In QuotedData’s morning briefing 1 April 2021 – no April Fools, we promise: UK Commercial Property REIT (UKCM) has sold its Kew Retail Park asset in London to a leading UK housebuilder for £41m. The sale price is marginally below the end 2020 book value. Of the complete 10 acre retail park, the trust owned 4.7 […]
CEIBA Investments, the real estate company dedicated to investing in Cuba, has raised €25m in an unsecured convertible bond issue. The 10%, five-year bond was priced at the unaudited net asset value per share at 30 June 2020 of 104.3p and will be admitted to the International Stock Exchange, Guernsey. The capital will finance the completion of […]
Mercantile (MRC), the £2.02bn UK all-companies sector fund, reported its annual results to 31 January 2021. MRC’s strategy is built around focussing on identifying tomorrow’s UK market leaders, targeting UK companies outside of the FTSE 100 index that have significant opportunities for growth and which may be overlooked by other investors. MRC’s chairman, Angus Gordon […]
Fundsmith Emerging Equities’S (FEET’s) annual results to 31 December 2020 saw it deliver a total NAV return of 20.7% and a total share price return of 29.1%. FEET’s benchmark, the MSCI Emerging and Frontier Markets Index, returned 14.4%. Indian stocks feature heavily in top performers Chairman, Martin Bralsford, said: “The investee company portfolio benefitted from its […]
Brevan Howard-managed BH Macro (BHMG) reported annual results spanning the 12-month period to 31 December 2020. During the year ended 31 December 2020, the NAV of the sterling shares increased by 28.09% and the NAV of the US dollar shares (BGMU) increased by 28.86%. The share price total return on sterling and US dollar shares was […]
In QuotedData’s morning briefing 31 March 2021 – JPMorgan Multi-Asset (MATE) announced that with immediate effect, to better reflect the investment objective of providing an attractive total return of growth and income, the company will change its name to JPMorgan Multi-Asset Growth & Income. The company’s London Stock Exchange stock ticker symbol MATE will remain […]
RTW backs Pyxis Oncology – RTW Venture Fund Limited has highlighted an announcement by Pyxis Oncology, Inc. On 30 March 2021 that company completed a $152 million Series B financing round, which was co-led by RTW Investments, LP. The company, alongside other investment vehicles of the Investment Manager, confirms that it participated in the financing round together with […]
Strategic Equity Capital scores comfortable win in continuation vote – At today’s extraordinary meeting of shareholders, shareholders approved the continuation of the trust by a margin of 38.8m to 8.4m votes or 82.2% versus 17.8%. Very few shareholders were persuaded to back the requisitionists. Richard Hills, chairman of Strategic Equity Capital, commented: “We are grateful for […]
Fidelity Japan Trust has published results for 2020. Highlights are: The NAV increased by +24.8% for the year ended 31 December 2020, significantly outperforming the benchmark index, which returned +9.5%. The discount held steady over the year, closing at 6.8%. As a result, the share price total return was +24.6%. To maintain the discount, the […]
Gore Street portfolio update as it doubles in size – Gore Street Energy Storage has announced several growth milestones on its portfolio. These include the doubling of the company’s operational assets to 210MW, accelerating construction and increased capacity on its Irish assets and securing a revolving credit facility (RCF) with Santander Financial Services plc. The two […]
2020 was Pershing Square’s best year – During the year ended December 31, 2020, Pershing Square delivered a total NAV return (including dividends) of 70.2%, with the NAV ending the year at $45.46 per share. The total shareholder return was 84.8%, helped by the narrowing of the discount. Over the same period, the S&P 500 increased by […]
BH Global profits from market turmoil – BH Global has published results for 2020 that show its US dollar share class earning returns of 22.4% in NAV terms and 21.8% for the Sterling class. Narrowing discounts meant that in share price terms the dollar class made 27.9% and the Sterling class 26.9%. In terms of the […]
In QuotedData’s morning briefing 30 March 2021: Big Yellow has acquired a prime 0.8 acre site in Epsom, South West London for £6.5m. It will be seeking planning permission for a 56,000 sq ft self storage centre on the site. This acquisition takes the number of stores in the group’s pipeline to 13, of which eight have […]
BlackRock Latin American (BRLA) released its annual results to 31 December 2020, with the NAV returning -14.5% on a total return basis. Brazil comprises over 60% of the fund’s assets and like most of the region, it has been severely affected by the pandemic. BRLA says the region was hit hard by the severity of […]
LXI REIT has acquired seven grocery stores for £85m, in the first step in deploying the proceeds of its £125m capital raise earlier this month. The acquisitions comprise both pre-let forward fundings and built investments and have an average net initial yield of 5.25%. Together, the assets have a long average unexpired lease term to first […]
