]
F&C Investment Trust reports an NAV return for 2022 of -5.3% and a return to shareholders of -0.9%. The trust benchmarks itself to the FTSE All World Index which it says returned -7.7%. The trust moved into the FTSE100 Index during the year. The full-year dividend was 13.5p, 5.5% higher than the previous year and […]
Digital9 Infrastructure says it delivered an NAV return of 10.4% over 2022. The results statement notes the fall in its share price – blaming market volatility, the mini budget and the walkout of the investment management team in November 2022. The shares went from an 8.1% premium at the start of 2022 to a 21% […]
While returns were negative in 2022, Alliance Trust did beat its benchmark (MSCI All Countries World Index) over the course of the year, returning -7.1% in NAV terms as compared to -8.1% for the index. Shareholders did even better as the discount narrowed, the return to shareholders was -5.8%. The trust also points out that […]
In QuotedData’s morning briefing 9 March 2023: US Solar Fund (USF) says its board and its advisers have engaged with a significant number of parties and, following receipt of indicative proposals, have shortlisted several parties who have proceeded to the next phase of its strategic review process. In order to provide the shortlisted parties with […]
In QuotedData’s morning briefing 8 March 2023: Syncona’s (SYNC’s) portfolio company Autolus Therapeutics has announced its operational and financial results for the full year ended December 31, 2022. Key highlights included: The FELIX study of obe-cel in relapsed/refractory (r/r) adult acute lymphoblastic leukemia (ALL) met its primary endpoint; remains on track for a next data […]
The board of MIGO Opportunities Trust has announced that it has served a six-month protective notice to Premier Miton Investors on its investment management agreement. This was triggered by news that Nick Greenwood, the lead portfolio manager, has resigned from Premier Miton. The board says that Nick will continue to be available to manage the […]
JPMorgan Emerging Markets (JMG) announced an impressive half-year result for the period ending 31st December 2022 with a NAV total return of 1.3%, comfortably ahead of its MSCI Emerging Markets Index which was down -2.1%. Share price returns were also strong, growing 5.1% for the period, closing the discount to around 9%. The results continue […]
AssetCo Plc, the asset manager founded and chaired by Martin Gilbert, has agreed to acquire Ocean Dial Asset Management Limited, investment manager to India Capital Growth. The deal is subject to regulatory approvals from the Financial Conduct Authority in the UK, the Securities Exchange Board of India and the Reserve Bank of India. Ocean Dial […]
Tetragon Financial Group (TFG) has released its annual financial returns for the 12 month period ending 31 December 2022. Over the period TFG reported a return on equity of -0.8%, a NAV total return of 1.0%, and a share price total return of 18.5%. This represents a NAV underperformance relative to TFG’s hurdle of LIBOR+2.65%, […]
Bellevue Healthcare Trust (BBH) has released its annual results for the 12 month period ending 30 November 2022. BBH reported a NAV total return of -4.1%, and share price total return of -11.9%. This compares to the 14.1% return of its benchmark, the MSCI World Healthcare Index. BBH’s underperformance is largely the result of its […]
In QuotedData’s morning briefing for 6 March 2023: Life Settlement Assets (LSAA) has announced that it has received federal approval for the sale of the portfolio of life policies to Acheron Portfolio Trust. The portfolio was sold for a gross consideration of $24m, with transaction costs estimated to be $5m. Castelnau Group Limited (CGL) has […]
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: • Aquila Energy Efficiency (0:26) • Princess Private Equity (5:51) • Triple Point Social Housing REIT (8:26) Andrew McHattie looked at the significant share price […]
The chart below shows how the median discount of share price to net asset value (NAV) across the whole London-listed investment companies market has moved since the start of 2021. What we see is a big lurch downwards around the outbreak of the war in Ukraine. Then a steady widening over the next few months […]
Scottish Mortgage deputy manager Lawrence Burns speaks to Pedro Arnt, CFO of MercadoLibre, to find out how the company combines innovation and iteration to democratise commerce and access to financial services. As with any investment, capital is at risk. Four per cent of UK adults do not have a bank account. But go to Latin […]
Scottish Mortgage deputy manager Lawrence Burns speaks to Pedro Arnt, CFO of MercadoLibre, to find out how the company combines innovation and iteration to democratise commerce and access to financial services. As with any investment, capital is at risk. Four per cent of UK adults do not have a bank account. But go to Latin […]
BlackRock World Mining (BRWM) has announced its annual results for the year ended 31 December 2022. During the period, which the chairman David Cheyne describes as “another year of excellent performance”, BRWM provided an NAV total return of +17.7% and a share price total return of +26.0%. In comparison, over the same period, BRWM says […]
Murray International (MYI) has released its annual results for the year ended 31 December 2022. During the period, MYI provided an NAV total return of +8.8%, which compares favourably with that of its reference index, the FTSE ALL World Total Return Index, which MYI says returned -7.3%. However, the chairman, David Hardie, comments that MYI’s […]
Triple Point Social Housing REIT has reported a slight uptick in NAV in 2022 results as the positive impact of its inflation-linked leases offset yield movement caused by rising interest rates. Highlights include: EPRA Net Tangible Assets per share of 109.06 pence as at 31 December 2022 (2021: 108.27 pence), an increase of 0.7%. Portfolio independently valued at £669.1m (2021: £642.0m) The portfolio’s […]
Octopus Renewables Infrastructure Trust (ORIT) has entered into a 10-year power purchase agreement (PPA) for the electricity to be generated at its Breach Solar Farm project with Iceland Foods Limited. Breach is a circa 67 MW solar PV project in Cambridgeshire, UK that ORIT acquired in June 2022. Breach is currently in construction and is […]
In QuotedData’s morning briefing 3 March 2023: Pacific Horizon has released its interim results for the six months to 31 January 2023. During the period, PHI’s NAV increased by 0.3%, while the share price increased by 4.1%, compared to the comparative index which rose 4.0% (all figures in sterling total return terms). The weakest performing […]
Tritax Big Box REIT has exchanged contracts for the sale of three investment assets for a total of £125m, in line with the 31 December 2022 valuations and reflecting a blended net initial yield of 4.6%. The purchaser is a leading global investor in real estate. The three assets, which have a combined WAULT of […]
Tritax Big Box REIT has posted a 19.0% drop in EPRA net tangible assets (NTA) in 2022 results. The fall, to 180.37p per share, was the result of the impact of rising interest rates on prime property yields, but was less than anticipated. The group’s portfolio value decreased 15.2% on a like-for-like basis in the […]
Pantheon Infrastructure has published its first set of results, covering the period from its IPO in November 2021 up to the end of 2022. Having raised its maximum target of £400m, and having seen that boosted by the exercise of its subscription shares (which brought in an additional £80.8m) the trust has been busy deploying […]
Apax Global Alpha delievered a total return of -7.4% over 2022, driven by a -11.3% return on its private equity portfolio, offset by a +1.9% return on its portfolio of derived investments (see our notes on the company for an explanation of what this entails). [Strangely, the chairman’s statement makes no reference to the trust’s […]
Downing Renewables & Infrastructure Trust has bought two hydropower plants for a total of €5.8m. The two operational hydropower plants are located in Sweden’s SE2 electricity region. The deals are being funded through Downing’s available cash reserves. The first acquisition, completed in February 2023, is a c. 2.5 GWh hydropower plant in Högforsen, on the […]
