M&G Credit Income (MGCI) reported annual results to 31 December 2020, noting that it had exceeded the level of performance originally targetted following its launch in November 2018. Chairman, David Simpson, said: “This target was to achieve an annualised dividend yield of LIBOR plus 2.5% (on the 100p issue price) from launch until 31 December 2019 […]
Gresham House Energy Storage (GRID) reported annual results to 31 December 2020. The NAV total return came to 8.4% and the share price total return was 10.8%. Ben Guest, GRID’s manager, noted: “The UK’s global leadership in renewable generation and in its setting of ambitious decarbonisation targets, continues to make it one of the world’s most attractive […]
The private equity sector company, ICG Enterprise (ICGT), reported annual results to 31 January 2020, delivering a NAV total return of 22.5% over the year. This was well ahead of the FTSE all-share, which returned -7.5% over the period. In the following sections, we provide a review of the year from ICGT’s manager. High conviction Investments […]
In QuotedData’s morning briefing 28 April 2021 – Vietnam Enterprise (VEIL) delivered a 22.8% total NAV return over its financial year to 31 December 2020. This represented a 5.4% outperformance of its benchmark. Performance was led by its exposure to the banking sector, notably Asia Commericial Bank. Vietnam Prosperity Bank and Techcombank also notably contributed […]
Target Healthcare REIT has posted a 2.5% net asset value (NAV) total return for the first quarter of 2021. The care home investor said EPRA NAV per share was up 0.8% to 109.1 pence in the quarter to 31 March 2021. Including payment of a dividend of 1.68 pence during the period, the NAV total […]
BMO Real Estate Investments has reported a rent collection rate for the year to 31 March 2021 of 94.7%, while its net asset value (NAV) notched up 1% in the first quarter of 2021. The group, which owns a diverse portfolio heavily weighted to the industrial sector, said collection for the current quarter (to the […]
Baillie Gifford China off to a flying start – Baillie Gifford China Growth says that for the year to 31 January 2021 its net asset value per share increased by 38.1% compared to a 22.0% rise in the benchmark index. The share price increased by 67.9% as the shares moved from a discount of 8.4% to a premium […]
Dunedin Income Growth wants new sustainable objective – Dunedin Income Growth says that for the year ended 31 January 2021, it delivered an NAV return of -0.3%, much better than the equivalent return on the All-Share Index of -7.5%. The return to shareholders was +0.1%. The dividend has been increased from 12.7p to 12.8p. The dividend […]
In QuotedData’s morning briefing 27 April 2021: Civitas (CSH) has completed the purchase of 15 supported care and living facilities in South Wales for £10.9m. The portfolio provides 51 beds and long-term support for individuals with learning disabilities and mental health care needs along with dedicated facilities to develop and enhance independent living skills, such as […]
Fair Oaks Income (FAIR), which seeks exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing, reported annual results to 31 December 2020. We note that the NAV and share price generated a total […]
Schroder UK Public Private (SUPP) released its annual results to 31 December 2020, with its NAV dropping by 29.2%. The shares were down 19.2%. In her last statement as chair of SUPP, the retiring Susan Searle noted: “The valuation at 31 December 2020 is clearly disappointing. During the year, the company’s quoted holdings saw a decline in […]
In QuotedData’s morning briefing 26 April 2021 – International Biotechnology Trust’s (IBT’s) interim results to 28 February 2021 saw the NAV per share return 6.9%. On the management side, Carl Harald Janson decided to step back from his role as lead manager (he will remain involved with IBT as a senior advisor) and Kate Bingham was welcomed back […]
QD view – Backing the future One of the things that I love about the investment company sector is that your investments can make a difference. Buying a share in Diageo won’t lead to exciting innovation in the drinks industry. Buying a share in a bog-standard UK equity fund probably won’t have much of an […]
REIT investors will be breathing a huge sigh of relief following a series of High Court judgments on rent arrears that fell in favour of landlords this week. AEW UK REIT (AEWU) was one of three landlords that successfully sued tenants for unpaid rent. In its case two tenants – Sports Direct and Mecca Bingo […]
Swiss investor BB Biotech made two new investments in the first quarter in US small caps – Essa Pharma and Revolution Medicines – while exiting its positions in Cidara Therapeutics and Voyager Therapeutics, according to its portfolio update published earlier today. Essa Pharma (Nasdaq: EPIX) is developing a small molecule drug, EPI-7386, in metastatic castration-resistant […]
