In QuotedData’s morning briefing 14 March 2022: Mid Wynd (MWY) has posted its half year results for the six months to 31 December 2021, during which time its NAV delivered a return of 10.5% while its share price total return was 11.9%. This compares with a 7.7% return from its benchmark. The board has proposed […]
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: •Jupiter Emerging & Frontier Income •ScotGems •AllianzTechnology This week’s interview was with James Harries of Securities Trust of Scotland – watch it again here.
Property has traditionally been a good inflation hedge, with rental uplifts usually coming in line with inflation. With inflation forecast to hit around 8% next month (and who knows what later in the year) it seems clear that this will not be the case this time. Leases with inflation protection built-in typically come with a […]
ScotGems (SGEM) has announced its annual results for the year ended 31 December 2021. During the period, the trust’s NAV rose by 8.2%, yet its share price fell by 0.7%. The chairman, William Salomon, says that SGEM’s disappointing performance since launch, in both absolute and relative terms, can be attributed to the Managers’ cautious approach […]
In QuotedData’s morning briefing 11 March 2022: CQS Natural Resources Growth and Income (CYN) has announced its interim results for the six months ended 31 December 2021. CYN’s chairman, Richard Prickett says that, during the period, commodity markets were strong and interestingly for the sector higher interest rate expectations are supporting a broad market rotation […]
Oakley Capital has announced results for the year ended 31 December 2021 and they were good. An NAV return of 35% was surpassed by a share price return of 48%. There is a full-year dividend of 2.25p The trust made new investments totalling £137m against proceeds of £121m. This left it with cash at year-end […]
Female and ethnic minority entrepreneurs trust plans IPO – Funding Focus Investment Trust, an investment trust for female and under-represented entrepreneurs, announced today that it is in process of seeking approval of a prospectus from the FCA with a view to launching an offer for subscription.The trust would offer investors access to businesses it has […]
Secure Income REIT said it expects significant earnings growth this year due to rising inflation forecasts, after reporting an 11.8% uplift in EPRA net tangible assets (NTA) in full year results to 31 December 2021. The group, which invests in property with long index-linked leases mainly in the healthcare, hotel and leisure sectors, said its […]
Cash pile holds back returns at LMS Capital – LMS Capital says that, over the course of 2021 its NAV return was just 4.0%. The portfolio rose in value by £3.8m of which £2.6m (an 11.6% return) was from net realised and unrealised gains on the trust’s mature (pre 2012) asset portfolio and £1.2m (an 18.5% return) […]
F&C cuts fees and ups dividend – F&C Investment Trust beat its benchmark over 2021, delivering an NAV return of 21.7% against 19.5% for the All-World index. The share price lagged the NAV a little and delivered a return to shareholders of 19.4%. The company’s private equity holdings did well as did its investments in listed […]
New US investment and revised management agreement at Gore Street – Gore Street Energy Storage is buying a portfolio of eight energy storage assets in Texas from Perfect Power Solutions Texas, LLC. The portfolio consists of eight 9.9 MW storage projects totalling 79.2 MW. Three of the projects – which are each 2-hour duration / […]
In QuotedData’s morning briefing 10 March 2022: ScotGems (SGEM) says that yesterday, it received notice to terminate the investment management agreement from its manager, First Sentier Investors (UK) Funds Limited. The termination will not take effect until a replacement manager is appointed, subject to a maximum period of six months from today’s date. The board […]
Jupiter Emerging and Frontier Income considers scheme of reconstruction – Further to its announcement on 24 February 2022, the board of Jupiter Emerging and Frontier Income (JEFI) has concluded that it would be in its best interests and those of its shareholders as a whole to put forward proposals for the members’ voluntary liquidation of […]
Foresight Solar achieves strong performance following its first battery storage investment – Foresight Solar (FSFL) has posted its full-year results for the 12 months to 31 December 2021. During the period under review, its NAV increased to £660.0m, driven by strong UK power prices, above budget inflation and a reduction in discount rates, resulting in […]
Premier Miton Global Renewables soars above new benchmark – Premier Miton Global Renewables (PMGR) has posted its full year results for the 12 months to 31 December 2021. During this time, the trust achieved a share price total return of 30.7% and a NAV total return of 26.5%. Total return performance, including income and costs, […]