RM Secured Direct Lending (RMDL), which specialises in secured debt investments, announces its results for the year ended 31 December 2020. On a total return basis, the NAV increased by 3.1% and we note that the shares ended the year at a 6.7% discount (they began the year at a 1.7% premium). RMDL has a diversified […]
Fair Oaks Income (FAIR) announced the publication of a prospectus in relation to the reorganisation proposal and placing programme proposal. The purpose of the proposed reorganisation is to allow those shareholders who wish to extend the life of their investment in FAIR past the planned end date of Master Fund II, to be able to do so […]
SDCL Energy Efficiency Income (SEIT) announced that it has signed an agreement with Chargemaster (bp pulse), the UK’s largest operator of public electric vehicle (EV) charging points. As first announced on 6 August 2020, SEIT made an initial £50m investment commitment to The Electric Vehicle Network (EVN) as its development partner in EV charging infrastructure. ‘Electric vehicle sales in […]
In QuotedData’s morning briefing 29 March 2021 – VietNam Holding (VNH) had an excellent interim results period to 31 December 2020, with its NAV increasing by 38.7% in USD terms. Vietnam’s early success in containing COVID-19 helped it re-open its economy much sooner than many other nations. Within the portfolio, VNH’s overweight position in HPG, the leader in […]
QuotedData’s weekly news show 26 March 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: JPMorgan Multi Asset update Chrysalis raised 300m from oversubscribed issue Digital 9 Infrastructure raised 300m at IPO Syncona […]
We have just published a note on Aberdeen Emerging Markets Investment Company, following a meeting with its managers, and our guest on this week’s news show was Ross Teverson, manager of Jupiter Emerging & Frontier Income. This week’s QD view picks up on some of the themes that came out of our discussions. The first […]
Chancellor Rishi Sunak has called on businesses to end working from home once the pandemic is over. It is likely to be the first of many calls as the government tries to kick start the economy – with the prosperity of city centres dependent on office workers. Although he may have an agenda to get […]
Urban Logistics REIT (SHED) has exchanged contracts to sell five assets as part of a portfolio for £30m, reflecting a yield of 4.8%. The sale is in line with SHED’s stated strategy of active portfolio management and value optimisation and represents a 35.4% uplift on the 30 September 2020 book values. The proceeds will be reinvested […]
Digital 9 Infrastructure (DGI9) has announced that its initial public offering (IPO) on the Specialist Fund Segment of the Main Market of the London Stock Exchange, has raised gross proceeds of £300m. DGI9’s shares are expected to be admitted to trading at 8am on 1 April 2021. About Digital 9 Infrastructure Digital 9 Infrastructure Plc is a […]
BMO Private Equity Trust (BPET) has announced its annual results for the year ended 31 December 2020, which show that its performance came good in the fourth quarter of the year. During 2020, BPET provided an NAV total return of 22.7% for the Ordinary Shares, which was way ahead of its share price total return […]
Syncona has announced that it has acted as a cornerstone investor, providing US$ 42.3 million (£30.8 million) investment, alongside specialist global institutional investors in US$148.0 million (£107.8 million) Series C financing, for Gyroscope Therapeutics Ltd. Syncona says that its holding in Gyroscope has been written up by £37.9 million (5.6p per share) to £150.6 million, […]
India Capital Growth (IGC) has announced its annual results for the year ended 31 December 2020, during which it says that, in the second half of 2020, after the changes to the investment process and investment team came into effect, it benefitted from significantly improved performance. In 2020 as a whole, IGC’s NAV rose 10.4%, […]
In QuotedData’s morning briefing 26 March 2021: The board of Octopus Renewables Infrastructure Trust (ORIT) says that it notes today’s press release by Octopus Energy Group regarding its proposed acquisition of Octopus Renewables (ORIT’s investment manager). ORIT’s Board says that it has been in active discussions with Octopus in relation to this transaction and notes that there […]
Regional REIT has reported its COVID hit results for 2020. Operationally, the results were robust, but EPRA net tangible assets (NTA) was down 12.4% in the year to 98.6p per share, driven by a 7% drop in the value of its portfolio to £732.4m. The group collected 96.1% of rents during the year (98.2% with […]
Schroder Asia Total Return posts very healthy returns – Schroder Asian Total Return has published results for 2020 and they are good. A net asset value total return of 33.7% was significantly ahead of the benchmark, which returned 18.7%. The company also beat its peer group, which produced an average total return of 30.9%. Returns to […]