QuotedData’s weekly news show 23 April 2021 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: Acorn Income Fund update Gore Street Energy Storage raise of 135m Schiehallion raise of 700m for C share […]
Invesco Perpetual UK Smaller Companies (IPU) has announced its annual results for the year ended 31 January 2021, in which its chairman, Jane Lewis, says that the Board believes sentiment towards IPU, reflected in its share price and discount performance over the year, is at least in part due to expectations around the level of […]
AEW UK REIT (AEWU) has successfully taken out legal action against two well-funded national tenants – Sports Direct and Mecca Bingo – to recover rent that it had refused to pay during the pandemic. The result of the legal proceedings is a huge moment for the property sector, which has been dogged by unpaid rent. […]
Third Point Investors (TPOU) has announced its annual results for the year ended 31 December 2020, in which its chairman, Steve Bates, describes the year as one of two halves – the first being an awkward adjustment to the reality of the pandemic – and, in his words, “The second half of the year was […]
Gore Street Energy Storage (GSF) has announced that it has raised gross proceeds of £135 million from a placing of new ordinary shares, which is game changing as it almost doubles the size of GSF’s market cap. The proceeds are to be deployed towards GSF’s 1.3GW development pipeline, the near-term potential acquisition of a 80MW […]
In QuotedData’s morning briefing 23 April 2021: Fidelity Special Values (FSV) has released its interim results for the six months ended 28 February 2021. During the period, FSV provided an NAV total return of 24.3% and a share price total return of 36.5%, which it says compares to a total return of 12.0% for its All-Share Index […]
Martin Currie Portfolio manager earned his fee last year – Martin Currie Global Portfolio Trust has published results covering the 12 months ended 31 January 2021 and they are good. The NAV total return was 20.2% and the share price total return 20.5%, both of which compare well with a benchmark total return of +12.3%. Revenue […]
Polar Capital Global Financials plans C share issue – The board of Polar Capital Global Financials Trust says that it notes the continued strong interest in the financials sector and consequent demand for the company’s shares. Since 30 November 2020, the company has re-issued 45,199,900 ordinary shares from treasury, across a large number of transactions, raising […]
New Invesco merger proposals announced – City Merchants High Yield Trust announced on 1 March 2021 that it had signed Heads of Terms with the Board of Invesco Enhanced Income for a proposed merger. Now more details have been announced. It is proposed that the enlarged entity will be renamed Invesco Bond Income Plus Limited (“BIPS”) […]
In QuotedData’s morning briefing 22 April 2021: Hammerson (HMSO) has further reduced its debt having exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330m cash proceeds. This represents an 8% discount to the 31 December 2020 book value of £357m and an 8.6% net initial yield. This transaction […]
Tritax Big Box REIT (BBOX) toasts £90m acquisition of the largest wine production warehouse in Europe. The 872,000 sq ft facility in Avonmouth, in the South West of England, is let to Accolade Wines with 13 years on the lease and was acquired at a net initial yield of 5.1%. Accolade Wines is one of […]
NB Private Equity on a roll – NB Private Equity Partners has published results for 2020. It was a good year for the trust, with NAV growth of 21.4% (in US dollar terms). The chairman also says that there was a high level of portfolio realisations at meaningful valuation uplifts and resilient aggregate underlying portfolio company performance. […]
Acorn Income rethinks its future after difficult 2020 – Acorn Income Fund has published results for the year ended 31 December 2020. This was not a great period for this company which is geared by zero dividend preference shares and invests in a mix of UK small caps and high yielding securities. The NAV total return […]
In QuotedData’s morning briefing 21 April 2021: Riverstone Credit Opportunities (RCOI) participated in a $63.0m first lien delayed-draw term loan to a lithium-ion battery company [Imperium3 New York – or IM3NY] that will commercialise high performing lithium-ion batteries by developing a large-scale manufacturing facility in Endicott, NY. In addition to having a first lien on the manufacturing […]
Impact Healthcare REIT (IHR) has exchanged contracts to acquire a care home near Lowestoft and entered into a pre-let forward funding arrangement for a new care home in Norwich, for a combined £20.8m. Both properties are let to a Carlton Hall Limited, a new tenant in the group’s portfolio and comprise 166 beds. On completion […]