In QuotedData’s morning briefing 9 March 2022: Taylor Maritime (TMI), has agreed to sell one 2006 built Handysize vessel and one 2011 built Supramax vessel for a combined $33.3m of proceeds, realising a premium to the Fair Market Values included in the NAV reported as at 31 December 2021. The transactions represent IRRs in excess […]
BioPharma Credit backs UroGen Pharma – BioPharma Credit has together with BioPharma Credit Investments V (Master) LP entered into a definitive loan agreement with respect to a senior secured loan to UroGen Pharma, Inc., guaranteed by its parent, UroGen Pharma Ltd. BioPharma Credit will invest up to $50.0m and BioPharma-V will invest up to an […]
Allianz Technology announces results as Walter Price prepares to stand down – Allianz Technology reports that, over the year ended 31 December 2021, the NAV return was 19.4% and the shareholder return 18.7%, whilst the benchmark Dow Jones World Technology Index (sterling adjusted, total return) increased by 28.2%. As usual, there is no dividend. Mike Seidenberg will […]
British Land has sold 50% of its stake in the Canada Water Masterplan to AustralianSuper for £290m. Following completion of the sale, British Land and AustralianSuper, which is one of Australia’s largest pension funds, will form a 50:50 joint venture to accelerate the delivery of the 53-acre development, which is one of the largest London […]
2021 worked out well for BlackRock World Mining – BlackRock World Mining has published its results for the year ended 31 December 2021 and they are good. The NAV total return for the period was 20.7% and the share price return 17.5% against a return of 15.1% on its benchmark index (the MSCI ACWI Metals & […]
Unite Students has sold a portfolio of 11 properties, comprising 4,488 beds, for £306m (Unite share: £236m) to an affiliate of Lone Star Funds. The disposal portfolio includes assets in Sheffield (1,700 beds), Reading (703 beds), Leicester (665 beds), Bedford (517 beds), Liverpool (390 beds), Birmingham (337 beds), Bristol (99 beds) and Leeds (77 beds), and […]
Triple Point Social Housing REIT has proposed making changes to its investment policy and investment restrictions. In summary, the company proposes to make the following changes to its investment policy and investment restrictions: Removing the company’s minimum lease term restriction Allowing the company to selectively take on the cost of funding planned maintenance Giving the […]
Foresight Forestry takes root – On 7 March 2022, Foresight Sustainable Forestry completed its seed assets transactions with the purchase of Blackmead Forestry Limited and Blackmead Forestry II Limited from Foresight Inheritance Tax Solution for a total cost of £113.4m. The fund gets 27 sites – 11 afforestation sites, 15 forestry sites and one site […]
In QuotedData’s morning briefing 8 March 2022: JPMorgan Global Emerging Markets Income (JEMI) says its exposure to Russian securities amounts to three stocks, which are now valued at 0.25% of NAV (down from 3.6% at the end of January). Crystal Amber’s (CRS) shareholder meeting to approve its new investment strategy and management agreement saw significant […]
Good start for Downing Renewables & Infrastructure – Downing Renewables & Infrastructure (DORE) has announced its results for the period from 8 October 2020 to 31 December 2021. During the period under review, its NAV was up 5.5 pence per ordinary share at a total return of 7.9% while the share price total return was […]
HgCapital achieves record performance over 2021 – HgCapital Trust (HGT) has published its annual results for the year ended 31 December 2021. During the period, the trust achieved strong portfolio performance with a total return NAV increase of 44% to a record high of £4.40 and net assets of more than £2bn. Its share price return […]
In QuotedData’s morning briefing 7 March 2022: In light of the Russian invasion of Ukraine, BlackRock on Monday, 28 February 2022, suspended the purchase of all Russian securities in its active and index funds. The boards of BlackRock World Mining (BRWM) and BlackRock Energy & Resources Income (BERI) confirm that the manager (BlackRock Fund Managers) […]
I started writing this article a week ago – the day before Russia launched its invasion of Ukraine. With the events unfolding in Eastern Europe and a harsh increase in sanctions a foregone conclusion, I pressed pause on looking at the commodities and natural resources sector to focus on the immediate impact on trusts with […]
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, Richard Williams and Andrew McHattie covered the week’s top stories: • JPMorgan Russian • Cordiant Global Agricultural Income • Workspace/McKay Securities This week’s interview was with Thomas Moore of Aberdeen […]
Hammerson’s ongoing repositioning efforts have seen losses dramatically fall in full year results to the end of December 2021. The retail group said IFRS loss for the year was £429m against £1,735m the previous year. The loss was largely due to a £470m portfolio valuation fall. The group’s portfolio is now worth £5.4bn, down 7.9%. […]
